Cash Flow Statement

Operating Cash Flow

+200%

10Y

+99%

Currency: EUR

	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	(192)	(160)	(100)	(98)	111	131	173	221	291	307	321	352	511	534	512	580	579	(13)	(156)	(134)	156	153	308	61	(166)	(243)	(306)	(421)	(963)	(952)	(1 006)	(918)	(82)	71	227	416	392	446	477	581	685	664	817	920	965	1 090	998	942	894	836	834	759	683	606	512	637	700	595	500	487	771	794	875	701	143	(565)	(760)	(1 023)	(1 572)	(791)	(787)	(612)	78	(13)	(54)	45	494	574	764	941
Depreciation & Amortization	125	0	0	0	128	0	0	0	136	0	0	0	136	0	0	0	218	0	0	0	374	0	0	0	365	0	0	0	996	0	0	0	402	0	0	0	377	0	0	0	305	0	0	0	405	0	0	0	421	0	0	0	458	0	0	0	546	0	0	0	684	0	0	0	982	0	0	0	1 088	0	0	0	789	0	0	0	864	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	3	0	0	0	3	0	0	0	2	0	0	0	6	0	0	0	0	0	0	0	14	1	3	4	6	6	5	6	5	5	7	6	8	9	9	11	12	12	13	15	18	19	19	25	18	17	22	15	25	29	21	17	16	14	13	18	13	11	13	7	7	8	12	10	34	24	31	37	28	33	29	37
Other Non-Cash Items	111	269	330	353	130	243	254	267	212	351	299	273	122	241	285	382	243	352	152	283	37	482	679	431	1	372	382	564	349	1 313	1 361	1 311	275	515	477	417	299	315	331	447	298	645	764	860	681	1 161	1 192	1 132	424	655	623	614	258	873	779	728	285	745	955	1 132	10	833	541	635	16	1 368	1 377	1 181	625	1 447	1 681	1 777	388	957	961	1 156	518	1 756	1 611	1 359
Cash Taxes Paid	41	46	31	67	91	101	121	111	128	139	145	162	148	144	147	113	114	177	108	124	131	49	107	95	69	94	114	107	97	85	68	54	57	51	57	86	148	118	106	98	184	215	142	172	212	315	389	351	262	259	260	283	195	140	159	170	251	298	292	288	219	175	156	74	174	179	183	262	144	91	107	111	261	286	287	331	245	229	316	284
Cash Interest Paid	48	0	0	0	50	0	0	0	19	0	0	0	9	0	0	0	31	0	0	0	49	0	0	0	60	0	0	0	92	0	0	0	124	0	0	0	62	0	0	0	43	0	0	0	71	0	0	0	33	0	0	0	27	0	0	0	47	0	0	0	40	0	0	0	39	0	0	0	37	0	0	0	205	0	0	0	124	0	0	0
Change in Working Capital	104	120	58	94	229	235	190	236	62	(69)	143	99	(492)	(569)	(993)	(1 238)	(1 074)	(576)	(362)	(148)	(511)	(448)	(365)	175	640	774	439	(137)	(455)	(253)	276	444	653	727	382	320	58	155	336	182	184	(160)	(268)	(436)	130	40	(367)	(199)	(114)	(330)	(306)	(607)	(378)	(690)	(350)	(8)	(708)	(577)	(741)	(568)	(722)	(870)	(366)	(461)	(185)	(29)	(375)	(1 043)	(336)	(897)	(899)	(587)	(228)	302	1 122	948	456	785	29	855
Cash from Operating Activities	148 N/A	229 +55%	288 +26%	349 +21%	598 +71%	609 +2%	616 +1%	724 +17%	701 -3%	589 -16%	763 +30%	724 -5%	277 -62%	206 -26%	(196) N/A	(276) -41%	(34) +88%	(237) -597%	(366) -54%	1 N/A	56 +5 500%	187 +234%	622 +233%	667 +7%	840 +26%	903 +8%	515 -43%	6 -99%	(73) N/A	108 N/A	631 +484%	837 +33%	1 248 +49%	1 313 +5%	1 086 -17%	1 153 +6%	1 126 -2%	1 293 +15%	1 521 +18%	1 587 +4%	1 472 -7%	1 149 -22%	1 313 +14%	1 344 +2%	2 181 +62%	2 291 +5%	1 823 -20%	1 875 +3%	1 625 -13%	1 161 -29%	1 151 -1%	766 -33%	1 021 +33%	789 -23%	941 +19%	1 357 +44%	823 -39%	763 -7%	714 -6%	1 051 +47%	743 -29%	757 +2%	1 050 +39%	875 -17%	956 +9%	774 -19%	242 -69%	(885) N/A	(195) +78%	(241) -24%	(5) +98%	578 N/A	1 027 +78%	1 246 +21%	2 029 +63%	2 149 +6%	2 332 +9%	3 115 +34%	2 404 -23%	3 155 +31%
Investing Cash Flow
Capital Expenditures	(145)	(47)	(43)	(39)	(188)	(42)	(53)	(64)	(347)	(88)	(106)	(117)	(678)	(191)	(207)	(237)	(833)	(251)	(270)	(293)	(786)	(343)	(351)	(328)	(733)	(301)	(271)	(234)	(336)	(317)	(333)	(359)	(262)	(292)	(285)	(300)	(278)	(273)	(295)	(307)	(368)	(406)	(430)	(464)	(489)	(474)	(487)	(508)	(491)	(525)	(537)	(559)	(607)	(663)	(716)	(733)	(776)	(762)	(738)	(706)	(688)	(694)	(732)	(806)	(836)	(865)	(849)	(824)	(819)	(794)	(804)	(841)	(892)	(920)	(1 013)	(1 058)	(1 155)	(1 264)	(1 270)	(1 272)
Other Items	8	(98)	(98)	(130)	44	(118)	(165)	(161)	30	(261)	(288)	(381)	(2)	(594)	(702)	(697)	25	(521)	(444)	(405)	(3)	(461)	(440)	(412)	(28)	(387)	(304)	(250)	50	85	113	131	23	24	26	23	(7)	(9)	(11)	(12)	(57)	(138)	(131)	(131)	(328)	(149)	(156)	(149)	84	(78)	(336)	(502)	(483)	(438)	21	267	285	307	307	220	421	242	58	145	(63)	115	84	157	140	199	244	103	110	34	(47)	(167)	(186)	(181)	(134)	(61)
Cash from Investing Activities	(137) N/A	(145) -6%	(140) +3%	(169) -21%	(144) +15%	(160) -11%	(218) -37%	(225) -3%	(317) -41%	(349) -10%	(394) -13%	(498) -26%	(680) -37%	(785) -15%	(909) -16%	(934) -3%	(808) +13%	(772) +4%	(714) +8%	(698) +2%	(789) -13%	(804) -2%	(791) +2%	(740) +6%	(761) -3%	(688) +10%	(575) +16%	(484) +16%	(286) +41%	(232) +19%	(220) +5%	(228) -4%	(239) -5%	(268) -12%	(259) +3%	(277) -7%	(285) -3%	(282) +1%	(306) -9%	(319) -4%	(425) -33%	(544) -28%	(561) -3%	(595) -6%	(817) -37%	(623) +24%	(643) -3%	(657) -2%	(407) +38%	(603) -48%	(873) -45%	(1 061) -22%	(1 090) -3%	(1 101) -1%	(695) +37%	(466) +33%	(491) -5%	(455) +7%	(431) +5%	(486) -13%	(267) +45%	(452) -69%	(674) -49%	(661) +2%	(899) -36%	(750) +17%	(765) -2%	(667) +13%	(679) -2%	(595) +12%	(560) +6%	(738) -32%	(782) -6%	(886) -13%	(1 060) -20%	(1 225) -16%	(1 341) -9%	(1 445) -8%	(1 404) +3%	(1 333) +5%
Financing Cash Flow
Net Issuance of Common Stock	0	0	183	183	183	0	(29)	(30)	(30)	(30)	(1)	0	0	(1)	791	791	791	792	0	0	0	(7)	(17)	(17)	(17)	(10)	0	0	0	0	0	(7)	(7)	407	382	389	389	(18)	12	(3)	(136)	(138)	(160)	(267)	(406)	(466)	(491)	(546)	(696)	(736)	(800)	(714)	(402)	(307)	(201)	(110)	(201)	0	0	0	0	0	(12)	(12)	(12)	0	0	0	0	0	(11)	(11)	(11)	0	(40)	(40)	(40)	(140)	(132)	(132)
Net Issuance of Debt	(46)	(79)	(118)	(90)	(283)	(251)	(213)	(240)	(24)	(54)	(68)	(67)	(91)	266	30	253	284	495	995	547	568	338	163	230	4	(44)	404	642	832	281	(514)	(661)	(1 143)	(827)	(553)	(486)	0	(111)	(111)	(115)	(108)	(4)	(8)	(4)	(4)	0	0	0	0	0	0	0	0	19	41	58	31	54	50	(5)	(25)	(376)	(409)	(452)	(453)	350	325	841	896	838	803	802	754	282	246	(331)	(438)	(417)	(371)	(291)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(116)	(116)	(116)	0	(201)	(201)	(201)	0	(278)	(278)	(278)	0	(250)	(250)	(250)	0	53	53	(197)	0	(208)	(208)	(209)	0	(229)	(229)	(228)	0	(50)	(50)	(50)	0	0	0	0	0	0	0	0	0	(74)	(74)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	13	13	0	(4)	(13)	0	0	0	0	0	0	0	(22)	(22)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	(46) N/A	(79) -70%	64 N/A	93 +44%	(100) N/A	(68) +32%	(242) -256%	(269) -11%	(54) +80%	(84) -56%	(69) +18%	(67) +3%	(91) -36%	265 N/A	821 +210%	1 044 +27%	1 075 +3%	1 287 +20%	995 -23%	547 -45%	568 +4%	331 -42%	146 -56%	213 +46%	(13) N/A	(54) -315%	404 N/A	642 +59%	832 +30%	281 -66%	(514) N/A	(668) -30%	(1 150) -72%	(420) +63%	(171) +59%	(97) +43%	389 N/A	(129) N/A	(215) -67%	(234) -9%	(360) -54%	(258) +28%	(369) -43%	(472) -28%	(611) -29%	(671) -10%	(769) -15%	(824) -7%	(974) -18%	(1 014) -4%	(1 046) -3%	(951) +9%	(639) +33%	(525) +18%	(348) +34%	(249) +28%	(367) -47%	(344) +6%	(359) -4%	(414) -15%	(234) +43%	(585) -150%	(650) -11%	(715) -10%	(715) N/A	88 N/A	253 +188%	791 +213%	846 +7%	788 -7%	792 +1%	791 0%	743 -6%	271 -64%	206 -24%	(371) N/A	(478) -29%	(557) -17%	(577) -4%	(497) +14%
Change in Cash
Effect of Foreign Exchange Rates	11	7	3	(1)	0	(0)	(1)	(5)	(10)	(36)	(27)	(7)	(50)	(10)	(4)	(34)	27	22	28	31	18	28	11	(17)	(28)	(55)	(16)	25	4	2	(43)	(43)	(16)	(4)	12	66	94	215	155	56	64	(74)	(12)	31	32	33	(62)	(104)	(141)	(130)	(60)	(28)	(27)	(10)	(3)	9	5	(53)	(53)	(78)	(67)	(8)	4	27	15	12	24	22	(14)	(46)	(73)	(74)	(48)	(44)	(43)	(52)	(14)	0	(3)	10
Net Change in Cash	(24) N/A	12 N/A	215 +1 633%	272 +26%	353 +30%	381 +8%	155 -59%	224 +44%	320 +43%	120 -63%	273 +127%	152 -44%	(544) N/A	(324) +40%	(288) +11%	(200) +31%	260 N/A	300 +15%	(57) N/A	(119) -109%	(147) -24%	(258) -76%	(12) +95%	123 N/A	38 -69%	106 +179%	328 +209%	189 -42%	477 +152%	159 -67%	(146) N/A	(102) +30%	(157) -54%	621 N/A	668 +8%	845 +26%	1 324 +57%	1 097 -17%	1 155 +5%	1 090 -6%	751 -31%	273 -64%	371 +36%	308 -17%	785 +155%	1 030 +31%	349 -66%	290 -17%	103 -64%	(586) N/A	(828) -41%	(1 274) -54%	(735) +42%	(847) -15%	(105) +88%	651 N/A	(30) N/A	(89) -197%	(129) -45%	73 N/A	175 +140%	(288) N/A	(270) +6%	(474) -76%	(643) -36%	124 N/A	(246) N/A	(739) -200%	(42) +94%	(94) -124%	154 N/A	557 +262%	940 +69%	587 -38%	1 132 +93%	501 -56%	499 0%	1 113 +123%	420 -62%	1 335 +218%
Free Cash Flow
Free Cash Flow	3 N/A	182 +5 784%	245 +34%	310 +27%	409 +32%	567 +39%	564 -1%	659 +17%	354 -46%	501 +42%	657 +31%	607 -8%	(401) N/A	15 N/A	(403) N/A	(513) -27%	(867) -69%	(488) +44%	(636) -30%	(292) +54%	(730) -150%	(156) +79%	271 N/A	339 +25%	107 -68%	602 +463%	244 -59%	(228) N/A	(409) -79%	(209) +49%	298 N/A	478 +60%	986 +106%	1 021 +4%	801 -22%	853 +6%	848 -1%	1 020 +20%	1 226 +20%	1 280 +4%	1 104 -14%	743 -33%	883 +19%	880 0%	1 692 +92%	1 817 +7%	1 336 -26%	1 367 +2%	1 134 -17%	636 -44%	614 -3%	207 -66%	414 +100%	126 -70%	225 +79%	624 +177%	47 -92%	1 -98%	(24) N/A	345 N/A	55 -84%	63 +15%	318 +405%	69 -78%	120 +74%	(91) N/A	(607) -567%	(1 709) -182%	(1 014) +41%	(1 035) -2%	(809) +22%	(263) +67%	135 N/A	326 +141%	1 016 +212%	1 091 +7%	1 177 +8%	1 851 +57%	1 134 -39%	1 883 +66%

Income Statement Balance Sheet Cash Flow Statement

Vestas Wind Systems A/S
CSE:VWS

Cash Flow Statement

Cash Flow Statement
Vestas Wind Systems A/S

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Vestas Wind Systems A/S CSE:VWS

Cash Flow Statement

Cash Flow Statement Vestas Wind Systems A/S

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Cash Flow Statement
Vestas Wind Systems A/S