PRESS RELEASE

Vestas - Interim financial report, third quarter 2017

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Thursday, November 9, 2017

Press Release by

Vestas

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Aarhus, Denmark, 2017-11-09- In the third quarter of 2017, Vestas generated revenue of EUR 2,743m - a decrease of 6 percent compared to the year-earlier period. EBIT decreased by EUR 78m to EUR 355m. The EBIT margin was 12.9 percent compared to 14.9 percent in the third quarter of 2016 and free cash flow* amounted to EUR 193m compared to EUR 155m in the third quarter of 2016.

The intake of firm and unconditional wind turbine orders amounted to 2,615 MW in the third quarter of 2017. The value of the wind turbine order backlog amounted to EUR 8.8bn as at 30 September 2017. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of EUR 11.4bn at the end of September 2017. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 20.2bn - an increase of EUR 3.1bn compared to the year-earlier period.

Vestas adjusts the 2017 guidance on revenue to range between EUR 9.50bn and EUR 10.25bn (compared to between EUR 9.25bn and EUR 10.25bn previously), EBIT margin before special items of 12-13 percent (compared to 12-14 percent previously), and free cash flow* to range between EUR 450m to EUR 900m (compared to minimum EUR 700m previously). The adjustments are based mainly on delivery visibility for the remainder of the year. Vestas also adjusts 2017 guidance on total investments* from approximately EUR 350m to approximately EUR 400m.

Group President & CEO Anders Runevad said: "In the third quarter, Vestas delivered increased order intake and healthy earnings in a market that is seeing accelerated competition and decreasing profitability. Our order backlog and service revenue both increased 18 percent year-on-year, while nine-month revenue is on par with 2016. As the market continues to evolve at a fast pace, we remain focused on continuing our leadership position by executing our strategy and increasing efficiency."

Key highlights

Increased order intake

Order intake in the quarter reached 2,615 MW - up 48 percent compared to Q3 2016

Revenue of EUR 2,743m

Revenue 9M 2017 of EUR 6,834m - on par with 2016

EBIT of EUR 355m

EBIT decreased 18 percent compared to Q3 2016

Service revenue continues to increase

Revenue increased 18 percent with an EBIT margin of 17.9 percent

Free cash flow* reached EUR 193m

Free cash flow* improved 25 percent year-on-year

Outlook 2017

Guidance for 2017 adjusted - mainly based on visibility for the remainder of the year

*) Before investments in marketable securities and short-term financial investments, and incl. proceeds of EUR 99m from sale of office building facilities.

Information meeting (audiocast)

Today, Thursday 9 November 2017 at 10 a.m. CET (9 a.m. GMT), Vestas will host an information meeting via an audiocast. The audiocast will be accessible via vestas.com/investor.

The meeting will be held in English and questions may be asked through a conference call.

The telephone numbers for the conference call are:

Europe: +44 203 008 9810

USA: +1 855 8315 947

Denmark: +45 3544 5575

Presentation material for the information meeting will be available at vestas.com/investor approximately one hour before the meeting