Vestas Wind Systems A/S

Good morning, and welcome to our presentation of our full year 2025, Q4, of course, in 25. And as always, as this full year presentation, also a short strategy update section. For us, 2025, a year of evidence in both important milestone in our strategy value through performance, but also here, it's absolutely timely to say proper thank you to our customers, to our partners, shareholders and colleagues. So today, both shareholders and colleagues will see a reward from financial year 2025 in the form of a proposed dividend share buyback and also for our colleagues around the world, a very well-deserved incentive bonus payout. I also just want to here take the opportunity to just point to the picture. As you can see, a nice weather day in the North Sea where we are constructing one of our offshore turbines for Hidreit. So really appreciated of seeing that. With that, I would like to go to key highlights for the year. So revenue of the year of 18.8 billion and an EBIT margin of 5.7%. Revenue all-time high from growth in both segments. and profitability achieved in the offer and, of course, narrowed part of our outlook from Q3. The service EBIT of Euro 626 million Euro delivered on a revised service EBIT guidance. However, the outcome fell short of our performance targets and also internal expectations, as you can see also in our remuneration report. Order intake of 16.3 gigawatts leading to a record high order backlog. Its higher onshore activity, especially in EMEA, was offset by lower offshore orders in the year. Manufacturing ramp up leading to extra costs and investments as we're speaking to throughout the year. Progress are made and being made on the persistent challenges and we expect further improvements here in 2026. We are returning value to our shareholders. A dividend of 0.74 Danish kroners per share is proposed, and a share buyback of 150 million euros will be initiated from tomorrow. The outlook for 2026, revenue expected between 20 to 22 billion, EBIT margin before special items expected between 6 to 8 percent, and as always, you will hear and see more details of that later in the presentation. So now I'll go to the environment we work in. And wind energy key to affordability, security, and sustainability. This is the key factors of our narrative for wind, and not surprisingly, it works in more than 80 countries across the world, and it's delivering a high generation of electricity from now more than 200 gigawatt installed. When we look at the global environment, inflation, raw materials, transport costs are stable. But of course, with some degree of variability to tariff, as everyone appreciates, that will increase cost over time. It will come towards and through the value chain, and it will come to the energy and electricity price over time. The ongoing geopolitical and trade volatility leading to regularization, that's not new. It's just a continuation of the trends we have been seeing over the previous years, and I think it's only been accelerated further by the ongoing discussions on the geopolitical side. On the market environment, heightening focus on energy security and affordability It almost is the one thing that are being discussed in every leadership political as business leadership across the world. The grid investment prioritized in key markets. It's also prioritized and even now announced as part of the EU plan for grid expansion across Europe. On the permitting side, it's improving in some markets, but overall permitting, auctions and market design are still challenging or still being changed or picked up. Two of the really strong examples of positive development is AR7 offshore in the UK, led by Ed Miliband, which is really showing the leadership required. And then on the onshore in Germany, I will say we will have years where we are now in excess of 10 gigawatt onshore. Again, a testament to if leadership, both political and business, put their minds to it, then it will also get done. On the project level, strong project execution, some regional disruptions to supply chain always at risk, but I will also here use the opportunity to thank our colleagues. It has been an exceptionally good execution in 2025 and the best execution we have seen in the last five years on our projects when it comes to our often-discussed pre- and post-calc on the project. A huge thank you to everyone here who has contributed to 25. With that, I'll go to the power solution slide. So, strong finish to 2025, the order intake of 6.5 gigawatts in the quarter driven by strong momentum in onshore across all regions and good activity in offshore, such as the 390 megawatt Shinanui project in Korea. The 6.5 gigawatt in the quarter also, therefore, hints and indicates an unannounced order intake of 1.1 gigawatt, which again supports the strong momentum that sits in and around the whole onshore part. The largest order in the quarter was 828 megawatt onshore project in Brazil with a long-standing partner and friend, Casas Desventas, marking the first major deal in Brazil's wind market since 2023. ASP on new orders was 101 million per megawatt like the prior quarter. The ASP reflects a good mix of project scope, geography, and type. The overall pricing environment remains stable and positive for our continuous financial performance and progress. The order backlog and power solution increased by Euro 1.6 billion compared to one year ago to a record high of 33.2 billion USD. it's the highest ever. You can see the breakdown of both geography and quarter-on-quarter comparison to the right. With that, I'll go to the service business. So heading here is that we are halfway through our service recovery plan. When we look at the highlights for the service business in 2025, I think the service order backlog increased to 38.7 billion from 36.8 billion a year ago. despite 1.9 billion euro headwind from foreign exchange rate movements in the year. The service business reached 161 gigawatt on the service. That's an increase of 2 gigawatt compared to Q3, as healthy additions in the fourth quarter outweighed expiries and deselection as part of the ongoing commercial reset. The first year of the service recovery plan has been completed. We have achieved better operational discipline during 2025, but we have not yet finished and the plan continues throughout 2026. It remains our strategic priority to drive operational excellence, cost out and improve cash flow, and with full attention and support across all of Vestas and the full value chain of Vestas. I will also say at year end, there's no doubt that across Vestas, both about the plan and expectations, that is fully aligned and also fully understood. I will talk more to it when we get to the strategy overview later in the strategy section. You can see the breakdown here to the right. So the service order backlog, 38.7 billion, of which 33 billion is onshore. Gigawatt under active service contract, 161 gigawatt versus 152 from onshore. And then we have an average year's contract duration of 11 years. With that, I'll go to the investors' development part. And I think this is in short. It is a business we talk about, and it's also a business that we often give a quarterly update on. But year of 25 was very much a year that also characterized with the heading revised organizational structure as part of the operating model reset. So it was a year of simplification and also a year of refocusing the development businesses. So in Q4 2025, Vesta's development generated 102 megawatt of order intake from Argentina. At the end of Q4, Vesta's pipeline of development projects amounted to 28 gigawatt with Australia, the U.S., and Brazil holding the largest opportunities. As part of the operating model reset, we have implemented a lean organizational structure with simpler governance to benefit from market trends and ensure traction with key projects. The goal of Vestas development is to develop quality projects to the benefit for our customers and very close partners, thereby contributing meaningfully to the Vestas Group EBIT over time and quarter on quarter. Then I will go to sustainability. And here, positively record high greenhouse gas emissions avoided. If we look at Vestas turbines produced and shipped in 2025, are expected to avoid a record of 463 million tons of greenhouse gas emissions over the course of the lifetime. Undoubtedly, this is Vestas' main contribution to sustainable energy system. And maybe just put that a bit in perspective. The whole emission from Spain in a year is approximately 250 million tons, so we are sort of beating that with a factor two give and take. During 2025, we also supplied 22,000 tons of low-emission steel, driving significant emission reductions in those projects. The number of recordable injuries per million working hours, TRIR, remains unchanged at 2.7 in 2025, compared to 2024. Safety remains a top priority for us as we tirelessly work to improve our safety performance across our value chain. I'll also say here no fatalities in 2025, and we can also see that the frequency of serious injuries have reduced and gone down over the year, which is a really pleasing trend of what we see across our many countries, but also across now 37,000 employees. I also encourage you to read our annual report. There is a very large section On CSRD, some will say too much and too bureaucratic. We are one of them. But it also contains a lot of the emotions and passion that goes from us. We'll also see we don't no longer comment on corporate nights. We don't understand the change rules and ways of potentially evaluating sustainability retroactively back in time. So therefore, we'll come back when we have chosen a new sensible partnership later in the year. With that, I think it's time to come to the financials and what better year could be to have your debut of a full year, Jacob. So over to you.

Thank you, Henrik. And we start off with the full year 2025 income statement with a historic record high revenue and EBIT that landed within the narrowed outlook range. When we look at the highlights, in 25, revenue increased 9% year-on-year to a record high 18.8 billion euro. The increase was primarily driven by a larger amount of megawatt delivered in power solutions. Revenue for the year were though affected by a 3% currency headwind. Gross profit landed at an all-time high of 2.5 billion, and our EBIT margin before special items landed at 5.7% in the upper end of our narrowed outlook range, and it's an increase of 1.4 percentage points compared to last year, and was driven by better profitability in both segments. Finally, on this slide, I wanna highlight the ROSI that improved to 11.8% for the year, while EPS rose 60% to 0.8 Euro. In terms of Q4, we see strong project execution in onshore, offset by ramp-up cost and service. Revenue in the fourth quarter increased 2% compared to Q4 last year. The increase was driven by higher revenue in power solutions, offset by lower service revenue. EBIT margin before special items in the quarter was 9.3%, a decrease of 3.1% this point year-on-year. The development was primarily driven by ramp-up costs in offshore, higher depreciations, and lower service revenue, offset by continued strong profitability and execution in onshore. Worth to note here on the slide that we incurred negative 56 million of special items in the quarter. This is primarily relating to the operating model reset, which among others led to a reduction of 900 positions. And therefore, the 56 million entailed both redundancy cost, but also some non-cash impairments of legacy assets, and Henrik will speak to this a little bit later in the presentation. Diving into the segment split, starting with power solutions, where we see double-digit profitability. In power solutions, the fourth quarter revenue increased by 7% year-on-year, driven by higher megawatt delivered in offshore, while onshore revenue was flat. The EBIT margin of 10% in Q4 is down year-on-year due to higher depreciations and ramp-up cost in offshore, but offset by continued strong execution and profitability in onshore. 25 was a back-end loaded year, and 26 is expected to follow a similar seasonal pattern. And of course, on the slide here, you can see that was the same in 23 and 24. This is linked to what you all know, but let me just repeat it. It's the operational leverage, of course, where deliveries in the first half is mainly covering the fixed cost. And yeah, 26 is expected to follow this as well. Moving to our service segment. As Henrik mentioned, this is the first year of the service recovery plan, and we completed that. In service, the revenue decreased by 16% year-on-year. driven by a decrease in contract revenue and a lower level of transactional sales against an unusual strong Q4 last year. Service generated an EBIT of 144 million in the quarter, equivalent to an EBIT margin of 14.4%, affected by extra costs at a few specific sites. For full year 25, we delivered on our revised EBIT guidance and service. However, as Henrik also mentioned, the overall outcome fell short of our internal performance targets. We continue to execute on the recovery plan to achieve our long-term ambitions, and Henrik will also speak to that in a little while in this presentation. Moving from the P&L into the balance sheet, starting with net working capital, our working capital decreased in the quarter. It improved to negative 3.1 billion in Q4. mainly related to an improvement in accounts payables and a continued focus around in the organization on improving our working capital. Compared to Q4 last year, we have been seeing an improvement of $830 million in net working capital. This level, this development, I'm really, really positive about. While we can always improve, this is a strong and satisfactory level. And with that note, we move into the cash flow statement we saw strong and good cash flows that resulted in further strengthening of our cash position. Our operating cash flow was 1.3 billion in the quarter, a decline compared to Q4 in the prior year, mainly due to higher warranty consumptions as well as changes in the net working capital. Adjusted free cash flow was 872 in the quarter, 802 million euro in the quarter. For 25, we ended with a strong net cash position of 1.2 billion, having actually throughout the year paid out dividends and also completed two share buybacks in 2025. This is a situation that I'm obviously also very positive about, and it shows the strength of our business model, and we have to thank both Henrik and me, the strong execution by all of the teams around the world in securing this strong end to the year for our cash flow. Moving to net investments in Q4, we are continuing to investing for growth and competitiveness. Total net investments amounted to $382 million in Q4, as expected slightly down from Q4 last year. Compared to last year, investments have focused less on intangible investments such as research and development, and it's now primarily related to tangible investments such as transport equipment, and tools as we enter 26 ready to execute a higher number of projects in offshore. Total net investments for the year amounted to €1,250,000,000 in line with our outlook. And moving into the quality slide where we also see a strong development year-on-year. The lost production factor improved now that the repairs of the sites mentioned in the recent quarters have been completed. Note that the LPF, the lowest production factor, is measured over the last 12 months, and it will take some quarters before this effect is fully out. Warranty cost amounted to $207 million in the quarter, corresponding to a 3.3% of revenue. Warranty consumption in Q4 was $251 million, mainly due to finalization of the above mentioned repairs. For the full year, warranty cost were 3.2% of revenue. And I wanna highlight the lower right corner where you can see that in 2022, we were at 6.4% of revenue. So we have half that in 25 and it's now the lowest in five years. And before handing back to Henrik, I want to end on my favorite slide, the capital structure slide. It is important for Henrik, for me, for Team Vestas, that Vestas remains resilient to economic fluctuations and respecting the volatility of the industry. And with this in mind, we have updated our capital allocation priorities. Henrik will speak to this a little bit later, but already on this slide, you can see we have changed the upper right corner where we before talked about having a net interest bearing debt to EBITDA before special items at maximum plus one. We now also say we want to have it within the boundary of plus one to minus one. And the final comment on this slide will be that the net interest bearing debt ended the year at minus 0.6 times EBITDA. And we are therefore very pleased to propose a new buyback of 150 million, so second quarter in a row, in addition to the dividend proposal of 100 million euro. And with that, Henrik, back to you.

Thank you, Jacob. And again, here, solid end on what you call your favorite slide. I like that. When we then go into the strategy update, I will also try to point you a little bit back to much more information out of the annual report. But I think starting with really what it's all about, the wind energy value drivers, and as mentioned before, we just chose here to choose one of the things that happened just a few days ago in Hamburg, the North Sea Summit. 26th of January, 2026, where European leaders got together to confirm how we can now tangible build out the offshore wind resource in the North Sea. I think one of the heads of state has said it's an untapped energy source in what else is an energy deficit Europe, because we need to be more independent on that. So the energy affordability, the energy security, and the energy sustainability are the headings in also what we see as the main drivers of the growth and the build-out, not only in Europe, but across the world of wind. I think on the energy affordability, when you look at it, wind energy is cost competitive. and also fast to deploy. And the fast to deploy has, in many societies today, become a much more sought-after factor in this. When you need to build something, whether it's the demand for the energy or the electricity as factories or build-out capacity for the society, because the electrification is happening, or it's for data centers, it's the same underlying positive trend. On the energy security, the world has become in some ways much more complex, but also in some ways more simple, because people want to be sure that they are in control over the critical infrastructure, whether that's energy, defense, or telecom, it's exactly the same. So therefore, when energy strengthens security through national decentralized power generation, We see that. We see that evidenced also in areas where it is conflicted, like, for instance, ultimate in Ukraine. And when you then go to the energy sustainability, we believe sustainability in everything we do, and we work tirelessly with that across both our scope one, two, and three at Vestas. This is a low-carbon source of power, and whatever you believe in, in fact, shows that the wind will continue in this planet also long after we have stopped presenting, or at least I have stopped presenting quarterly of Vestas. So therefore, this works, and it works in more than 80 countries, and it's a testament to how far the industry and the technology has developed. I will point you to page 16 to 20 in our annual report where you can see more about what we also expect in terms of growth rates, underlying positive trends in the markets, and so encourage you to take the time following. So what do we then say in terms of our global strategic priorities? The heading here, and you saw that, we've used that throughout 2025, as well externally as internally, value through performance. And when we look at our seven priorities down here, there's no doubt that we also have become, as team investors, become much more direct and more specific in what it means to drive quality cash, or for that matter, efficiency, I'll speak more of the efficiency in the coming slide where we talk about operating model reset, which is something that also hit home to us throughout 2025 and was needed to do something about. We have become more dedicated, and I think in some ways, Jacob, as much as it was your favorite slide on the capital structure, that is actually a reflection of all the activities and all the commitment that goes in and also the support from customers, especially from the onshore execution this year, ramping up in the offshore and still doing the recovery in service. But service works really well and supports not only the business but also our customers as key. We look to the right side of this towards the end of this decade. No doubt that our ambition is to be global leader in sustainable energy solutions. I think we can tick a couple of boxes when we look at onshore and service. I think we are a strong pursuer in the offshore, and we will probably remain that, but we are a good pursuer in terms of discipline and how we work and build with customers and the industry, and then not least in development, where, of course, as you heard me saying, development will never be something where you will see it overtakes the whole purpose of what it is with investors. But we are in markets where we have projects we can support our customers and partners with, So therefore, we will remain as a global provider in more than 80 countries. We will remain also there as a good partner in early development to benefit our customers. With that, I will take a look into something which we probably haven't talked that much about, but what we call operating model reset in investors. It started mid-year last year. We've been speaking about it for some time. because the overall two drivers of making an operating model reset is making Vestas more simple and also more customer-focused. When you look down, it's anchored in the Vesta strategy, of course. Anything that is closer to customer is basically across all seven, but the efficiency part sits under the efficiency box, so therefore operating model reset is having that drive and also require that attention from everyone among our 37,000 colleagues across the world. When we look at our four focus areas for steering the outcomes, I think the first and foremost is listen to customers. Customers told us throughout the last year or two that in some ways we have become too complex, too difficult to talk to, and sometimes that was too long from when you presented a potentially need or solution. you could actually get the right answer or a committed answer from investors. That we picked up. Not all of it we liked when we went back because if we look at some of our processes that also sat out facing to our customers, it took far too long. Some of the things, it's fair saying, we had examples of both processes and the way we acted where I will sort of say even if you're If you make your best, you couldn't invent something that was more complex than what we had in Vestas. So therefore, part of it was, first of all, stop avoid being in denial. Then also, let alone, this is not something with Executive Management Board of Vestas knew all the details of. So how do we actually get this through everyone's mind and therefore becomes an integrated part of our culture and DNA, which it is not. The overall consequence of this is you've seen first wave of it that 900 positions were gone by the end of 2026 and it is fairly obvious that the right sizing of Vestas is of course painful but on the other hand it's also needed and therefore it's not the last time you will hear because the continuation of this is not a project way of thinking. It is, this has to be a part of the DNA of being investors. And therefore, we are not finished simplifying. We just started and scratched the surface of it. So this you will hear more about in the coming, not only quarters, but hopefully also the coming years with much better examples to share. We've also said here there are free work streams. And I think, Jacob, you touched a part of the financials. We also here had special items for the first time. which relates to this very clearly because it actually is an immediate return when you use those special items to do that. First one is ease of every day, and this is what I call day-to-day. Very easy if you're onboard the group of colleagues, the investors, and saying, give us what you find that is actually hindering you making an easier impact of value creation. Then we had a catalog of hundreds of good ideas to improve that. That is one of the things where I just encourage everyone to sort of common sense, make your decision. No one is forcing you to sit in a virtual meeting, double the time of what you're expected to. So if you're contributing what you need or you're not even contributing in the meeting, please leave the meeting. That's just one example. There are plenty more. When we look at the right sizing, you see in first one, I mentioned the 900, wouldn't be surprised if that's a continuation with similar numbers for the coming year. And then the third box is really where the big prices sit, because that's where we tie the value chain together and where we shorten it. This is also the most challenging and probably a bit, for a lot of us, a bit the most disturbing part, because we got to somehow get back to, in customers, how do we get to a much faster response time and not use each other as an excuse for not answering proper and direct. So that's, I would say, for me personally, very, very engaging and a very, very motivating process to embark in. I didn't know where we would be when we came out of end of July and beginning of August. Today I know that it's festering and anchoring much better in the organization. So really encouraged by where we are and also how this step changed Vestas week in and week out. With that, I go to an area that is feeling some of the same measures and some of the same magnitude of change. So the service recovery plan, we are entering the second year of our service recovery plan. The headings are exactly the same, hasn't changed, haven't discovered other areas we need to touch. So the strategic priorities for service is the same. We need to deliver the operational recovery, the commercial reinset, commercial reset, and also ensure delivery of one-plan initiatives. I think we can definitely say when we jump down to see the commercial reset, we have no longer a challenge of that we are getting things in or have gotten things in from a contractual side that is not playing to the strengths of this. So very importantly, we have exited trim contracts with unacceptable terms. We're not finished with it. We also drive early renewal negotiations and, of course, strengthen the backlog health. And one of the things I would comment here on, that where it was possible to have very disfavorable sculpting arrangements or phasing arrangement on the cash flow side of these contracts, that has per se also been stopped effectively. On the operational excellence, I would say for me, rewarding to see. that it's understood, rewarding to see that we are executing on it. Not so rewarding is also to see some of it is a bit more sticky for our leadership and for our day-to-day teams to get it out. So therefore, the drive of operational excellence is one of the key, key areas of getting and keeping and potentially even increasing momentum because now we have some of also the better examples to work with. So this leads to more global regional cost out and also, of course, reducing costs of unscheduled maintenance, both on frequency and others. That also means that by the end of this year, the net contract assets sits at $1,168,000,000. It's around 3% of the service backlog. It's in good control, and we can also know down to contracts where that contract asset sits and, of course, is being addressed ongoing as we speak. On the challenges side, I think the challenges remain grouped in the same. It's the unit cost, which means it's wage inflation, rising material cost indexations. Some will also add in there how tariffs and others are passed to the contract payment of the service contracts. The operational inefficiency, for me, this was probably disappointing to see, but somehow also expected that if part of the business has not had the attention on a day-to-day basis that we expected, then this is the one that has been picked up at really speed. And then as the quality-related effect, you've seen it. Jacob talked really positively around how we are now seeing the quality improving. We are seeing the warranties coming down. And I always said warranties are a bit of reflection together with LPF. So the good thing in here, we don't have exceptionally warranty and other component cases, which of course suddenly release also a constraint and a strain on the service business to a very large extent. So the repairs turbine stops comes now from a day-to-day normal operations and to a lesser extent of a LPF related repair. So that will support the business. We don't and we can't yet predict the size of that positive, so therefore we are also there pretty prudent in looking ahead for now the next or the last year in our recovery plan because we don't run ahead of ourselves in looking at that. And then here in the bottom you can see the development in the service backlog. I will say here in some ways and in some markets, probably underestimated a little bit the strength of the partnerships we have had with our customers and some markets. We have also on this multi-brand, which I have not talked too positively around in the last six quarters, we might end up having some gigawatts of multi-brands still remaining, but then the contract way of looking at multi-brands will be very much a part solution and a direct cost-plus solution with our partners. We are helping running turbines of sometimes OEMs that disappeared years ago. With that, I will go to also one of the areas, Jacob, you already mentioned, which is the capital structure. I think there's a couple of observations here. First of all, we feel that we are that far in our ramp, we are that far in our investment into offshore, that we can definitely see that the model we are scaling and working after works really well, which also means we see a lot more transparency when we look towards the end of this decade. That also have led to that we look now at our revised capital structure. We come out at a year now with the highest turnover in ever. We come out with an EBITDA of Vestas that is the highest ever due to both size and scale of what's working and that have led us also based on the feedback and exchanges we have had with you as our owners in doing 2025 to revise and look at our capital structure strategy going forward. That is described if you want to read much more about it in page 21 and 22 in our annual report. But here it is that we will, as the priorities here sits, we will continue investing in the business. Jacob just showed you the $1.2 billion we have invested in 25, and we will invest approximately the same. But the underlying split of what we are investing in will be different. in 26 compared to 25 because we are more investing now what is needed to ramp up the volume rather than the technology or, for that matter, the manufacturing facilities. So we invest in the business, very important, and we'll continue doing that, among other things, virtual service tech and other stuff in the service business. So anything there we can do to make the business better. make value-creating acquisitions. It's not something that has been that much on our mindset since 21 and 22, but we will continue measuring if there are adjacent areas or even within our areas where we can add to it either directly into our business areas or if it is of another nature, also use our investors' ventures to do some of those investments or acquisitions. Thirdly, we will of course look at maintaining the solid investment grade. We have now a long-standing partnership and understanding with Moody's, so therefore we want to keep stable rating and we want to keep working with a stable rating. It also means that when we look at our net interest sparing debt to EBITDA, we aim for having that between minus one to plus one, also meaning to you shareholders out there that when we are building a cash position, that cash position will be distributed back towards you over time. And I think testament is always better than claiming. So therefore, the last just five quarters mean there we have carried out free share buybacks. We don't like to do big things in that sense. We much rather have a frequent one and then being a one that also therefore support the daily demand sort of trade in the share with our share buyback programs. And then we have also looked at what is the best way. So therefore, we've said return at least 40% of our net profit through combination of dividend and share buybacks. I mean, for many of our investor exchanges, in general, we will see that people probably prefer more share buys and therefore less dividend. We follow that guidance very much. Therefore, when we have proposed here a dividend of 100 million euros and a share buyback of 150 million just following the release of the full year for 2025, that fits sort of a good tone of also saying that doesn't mean that you can then immediately extrapolate that to the next five years and saying dividend will never be more than 100 million euros. but we are just sort of saying it's probably the least effective way of distributing cash back, and therefore, of course, we will continue also doing the share buyback. You can see here earnings per share is just now touching some of the highest earnings per share in the last 10 years, and I will leave you to do the assumed or calculated earnings per share with our 2026 guidance. but now volume and size of Vestas matters also when you look at earnings per share. With that, I'll go to our long-term ambitions. They remain mostly unchanged. The only thing that has had a change is the ESG, simply because we will restate and we have restated what we are going to do on the ESG side, reflecting off that we bought offshore activities back into Vestas, and we can see that it is going to give us a different sum of CO2 and therefore also how we address that in both our Scope 1, 2 and Scope 3. When we look at the revenue, still the same, ambitious to be the market leader and grow faster than the market. On the EBIT side, 10% EBIT margin. I will come back to that on the following slide because on that chart, I think, I feel very comfortable when you look at that chart compared to what we've also shared with you in the previous years, but we'll come back to that, as I said, on the next slide. Return on capital employed, you're rosy, Jacob, but those two goes well hand in hand and are easy to compare. Free cash flow, positive. You've seen it. You've also seen it when we generate free cash flow. business is good, predictable, and with an increase in earnings, then, of course, free cash flow knows their way back to the shareholders in what we just discussed in the previous slide. And last but not least, ESG, 50% reduction across our own operations and 45% scope-free reduction by 2030. Part of the scope-free is very much still the steel, and I think from some years ago where everyone were really very optimistic about hydrogen and green steel. I think today we see much more drive for the recycled steel that still has a 60% reduced input of greenhouse gas. So therefore, how do we do that? Some of it we have the tools, some of it we don't. But our biggest internally is still transport. So therefore, it's the service vehicles, It's the vessels that we are looking into how we can do better with. But I really, really encourage you to also hear deep dive into our ESG part. We are not a big fan of the CSRD directive, but we are a big fan of sustainability, and that I hope you will enjoy reading our annual report. This is an important one, and this has almost become a personal thing. So drive us to the long-term financial ambition of 10%. We have 10% firm in target. We're not saying a year, but we are having here the four factors. I think we can narrow it down to in Maine what we see. The offshore, the ramp up, the cost out, and the extent competitiveness of what we see is increasing, of course, when we add the volume to the platform. And therefore, offshore is by far in this bridge between the midpoint of our outlook, 7% to 10%, is by far the biggest lever we have. On the quality side, you often see the quality side, and when you say the quality here, is that we drive operational performance, lower warranty cost, and reduce the cost of poor quality through close collaboration throughout the full value chain. So what you see as a heading of the warranty percentage of 3.2% for 2025, that's only part of the equation here. The related quality issues that has also both been apparent in the service, but also in the manufacturing, of course, is still a major contributor also how we can build a bridge to the 10%. Service goes without saying. We haven't, I haven't found, I haven't observed anything that prevents the service business from doing 25% EBIT margin. It's just not in 26, and it won't be in 27 because we won't jump from a midpoint of 16.5. We came out of 25 just around 16.5, and we will continue having that as a work assumption, and then we will see. We need to get it into starting with a 2 first, but there's nothing in here in neither the model, neither the way we run the service business, and neither in the way we look at it with the number. of employees across the world that prevents us from getting to 25% EBIT margin. Then on the onshore, after a 25, it can actually be a bit difficult to sit here and say, here it is, we can do much better. I think the onshore has one lever really here is keep doing as good as we did in execution in 25. and keep building some more volume, then Onshore has another contributor into this. Because don't forget, we wouldn't be at 5.5 if Onshore wasn't working as good as it is, because we have been able to do that and back some of the negative variances we have had in the offshore ramp and also from the service that we have backfilled from the Onshore. So thank you for that. And therefore, people that are doing really well, it's funny enough, they seem always to be able to do a bit better. So that, of course, we will use in this margin bridge. If you add those four together, they come to by far more than 300 basis points. So therefore, for us to sit and have that in mind, it feels in many ways better. It feels doable. I will also say when we sit here in the beginning of 26, now it has a gap of 300 basis points I think we probably also gained a bit of credibility compared to when we sat in 2022 and talked about it, because that was where the gap was, 1,800 basis points. But now I can say with the first 1,500 basis points in the back, let's get the last 300 basis points done, and then everyone can do your own planning and linear progressing in the calculations, because that also means at that point in time, our EPS, ROSI, and other things would look a lot different. And I can promise you at that point in time, we will have less shares than we have outstanding today. With that, I will go to the outlook of the year and the outlook for 2026. Revenue, $22 billion. So that's another progress and another uplift in revenue. Even margin before special items, 6% to 8%. Services expected to generate an EBIT margin before special items of 15.5 to 17.5, and total investments is around 1.2 billion. This outlook is also based on the current foreign exchange rates, which we know is coming slightly more volatile in these days. Then two more little service messages here. Some of you might observe over the coming day or two that I'll be selling some of the shares I have now bought and had since I joined as CEO in August 19. I paid a lot of tax of those. I even borrowed to pay the tax in Denmark, which is a tax rate of more than 60%, and therefore it just wants to repay some of that lending. I will have a lot more shares back than I'm selling, so therefore don't worry, but it is to pay the tax in a strange country. So just as you know, have a question to that over the coming days. Then I will also say thank you. Thank you for everyone here supporting the journey that now we sit within of 25. Thanks to also listening in. And please just here on the last page, I will just say we have our annual general meeting on the 8th of April. I think it's a highlight. There is an opportunity to come in person. and both meet the board and the executive management and also, like previous years, have a bite to eat and also a drink on the way. The rest is our financial calendar and I will just leave it therefore back to the moderator and open up for the Q&A.