VESTAS WIND SYSTEMS A/S

Shareholders of Vestas Wind Systems A/S

Vestas Wind Systems A/S is a widely held company listed on Nasdaq Copenhagen with, according to its own share information, a free float of 100 percent and a single share class. Danish law requires holders to notify the company when their holding of share capital or voting rights reaches, exceeds or falls below 5 percent and further thresholds above that level, and the company publishes each notification as a company announcement.

The major shareholdings notified to and published by the company are:

• BlackRock, Inc. (Wilmington, Delaware, United States) — 8.61 percent of the share capital and voting rights, comprising 8.19 percent in shares and 0.42 percent in financial instruments. Notification received 3 July 2025, holding stated as at 1 July 2025; published as company announcement 19/2025 on 4 July 2025. The stated reason was a change in BlackRock’s group structure following its acquisition of HPS Investment Partners. The previous notification, from October 2024, had shown 7.59 percent.
• The Capital Group Companies, Inc. (Los Angeles, United States) — 5.04 percent of the share capital and voting rights, held through Capital Research and Management Company, Capital International Sarl, Capital International Limited and Capital International, Inc. Notification received 14 May 2026; published as company announcement 28/2026 on 14 May 2026.

The company states on its share information page that it currently has two major shareholders with a holding of between 5 and 10 percent of the total share capital and voting rights, being BlackRock, Inc. and The Capital Group Companies, Inc. The register of major shareholders in the parent company financial statements of the Annual Report 2025 (note 6.3, Ownership) records one shareholder, BlackRock, Inc., at 8.61 percent of the share capital; the Capital Group notification post-dates that report.

A Danish listed company is required to maintain and publish a register of shareholders holding 5 percent or more and to disclose threshold notifications as they are received. This is not a complete shareholder list: holdings below the 5 percent notification threshold, and the great majority of the register held through nominee and custodian accounts, are not individually disclosed.

Ultimate beneficial ownership

No natural person is identifiable as an ultimate beneficial owner of Vestas Wind Systems A/S. The company has no controlling shareholder: the two notified holdings above the 5 percent threshold are institutional asset managers holding 8.61 percent and 5.04 percent respectively, and the remainder of the capital is widely held. Where a company has no beneficial owner who can be identified, Danish law requires the members of the executive management to be registered as reelle ejere (beneficial owners) in their capacity as senior managing officials. A direct retrieval of the Danish register of reelle ejere for CVR 10403782 could not be completed for this entry, so the registered entry is not reproduced here; it should be checked directly in the CVR register where a registry extract is required.

Data availability

The shareholder record underlying this page contained a single entry, “BlackRock, Inc. — 9.99%”. That entry is not representative of the ownership of a widely held listed company, and the percentage does not correspond to any figure published by the company. The holdings set out above are taken from Vestas’ own major shareholder announcements, its share information page and note 6.3 of the Annual Report 2025, and supersede the on-file entry. Intraday and unnotified movements below the disclosure thresholds are not captured by any of these sources.

Directors and officers of Vestas Wind Systems A/S

Vestas Wind Systems A/S has a two-tier management structure, with a Board of Directors responsible for overall and strategic management and an Executive Management responsible for day-to-day management. Under the Articles of Association the Board consists of five to ten members elected by the general meeting for a term of one year, in addition to the members elected by the employees as required by the Danish Companies Act.

The Board of Directors comprises thirteen members: nine elected by the shareholders and four elected by the employees.

Shareholder-elected members

• Anders Erik Runevad — Chair
• Karl-Henrik Sundström — Deputy Chair; chair of the Audit Committee
• Anders Boyer-Søgaard — member, elected 2026; member of the Audit Committee
• Bruno Bensasson — member
• Claudio Facchin — member
• Eva Merete Søfelde Berneke — member; member of the Audit Committee
• Helle Thorning-Schmidt — member
• Henriette Thygesen — member; member of the Audit Committee
• Lena Olving — member; chair of the Technology & Manufacturing Committee

Employee-elected members

• Claus Skov Christensen — member, re-elected 2024
• Louise B. Schmidt Nielsen — member, elected 2024
• Michael Abildgaard Lisbjerg — member, re-elected 2024
• Sussie Dvinge — member, re-elected 2024

Executive Management registered with the Danish Business Authority

• Henrik Andersen — Group President & CEO
• Jakob Wegge-Larsen — Executive Vice President & CFO

The wider Executive Management Team, which is not the registered management body, additionally comprises Thomas Alsbjerg (EVP, Digital Solutions and Vestas Development), Javier Rodriguez Diez (EVP, Sales), Felix Henseler (EVP, Technology & Operations), Anne Pearce (EVP, People & Culture) and Christian Venderby (EVP, Service).

Nationality is recorded as Not disclosed for every individual above. The company’s governance disclosure consulted for this entry does not state the nationality of each board member or executive, and nationality has not been inferred from any person’s name.

Data availability

The officer list held on the record behind this page — Arne Pedersen, Michael Jensen and Preben Hartvig Nielsen as bestyrelsesmedlemmer, Bjarke Knudsen as suppleant and Mogens Filtenborg as direktør, all without dates — could not be reconciled with the governance disclosure published by Vestas Wind Systems A/S. None of those names appears in the company’s current Board of Directors or Executive Management. That list has therefore not been used, and is not reproduced here as the company’s management. The board and executive management set out above are taken from Vestas’ corporate governance pages (Board of Directors and Our Management) at vestas.com and from the Annual Report 2025. Officer data on a Danish company should be confirmed against the current CVR registration before it is relied on for onboarding or signing-authority purposes.

Group structure of Vestas Wind Systems A/S

Vestas Wind Systems A/S is the ultimate parent company of the Vestas group. No entity sits above it: it is a listed company with, according to its own share information, a free float of 100 percent, and no shareholder has notified a holding conferring control. The consolidated financial statements comprise the parent company and all subsidiaries over which Vestas exercises control.

Note 6.5, Legal entities, of the Annual Report 2025 (pages 173–174) sets out the group’s legal entities under the headings Parent company, Production units, Sales and service units, Other subsidiaries and Associates. The overview lists approximately 130 named entities, and states expressly that “companies of immaterial significance have been left out of the overview”. The report does not publish a single total count of consolidated entities. The great majority of the subsidiaries listed are wholly owned. A representative extract of verified relationships follows.

LM Wind Power Blades (Poland) Sp. z o.o. was acquired on 1 September 2025 and is included in the consolidation from that date.

Data availability

The linkage data held on the record behind this page is a partial extract, not the group. It names only a small number of entities, including Vestas Blades America Inc. (United States, Colorado registration 4279505), Vestas Shared Service (Spain) SL (Spain, B86171733), Vestas Services Philippines Inc. and a Norwegian entity. Each of those corresponds to an entity in the Annual Report 2025 group overview, but the actual consolidation scope runs to well over a hundred companies across the Americas, EMEA and Asia Pacific. The table above is itself a representative selection from note 6.5 and is not a complete list; the annual report’s own overview excludes companies of immaterial significance, so no published source gives an exhaustive list of group entities. Branches, dormant entities and project companies are not separately identified.