Vestas Remains Best Positioned to Navigate Short-Term Industry Uncertainty; Shares Are Fairly Valued

Vestas Wind Systems has successfully sustained a leading position in the onshore wind turbine market. More importantly, Vestas has been more selective of projects, which do not meet its profitability hurdle, and this has ensured industry-leading profitability and better management of higher raw material prices than competitors. We believe Vestas is well placed to benefit from the structural trend toward decarbonization despite an uncertain short-term regulatory environment and record high raw material costs