2025北京国际风能大会暨展览会(CWP2025)：欧洲可再生能源投资机遇

欧洲可再生能源投资机遇Renewable

InvestmentOpportunitiesinEurope2025.10.20INNOVATECLEAN

ENERGY

FORALL01RenewablesMarketin

Europe欧洲可再生能源市场分析02WindMarkets

in

Europe欧洲风电市场分析03Challengesinthe

EuropeanWind

Market

欧洲风电市场面临的挑战04MingyangToContributeto

Europe’s

EnergyTargets明阳智能助力欧洲实现能源转型目标CONTENTS目录101RenewablesMarket

in

Europe欧洲可再生能源市场分析•

Globalenergytransition

investmentstoppedUSD

2trillionforthe

first

timein

2024.•

However,investmentsplateauedintheUSand

Europeforthe

first

timein

a

decade

in2024.Politicaluncertaintyin

theUS,

whilepermitting

andauctioncyclesinEuropeheld

back

investors.•

InContrast,investments

inChinaandotherparts

of

theworldcontinued

togrow.•

RenewableEnergy9PowerGrids9andElectric

Vehiclesunderpinthisgrowth.Globalenergytransitioninvestmentscontinuetorisedespiteglobalmacro-economicheadwindsGlobalEnergyTransitionInvestments(2020to2024)INNOVATE

CLEAN

ENERGY

FORALL9008007006005004003002001000US

EU27+UK

China

CA+BR+IN+JP+RoWSource:BNEFNote:

RoW-Restof

the

World,CA-Canada,BR-Brazil,

IN-India,and

JP-JapanUSD

Billion202020202020202020242024202420242023202320232023202220222022202220212021202120213EnergyinvestmentinEUhasshiftedover

thepastdecadetolow-emissions

generation.

Theinvestmentratioofrenewablegenerationtounabatedfossil

fuel

power

was35:1in2024from6:110

years

ago•

Solar:investmentintheregiondoubledcompared

toprevious

years

withSpain,GermanyandItalyreaching10-yearrecords•

Wind:In2024,therewere€33bnworthofinvestmentsinwindfarms,

financing19.9GWofnewwindenergycapacity–settobecommissionedoverthenextfew

years.

Asof

2023,•

ONSinvestmentsinEurope

totalled€24.7bn,financingapproximately17.3GWofnewonshorecapacity.Thiswasthelargestannualinvestmentfigureinnewonshore

windsince2016

whenonshore

windinvestments

financed19.5GWofnewcapacity•

OSWinvestmentclimbedmore

thanthreefold

year-on-year

to

€7.9bn,financingapproximately2.6GWofnewoffshore

windcapacity.3outof

4

windfarms

financedareinGermany

withthe

remainingoneintheNetherlands•EV:Europehasbeenkeydriverofglobaldemand–sideenergytransition

investment,withrobustelectric

vehiclesalesover

thepast

yearstakinga

leadininvestinginnewerlow–carboncaptureandstorage(47%inclear

shipping–infrontofbothChinaandUS)Inrecent

years,theEUhasrankedastheworld’ssecond-largestmarketfor

energytransitioninvestments,secondonlytoChinaandaheadof

theUSOverview

Top10economiesforenergytransitioninvestmentin2023360303676

Renewableenergy

Powergrids

Nuclear

Energystorage

CCS

Hydrogen

Electrifiedtransport

Electrified

heat

Cleanindustry

CleanshippingChinaEU-27USGermanyUKFranceBrazilSpainJapanIndiaItalyRestof

worldSource:BloombergNEF,IEANote:CCSreferstocarboncaptureand

storage4

95

74

55

35

32Il32

31

30INNOVATE

CLEAN

ENERGY

FORALL258USD

Billion500

6x4504003503002502001501005002015201620172018201920202021202220232024•

Inthepastten

years,a

cumulativeofUSD2.1tn

wasinvestedacrosstechnologiesand

sectors.•

Europeaninvestmentsdropped

by7%in2024duetolowerinvestments

intheoffshore

windsegment.•

RenewableEnergyand

ElectrifiedTransportcombinedaccountedfor

nearly70%of

the

total

investments.•

Electrifiedheatsector

facedheadwindsin2024,dueto

subsidy

reformsin

France,Germany,Italy

and

Poland.Europeanenergytransitioninvestmentsgrewbysix-foldinthelastdecade

toreach

USD440bn

in2024EU-27+UK

Energy

Transition

Investments(2015to2024)

Electrifiedheat

Electrifiedtransport

CCS

Renewableenergy

Cleanindustry

Cleanshipping

Energystorage

Hydrogen

Nuclear

PowergridsINNOVATE

CLEAN

ENERGY

FORALLSource:BNEF5Technologymixevolution•

Solarisexpectedtoremain

aworkhorsedriverofcapacityadditions,

particularlyinhigh-irradiation

zones•

ONWcontinuestobeacost-

competitivebaseline•

OSWis

likelytoscalestrongly,especiallyinthe

NorthSea,

Baltic,

Atlantic—helpedbydeeper-water

technologies•

Energystorage(batteries9pumped

hydro)isessentialto

manageintermittency,curtailment,and

negativepricing•

Greenhydrogensystemswillgaintraction,especiallyforindustrial/heavy

transport

/blendingsectors•

Hybridprojectswillbecome

morecommontosmoothrevenuestreams

andcaptureancillaryservicemarketsGeographic

/country-levelshifts•

Southern

Europe

(Spain9

Italy9Greece9Portugal)

isexpectedtosee

strongsolargrowth,aidedbyhighsolar

yield,falling

modulecosts,and

favourablelandconditions•

The

Nordics9

UK9

Netherlands9Germany9

Belgiumarefocalzonesfor

offshorewind,andinnovationinfloatingwinddesigns(fordeeper

waters)isadvancing•

Frontier/emergingmarketsinCentral&Eastern

Europe

(CEE)

may

offerhigher

risk

/higher

returnopportunitiesastheycatchupingrid

modernization,

policyreform,andrenewablerollout•

Cross-borderandinterconnection

enhancements

(e.g.betweensouthern

/northernEurope)will

becomemorecriticaltobalance

surplusanddemandRenewablesmarketoutlookinEUEUaimstobecomeahubforcleanenergymanufacturingtoreachatleast40%ofitsannualclean

energydeploymentneedsby2030•Storage

(batteries9otherforms)

isexpectedtoscale

dramaticallytoc.85GWby2030(vs~

25GWin2025)•EVannualsales

rise

expectedto

reachc.2.5munits

toover7munitsin2030accountingfornearly20%of

global

EVsales•Green

/low-carbon

hydrogen

issettoincrease

c.22Mtperannum

by2030EUrenewablesmarketoutlook:geographicdynamicsandtechnologymixevolution•Heat

pump

annualsalesexpectedtoincreasefrom25GWtodaytoover45GWin2030,driven

by

supportiveregulationsandfinancialincentives•CCUS(carboncapture)

isgaining

momentum;some

forecastsplaceEurope’scapturecapacityat~311Mtpa

by2030Source:BloombergNEF,IEA6INNOVATE

CLEAN

ENERGY

FORALLINNOVATE

CLEAN

ENERGY

FORALL7•

Earlyengagementwithregulators9gridoperatorsand

localstakeholdersiscriticaltountanglepermitting

/interconnectionrisks•

Monitoringevolvingregulation(especiallyhydrogen

rules,EUtaxonomy,carbonpricing)—thesecanmateriallyshiftprojecteconomics•

Diversifyingacrossgeographiesandtechnologiesisessentialtobalanceriskexposure(e.g.revenueseasonality,

regulation,gridmaturity)•

Favoringdealswithstableofftakestructures(long-term

PPAs,hybridcontracts)tomitigaterevenuevolatility•Verticalintegrationorlocalsupplychaininvolvement

canreduceinputriskand

yieldmargincapture•

Focusinginvestmentson“adjacent

valuelayers”

(storage,grid,hydrogen)ratherthanonlygeneration,

becauseflexibilityisincreasinglythebottleneckEUneedstoalmosttripletheinvestmentp.aforthereminder

of

thedecadetoreachnet-zerotargets.Keyareastoconsider:•

Batterystorage

/

flexibilityassets:Asrenewablesscale,the

valueproposition

forstorage(arbitrage,ancillaryservices)becomesstronger•

Offshorewind:

EspeciallyintheNorthSea,Baltics,Atlantic

regions,

wheredeepwatersrequirefloatingplatforms•

Green

/renewablehydrogen:Electrolyserprojectsco-

locatedwithrenewablegeneration,hydrogenofftake

contracts

withindustrialusersorin

transport

/heating

sectors•

Distributedsolar+rooftop:Solar’smodularityandfalling

costsmakebehind-the-meterornear-loaddeployment

attractive•

Grid&transmission

/interconnection

/digitalization:Investmentsincross-borderinterconnectors,regionaltransmission,smartgridtechnologiesReturnsonrenewableinvestmentcanyieldsatisfyingresultswithappropriatestrategiesinplaceTheEuropeanrenewables

marketneedstoscaleuptheinvestment…······································································································7Challenge

/RiskImpactMitigationconsiderationsRevenuecompression

/

cannibalizationLowermarginsfor

variable

generationUseof

storage,hybridPPAs,longer-term

contracts,geographicdiversificationGridbottlenecks&delaysDelayedprojectcommissioning,curtailmentEarlygridinterconnectionplanning,co-

locationwithgridpriorityzones,active

engagement

with

TSOs

/regulatorsPermitting

/regulatory

uncertaintyProjectdelays,cancellation

riskPoliticalriskhedging

(diversifygeographies),proactivestakeholder

engagement,insurance

/

guarantee

mechanismsPolicyshiftsRetroactivechangestosubsidyschemes,auction

designsConservativeunderwriting,scenariostress

testing,prefermarkets

withstableregulatory

frameworksCostinflation

/inputvolatilityCapitaloverruns,margin

erosionHedgingstrategies,modularprocurement,localsupplychains,buffer

contingenciesFinancingconstraints&

highcostofcapitalStricterreturnthresholds,

capitalaccessdifficultyUseofblendedfinance,greenbonds,

institutionalcapital(e.g.pensionfunds,

infrastructure

funds)Technological

/obsolescenceriskRapidtechchangeModular

/upgradeabledesign,flexible

architectures,

technologydiversificationMarketsize

/competitionsaturationLowerreturnsin“crowded”

marketsFocusonnicheor

value-addprojects(e.g.

storage,hybrid,innovation)oremerging

geographiesDeepermarketintegrationchallenge

andpricevolatility…Despitesignificantinvestmentinlow-emissions

technologies,averageenergy

pricesinEuropearehigherthaninother

majoreconomiesdrivenby•Rapidexpansionofrenewableenergy

withoutcorrespondingupgradesinstorageandgridinfrastructure•Insufficientcapacitytotransportor

storeelectricity

whendemandislowVolatilityinelectricitypricesunderscores

theneedforamoreintegratedenergy

systemandsubstantialinvestmentin

gridinfrastructureandstorageEUrenewableinvestments:keychallengesandstrategictakeawaysINNOVATE

CLEAN

ENERGY

FORALLSource:IEA802WindMarkets

in

Europe欧洲风电市场分析240220200180160140120100806040200•

AcumulativeinvestmentofUSD2.3tnhasbeen

invested

inthe

windsectorinthepasttwodecades.•

Onshore

windaccountedforover

80%of

thetotalinvestments.Whileoffshorehasgainedtraction

inthepastfiveyears

withoverUSD240bncumulative.•

Offshorewindismore

vulnerable

tothepoliciesacrossmarketsand

ismorecycliccomparedtoonshore

wind.•

However,inthepastfive

years,

Offshore

windaccountedfor

over20%of

the

totalinvestments,showing

that

the

industryismaturing.Source:BNEFGlobal

windinvestmentsgrewmore

thanten-foldinthepasttwodecades

fromunderUSD20bntomorethan200bnin2024GlobalWindInvestmentsBySegment(2004to2024)

Onshore

wind

Offshore

wind10INNOVATE

CLEAN

ENERGY

FORALLUSD

Billion200420082009200620072020202420052022202320102014201820162019201720122021201520132011

BR

MX

CL

AR

UY

OthersSource:GWEC5004003002001000552024CICGlobalwindinstallationssurpassed

1TW,andindustryontracktocommissionan

additional2TWinthenextdecadedespitenear-termheadwindsDEESUKFRSEOthers2024CICGlobal/RegionalCumulativeWindInstallations

YE2024t842852024

CICIN

AUJPVNOthers600500400300200 100

0600500400300200100

06005004003002001000GW

GWZAEGMAOthers2024CICGWGW

600

US

CAINNOVATE

CLEAN

ENERGY

FORALL400300400300100010002024CIC2024600600200200500500520173GWGWCIC12CN11-

OffshorewindisacceleratingacrosstheUKand

Europe9supportedbymaturepolicies9cleardeploymenttargets9andactiveofftakemarkets-

Growthisunderpinnedbystructuraldrivers—energysecurity,affordability,anddecarbonisation—withthemarketexpectedtoexpandatover15%

CAGR

through2035-Thiscreatesamajoropportunity

for

localsupply

chains9asreshoring,economicresilience9andrisinglocalcontentrequirementsbecome

nationalprioritiesCriticalnationalobjectivesaredrivingoffshore

windmarketgrowth,positioningtheUKandEuropeasgloballeadersoutsideChinaw

23

AsiaSource(s):(1)RenewableUKEnergyPulseDataaccessed09thApril2025Note(s):(a)Pipelinecapacityfiguresreflectknownoffshorewindprojectsexpectedtocommenceoperations

by

2040,

based

on

data

from

source

(1),retrieved

on9

April

2025.

These

are

derived

frompubliclyannouncedordeveloper-disclosedprojects.Pipelinecapacitymay

behigherthanactualdeliveryasaproportionof

knownprojectsmay

becancelledbeforeoperations;longer-termpipelinefiguresmay

alsobeanunderestimateof

actualdelivery

dueto

limitedvisibility

of

projectsveryfarintothefuture(b)Restof

EuropedoesnotincludeSweden;(c)

Excludesprojectsfully

decommissioned

and

inactive

(incl.

Hornsea

4

which

was

halted)Globaloffshorewind(OSW)cumulativeoperationalcapacity9basedoncurrentpipeline

(excl.China9GW)(19a9

b)纵

202520302035Top4markets

DE,

NL,

PL

andFRaccountfor~68%

of

2025-35additions202520302035

Americas202520302035

Australasia+20%+29%+15%INNOVATE

CLEAN

ENERGY

FORALLRestof

theWorld4823+33%202520302035202520302035Restof

EuropeFocus

markets2025-35CAGRXX

14134268373171712UK00771bcurrentpipeline(GW)(1)RestofWorldChinaRestofEuropeUK+59%Lessvisibility

of

pipelinepost

2035

asprojectsarestilltobedeveloped/announced+85%35%364%42%19%+58%+44%+68%0Yearof

commercialoperationsFixed-bottomOSWaccountsforthevastmajority(c.99%)oftheglobalOSWmarketandwillbepriorityofmostwindOEMsdueto

scaleandmaturity•

Europe(includingtheUK)andChinadroveoffshore

windgrowth

to

~94GW

over

the

past20

years•

Europeremainsakeymarketforsuppliers,projecting~19%CAGRin

pipelinegrowth,evenasglobalopportunitiesexpandFloatingoffshorewindremainsanascentmarketandsignificant

opportunitiesareonlyexpectedbythemid-2030s9dominatedby

theUK/Europe•

Floatingoffshore

windisinearlydemonstration,

withmajor

operationsrampingupafter2030•

Europeissettoleadby2040,drivenbyUKandFrance

pipelines

andsupplychaininvestmentsEuropeandtheUKareemergingasgrowthcentres

with36%of

fixed-bottomand60%of

floatingglobaldemandby2035Source(s):(1)RenewableUKEnergyPulseDataaccessed09th

April

2025Note(s):(a)Pipeline

capacityfigures

reflect

known

offshore

windprojectsexpected

to

commence

operationsby

2040,basedondatafromsource

(1),retrievedon9

April

2025.Thesearederivedfrompubliclyannounced

ordeveloper-disclosedprojects.Pipelinecapacitymay

behigherthanactualdelivery

asaproportionof

knownprojectsmay

becancelledbeforeoperations;longer-termpipelinefigures

may

alsobeanunderestimateof

actualdeliveryduetolimitedvisibility

of

projectsveryfarintothefuture(b)Restof

Europe

doesnotincludeSweden;

(c)

Excludesprojectsfully

decommissioned

andinactive

(incl.Hornsea

4which

was

halted)13oncurrentpipeline(GW)(1)RestofWorldChinaRestofEuropeUK+19%94Cumulativeglobalfixed-bottomOSWoperationalcapacity9basedCumulativeglobalfloatingOSWoperationalcapacity9basedon72632%35%24%8%Lessvisibility

of

pipeline

post

2035

asprojectsare53022%42%25%11%stilltobedeveloped/

announcedYearof

commercialoperationsINNOVATE

CLEAN

ENERGY

FORALL+31%+17%+19%+13%2025-35CAGR2025-35CAGRPre2025204020402030203020342034202820282038203820292026202620292036203920362039202720272037203720252025203220252032203520352033203320312031167Pre2422201816141210864208.50.97.00.62022CfD

AR4•

TheUKhasallocated

just

under

22GWofoffshorewindcapacityinthepastsixrounds.

Thehighestinthe

world.•

Asthecountryischasingtheir2030target,itrevisedtheCfD

AR7rules.Underthe

newrules,

projects

whicharestillunderthepermittingprocess

would

beeligible

tobid.•

Thiswouldboostthepipelineto24+GW.With

12GWofpermittedprojects

and12+GWofunpermitted

projects.•

Anothersignificantchangeis

thattheCfDtenureisincreasedfrom

15to

20

years9providinglonger

revenuevisibility

forthe

projects.UKisracingagainsttimetomeet

their2030offshore

windtargets

withrevisedCfDARrulesUKContractsforDifferenceAllocationRoundsVolumeEvolutionfromAR1toAR76.31.04.90.42024CfD

AR65.75.50.32019CfD

AR3

OnshoreOffshore

RemoteIsland

Floating1.90.81.22015CfD

AR

13.23.22017CfD

AR21.70.22023CfD

AR512.811.9Potential14Permitted2025

CfD

AR7INNOVATE

CLEAN

ENERGY

FORALL24.71.5GW•

Duetothemacroeconomicchallenges

andsupplychainconstraints,

theregulatorincreasedthepricesby10%in

AR7vs

AR6.•

Besidesthesefactors,theregulator

revisedthecapacityfactorassumptions,

whichalsoinfluenced

theupwardpricerevision.•

TheincreaseinASP,coupledwiththe

20-yeartenure,improvestheproject

IRRs9making

moredevelopersparticipateintheauctionthis

year.•

Historicallyfavourablecostevolutionledtoincreasedvolumeintheauctions.However,post-COVID,thesteepcostincreasesledtodevelopers

refrainingfrombiddingintheauctions

andsomedevelopersabandoningthe

projectsthatwereawardedCfDs.2014201520162017201820192020202120222023202420252026

OffshoreRemoteIslandOffshore

PermittedReduction

Onshore

FloatingNote:ASP=AdministrativeStrikePrice;TheASPdataisthe2012pricesforallthe

years.

IRR=InternalRateofReturnTheASPisalsoincreasedby10%consideringthegeneralcostescalationandcommodityinflationinthemarketUK

ASP

Evolution

From

AR1to

AR7200150100500INNOVATE

CLEAN

ENERGY

FORALL£/MWhAR4AR6AR7AR3AR2AR5AR11503ChallengesintheEuropeanWind

Market欧洲风电市场面临的挑战•

ManycountriesinEurope

willmisstheirrespective

offshore

wind

targets.•

Quiteafewcountrieshavesetunrealisticambitions

foroffshorewind,notbeingcognizant

of

themarketdevelopments.17EuropeanOffshoreTargetsvsTheCurrentForecastsTowardsTheRespectiveTargetYear(2035)(2040)(2040)125ManycountriesinEuropearelikelytomisstheoffshore

windtargets(2030)(2030)6350454035302520151050(2040)(2030)Source:BNEF

(Target

Year)(2035)13(2030)

0.1◆

TargetGWUnitedKingdom(2040)

19INNOVATE

CLEAN

ENERGY

FORALL

ForecastsNetherlandsGermanyIrelandBelgiumDenmarkNorwaySpainPolandFrance302939Europeanoffshore

windgrowthissupportedbyanumberof

tailwinds,butsupplychainconstraintsremain

thelargestlimitingfactorKeys:

Marketcondition:FavourableChallengingDirectionof

travel:Improving

-

Stable、

DecliningGovernmentsareworkingtoremoveoffshorewinddeploymentbarriers9buttotrulyaccelerateprogress9OEMsmustsupportsupplychainresiliencethroughlocalmanufacturingfacilitiesSource(s):

(1)BloombergNEF;(2)WindEurope,

2024,Immediateactionsneededtounblock

gridcapacity

formorewindenergy;(3)Expertinterviews18Risingsteel,copper,andlogisticscosts—pluslimitedsupplier

competition—arepushingpricesupFutureCfDstrikepriceswillrisetomatchrealcostsbeforeeasingDevelopers

faceauction-to-deliverydelays

frommanufacturingandport

limits.Floatingwindstruggles

withimmature

supplychainsEvenwithnewsupplychainpolicies,actualbuildout

willlag(3)Ambitiousoffshore

windgoalsdemandmajorinvestmentandcoordinationtoscalemanufacturingand

logistics,especiallyforkeyturbinepartsRisingratesandinflationstallFIDsandcloudfuture

projectcostoutlooksEuropeleadsglobalfloatingwind,

withtheUKbackingthefirstcommercial-scale

farm.CountrieslikeFranceboostgrowththrough

seabedtendersandinnovation

funds(1)Planningpermitsstilltakeupto9

yearsacrossEurope(2),despiteREPowerEU’sgo-tozonesandotherinitiativesaimingtospeedapprovalsEuropefacesrisinggridbottlenecksandcurtailmentcosts—seenrecently

inIberia.Long-term,early-stagesolutionsliketheNorthSeasupergridofferapathforwardPublicauctionoptionsarematureinmanyEuropeanmarkets,

withCfDs,

projecttenders,andagrowingcorporatePPAmarket(1)DrivenbytheUKandGermany,Europe’soffshore

windambitionsaresoaring—backedbyboldsupportlikeREPowerEUandCleanPower2030MarketdriversCurrentstateanddirectionof

travelDeepwaterandfloatingOSWprojectsdominate

the

pipelinebutneedtechadvancestobecomecommercially

viable.Publicauctions,long-termofftake,andhybridmodelsare

vitalforprojectbankabilityandinvestorconfidenceGovernmentambitionandsupportivepoliciesarekey

driversofoffshore

windgrowthTechnicalandinfrastructurelimitsdelayconnectionsand

capprojectcapacity.Lengthy,complexapprovalprocessesdelaywindfarm

constructionDescriptionofdriverTechnologydriversCapitalcostsfor

projectdevelopmentand

constructionSupplychainabilityto

scale

withincreasein

projectvolumesSupplydriversTechnology

developmentPermittingdelaysPolicypushto

improvegrid

bottlenecksPath

tocommercialisation(RtM)Policyandregulatory

supportKeyOSWdriverINNOVATE

CLEAN

ENERGY

FORALLCommentsNacelleNacelleAssemblyGeneratorWTGPowerConvertor

GearboxCastingBearingsDemandforturbinesbiggerthan

12MWiscurrently

outstrippingEuropeanfactorycapacity,affectingbothnacelleand

blades,

representingaprimarybottleneck

affectingturbinedeliveryschedules

(2)BladesTowersCentralisedtowersupplyformore

turbinetypeshasreducedthesupply-demandgapSubstructureFixed

FoundationFloatingFoundationMonopiledemandisrisingwith

majortendersahead,whilejacketsandothersfacefewer

constraints2028

2029

2030Intheshortterm,Europegs

OSWdemandwilllikely

outpacesupply,boosting

importsamidloomingglobalbottlenecksin

nacelleassemblyand

casting

by2026Furtherglobalshortages

maystarttooccurlater

thisdecade,presenting

additionalopportunities

forsupplychainplayersEuropeanincumbentturbineOEMshaveannouncedexpansionplans,butmovessofarare

mostlyincrementalSource(s):(1)GWEC,Missioncritical:buildingtheglobalwindenergy

supply

chainfora1.5。cworld;(2)WindEurope,The

stateof

theEuropeanUnionEnergy

SupplyChainNote(s):(a)Theglobal

supply

constraints

areestimatedbasedonknown

2023

productioncapacity192025

2026IncumbentwindOEMsareconstrainedincapacityandcapitalcreatingspacefornewentrantsAddressingsupplychainchallengesiscriticaltodeliveringoffshore

windtargetsEarliestglobalandEuropeansupplyconstraintsofkeyOSWcomponents(19a)

EarliestsupplyconstraintsinEuropeKey:x

EarliestglobalsupplyconstraintsINNOVATE

CLEAN

ENERGY

FORALL••2202731231xxxxxx

(3)-48.8%FY22

FY23

FY24-19.2%FY22

FY23

FY249.3%-0.4%FY22

FY23

FY24IncumbentOEMsarefocussedoninwardchallenges,rather

thanservingdemandSource(s):(1)Companywebsitesandannualreports,(2)BNEF,(3)Morgan

StanleyResearch,May

2025;(4)Recharge;(5)Reuters;(6)FinancialtimesNote(s):(a)Vestas:EBITDAbeforespecialitems(significantunusualand/orinfrequently

occurringnatureitemsthatarenotattributabletoVestas’normaloperation),GEVernova:

AdjustedE