Danske Call Insights

Corporate & institutional banking

Recorded client meeting

Vestas Wind — relationship and treasury review

Sep 18, 2026 · 42 min3 attendees

Call score

82/100

Vestas Wind reviewed liquidity, operating performance and near-term banking priorities. Growth remains positive; the discussion closed with a factoring follow-up for eligible receivables.

LiquidityProfitabilityFinancialsPaymentsFactoring

Transcript

AI speaker separation

  1. Ryan Niebruegge

    Relationship manager

    Thanks for joining. I want to connect today's discussion across the full Vestas Wind relationship: liquidity, payments, profitability, statements and the active product pipeline.

  2. Mette Krogh

    Group Treasurer

    That works. Global wind energy leader. Group treasury is centralising multi-currency collections ahead of the US and APAC build-out, and is actively hedging turbine component exposure in USD and CNY.

  3. Ryan Niebruegge

    Relationship manager

    The current view shows €16.6B revenue, €1.74B EBITDA and a 10.5% EBITDA margin. Revenue is up 6.1% year on year.

  4. Mette Krogh

    Group Treasurer

    Those figures align with our latest management reporting. Cash discipline remains important, especially with €2.16B in receivables and €631M of annual capital investment.

  5. Ryan Niebruegge

    Relationship manager

    On transaction banking, pooled liquidity is €596M with a 30-day forecast of €41M. Group operating account holds DKK 413M.

  6. Mette Krogh

    Group Treasurer

    We should keep the payment and approval workflow tight. The procurement view also flags that INV-2026-4471 for €2.48M is pending, so treasury and accounts payable will coordinate.

  7. Ryan Niebruegge

    Relationship manager

    The relationship pipeline is consistent with that: EUR/USD notional cash pool remains at propose stage. We also reviewed the current product set and market conditions for renewable energy.

  8. Ryan Niebruegge

    Relationship managerFactoring

    One additional idea is factoring. We could convert selected business-to-business receivables into earlier cash without changing the customer collection process. It may complement the existing liquidity structure.

  9. Mette Krogh

    Group TreasurerFactoring

    Please follow up. We would like an initial view of eligible invoices, indicative advance rates and pricing, with any customer-concentration considerations clearly shown.

  10. Ryan Niebruegge

    Relationship manager

    Ryan to send a factoring eligibility outline for Vestas Wind, using the receivables ageing file and top-debtor concentration, before the next treasury review.