Annual Report

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     \fontsize{40}{46}\selectfont\bfseries 2025};
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\section*{\color{accent}Letter from the Chief Executive}
2025 was the year Nordwind moved from builder to operator. With the Skagen
Bank array fully commissioned, more than half of our revenue now comes from
long-term power purchase agreements, giving the group its most predictable
cash flow in a decade. We commissioned 1.1 gigawatts of new offshore
capacity, entered the Baltic market through the Liepaja joint venture, and
reduced our lost-time incident rate for the fourth consecutive year.

The pages that follow set out our financial results, our project pipeline,
and the progress we have made against the 2030 net-zero roadmap. On behalf
of the board, thank you to our shareholders, our partners, and above all the
3\,900 people whose work this report describes.

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\textbf{Astrid Holm}\\
Chief Executive Officer, Nordwind Energy Group

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