Quarterly revenue of EUR 5.3bn with an EBIT margin before special items of 7.8 percent. Order intake of EUR 4.6bn and combined order backlog of EUR 68.2bn. Full-year guidance narrowed.
In the third quarter of 2025, Vestas generated revenue of EUR 5,339m – an increase of 3.1 percent compared to the year-earlier period. EBIT before special items amounted to EUR 416m, resulting in an EBIT margin before special items of 7.8 percent, compared to 4.5 percent in the third quarter of 2024.
Adjusted free cash flow amounted to EUR 508m compared to EUR (224)m in the third quarter of 2024.
The quarterly intake of firm and unconditional wind turbine orders amounted to 4,606 MW, a 4 percent increase from third quarter of 2024. The value of the wind turbine order backlog was EUR 31.6bn as at 30 September 2025.
In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 36.6bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 68.2bn – an increase of EUR 4.8bn compared to the year-earlier period.
In line with Vestas’ general capital structure strategy and as a result of the current solid liquidity position, the Board has decided to initiate a share buy-back of EUR 150m.
Based on the results for the first nine months, we are narrowing the outlook for the year. Expectations to revenue are now between EUR 18.5-19.5bn (previously EUR 18-20bn), with an EBIT margin before special items of 5-6 percent (previously 4-7 percent). Expectations to total investments1) are unchanged; with an outlook of approx. EUR 1.2bn in 2025.
Group President & CEO Henrik Andersen said: 'Vestas had a strong third quarter of 2025 and achieved revenue of EUR 5.3bn and an EBIT margin of 7.8 percent. The results are driven by higher deliveries and continued improvement in Onshore project execution, and underline that the year is back-end loaded. Order intake landed at 4.6 GW, which is an increase year-on-year of 4 percent overall and of more than 60 percent for Onshore. We continue to execute our Service recovery plan and remain on track to achieve our financial targets, narrowing our outlook to reflect lower Service EBIT and stronger Onshore execution. We are initiating a EUR 150m share buy-back, underlining our ambition to return value to our shareholders when possible. The world remains impacted by geopolitical uncertainty, which is creating unprecedented challenges, but also showcasing why wind energy remains key to building affordable, secure and sustainable energy systems. We want to thank our partners, customers, and employees for their support and hard work during the first nine months of 2025.'
Key highlights
Revenue of EUR 5.3bn
Increase of 3 percent YoY driven by higher deliveries despite negative foreign exchange developments.
EBIT margin of 7.8 percent
Earnings achieved through improved Onshore project execution and lower warranty cost; offset by costs of manufacturing ramp-up.
Order intake of 4.6 GW
Up 4 percent YoY driven by the USA and Germany, Onshore up more than 60 percent.
Manufacturing ramp-up driving costs and investments
Onshore and Offshore ramp-up is progressing, as we stay focused on delivering a busy fourth quarter.
Returning value to our shareholders
In line with our capital structure strategy, and solid liquidity position, a share buyback of EUR 150m will be initiated.
2025 Outlook
Outlook narrowed, reflecting lower Service EBIT and stronger Onshore execution.
1) Total cash flows from the purchase of intangible assets and property, plant, and equipment, net of proceeds from the sale of intangible assets and property, plant, and equipment.
Source: Vestas
