Quarterly revenue of EUR 3.5bn with an EBIT margin before special items of 0.4 percent. Order intake of EUR 3.9bn and combined order backlog of EUR 69.8bn. Full-year guidance maintained.
In the first quarter of 2025, Vestas generated revenue of EUR 3,468m – an increase of 29.4 percent compared to the year-earlier period. EBIT before special items amounted to EUR 14m, resulting in an EBIT margin before special items of 0.4 percent, compared to (2.5) percent in the first quarter of 2024.
Adjusted free cash flow amounted to EUR (325)m compared to EUR (997)m in the first quarter of 2024.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,135 MW, a 36 percent increase from first quarter 2024. The value of the wind turbine order backlog was EUR 32.9bn as at 31 March 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 36.9bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 69.8bn – an increase of EUR 8.8bn compared to the year-earlier period.
The full-year guidance is maintained: Revenue is expected to range between EUR 18bn and 20bn including Service revenue. Vestas expects to achieve an EBIT margin before special items for the Group of 4-7 percent, and total investments1) are expected to amount to approx. EUR 1.2bn in 2025.
Group President & CEO Henrik Andersen said: 'In the first quarter of 2025, Vestas’ performance continued to improve, although new events contributed to further geopolitical uncertainty and regionalisation. Compared to the first quarter of 2024, our revenue increased 29 percent to EUR 3.5bn, while our EBIT margin landed at 0.4 percent, representing an increase of 2.9 percentage points despite impact from seasonality and manufacturing ramp-up in both Offshore and Onshore. Our order intake increased more than 70 percent to EUR 3.9bn due to strong momentum in Offshore and EMEA onshore, but specific markets were impacted by external factors. In Service, we continue to progress on our recovery plan, which will run until end of 2026, and we remain on track to achieve our 2025 outlook. We want to thank our customers, partners and colleagues for their continued engagement and support in building secure, affordable and sustainable energy systems.'
Key highlights
Revenue of EUR 3.5bn
Increase of 29 percent YoY driven by higher activity and higher average pricing in Power Solutions.
EBIT margin b.s.i. of 0.4 percent
Positive operating profit in Q1 despite seasonal low activity, driven revenue growth and higher project profitability.
Order intake of 3.1 GW
Order intake increased by 36 percent YoY driven by strong momentum in Offshore and EMEA onshore.
Manufacturing ramp-up and Service recovery plan remain key
Onshore and Offshore ramp-up is progressing, and Service completes first quarter of recovery plan.
New CFO to start 1 June 2025
Onboarding of Jakob Wegge-Larsen in planning, ready to join investor roadshow post Q2 in August.
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
