Vestas Forecasts Strong Financial Performance for 2024

By Editor


Vestas has announced its financial outlook for the fiscal year 2024, projecting robust revenue and profitability figures.

According to Vestas, revenue for the year is anticipated to range between EUR 16 billion and 18 billion, inclusive of Service revenue. The company aims to achieve an EBIT (Earnings Before Interest and Taxes) margin before special items of 4-6 percent. Total investments for 2024 are expected to approximate EUR 1.2 billion.

In specific segments, the Service division is forecasted to generate an EBIT before special items ranging from EUR 800 million to 880 million.

This optimistic forecast comes on the heels of Vestas’ solid performance in 2023. Despite challenges, the company achieved a revenue of EUR 15,382 million, surpassing its outlook range of EUR 14.5-15.5 billion. The EBIT margin before special items stood at 1.5 percent, falling within the projected range of 0-2 percent.

Total investments for the year amounted to EUR 823 million, slightly exceeding the anticipated EUR 0.8 billion. Notably, the combined order backlog across Power Solutions and Service reached EUR 60.1 billion, indicating sustained demand for Vestas’ offerings.

Henrik Andersen, Group President & CEO of Vestas, expressed satisfaction with the company’s performance in 2023, noting an improvement in profitability throughout the year. He highlighted Vestas’ achievement of returning to profitability and meeting the upper end of their guidance.

Andersen also underscored the record order intake of 18.4 GW for the full year, with a particularly strong fourth quarter, signifying Vestas’ momentum as they concluded the year on a high note.

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