Vestas reports 5.2% drop in revenue to EUR 2.68 bn in first-quarter

By Editor


Renewable energy equipment major Vestas has reported revenue of EUR 2,681 million (down 5.2 percent) in the first quarter of 2024.

EBIT before special items amounted to EUR (68)m, resulting in an EBIT margin before special items of (2.5) percent. The underlying EBIT margin increased with 1.5 percentage points compared to the first quarter of 2023, when disregarding the effects of the sale of the converters and controls business in the comparison quarter.

Adjusted free cash flow amounted to EUR (997)m compared to EUR (1,280)m in the first quarter of 2023.

The quarterly intake of firm and unconditional wind turbine orders amounted to 2,300 MW, a 30 percent decrease from first quarter 2023. The value of the wind turbine order backlog was EUR 26.6bn as at 31 March 2024.

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 34.4bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 61.0bn – an increase of EUR 10.3bn compared to the year-earlier period.

The full-year guidance is maintained: Revenue is expected to range between EUR 16bn and 18bn, including Service revenue. Vestas expects to achieve an EBIT margin before special items of 4-6 percent, and total investments1) are expected to amount to approx. EUR 1.2bn in 2024.

Group President & CEO Henrik Andersen said: “Vestas’ underlying performance continued to improve in the first quarter of 2024, and our financial results were in line with expectations. Our revenue was EUR 2.7bn with an EBIT margin of minus 2.5 percent, which represents a 30 percent increase in gross profit driven by higher project profitability and service growth, but lower project deliveries. Following a very strong finish to 2023, we secured 2.3 GW of orders, while maintaining a strong commercial discipline.”

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