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Summary: For the year 2024, Vestas achieved revenue of EUR 17,295m (outlook: EUR 16.5-17.5bn), with an EBIT margin before special items of 4.3 percent (outlook: 4-5 percent), and total investments of EUR 1,142m (outlook: approx. EUR 1.0bn). The value of the combined order backlog across Power Solutions and Service increased to EUR 68.4bn.
The financial outlook for 2025 is as follows:
- Revenue is expected to range between EUR 18-20bn, with an EBIT margin before special items of 4-7 percent.
- Total investments are expected to amount to approx. EUR 1.2bn in 2025.
- The service segment is expected to generate EBIT before special items in 2025 of around EUR 700 m.
As a result of the performance in 2024, the Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that a dividend of DKK 0.55 per share be distributed to the shareholders, equivalent to 15 percent of the net profit for the year. In addition, a share buyback of EUR 100m will be initiated.
Henrik Andersen, Group President & CEO, stated that Vestas met its 2024 outlook with EUR 17.3bn in revenue and a 4.3% EBIT margin, reflecting strong order intake and a turnaround in Power Solutions. Despite challenges in the Service business, Vestas remains resilient, focusing on value, execution, and manufacturing scale-up to support the global energy transition.
Key highlights
- Revenue of EUR 17.3bn and an EBIT margin of 4.3 percent: Vestas achieved its Outlook for the year and continued the positive trajectory in 2024.
- Service EBIT of EUR 448m: Rising costs caused a challenging year for Service, but the scrutiny is complete and a recovery plan is in place.
- Order intake of 17 GW and EUR 19bn in value: A record year of order intake in terms of value, with a high average selling price (ASP) and strong momentum in both Onshore and Offshore.
- Continuous ramp-up in the USA and Europe: Manufacturing ramp-up challenges are driving additional costs as we prepare to deliver on a record order backlog.
- Returning value to our shareholders: A dividend of DKK 0.55 per share is proposed, and a share buyback of EUR 100m will be initiated.
- Outlook for 2025: Revenue expected between EUR 18-20bn, EBIT margin b.s.i. expected between 4-7 percent.
