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In Q1 2025, Vestas reported revenue of EUR 3,468m, reflecting a 29.4% increase from the same period last year. EBIT before special items was EUR 14m, resulting in an EBIT margin of 0.4%, up from a negative 2.5% in Q1 2024.
Adjusted free cash flow improved to EUR (325)m, compared to EUR (997)m in Q1 2024. The company received wind turbine orders totaling 3,135 MW, marking a 36% increase from Q1 2024. As of March 31, 2025, the value of the wind turbine order backlog was EUR 32.9bn.
In addition to the turbine backlog, Vestas had service agreements worth EUR 36.9bn in expected future revenue, bringing the combined backlog of orders and service agreements to EUR 69.8bn—an increase of EUR 8.8bn from the previous year.
Vestas has maintained its full-year guidance, with expected revenue ranging from EUR 18bn to 20bn, including service revenue. The company anticipates an EBIT margin before special items of 4-7% and total investments of approximately EUR 1.2bn for 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,” Andersen added.
Key Highlights:
- Revenue of EUR 3.5bn: 29% YoY increase driven by higher activity and pricing in Power Solutions.
- EBIT margin before special items of 0.4: Positive operating profit in Q1 despite seasonal low activity, fueled by revenue growth and higher project profitability.
- Order intake of 3.1 GW: 36% YoY increase, driven by strong momentum in Offshore and EMEA onshore.
- Manufacturing ramp-up and Service recovery plan remain key: Progress on Onshore and Offshore ramp-up; Service completes first quarter of recovery plan.
- New CFO to start 1 June 2025: Jakob Wegge-Larsen’s onboarding is in progress, with plans to join the investor roadshow post-Q2 in August.
