In the second quarter of 2021, Vestas generated revenue of EUR 3,536m – in line with the year-earlier period. EBIT before special items increased by EUR 67m to EUR 101m. This resulted in an EBIT margin before special items of 2.9 percent, compared to 1.0 percent in the second quarter of 2020.
The quarterly intake of firm and unconditional wind turbine orders amounted to 5,290 MW. The value of the wind turbine order backlog was EUR 21.2bn as at 30 June 2021. In addition to the wind turbine order backlog, at the end of June 2021, Vestas had service agreements with expected contractual future revenue of EUR 26.9bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 48.1bn – an increase of EUR 13.0bn compared to the year-earlier period.
To reflect the current environment characterised by supply chain constraints, cost inflation, and restrictions in key markets caused by COVID-19, and the impacts this is likely to continue to have in the second half of the year, Vestas is revising its full-year guidance. The expectations are now a revenue of EUR 15.5-16.5bn (previously EUR 16-17bn), including Service, with an overall EBIT margin before special items of 5-7 percent (previously 6-8 percent). Total investments*) are now expected to be below EUR 1,000m in 2021 (previously approx. EUR 1,000m).
