In the third quarter of 2023, Vestas generated revenue of €4,353m – an increase of 11.2 percent compared to the year-earlier period. EBIT before special items amounted to €70m, resulting in an EBIT margin before special items of 1.6 percent, compared to (3.2) percent in the third quarter of 2022.
The quarterly intake of firm and unconditional wind turbine orders amounted to 4,502 MW, a 138 percent increase from the third quarter of 2022. The value of the wind turbine order backlog was €21.6bn as at 30 September 2023.
Besides the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of €32.4bn. Hence, the combined backlog value of wind turbine orders and service agreements stood at €54.0bn – an increase of €6.0bn compared to the year-earlier period.
Drawing from the first nine months' results, their full-year guidance is being refined. They now expect revenue to range between €14.5bn-€15.5bn (previously €14.0bn-€15.5bn), including Service, which is still expected to grow around 10 percent.
The outlook for EBIT margin before special items is now narrowed to 0-2 percent (previously (2)-3 percent), with the Service EBIT margin now expected to be approximately 21 percent (previously around 22 percent). Total investments are expected to amount to approximately €0.8bn (previously around €1bn) in 2023. (excluding acquisitions of subsidiaries, joint ventures, associates, and financial investments)
