In the first quarter of 2023, Vestas generated revenue of EUR 2,829m, an increase of 14 percent compared to the year-earlier period. EBIT before special items amounted to EUR 40m, resulting in an EBIT margin before special items of 1.4 percent, compared to a negative 13.2 percent in the first quarter of 2022.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,303 MW with an average price per MW (ASP) of EUR 0.89m. Comparing to the fourth quarter of 2022, the order ASP is negatively impacted by mix effects from project scope, different countries, and foreign exchange rates, while underlying pricing and project profitability are not diluted. The value of the wind turbine order backlog was EUR 19.7bn as at 31 March 2023.
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 31.0bn. Thus, the combined backlog of wind turbine orders and service agreements stood at EUR 50.7bn – an increase of EUR 1.8bn compared to the year-earlier period.
Vestas maintains the full-year guidance. The company expects revenue of EUR 14.0bn-15.5bn including service revenue, which is expected to grow by at least 5 percent. Vestas expects to achieve an EBIT margin before special items of (2)-3 percent with a service EBIT margin of approximately 22 percent. Total investments are expected to amount to approx. EUR 1bn in 2023 (excluding acquisitions of subsidiaries, joint ventures, associates, and financial investments).
