In the first quarter of 2024, Vestas generated revenue of €2,681 million – a decrease of 5.2 percent compared to the year-earlier period.
Earnings Before Interest and Taxes (EBIT) before special items amounted to €(68) million, resulting in an EBIT margin before special items of (2.5) percent. The underlying EBIT margin increased with 1.5 percentage points compared to the first quarter of 2023, when disregarding the effects of the sale of the converters and controls business in the comparison quarter.
The quarterly intake of firm and unconditional wind turbine orders amounted to 2,300 MW, a 30 percent decrease from first quarter 2023. The value of the wind turbine order backlog was €26.6 billion as at 31 March 2024.
In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of €34.4 billion. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at €61.0 billion – an increase of €10.3 billion compared to the year-earlier period.
The full-year guidance is maintained: Revenue is expected to range between €16 billion and €18 billion, including Service revenue. Vestas expects to achieve an EBIT margin before special items of 4-6 percent, and total investments are expected to amount to approximately €1.2 billion in 2024.
