In the second quarter of 2024, Vestas generated revenue of EUR 3,296 million – a decrease of 3.9 percent compared to the same period in the previous year. Earnings before interest and taxes (EBIT) before special items amounted to EUR (185) million, resulting in an EBIT margin before special items of (5.6) percent, as adjustments to planned costs impact current profitability in Vestas’ service segment.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,596 MW, a 54 percent increase from the second quarter of 2023. The value of the wind turbine order backlog was EUR 28.1 billion as of 30 June 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 EUR 34.9 billion. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 63.0 billion – an increase of EUR 11.4 billion compared to the year-earlier period.
Vestas has narrowed its full-year guidance. Revenue is now expected to range between EUR 16.5 billion and 17.5 billion (previously EUR 16 billion-18 billion), including service revenue. Service EBIT before special items is expected to amount to around EUR 500 million (previously EUR 800 million-880 million). The company expects to achieve an EBIT margin before special items for the group of 4-5 percent (previously 4-6 percent). The outlook for total investments is unchanged at approximately EUR 1.2 billion in 2024.
