In the third quarter of 2024, Vestas generated revenue of €5,177 million, an increase of 18.9 percent compared to the year-earlier period. EBIT before special items amounted to €235 million, resulting in an EBIT margin before special items of 4.5 percent, compared to 1.6 percent in the third quarter of 2023.
Adjusted free cash flow amounted to €(224) million compared to €(284) million in the third quarter of 2023. The quarterly intake of firm and unconditional wind turbine orders amounted to 4,432 MW, a 2 percent decrease from the third quarter of 2023. The value of the wind turbine order backlog was €28.3 billion as at 30 September 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 €35.1 billion. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at €63.4 billion – an increase of €9.4 billion compared to the year-earlier period.
The full-year guidance on revenue and EBIT margin before special items is maintained: Revenue is expected to range between €16.5 billion and 17.5 billion. Vestas expects to achieve an EBIT margin before special items for the Group of 4-5 percent, now more likely at the lower end of the range. The outlook for total investments has been adjusted to approximately €1.0 billion (previously approximately €1.2 billion). Furthermore, Vestas now expects the Service EBIT before special items to amount to around €450 million (previously around €500 million).
