Vestas has reported a positive operating profit in the first quarter of 2025, after a loss in the same period last year.
EBIT before special items amounted to €14m in Q1 2025, equivalent to an EBIT margin of 0.4%.
This is a marked improvement on the results recorded in the first quarter of 2024, when Vestas reported a loss of €68m and margin of -2.5%.
Vestas said the development was primarily driven by improved profitability in the Power Solutions segment.
In the first quarter of 2025, Vestas generated revenue of €3468m – an increase of 29.4% compared to the previous year’s quarter.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3135MW, a 36% increase from the first quarter of 2024.
The value of the wind turbine order backlog was €32.9bn as of 31 March 2025.
In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of €36.9bn.
The value of the combined backlog of wind turbine orders and service agreements stood at €69.8bn – an increase of €8.8bn compared to the previous period.
Revenue for the full year is expected to range between €18bn and €20bn including Service revenue.
Vestas expects to achieve an EBIT margin before special items of 4-7%, and total investments are expected to amount to around €1.2bn in 2025.
Group president and chief executive Henrik Andersen (pictured) said: “In the first quarter of 2025, Vestas’ performance continued to improve, although new events contributed to further geopolitical uncertainty and regionalisation.
“Compared to the first quarter of 2024, our revenue increased 29% to €3.5bn, while our EBIT margin landed at 0.4%, representing an increase of 2.9 percentage points despite impact from seasonality and manufacturing ramp-up in both Offshore and Onshore.
“Our order intake increased more than 70% to €3.9bn due to strong momentum in Offshore and EMEA onshore, but specific markets were impacted by external factors.
“In Service, we continue to progress on our recovery plan, which will run until end of 2026, and we remain on track to achieve our 2025 outlook.
“We want to thank our customers, partners and colleagues for their continued engagement and support in building secure, affordable and sustainable energy systems.”