Vestas is back in the black, recording EBIT before special items of €231m in 2023, compared to a loss of €1,152m the previous year.
This represents an EBIT margin before special items of 1.5%.
Vestas achieved revenue of €15,382m. This increase in revenue was driven by higher pricing, as well as continued growth in Service.
Total investments stood at €823m, which the value of the combined order backlog across Power Solutions and Service increased to EUR 60.1bn.
Vestas experienced an order intake of 18.4GW during 2023, driven by strong growth in both offshore and onshore, especially in the USA.
Henrik Andersen, group President & chief executive (pictured), said: “Vestas’ performance improved throughout 2023, and we are pleased that Vestas returned to profitability and achieved the upper end of our guidance.
“Our order intake set a record of 18.4GW for the full year, which was driven by a record-setting fourth quarter that underlines our strong momentum at the end of the year.
“We continued to progress on our strategic priorities and strengthen our commercial and operational discipline, which together with growth in our Service business helped us achieve a revenue of €15.4bn.
“Our performance in 2023 was helped by the improving business environment, but continued geopolitical volatility as well as slow permitting and insufficient grid build-out across markets are expected to cause uncertainty in 2024.
“Our strategic path towards our long-term ambitions is clear, and our focus remains to stay disciplined to continue building our momentum and execute as strongly as possible.
“We want to thank our customers, partners and especially shareholders for their continued support, as well as everyone at Vestas for their great efforts in 2023 and continued contribution to Vestas and the energy transition.”
In 2024, Vestas said revenue is expected to range between €16bn and 18bn, including service revenue.
Vestas expects to achieve an EBIT margin before special items of 4-6%, and total investments are expected to amount to €1.2bn in 2024.
The service segment is expected to generate EBIT before special items in 2024 in the range of €800m to 880m.