Vestas reported EBIT before special items of €57m in the second quarter of 2025, compared to a €185m loss in the year-ago period, as improved onshore project performance and lower warranty costs were partly offset by investments in offshore manufacturing.
The result marked a turnaround from a negative 5.6% margin in the same period of 2024, with revenue rising 13.6% year-on-year to €3.75bn.
Group president and chief executive Henrik Andersen said the results kept the company “on track” to meet its 2025 targets.
“Vestas increased its revenue 14% year-on-year to €3.7bn and achieved an EBIT margin of 1.5% in the second quarter of 2025, ensuring we remain on track for our 2025 outlook,” Andersen said.
“The results were driven by improved onshore project performance and lower warranty costs but offset by investments in offshore ramp-up to deliver the first V236-15.0 MW projects and build the foundation for Vestas’ long-term success in offshore.”
Andersen said the service business “delivered solid results” and progress was made on the company’s recovery plan, but political uncertainty continued to affect key markets.
“In the quarter, we had good order momentum in EMEA, but political uncertainty impacted key markets, and Vestas continues to work with customers, partners and governments to address market challenges and help build affordable, secure and sustainable energy systems,” he added.
Firm and unconditional wind turbine orders totalled 2,009MW in the quarter, down 44% year-on-year, with customers in some regions delaying commitments pending policy clarity, particularly in the US.
The wind turbine order backlog stood at €31.4bn at 30 June, while service agreements were valued at €35.9bn, taking the combined backlog to €67.3bn – up €4.3bn on the year.
Vestas maintained its full-year guidance, forecasting revenue between €18bn and €20bn and an EBIT margin before special items of 4–7%. Total investments are expected to be about €1.2bn in 2025.
The manufacturer said ramp-up in both onshore and offshore manufacturing was progressing, noting the first V236 nacelle had been assembled at its Polish facility.
Return on capital employed over the last 12 months reached 11.5%, the highest since 2020.