Vestas has reported a jump in third-quarter 2025 profitability, with EBITDA before special items rising to €673m from €444m a year earlier, driven by improved onshore execution and reduced warranty costs.
Revenue climbed 3.1% year-on-year to €5.3bn from €5.2bn, supported by higher turbine deliveries despite adverse foreign exchange impacts.
EBIT before special items surged to €416m from €235m, lifting the operating margin to 7.8% from 4.5% in the third quarter of 2024.
Net profit for the period rose to €304m from €127m a year earlier.
Warranty costs fell sharply to €160m, equivalent to 3% of revenue, from €313m and 6% of revenue in the corresponding period of 2024.
Order intake reached 4606MW worth €4.6bn, up 4% in volume terms from 4432MW a year earlier, driven by demand in the US and Germany.
Vestas booked no offshore turbine orders in the period and reported a lower average selling price per MW at €1.01m, down from €1.10m, reflecting a higher share of supply-only contracts and an absence of offshore deals.
The combined turbine and service backlog increased to €68.2bn from €63.4bn a year earlier, including €31.6bn in turbine orders and €36.6bn in service agreements.
Vestas is initiating a €150m share buy-back, citing a solid liquidity position with €3.5bn in cash at the end of the period, up from €2.2bn a year previously.
The manufacturer shipped 3050MW in the quarter, down from 3653MW, but increased deliveries to 4441MW from 4162MW, including 544MW offshore versus 378MW in the same period last year.
Onshore order intake grew more than 60% year-on-year, while offshore deliveries rose on activity in Poland and Germany.
Vestas narrowed its full-year revenue guidance to €18.5bn-€19.5bn and said it expects an EBIT margin before special items of 5-6%.
The company maintained its €1.2bn investment outlook for 2025 as it continues ramping up V236-15MW manufacturing.
Group president and chief executive Henrik Andersen (pictured) said: “Vestas had a strong third quarter of 2025 and achieved revenue of EUR 5.3bn and an EBIT margin of 7.8 percent.”
He added: “Order intake landed at 4.6 GW, which is an increase year-on-year of 4 percent overall and of more than 60 percent for Onshore,” noting that the quarter underlined a “back-end loaded” year.
Andersen said Vestas is “on track to achieve our financial targets, narrowing our outlook to reflect lower Service EBIT and stronger Onshore execution”.
He added that the share buy-back underlined the company’s ambition to return value to shareholders “when possible”.
The company also flagged continued geopolitical uncertainty but said the quarter demonstrated that wind remains central to building “affordable, secure and sustainable energy systems”.
Vestas said it remains committed to its long-term ambition to deliver a 10% EBIT margin before special items in the mid-term.