Vestas posts EUR 3.3 bn revenue with –5.5% margin

Vestas Philippines

Vestas has reported revenue of EUR 3.305 billion (–7 percent) and EBIT of EUR (182) million with EBIT margin of (5.5) percent in the second quarter of 2022.

The drop in revenue was due to delay of offshore wind project.

Vestas reported wind turbine order intake of 2.2 GW with a continued strong backlog of EUR 18.9 billion at higher pricing. Vestas has maintained full-year guidance.

The quarterly intake of firm and unconditional wind turbine orders amounted to 2,153 MW, and the value of the wind turbine order backlog was EUR 18.9 billion as at 30 June 2022.

In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 31.3 billion. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 50.2 billion – an increase of EUR 2.1 billion compared to the year-earlier period.

Vestas CEO Henrik Andersen said: “We continue to execute on our strategy to ensure Vestas continues to lead the energy transition and is ready to profitably grasp future growth.”

Vestas service revenue grew 12.5 percent, but was impacted by one-offs related to a few projects in specific geographical areas.

Vestas reinforced onshore leadership with an order intake of 2.2 GW and an average selling price on onshore wind turbines of EUR 0.96m/MW, a 22 percent increase year-on-year.