Vestas, the global leader in sustainable energy solutions, reported Q2 2025 revenue of €3,745 million, marking a 13.6 percent increase from €3,296 million in Q2 2024. The growth was driven by higher megawatt deliveries in its Power Solutions segment and robust Service performance, despite a €147 million negative foreign exchange impact.
For the first half of 2025, Vestas’ revenue climbed 20.7 percent to €7,213 million from €5,977 million in H1 2024. Both Power Solutions and Service segments contributed to the growth, partially offset by a €207 million currency headwind. Power Solutions revenue grew 6.6 percent year-on-year in Q2 to €2,797 million and surged 21.4 percent in H1 to €5,345 million. Service revenue soared 41.3 percent in Q2 to €948 million and rose 18.8 percent in H1 to €1,868 million, with last year’s Q2 impacted by €312 million in cost adjustments. The company reaffirmed its full-year revenue guidance of €18–20 billion.
Global Project Deployments
Vestas strengthened its global presence with major wind energy deployments across Europe, the Americas, and Asia Pacific. In Europe, key markets included Germany, Spain, Poland, Sweden, Italy, the UK, Ukraine, South Africa, France, Austria, Romania, Turkey, the Netherlands, Lithuania, Belgium, and Denmark, featuring significant offshore deliveries in Germany and the UK.
In the Americas, Vestas expanded in the USA, Brazil, Canada, and Chile, with strong U.S. installations driving regional growth. In Asia Pacific, the company delivered wind projects in Australia, South Korea, Japan, Taiwan, and India, with Taiwan remaining a major offshore hub. These projects underscore Vestas’ diversified wind portfolio across both onshore and offshore markets, meeting demand in established regions while capturing opportunities in emerging markets.
Increased Offshore Investment
Vestas boosted its investment activity in H1 2025, with total net investments reaching €595 million compared to €467 million a year earlier. This growth was primarily fueled by the offshore manufacturing ramp-up for its V236-15.0 MW platform, including production equipment, tooling, and transport assets. Investments in property, plant, and equipment rose to €366 million from €251 million, while new vessel lease additions reached €197 million.
Completed development projects totaled €412 million, mainly offshore-related, while purchases of intangible assets reached €229 million. Despite a negative adjusted free cash flow of €552 million in H1 due to higher capital expenditures and ramp-up costs, Vestas ended June 2025 with a strong cash position of €3,056 million, ensuring capacity to support future growth in the wind energy market.
GreentechLead.com News Desk