Vestas has reported revenue of EUR 5.2 billion in Q3 2024, marking a 19 percent increase from the same period last year, primarily due to higher volumes and improved pricing on deliveries.
EBIT margin before special items was 4.5 percent, up from 1.6 percent in Q3 2023, reflecting enhanced activity and better underlying performance.
The company secured 4.4 GW of new wind turbine orders, maintaining a strong order book, with the turbine order backlog reaching a record EUR 28.3 billion.
The total value of the combined backlog, including wind turbine orders and service agreements, rose to EUR 63.4 billion, up by EUR 9.4 billion from the previous year.
The Service segment achieved a 16 percent EBIT margin, reflecting improvements in operational efficiency, though Service EBIT was adjusted to EUR 450 million, slightly lower than previously forecast.
Vestas maintained its revenue guidance for 2024 at EUR 16.5-17.5 billion, with the EBIT margin forecast now expected at the lower end of the 4-5 percent range. Investment expectations were adjusted to approximately EUR 1.0 billion.
Vestas is ramping up its manufacturing capabilities in the USA and Europe, facing challenges but progressing with increased hiring and scaling efforts.
Vestas CEO Henrik Andersen highlighted continued strong commercial discipline and the challenges of geopolitical and trade uncertainties while expressing confidence in ending the year positively.