Vestas reported revenue of EUR 5.538 billion (+16 percent) and EBIT of EUR 325 million with EBIT margin of 5.9 percent in the third quarter of 2021.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,727 MW. The value of the wind turbine order backlog was EUR 19.3 billion as at 30 September 2021. In addition to the wind turbine order backlog, at the end of September 2021, Vestas had service agreements with expected contractual future revenue of EUR 28 billion.
The value of the combined backlog of wind turbine orders and service agreements stood at EUR 47.3 billion – an increase of EUR 13.4 billion compared to the year-earlier period.
Vestas is updating its full-year guidance on EBIT margin, which is now expected to be around 4 percent from the previous guidance of 5-7 percent. Vestas expects revenue of EUR 15.5-16.5 billion, including Service, and total investments below EUR 1 billion in 2021.
Vestas Group President & CEO Henrik Andersen said: “The quarter was characterised by supply chain instability and rising energy prices as well as accelerated cost inflation from raw materials, transport, and turbine components, which severely impacted profitability and limits visibility.”