Vestas has achieved revenue of €17.295 billion, aligning with its outlook range of €16.5-17.5 billion, for the year 2024. The EBIT margin before special items was recorded at 4.3 percent, meeting the projected range of 4-5 percent.
Vestas said investments for the year amounted to €1.142 billion, exceeding the outlook estimate of approximately € 1 billion. The combined order backlog across Power Solutions and Service reached an all-time high of €68.4 billion, reinforcing Vestas’ strong market position in the global wind turbine business.
Vestas said a record-breaking order intake of 17 GW, valued at €19 billion, supported by strong momentum in both the Onshore and Offshore (4.6 GW) sectors and a high average selling price, was the main highlight.
To meet growing demand, the company has been ramping up manufacturing efforts in the USA and Europe, though this has resulted in additional costs.
Looking ahead to 2025, Vestas has set a financial outlook that anticipates revenue in the range of € 18-20 billion. The EBIT margin before special items is expected to range between 4-7 percent, demonstrating a continued commitment to profitability and growth.
Investments for 2025 are projected to be approximately € 1.2 billion. The Service segment is forecasted to generate an EBIT before special items of around €700 million, indicating an expected recovery following challenges faced in 2024.
Henrik Andersen, Group President & CEO, said the company successfully met its revenue outlook with €17.3 billion and recorded an EBIT margin of 4.3 percent, marking an improvement of 2.8 percentage points.
The turnaround in Power Solutions played a significant role in strengthening the company’s position by the end of 2024. Although the Service segment experienced a difficult year due to rising costs, it remains a profitable business with a recovery plan in place to sustain long-term ambitions.
Vestas’ progress in 2024 was largely driven by its commitment to prioritizing value over volume and its ability to enhance execution amid geopolitical uncertainties. The company recognizes the ongoing disruptions affecting societies and businesses and acknowledges the crucial role wind energy plays in fostering an affordable, secure, and sustainable energy system.
Baburajan Kizhakedath