Vestas Wind Systems A/S

Latest Results (23.10.2025):

In the second quarter of 2025, Vestas Wind Systems A/S reported a revenue of EUR 3.7 billion, marking a 14% increase year-on-year. The company achieved an EBIT margin of 1.5%, maintaining its full-year guidance. Despite a decrease in order intake, Vestas remains optimistic about its strategic investments and operational performance.

Revenue Growth

Vestas Wind Systems A/S generated quarterly revenue of EUR 3.7 billion in Q2 2025, representing a 14% increase compared to the same period last year. This growth was driven by improved onshore project performance and effective cost management.

EBIT Margin

The company achieved an EBIT margin of 1.5% in Q2 2025, a significant improvement from -5.6% in Q2 2024. This improvement was primarily due to lower warranty costs and enhanced operational efficiency, despite increased investments in offshore ramp-up.

Order Intake

Order intake for the quarter reached 2.0 GW, reflecting a 44% decrease year-on-year. The decline was attributed to customers awaiting policy clarity, particularly in the USA. However, Vestas maintains a strong order backlog of EUR 67.3 billion.

Manufacturing Ramp-Up

Vestas is progressing with its onshore and offshore manufacturing ramp-up, including the assembly of the first V236-15.0 MW nacelle at its facility in Poland. These investments are aimed at supporting the company's long-term growth in the offshore sector.

Return on Capital Employed (ROCE)

The company's ROCE improved to 11.5% on a Last Twelve Months (LTM) basis, the highest since 2020. This reflects enhanced profitability and efficient capital utilization over the past year.

2025 Outlook

Vestas Wind Systems A/S maintains its full-year guidance for 2025, expecting an EBIT margin before special items of 4-7% and total investments of approximately EUR 1.2 billion. The company remains focused on executing its strategic plan to drive sustainable growth.