Denmark · Delayed Price · Currency is DKK Vestas Wind Systems Earnings Call Transcripts
Fiscal Year 2026
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Record revenue, profitability, and order backlog marked a strong year, with a 77% share price rise and dividend payout. Strategic focus remains on operational excellence, service recovery, and ESG targets, while all board proposals and governance items were adopted.
Fiscal Year 2025
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Record 2025 revenue and EBIT were driven by strong onshore and service performance, with a robust order backlog and improved cash flow. 2026 guidance points to further growth and margin expansion, while ongoing operational and service recovery initiatives remain key priorities.
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Q3 saw 3% revenue growth and record gross profit, with strong onshore execution and improved margins. Service earnings faced FX and offshore cost headwinds, but cash flow and capital returns were robust. Full-year guidance was narrowed, and a EUR 150 million share buyback was launched.
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Revenue grew 14% year-over-year to EUR 3.7 billion, with improved profitability and a 1.5% EBIT margin, though order intake declined due to U.S. policy uncertainty. Offshore ramp-up costs weighed on margins, but guidance for 2025 is maintained and service backlog remains strong.
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Revenue grew 29% year-over-year to EUR 3.5 billion, with a positive EBIT margin and strong order intake, especially in offshore and EMEA onshore. Guidance for 2025 is unchanged, but US policy and tariff uncertainty continue to delay orders and add risk.
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AGM highlighted strong financial turnaround, record order intake, and a renewed dividend, while addressing ongoing challenges in service profitability, market trust, and regulatory complexity. Strategic focus remains on operational efficiency, quality, and sustainability.
Fiscal Year 2024
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2024 saw double-digit revenue growth, record order intake, and strong Q4 profitability, with a robust outlook for 2025 despite offshore ramp-up pressures. Service and Power Solutions segments delivered record backlogs, and capital returns were announced.
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Q3 2024 saw 19% revenue growth and improved EBIT margin, with record order and service backlogs. Service margins were pressured by higher costs, prompting operational changes, while Power Solutions showed strong execution. Guidance for 2024 was maintained but at the lower end.
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Q2 saw a 4% revenue decline year-on-year, mainly due to a EUR 300 million non-cash Service adjustment, while Power Solutions showed strong margin recovery and order growth. Full-year guidance was narrowed, with a busy H2 expected and offshore ramp-up set to dilute 2025 margins.
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Revenue and EBIT margin guidance for the year have been narrowed due to a EUR 300 million service cost adjustment, reflecting higher future costs from inflation and repairs. Power Solutions performance improved, while Service margins are expected to stabilize at recent levels.