Vestas reported earnings before interest and taxes (EBIT) before special items of €57 million in the second quarter of 2025, a significant turnaround from a €185 million loss in the same period last year, the company said on Wednesday.
Revenue for the quarter rose 13.6% year-on-year to €3.75 billion, lifting the EBIT margin to 1.5% from a negative 5.6% a year earlier.
“Vestas increased its revenue 14% year-on-year to €3.7 billion and achieved an EBIT margin of 1.5% in the second quarter of 2025, ensuring we remain on track for our 2025 outlook,” said Group President and Chief Executive Henrik Andersen.
The improved results were driven by better performance in onshore projects and lower warranty costs, though these gains were partly offset by investments in ramping up offshore manufacturing, particularly for the first V236-15.0 MW turbine projects.
Andersen noted that the service business “delivered solid results” and that progress continued on the company’s recovery plan, even as political uncertainties affected key markets.
“In the quarter, we had good order momentum in EMEA, but political uncertainty impacted key markets, and Vestas continues to work with customers, partners and governments to address market challenges and help build affordable, secure and sustainable energy systems,” he added.
Wind turbine orders stood at 2,009 MW for the quarter, down 44% from the previous year as some customers postponed commitments pending clearer policy signals, especially in the United States.
At the end of June, Vestas’ wind turbine order backlog was valued at €31.4 billion, with service agreements worth €35.9 billion, bringing the total backlog to €67.3 billion—an increase of €4.3 billion from the prior year.
Vestas reaffirmed its full-year guidance, forecasting revenue between €18 billion and €20 billion and an EBIT margin before special items of 4–7%. The company expects total investments of around €1.2 billion for 2025.
The ramp-up in both onshore and offshore manufacturing is progressing, with the first V236 nacelle assembled at Vestas’ Polish facility.
Return on capital employed over the last 12 months reached 11.5%, the highest level since 2020.
