Danish wind turbine manufacturer Vestas reported a return to profitability in the first quarter of 2025, supported by higher revenue and stronger order intake, marking a turnaround from losses recorded in the same period last year.
Earnings before interest and tax (EBIT) before special items came in at €14 million, up from a €68 million loss in the first quarter of 2024. This corresponds to an EBIT margin of 0.4%, compared to -2.5% a year earlier. The improvement was attributed primarily to better profitability in the company’s Power Solutions segment.
“In the first quarter of 2025, Vestas’ performance continued to improve, although new events contributed to further geopolitical uncertainty and regionalisation,” said Henrik Andersen, Vestas group president and chief executive. “Our revenue increased 29% to €3.5 billion, while our EBIT margin landed at 0.4%, representing an increase of 2.9 percentage points despite impact from seasonality and manufacturing ramp-up in both Offshore and Onshore.”
Quarterly revenue rose to €3.47 billion, up 29.4% compared to the same period last year. Order intake for wind turbines reached 3,135 megawatts (MW), a 36% increase from the first quarter of 2024. The value of the firm wind turbine order backlog stood at €32.9 billion as of March 31, while service agreements carried an additional €36.9 billion in expected revenue, bringing the total backlog to €69.8 billion—an €8.8 billion increase year-on-year.
Full-year revenue is projected to be between €18 billion and €20 billion, including service revenue. Vestas also expects to achieve an EBIT margin before special items of 4-7%, with total investments around €1.2 billion for 2025.
Andersen added that order intake in the quarter had risen more than 70% in value terms to €3.9 billion, supported by offshore projects and strong onshore activity in Europe, the Middle East and Africa (EMEA). He noted, however, that some markets were affected by external challenges.
“We want to thank our customers, partners and colleagues for their continued engagement and support in building secure, affordable and sustainable energy systems,” Andersen said.
