Fra Vestas:
Vestas Annual Report 2024 – Progress in a challenging year
Vestas Wind Systems A/S, Aarhus, 5 February 2025
Company announcement no. 02/2025
Summary: For the year 2024, Vestas achieved revenue of EUR 17,295m (outlook: EUR 16.5-17.5bn), with an EBIT margin before special items of 4.3 percent (outlook: 4-5 percent), and total investments of EUR 1,142m (outlook: approx. EUR 1.0bn). The value of the combined order backlog across Power Solutions and Service increased to EUR 68.4bn.
Our financial outlook for 2025 is as follows: Revenue is expected to range between EUR 18-20bn, with an EBIT margin before special items of 4-7 percent. Total investments are expected to amount to approx. EUR 1.2bn in 2025.
The Service segment is expected to generate EBIT before special items in 2025 around EUR 700m.
As a result of the performance in 2024, the Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that a dividend of DKK 0.55 per share be distributed to the shareholders, equivalent to 15 percent of the net profit for the year. In addition, a share buyback of EUR 100m will be initiated.
Henrik Andersen, Group President & CEO said: “Vestas continued its positive trajectory in 2024 and achieved its outlook for the year with EUR 17.3bn in revenue and an EBIT margin of 4.3 percent for the full year, an improvement of 2.8 percentage points. The year didn’t evolve as expected, but with a record-high value of the order intake, an all-time high order backlog and an extraordinary turnaround in Power Solutions, Vestas leaves 2024 stronger than we entered it. Our Service business had a challenging 2024, battling rising costs, but remains a strong, profitable business that is executing on its recovery plan, and is key to achieving our long-term ambitions. Our progress in 2024 was driven by our relentless focus on value over volume and improved execution amidst geopolitical uncertainty that is expected to cause disruption for societies and businesses in the coming years. In this environment, wind energy plays a key role to build an affordable, secure and sustainable energy system, and we continue to deliver on our strategic priorities, including ramping up manufacturing to deliver on our order backlog and help the world meet its growing energy needs. We would like to thank our partners, customers, and colleagues for their support in 2024, and are pleased to return value directly to our shareholders based on our 2024 results.”
Key highlights
Revenue of EUR 17.3bn and an EBIT margin of 4.3 percent
Vestas achieved its Outlook for the year and continued the positive trajectory in 2024.
Service EBIT of EUR 448m
Rising costs caused a challenging year for Service, but the scrutiny is complete and a recovery plan is in place.
Order intake of 17 GW and EUR 19bn in value
A record year of order intake in terms of value, with a high average selling price (ASP) and strong momentum in both Onshore and Offshore.
Continuous ramp-up in the USA and Europe
Manufacturing ramp-up challenges are driving additional costs as we prepare to deliver on a record order backlog.
Returning value to our shareholders
A dividend of DKK 0.55 per share is proposed, and a share buyback of EUR 100m will be initiated.
Outlook for 2025
Revenue expected between EUR 18-20bn, EBIT margin b.s.i. expected between 4-7 percent.
