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Vestas Wind Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached EUR 5.3 billion, up 3–3.1% year-on-year, driven by higher deliveries despite negative FX impacts.
EBIT margin before special items improved to 7.8%, supported by better onshore execution and lower warranty costs, partially offset by manufacturing ramp-up expenses.
Order intake rose 4% year-on-year to 4.6 GW, with strong growth in the U.S. and Germany; onshore orders dominated as no offshore orders were booked in Q3.
Combined order backlog reached EUR 68.2 billion, up EUR 4.8 billion year-on-year.
EUR 150 million share buyback initiated, reflecting strong liquidity and capital structure.
Financial highlights
Gross profit hit a record EUR 772 million (gross margin 14.5%), up 42% year-on-year, driven by improved onshore profitability and lower warranty costs.
Net profit was EUR 304 million, a 139% increase year-on-year; EPS improved to EUR 0.9 on a 12-month rolling basis.
Operating cash flow was EUR 840 million, and adjusted free cash flow reached EUR 508 million, both significantly improved year-on-year.
Net working capital improved by EUR 1.4 billion year-on-year, mainly from reduced inventories.
Cash and cash equivalents stood at EUR 3,532 million, up from EUR 2,197 million a year earlier.
Outlook and guidance
2025 revenue guidance narrowed to EUR 18.5–19.5 billion (previously EUR 18–20 billion), with EBIT margin before special items expected at 5–6% (previously 4–7%).
Service EBIT before special items for 2025 is expected at around EUR 625 million, reflecting FX impacts and specific offshore costs.
Total investments for 2025 remain stable at approximately EUR 1.2 billion.
Service recovery plan progress
Offshore EBIT margin parity timeline
USA tariff mitigation strategy
Service recovery plan: Q4 cost impact?
Offshore ramp-up cost reduction in 2026?
U.S. tariff uncertainty impact on orders?
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Next Vestas Wind Systems earnings date
Q4 20255 Feb, 2026
Next Vestas Wind Systems earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Vestas Wind Systems designs, manufactures, installs, and services wind turbines worldwide. Its products include wind turbines with one to three blades, rotor diameters of up to 180 meters, and wind parks and project components that consist of turbines and towers working as a system. The company primarily serves the offshore wind energy sector; other sectors include onshore utility-scale power markets. It offers services, including maintenance, monitoring, and training for customers that own or operate wind parks.
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