Vestas Wind Systems (VWS) Guidance summary

Opening remarks and agenda

• Extra investor call and conference scheduled for 12 August 2024 to address an updated and narrowed financial outlook following significant Service segment cost adjustments.

Guidance on key objectives

• 2024 revenue guidance narrowed to EUR 16.5–17.5 billion, down from EUR 16–18 billion.

• EBIT margin before special items revised to 4–5%, previously 4–6%.

• Service EBIT before special items now expected at around EUR 500 million, down from EUR 800–880 million.

• Total investments for the year remain at approximately EUR 1.2 billion.

Market trends and strategic opportunities

• Order intake for the quarter reached 3.6 GW, a 54% year-on-year increase, mainly from onshore projects in Europe and Asia Pacific.

• Power Solutions segment showed a turnaround, with EBIT margin improving by almost 8 percentage points year-on-year.

• Inflation indexation continues to protect profitability in the order backlog.

• Higher average selling prices in deliveries offset some revenue decline.