Vestas Wind Systems (VWS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 29% year-over-year to EUR 3.5 billion, driven by higher activity and improved pricing in Power Solutions.

• EBIT margin before special items improved to 0.4%, turning positive despite seasonal weakness.

• Order intake increased 36% year-over-year to 3.1 GW, with strong offshore and EMEA onshore momentum.

• Service order backlog rose to nearly EUR 37 billion, with 157 GW under service contracts.

• Net result turned positive at EUR 5 million compared to a EUR 75 million loss in Q1 2024.

Financial highlights

• Gross profit increased 47% to EUR 359 million, with gross margin up 1.3 percentage points year-over-year to 10.4%.

• EBITDA before special items rose to EUR 242 million (7.0% margin), up from EUR 131 million (4.9%).

• Operating cash flow was positive at EUR 28 million, and adjusted free cash flow improved to EUR -325 million from EUR -997 million.

• Net cash position at quarter-end was EUR 366 million, up from net debt of EUR 979 million a year ago.

• Earnings per share (LTM) improved to EUR 0.6.

Outlook and guidance

• 2025 revenue guidance maintained at EUR 18–20 billion; EBIT margin before special items at 4–7%.

• Service EBIT before special items expected around EUR 700 million.

• Total investments guided at approximately EUR 1.2 billion.

• Guidance assumes no significant changes in global geopolitical or regulatory environment.