Vestas Wind Systems (VWS) Q3 2025 earnings summary

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.