Vestas Wind Systems A/S

Vestas Wind Systems A/S Earnings Recaps

VWDRY Industrials 1 recap
Q2 2025 Aug 13, 2025

Vestas achieved a 14% year-on-year revenue growth to EUR 3.7 billion in Q2, but faced a significant decline in order intake, notably in the U.S., amid policy uncertainties.

Key takeaways
  • EBIT margin decreased to 1.5% due to increased offshore ramp-up costs, despite improved onshore project performance.
  • Order intake fell 44% year-on-year to 2 gigawatts, primarily impacted by customer hesitance regarding U.S. policy clarity.
  • Return on capital employed improved to 11.5%, marking the highest ROCE since 2020, driven by enhanced profitability over the last 12 months.
  • The service order backlog increased to EUR 36 billion, with gigawatts under service rising to 159, reflecting ongoing recovery efforts.
  • Despite challenges, the company maintains its 2025 outlook guidance, with early Q3 signs of order momentum returning.
Full recap