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In the first quarter of 2021, Vestas generated revenue of EUR 1,962m – a decrease of 12 percent compared to the year-earlier period. EBIT before special items decreased by EUR 17m to EUR (71)m. This resulted in an EBIT margin before special items of (3.6) percent, compared to (2.4) percent in the first quarter of 2020.
The quarterly intake of firm and unconditional wind turbine orders amounted to 2,016 MW. The value of the wind turbine order backlog was EUR 19.4bn as at 31 March 2021.  In addition to the wind turbine order backlog, at the end of March 2021, Vestas had service agreements with expected contractual future revenue of EUR 25.3bn. The value of the combined backlog of wind turbine orders and service agreements stood at EUR 44.7bn – an increase of EUR 10.6bn compared to the year-earlier period. Vestas maintains its full-year guidance for 2021, with revenue expected to range between EUR 16bn and 17bn, including service revenue, which is expected to grow by approx. 15 percent. Vestas expects to achieve an EBIT margin before special items of 6-8 percent, with a service EBIT margin of approx. 24 percent. Total investments, excluding acquisitions of subsidiaries, joint ventures, associates, and financial investments, are expected to amount to approx. EUR 1,000m in 2021.
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