In the first quarter of 2022, Vestas generated revenue of EUR 2,485m – a increase of 27 percent compared to the year-earlier period. EBIT before special items decreased by EUR 251m to EUR (329)m. This resulted in an EBIT margin before special items of (13.2) percent, compared to (3.9) percent in the first quarter of 2021.
The quarterly intake of firm and unconditional wind turbine orders amounted to 2,948 MW. The value of the wind turbine order backlog was EUR 18.9bn as at 31 March 2022. In addition to the wind turbine order backlog, at the end of March 2022, Vestas had service agreements with expected contractual future revenue of EUR 30.0bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 48.9bn – an increase of EUR 4.2bn compared to the year-earlier period.
As part of its decision to withdraw from Russia and to address the current business environment, Vestas has made a strategic re-prioritisation of select markets, while also making one-time write-downs related to legacy offshore activities. Based on these circumstances and the revenue and profits forfeited in Ukraine and Russia, Vestas is updating its outlook for 2022.
Revenue for full year 2022 is now expected to range between EUR 14.5bn and 16.0bn (previously EUR 15.0-16.5bn) including Service revenue which is now expected to grow min. 10 percent (previously approx. 5 percent). Vestas expects to achieve an EBIT margin before special items of (5)-0 percent (previously 0-4 percent) with a Service EBIT margin before special items of approx. 23 percent (previously approx. 25 percent). Total investments are still expected to amount to approx. EUR 1,000m in 2022.