In the second quarter of 2023, Vestas generated revenue of EUR 3,429 million, an increase of 3.8 percent compared to the year-earlier period. EBIT before special items amounted to EUR (70) million, resulting in an EBIT margin before special items of (2.0) percent, compared to (5.5) percent in the second quarter of 2022.
The quarterly intake of firm and unconditional wind turbine orders amounted to 2,333 MW, an 8 percent increase from the second quarter of 2022. The onshore average price per MW (ASP) was EUR 0.97 million.The value of the wind turbine order backlog was EUR 20.0 billion as of June 30, 2023. In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 31.6 billion. Thus, the combined backlog of wind turbine orders and service agreements stood at EUR 51.6 billion, an increase of EUR 3.7 billion compared to the year-earlier period.
Vestas maintains the full-year guidance. The company expects revenue of EUR 14.0bn–15.5bn; however, service is now expected to grow around 10 percent (previously min. 5 percent). Vestas expects to achieve an EBIT margin before special items of (2)-3 percent, with a Service EBIT margin of approx. 22 percent. Total investments are expected to amount to approximately EUR 1 billion in 2023.
