In the first quarter of 2019, Vestas generated revenue of € 1,730 million, an increase of 2% compared to the year-earlier period. EBIT before special items decreased by € 83 million to € 43 million. The EBIT margin was 2.5% compared to 7.4% in the first quarter of 2018 and free cash flow amounted to € (876) million compared to € (587) million in the first quarter of 2018.
The intake of firm and unconditional wind turbine orders amounted to 3,004 MW in the first quarter of 2019. The value of the wind turbine order backlog amounted to € 13.3 billion as at 31 March 2019. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of € 15.0 billion at the end of March 2019. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 28.3 billion – an increase of € 6.7 billion compared to the year-earlier period. Vestas maintains its 2019 guidance on revenue of € 10.75 billion-12.25 billion, EBIT margin before special items of 8-10%, and total investments of approx. € 700 million.