In the second quarter of 2019, Vestas generated revenue of € 2,121 million – a decrease of 6 % compared to the year-earlier period. EBIT before special items decreased by € 131 million to € 128 million. The EBIT margin was 6.0 % compared to 11.5 % in the second quarter of 2018. The intake of firm and unconditional wind turbine orders amounted to 5,696 MW in the second quarter of 2019.
The value of the wind turbine order backlog amounted to € 15.9 billion as at 30 June 2019. In addition to the wind turbine order backlog, Vestas had service agreements with expected contractual future revenue of € 15.6 billion at the end of June 2019. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 31.5 billion – an increase of € 8.5bn compared to the year-earlier period.
Vestas narrows the 2019 guidance on revenue to range between € 11.0 billion and 12.25 billion (compared to previously € 10.75 billion-12.25 billion), and on EBIT margin before special items to 8-9 % (compared to previously 8-10 %). Total investments are expected to amount to approx. € 800 million (compared to previously approximately € 700 million). The adjustments are based on performance and improved visibility for the remainder of the year.