In the third quarter of 2020, Vestas generated revenue of EUR 4,770m – an increase of 31 percent compared to the year-earlier period. EBIT before special items amounted to EUR 412m, resulting in an EBIT margin before special items of 8.6 percent, compared to 11.8 percent in the third quarter of 2019. Free cash flow amounted to EUR 546m, compared to EUR 205m in the third quarter of 2019.
The quarterly intake of firm and unconditional wind turbine orders amounted to 4,232 MW. The value of the wind turbine order backlog was EUR 14.6bn as at 30 September 2020. In addition to the wind turbine order backlog, at the end of third quarter 2020, Vestas had service agreements with expected contractual future revenue of EUR 19.3bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 33.9bn – an increase of EUR 1.1bn compared to the year-earlier period.
Vestas maintains its full-year guidance for 2020: Revenue of EUR 14-15bn, an EBIT margin before special items of 5-7 percent, and total investments below EUR 700m.