In the second quarter of 2022, Vestas generated revenue of EUR 3,305m – a decrease of 7 percent compared to the year-earlier period. EBIT before special items amounted to EUR (182)m, resulting in an EBIT margin before special items of (5.5) percent, compared to 2.7 percent in the second quarter of 2021.
Free cash flow amounted to EUR (362)m compared to EUR 183m in the second quarter of 2021. The quarterly intake of firm and unconditional wind turbine orders amounted to 2,153 MW, and the value of the wind turbine order backlog was EUR 18.9bn as at 30 June 2022. 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 31.3bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 50.2bn – an increase of EUR 2.1bn compared to the year-earlier period. The first half of 2022 was characterised by geo-political uncertainty and supply chain disruptions that have caused costs to increase and an energy crisis to unfold. This development creates a highly challenging business environment that negatively impacts Vestas’ financial results.