As of June 30, Vestas reported a wind turbine order backlog of 4,489 MW valued at €5.5 billion, compared to €2.4 billion at the same time last year. The overall wind turbine backlog exceeded 27 GW and reached €28.1 billion by the end of Q2 2024, up from around 20 GW and €20 billion in Q2 2023.
This increase is attributed to substantial offshore orders in Poland and Germany, along with robust onshore order intake in the USA.
The average selling price for wind turbines rose from €1.04 million/MW in Q2 2023 to €1.21 million/MW in Q2 2024.
In Q2 2024, Vestas generated revenue of €3.29 billion, reflecting a 3.9% decrease year-over-year. The company anticipates full-year revenue between €16.5 billion and €17 billion.
According to a Vestas press release, offshore wind project orders for Q2 this year were 54% higher than last year, totaling €4.4 billion. Additionally, service agreements at the end of Q2 are expected to yield future revenue of €34.9 billion. The combined value of wind turbine orders and service agreements is now €63 billion, an increase of €11.4 billion from the previous year.
Henrik Andersen, Vestas’ president and CEO, stated, “Based on our Q2 results, we have refined our 2024 revenue and EBIT margin guidance and adjusted our expectations for Service EBIT, as announced earlier this week.”
In late May, Vestas announced a restructuring of its divisions to enhance manufacturing processes. The technology organization was merged with the manufacturing and global procurement organization into a single unit.
The transition to this new structure is expected to be finalized by Q3 2024.
Source :Vestas
