Vestas Wind Systems A/S (VWDRY) Q1 2025 Earnings Call Transcript

Vestas Wind Systems A/S (OTCPK:VWDRY) Q1 2025 Earnings Conference Call May 6, 2025 4:00 AM ET

Company Participants

Henrik Andersen – Chief Executive Officer
Rasmus Gram – Interim Chief Financial Officer

Conference Call Participants

Kristian Tornoe – SEB
Akash Gupta – JPMorgan
Casper Blom – Danske Bank
John Kim – Deutsche Bank
Dan Togo Jensen – Carnegie Investments
Martin Wilkie – Citi
Max Yates – Morgan Stanley
Claus Almer – Nordea
Ajay Patel – Goldman Sachs
Colin Moody – RBC Capital
Deepa Venkateswaran – Bernstein
Sean McLoughlin – HSBC
Henry Tarr – Berenberg
William Mackie – Kepler Cheuvreux

Henrik Andersen

Good morning. And welcome to our Presentation of our Q1 for 2025. And let me by here also extend a huge gratitude and thank you to our customers across the world and especially in the U.S. for the very active discussions and also our colleagues for a very strong start of the year.

With that I would like to go to the key highlights. So the key highlights, we ended Q1 with a revenue of €3.5 billion. That’s an increase of 29% year-on-year driven by our higher activity compared to Q1 last year and also the higher average pricing in Power Solution. The EBIT margin ended at positive 0.4%, positive operating profit in Q1 despite normally the seasonal low activity in Q1 driven again by revenue growth and also higher project profitability. The order intake was 3.1-gigawatt. The order intake increased by 36% year-on-year driven by strong momentum in offshore particularly and also in EMEA onshore. The manufacturing ramp-up and the Service recovery plan remain key and it is absolutely key of our operating priorities also for the coming quarters. So the onshore and offshore ramp-up is progressing and the Service completes its first quarter of its recovery plan as we speak.