Vestas Reports ‘All-Time High’ Wind Turbine Order Backlog

November 5, 2024, by Adrijana Buljan

Vestas’s wind turbine order backlog amounted to nearly 28 GW and EUR 28.3 billion at the end of the third quarter of 2024, an all-time high for the wind turbine manufacturer, according to the company’s third-quarter results.

“Vestas achieved revenue of EUR 5.2bn and an EBIT margin of 4.5 percent in the third quarter of 2024, which compared to the same quarter last year represent a 19 percent increase in revenue and an improvement of 3 percentage points in profitability”, said Henrik Andersen, Group President & CEO at Vestas.

“In the quarter, we received 4.4 GW of orders with an average selling price of EUR 1.10m/MW that elevates our turbine order backlog to an all-time-high of EUR 28bn, underlining our continued strong commercial discipline.”

In the three months leading up to 30 September, the company received 4,432 MW in firm and unconditional wind turbine orders, of which 1,605 MW in offshore wind.

The total wind turbine order backlog on 30 September 2024 was 27,333 MW, with offshore wind turbines accounting for 5,726 MW. This corresponds to a value of EUR 28.3 billion, of which EUR 7 billion relates to offshore wind projects, according to Vestas’s Q3 report.

At the end of the second quarter this year, the company reported its offshore wind turbine order backlog was 4,489 MW, corresponding to EUR 5.5 billion.

For the third 2023, the total wind turbine order backlog at Vestas stood at 20,966 MW and EUR 21.6 billion, with EUR 4.6 billion contributed by offshore wind orders.

The company says the record backlog reflects a high level of onshore order intake in the US and Germany as well as significant offshore order intake in the Netherlands.

In addition to the wind turbine order backlog, at the end of the third quarter of 2024, Vestas had service agreements with expected contractual future revenue of EUR 35.1 billion so the value of the combined backlog of wind turbine orders and service agreements stood at EUR 63.4 billion, an increase of EUR 9.4 billion compared to the year-earlier period, the company reported.

In terms of revenue, Vestas generated EUR 5.18 billion in the third quarter of 2024, an increase of 18.9 per cent compared to the same period last year.