Q3 2025 Vestas Wind Systems A/S Earnings Call Transcript

Nov 5, 2025 / 09:00 AM GMT

Release Date Price: €20.05 (+14.15%)

Transcript

Key Points

Positve

Vestas Wind Systems AS (VWDRY) reported a revenue increase of 3% year-on-year, reaching €5.3 billion, driven by higher deliveries despite negative foreign exchange impacts.
The company achieved a record-breaking gross profit of $772 million in Q3, the highest ever for a third quarter, due to improved profitability in onshore projects and lower warranty costs.
Order intake increased by 4% year-on-year to 4.6 gigawatts, with significant contributions from the US and Germany, and onshore orders up more than 60% quarter-on-quarter.
Vestas Wind Systems AS (VWDRY) announced a share buyback program of €150 million, reflecting a solid liquidity position and commitment to returning value to shareholders.
The company reported a significant improvement in net cash position, ending the quarter with €550 million, driven by better profitability and favorable working capital developments.

Negative

The ASP (Average Selling Price) for onshore orders declined to €101 million per megawatt in Q3 from €111 million in the prior quarter, due to a higher share of supply-only orders in the US.
Service revenue declined by 3% year-on-year, affected by lower transactional sales and a 3% currency headwind.
The company revised its 2025 service outlook due to foreign exchange rate headwinds and additional costs related to specific offshore sites.
The number of recordable injuries per million working hours increased from 2.8 to 3.3 year-on-year, highlighting ongoing safety challenges, particularly in Northern Europe and North America.
Vestas Wind Systems AS (VWDRY) faces ongoing geopolitical and trade volatility, with tariffs expected to increase costs over time for end users.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VWS.CO - Vestas Wind Systems A/S
Q3 2025 Vestas Wind Systems A/S Earnings Call
Nov 05, 2025 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to this this is Q3 reporting and also closing and looking forward to close a very solid year 2025.

I'll also take the opportunity to extend a big thank you to our customers, colleagues, and not least our external stakeholders, great support and commitment through the current environment through the first current 9 months of the year to the execution we're talking and going to talk much more about today.

So with that, could I go here to the key highlight?

So key highlights revenue of â¬5.3 billion. That's an increase of 3% year on year, driven by higher deliveries, despite negative foreign exchange development.

When we look at the EI margin of 7.8%, earnings achieved

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