Q4 2025 Vestas Wind Systems A/S Earnings Call Transcript
Key Points
- Vestas Wind Systems AS (VWDRY) achieved a record high revenue of EUR18.8 billion in 2025, marking a 9% year-on-year increase.
- The company proposed a dividend of DKK0.74 per share and announced a share buyback of EUR150 million, reflecting strong shareholder returns.
- Order intake reached 16.3 gigawatts, leading to a record high order backlog, particularly driven by onshore activity in EMEA.
- The service order backlog increased to EUR38.7 billion, despite a EUR1.9 billion headwind from foreign exchange rate movements.
- Vestas Wind Systems AS (VWDRY) reported a significant reduction in warranty costs, now at 3.2% of revenue, the lowest in five years.
- The service EBIT of EUR626 million fell short of internal performance targets and expectations.
- Offshore orders were lower in 2025, offsetting the higher onshore activity.
- The company faced extra costs and investments due to manufacturing ramp-up challenges.
- The EBIT margin before special items decreased by 3.1 percentage points year-on-year in Q4, primarily due to ramp-up costs in offshore and higher depreciations.
- The ongoing geopolitical and trade volatility continues to pose challenges, leading to regionalization and potential cost increases over time.
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Good morning, and welcome to our presentation of our full year 2025, Q4, of course, in '25. And as always, as this full year presentation, also a short strategy update section. For us, 2025, a year of evidence in both important milestone in our strategy value through performance, but also here, it's absolutely timely to say a proper thank you to our customers, to our partners, shareholders and colleagues.
So today, both shareholders and colleagues will see a reward from financial year 2025 in the form of a proposed dividend share buyback, and also for our colleagues around the world, a very well-deserved incentive bonus payout.
I also just want to here take the opportunity to just point to the picture. As you can see, a nice weather day in the North Sea, where we are constructing one of our offshore turbines for He Dreiht. So really appreciated of seeing that.
With that, I would like to go to key highlights for the year. So revenue of the year of EUR18
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