Danish wind turbine manufacturer Vestas, the European leader in the sector, recorded a net profit of 70 million euros in the first quarter and maintains its forecasts for the year thanks to a "record" order book, according to its quarterly report published Wednesday, May 6.
"Our turbine order book reached a new record of 36,3 billion euros, achieved thanks to an order intake of 4,5 GW, driven by onshore orders in all regions and by particularly dynamic offshore activity," said the group's CEO, Henrik Andersen, in the report.
Of the orders taken, 2,76 GW will be put on the offshore market in Europe.
In the first quarter, net profit was the highest recorded since 2018.
Revenue, driven by offshore wind power, rose 14% year-on-year to €4 billion.
In addition, thanks to "improved profitability both onshore and offshore", the EBIT margin was 3,2%, the highest for a first quarter in eight years, according to the report.
For the full year, Vestas maintains its forecast of revenue between 20 and 22 billion euros, despite "persistent geopolitical and tariff risks".
However, "the current geopolitical uncertainty and the energy crisis underline the need for affordable, secure and sustainable energy," Mr. Andersen stressed.
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