Vestas increases net profit sixfold in 2024, record order book

Vestas posted a net profit of 499 million euros last year compared to 77 million in 2023. Its turnover stood at 17,3 billion, gaining 12% over a year, despite "disappointing" activity in the services sector, in a context marked by inflation.

The company's management, however, said that Vestas had ended the year "stronger than it had started", while considering that the business had "not evolved as we had expected".

The group's combined order book reached €68,4 billion by the end of 2024, an unprecedented amount. This corresponds to orders representing 21,7 gigawatts (GW) for onshore wind - its core business - and 7,5 GW for offshore wind, an increase of 3,2 GW over one year.

This is the sector where Vestas sees the strongest growth, with expansion in Europe and the development of new markets such as Japan and South Korea.

The group also welcomed receiving a first offshore order from the United States, despite the uncertainties linked to the Trump administration's opposition to offshore wind power.

For 2025, Vestas expects a turnover of between 18 and 20 billion euros.

“The need for energy security has become increasingly evident, and the need to build resilience by increasing renewable energy continues,” the company noted in its report.