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Vestas Returns to Profitability - 2023 Financial Performance and Report

Vestas' Strong Financial Performance and Strategic Outlook for 2024

As an independent wind energy analyst, I'm excited to delve into Vestas' impressive financial achievements for 2023 and their strategic outlook for 2024. Let's break down the numbers and insights provided by one of the leading players in the wind energy sector. Vestas returns to profitability during 2023 gives positive message to all it's stakeholders and everyone part of renewable energy sector.

Record Order intake in 2023 Valued at EUR 18.5bn contributed by Technology Excellence - Vestas

Below image shows condensed 2023 full year and Q4 key financial figures.

Vestas Financial Figures in Euro, 2023 Financial Report Vestas,
2023 Condensed Full Year Financial Report - Vestas

2023 Performance:

In 2023, Vestas soared to a revenue of EUR 15,382m, surpassing their outlook range of EUR 14.5-15.5bn. Notably, their EBIT margin before special items stood at 1.5 percent, falling within the projected range of 0-2 percent. Total investments reached EUR 823m, in line with expectations. The combined order backlog across Power Solutions and Service witnessed a significant surge, reaching EUR 60.1bn.

Outlook for 2024:

Looking ahead to 2024, Vestas anticipates even stronger financial performance. Revenue is expected to range between EUR 16bn and 18bn, including Service revenue. The company aims for an EBIT margin before special items of 4-6 percent, with total investments projected to amount to approximately EUR 1.2bn. Additionally, the Service segment is forecasted to generate an EBIT before special items ranging from EUR 800m to 880m.

Despite these promising figures, the Board of Directors of Vestas Wind Systems A/S has proposed to the Annual General Meeting that no dividend payment will be distributed to the shareholders in 2024.

CEO Message:

Henrik Andersen, Group President & CEO, expressed his satisfaction with Vestas' performance in 2023. He highlighted the company's return to profitability and achievement of the upper end of their guidance. Notably, Vestas set a record order intake of 18.4 GW for the full year, driven by a particularly strong fourth quarter. Andersen emphasized the strategic priorities and operational discipline that propelled Vestas to a revenue of EUR 15.4bn. He acknowledged the challenges posed by geopolitical volatility, slow permitting, and insufficient grid build-out but affirmed Vestas' clear strategic path towards long-term ambitions.

I am especially proud to announce that this result enables us to pay our colleagues a bonus for the first time in four years. Our success is driven by our people, and this milestone is a testament to the continuous dedication and commitment that we have seen not just in 2023 - Mr. Henrik Andersen - Group President & CEO, Vestas 

Key highlights from Vestas' performance in 2023 include:

Return to Profitability: Vestas achieved profitability and met the upper end of their guidance.

Record Order Intake: The company recorded a remarkable order intake of 18.4 GW, fueled by strong growth in both Offshore and Onshore, particularly in the USA.

Revenue Growth: Revenue reached EUR 15.4bn, driven by higher pricing and continued expansion in the Service segment.

Low-Emission Steel Towers: Vestas announced a partnership with ArcelorMittal to introduce low-emission steel towers, a significant step towards fully circular wind turbines and achieving emission targets.

Strategic Consistency: Vestas maintains its strategic path, emphasizing strong commercial discipline and a 'value over volume' approach to realize long-term ambitions.

Looking forward to 2024, Vestas remains cautiously optimistic amidst ongoing uncertainties. The company aims to sustain its commercial discipline and momentum to navigate the evolving landscape of the renewable energy market successfully.

Contributing to UNSDG 7: 

Vestas' achievements align closely with UN Sustainable Development Goal 7 (Affordable and Clean Energy). By driving innovation in renewable energy technology and expanding their global footprint, Vestas is actively contributing to the advancement of clean energy access and sustainability worldwide.


Vestas Financial Report 2023 Here 

Vestas Company Announcement Here


In conclusion, Vestas' robust financial performance in 2023 underscores its position as a frontrunner in the wind energy sector. With a clear strategic direction and commitment to innovation, the company is poised for continued growth and contribution to the global energy transition. 

See you in the next update..

For Your Sustainable Development Journey, R. Mahendran


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