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“Vestas has delivered another quarter with strong results on key financial and operational parameters. With greater clarity on deliveries for the remainder of the year and a very solid financial position, we are raising our guidance on revenue, EBIT margin, and free cash flow and initiating a share buy-back programme. I am very pleased that year-on-year for orders, Vestas is growing in all regions, consistent with our profitable growth strategy.”

Anders Runevad, Group President & CEO

Investor presentation

The Group President & CEO's and Executive Vice President & CFO's presentation of the interim financial report:
- investor presentation (pdf)


The overview shows which cities Vestas will be visiting during the coming roadshow.


Revenue, earnings, and free cash flow increased compared to the third quarter of 2014. Outlook for 2015 upgraded on revenue, EBIT margin before special items, and free cash flow.

In the third quarter of 2015, Vestas generated revenue of EUR 2,120m – an increase of 17 percent compared to the year-earlier period. EBIT before special items increased by EUR 69m to EUR 232m. The EBIT margin before special items was 10.9 percent and the free cash flow increased by EUR 53m to EUR 158m compared to the third quarter of 2014.

The intake of firm and unconditional wind turbine orders amounted to 1,508 MW in the third quarter of 2015. The value of the wind turbine order backlog amounted to EUR 8.2bn at 30 September 2015. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 8.2bn at the end of September 2015. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 16.4bn – an increase of EUR 3.0bn compared to the year-earlier period.

Vestas upgrades the 2015 guidance of revenue from minimum EUR 7.5bn to EUR 8.0bn-8.5bn, EBIT margin before special items from minimum 8.5 percent to 9-10 percent, and free cash flow from minimum EUR 600m to EUR 800m-1,000m. The upgrades are based mainly on improved delivery visibility for the remainder of the year.

Key highlights 


Earnings improved
EBIT before special items at 10.9 percent – up 1.9 percentage points compared to Q3 2014.

Combined backlog continues at high level
Wind turbine and service order backlog of EUR 16.4bn.

Return on invested capital (ROIC) continues strong upward trend
ROIC increased to 71 percent (TTM).

Guidance increased
Guidance for 2015 increased on revenue, EBIT margin, and free cash flow based mainly on delivery visibility for the remainder of the year.

Share buy-back programme
EUR 150m share buy-back programme to adjust capital structure.