Summary: Vestas’ 2022 revenue amounted to EUR 14,486m (outlook: EUR 14.5-15.5bn), with an EBIT margin before special items of (8) percent (outlook: approx. (5) percent), and total investments1 of EUR 758m (outlook: approx. EUR 850m). The value of the combined order backlog increased to EUR 49.5bn across Power Solutions and Service.
As announced on 27 January 2023, Vestas’ outlook for 2023 is as follows: Revenue is expected to range between EUR 14.0bn and 15.5bn, including Service revenue. Vestas expects to achieve an EBIT margin before special items of (2)-3 percent, and total investments1 are expected to amount to approx. EUR 1bn in 2023.
In addition to what has already been communicated, revenue in the Service segment is expected to grow by min. 5 percent in 2023, with a service EBIT margin of approx. 22 percent.
The Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that no dividend payment will be distributed to the shareholders in 2023.
Henrik Andersen, Group President & CEO said: “Vestas and the wind industry remained challenged in 2022 as external headwinds and industry immaturity hampered profitability and resulted in unsatisfying financial results for the full year. In a business environment characterised by unforeseen geo-political uncertainty, high inflation, and supply chain constraints, Vestas’ more than 28,000 employees helped achieve EUR 14.5bn in revenue, 13.3 GW of deliveries and a firm order intake of 11.2 GW. Through strong commercial discipline, we managed to raise the average selling price with 29 percent to EUR 1.07m/MW and finished the year with an all-time high order intake in terms of value in the fourth quarter. Our Service business progressed well and grew 27 percent year-over-year, continuing to increase its positive contribution to our revenue and earnings. In 2022, we also made strategic progress within Offshore by securing more than 5 GW of preferred supplier agreements for the V236-15.0 MW turbine, while a technological milestone was reached when the V236-15.0 MW prototype produced its first kWh in late December. Our Development business also progressed well by securing 13 GW of new pipeline. Throughout 2022, increasing costs, product impairments and increased warranty provisions heavily impacted our profitability and resulted in an EBIT margin of minus 8 percent. Everyone at Vestas is therefore fully focused on returning to profitability in 2023 to reaffirm that we are on the right strategic path. Building a sustainable, scalable, and profitable wind industry also requires we continue to build industry maturity and commercial discipline, and we want to say a special thanks to our shareholders for their continuous support during these challenging times.”
