Vestas Wind Systems A/S (0NMK) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.019 Good morning and welcome to our presentation of our Q1 for 2025. 00:00:04.019 -- 00:00:05.822 And let 00:00:05.822 -- 00:00:10.772 me by here also extend a huge gratitude and thank you to our customers across the world 00:00:10.772 -- 00:00:15.862 and especially in the US for the very active discussions and also our colleagues for 00:00:15.862 -- 00:00:21.312 a very strong start of the year. With that, I would like to go to the key 00:00:21.312 -- 00:00:23.312 highlights. 00:00:23.622 -- 00:00:29.215 So the key highlights, we ended Q1 with a revenue of 3.5 billion euros. 00:00:29.215 -- 00:00:35.571 That's an increase of 29% year-on-year driven by our higher activity compared to Q1 00:00:35.571 -- 00:00:40.177 last year and also the higher average pricing in power solutions. 00:00:40.177 -- 00:00:44.142 The EBIT margin ended at positive 0.4%, 00:00:44.142 -- 00:00:49.209 positive operating profit in Q1, despite normally the seasonal 00:00:49.209 -- 00:00:54.316 low activity in Q1, driven again by revenue growth and also higher 00:00:54.316 -- 00:00:56.439 project profitability. 00:00:56.439 -- 00:01:01.565 The order intake was 3.1 gigawatts. The order intake increased by 36% year on 00:01:01.565 -- 00:01:06.792 year, driven by strong momentum in offshore particularly and also 00:01:06.792 -- 00:01:09.286 in EMEA onshore. 00:01:09.286 -- 00:01:14.538 The manufacturing ramp-up and the service recovery plan remain key, and it is absolutely 00:01:14.538 -- 00:01:18.387 key of our operating priorities also for the coming quarters. 00:01:18.387 -- 00:01:23.118 So the onshore and offshore ramp-up is progressing, and the service completes its first 00:01:23.118 -- 00:01:28.249 quarter of its recovery plan as we speak. Then we have 00:01:28...