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

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to our presentation of our Q1 for 2025. And let me by here also extend a huge gratitude and thank you to our customers across the world and especially in the US for the very active discussions and also our colleagues for a very strong start of the year. With that, I would like to go to the key highlights. So the key highlights, we ended Q1 with a revenue of 3.5 billion euros. That's an increase of 29% year-on-year driven by our higher activity compared to Q1 last year and also the higher average pricing in power solutions. The EBIT margin ended at positive 0.4%, positive operating profit in Q1, despite normally the seasonal low activity in Q1, driven again by revenue growth and also higher project profitability. The order intake was 3.1 gigawatts. The order intake increased by 36% year on year, driven by strong momentum in offshore particularly and also in EMEA onshore. The manufacturing ramp-up and the service recovery plan remain key, and it is absolutely key of our operating priorities also for the coming quarters. So the onshore and offshore ramp-up is progressing, and the service completes its first quarter of its recovery plan as we speak. Then we have a new CFO starting 1st of June. We are onboarding Jakob Vege Larsen. He is in the planning and he is ready to join and meet all of you when we get to the roadshow in August post our Q2 release in beginning of August. So soon a very warm welcome to Jakob who has his official contract not the 1st of June, because I actually think it's a Sunday, but the 2nd of June. So, Jakob, we look forward to welcome you to Estes. With that, we'll look a bit more on the orders and the markets we are operating in. It goes without saying that wind still holds the same key to both affordability, security and...