Vestas Wind Systems A/S (0NMK) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Vestas' Q2 investor presentation. And also here let me start by extending a huge thank you to our customers, other stakeholders, and not least colleagues around the globe. It has been a busy and also a quarter with a certain degree of uncertainty in policy, not least for our more than 5,000 dear colleagues in the U.S., It's also a warm welcome to Jacob, and you will have to bear a bit of patience until the financials before you listen to him. So welcome, Jacob. And with that, let's go to the key highlights of the quarter. So the quarter ended with a revenue of 3.7 billion euros. That's an increase 14% year-on-year. The EBIT margin ended at 1.5%. Improved onshore project performance. Lower warranty cost offset by the offshore ramp-up cost. We'll speak more about that. The order intake ended at 2 gigawatt. Lower order intake year on year as customers have been awaiting policy clarity, particularly in the U.S., and definitely we'll talk more about that. And then manufacturing ramp-up driving costs and investments. Onshore and offshore ramp-up is progressing, and the first V236 nacelle assembled at the facility in Poland. And then we ended with a return on capital employed of 11.5% last 12 months. Improved profitability in the last 12 months results in the highest return on rows since 2020, which, of course, is very pleasing. And last but not least, our 2025 outlook guidance maintained, and we'll take that in the end of this presentation. So with that, let's touch shortly on what are the markets and what markets are we in. The wind energy, and this is fact-based, is wind, and it's affordable, and there is a security element, and there's definitely also a sustainability element. If we look at our current business environment, inflation, raw mat...