Vestas Wind Systems A/S (0NMK) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Vestas' Q3 reporting and also closing and looking forward to close a very solid year 2025. I'll also take here the opportunity to extend a big thank you to our customers, colleagues and not least our external stakeholders. Great support and commitment through the current environment and through the first current nine months of the year to the execution we are talking and going to talk much more about today. So with that, could I go here to the key highlight? So key highlights, revenue of 5.3 billion euros. That's an increase of 3% year on year, driven by higher deliveries despite negative foreign exchange development. When we look at the EBIT margin of 7.8%, earnings achieved through improved onshore project execution, lower warranty costs, partly offset by our manufacturing ramp-up, which is continuing but also progressing well. When we look at the order intake of 4.6 gigawatts, up 4% year-on-year, driven by US and Germany, and onshore is up more than 60% quarter-on-quarter comparison to last year. When we look at the manufacturing ramp up, the driver cost and also investments, the onshore and offshore ramp up is progressing as we focused on delivering a very busy fourth quarter, but also as importantly, getting a strong start of 2026. By this, we also decided to return value to our shareholders. I think most importantly, in line with our capital structure strategy and also solid liquidity position, a share buyback of 150 million will be initiated and will be starting as of tomorrow morning. And then on the outlook, we narrowed the outlook in terms of turnover EBIT, reflecting the lower service EBIT, but also the stronger offshore execution. With that, I will talk about the market environment we are in. And again here, wind energy is key ...