The company’s revenues were down 3.9% year-on-year in the second quarter (Q2). Credit: fokke baarssen/Shutterstock.

Vestas’ wind turbine order backlog on 30 June was 4,489MW, amounting to €5.5bn, according to its Q2 results for 2024. In the same period last year, its wind turbine order backlog stood at €2.4bn.

The total wind turbine order backlog stood just over 27GW and €28.1bn by the end of Q2 2024, up from approximately 20GW and €20bn in Q2 2023.

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According to Vestas, the uptick “reflects significant offshore order intake in Poland and Germany as well as a high level of onshore order intake in the USA”.

The average selling price of a wind turbine also increased from €1.04m/MW in Q2 2023 to €1.21m/MW in Q2 2024.

In Q2 2024, Vestas’ revenue stood at €3.29bn, a 3.9% year-on-year decrease. It expects its revenue for the full year to range between €16.5bn and €17bn.

However, according to a Vestas press release, order intake for offshore wind projects in Q2 this year was 54% higher than it was last year, corresponding to a value of €4.4bn. The company also made service agreements at the end of Q2, with expected contractual future revenue of €34.9bn. The combined value of the backlog of wind turbine orders and service agreements is worth €63bn, an increase of €11.4bn from last year.

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Henrik Andersen, president and CEO of Vestas, said: “Based on our second quarter results, we have narrowed our 2024 guidance on revenue and earnings before interest and taxes (EBIT) margin, and lowered the expectation to Service EBIT, as announced earlier this week.”

During Q2, at the end of May, Vestas announced a consolidation of its divisions to improve manufacturing processes, Power Technology reported. It combined its technology organisation and manufacturing and global procurement organisation into a single entity.

The transition to the combined organisation is expected to be complete in Q3 2024.