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Vestas multiplies its net profit in 2024 and records an all-time high order backlog

The world leader in wind energy, Vestas, multiplied its net profit sixfold in 2024, reaching €499 million. With a record order backlog of €68.4 billion, the Danish group is betting on offshore wind power to sustain its growth.

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Danish group Vestas, the global leader in wind energy, experienced a year of strong financial performance in 2024. Its net profit surged to €499 million, compared to €77 million a year earlier, while its revenue increased by 12% to reach €17.3 billion.

A momentum driven by an unprecedented order backlog

Vestas’ order backlog reached an all-time high of €68.4 billion by the end of 2024. This growth is driven by a rising demand for onshore wind power, accounting for 21.7 gigawatts (GW) of new orders, as well as a notable expansion in the offshore segment, which recorded 7.5 GW, an increase of 3.2 GW year-on-year.

This trend supports the company’s strategy of expanding in Europe while strengthening its presence in emerging markets such as Japan and South Korea. The group also announced securing its first offshore order in the United States, a market marked by regulatory uncertainties.

Outlook and targets for 2025

Despite a slowdown in the services sector, Vestas remains optimistic about its future. The company aims for revenue between €18 billion and €20 billion in 2025.

According to its annual report, management believes that the demand for sustainable energy solutions continues to rise, driven by an increasing need for energy security and resilience amid global energy market fluctuations.

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