Vestas Ends 2025 with All-Time High Revenue and EUR 10.1 Billion Offshore Wind Turbine Order Backlog

Vestas’s offshore wind turbine order backlog was worth EUR 10.1 billion as at 31 December 2025, according to the company’s annual report, which shows that for both onshore and offshore, the turbine order backlog amounted to 31,026 MW and a value of EUR 33.2 billion at the end of the year, EUR 1.6 billion more than in 2024.

The Danish wind turbine OEM also recorded an all-time high revenue of EUR 18.8 billion with an EBIT margin before special items of 5.7 per cent, which Vestas says was supported by disciplined execution and a strong order backlog. The improved EBIT margin, which was 4.9 per cent in 2024, was driven by strong onshore project execution and lower warranty costs, while the offshore profitability reflected significant ramp-up costs and higher amortisations/depreciations, the company says in the annual report.

Vestas posted an increase in revenue and order backlog after a record year in 2024, when its revenue climbed to EUR 17.3 billion, and turbine order backlog reached EUR 31.6 billion for 29,241 MW, after the company returned to profitability in 2023.

In 2025, Vestas delivered 14,537 MW in wind turbines, including both its onshore and offshore platforms, 12.7 per cent more compared to 2024. Offshore deliveries increased to 1,977 MW in 2025 from 1,352 MW in 2024, primarily driven by EMEA.

Wind turbine order intake amounted to 16,292 MW and a value of EUR 17.4 billion, a decrease compared to the previous year, which was driven by lower offshore order intake in EMEA and Americas, partially offset by growth in onshore order intake in EMEA and Americas, especially from Germany, Ukraine and Brazil.

The average selling price per MW of a Vestas turbine was EUR 1.07 million, compared to EUR 1.14 million in 2024. The decrease was driven by a change in geographic mix, project scope, and fewer offshore orders in 2025, according to the company.

“Offshore remained a strategic priority throughout 2025, as we overcame challenges ramping up our manufacturing capacity and began delivery of our first customer projects. Seeing our V236-15.0 MW™ turbine deliver electricity commercially was a proud moment for Vestas and our partners”, Vestas’s Chair of the Board of Directors, Anders Runevad, and Group President & CEO, Henrik Andersen, said in the full-year report for 2025.

“The journey from acquiring MHI Vestas Offshore to serial production and installation across He Dreiht and Baltic Power has been long and challenging, but underscores Vestas’ technological strength and executional capability.”

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