Danish wind turbine producer Vestas reported a banner year in 2024, sparked by record orders and an increase in profits by six-fold, the company revealed on February 5 in its Annual Report.

The Aarhus-headquartered firm scored a record number of orders in 2024, helping propel its net profit to €494mn ($511mn). The figure marks an increase in net profit of more than six times from its 2023 total of €78mn ($81mn).

Revenue rose 12% year-over-year in 2024 climbing to €17.3bn ($18bn), driven by higher prices for turbines. The firm was able to reach its upper level of the guided range of €16.5bn to €17.5bn ($17.1bn to $18.2bn).

Vestas also reported earnings before interest and taxes (EBIT) before special items of 4.3%, which was also in its guidance range of 4% to 5%. It signals a 2.8% rise from 2023.

“The year didn’t evolve as expected, but with a record-high value of the order intake, an all-time high order backlog and an extraordinary turnaround in Power Solutions, Vestas leaves 2024 stronger than we entered it,” CEO Henrik Andersen stated.

Despite its strong earnings report, Vestas still encountered some difficulties though with its Service business experiencing rising costs.

Meanwhile, outlook for 2025 remains positive with the Danish company expecting revenue to range between €18bn to €20bn ($18.7bn to $20.8bn). It also forecasts an EBIT before special items of 4%-7%.

Vestas is now working to deliver on its record order backlog and warned that it could struggle with manufacturing ramp-up challenges. The value of the wind power giant’s order backlog stood at €68.4bn ($71bn) broken down by 21.7 GW of onshore wind power and 7.5 GW of offshore wind.

The Copenhagen-listed firm, which is the world’s biggest turbine producer, also announced it would offer a share buyback of €100mn ($104mn) and proposed a dividend of DKK0.55 per share ($0.077). Shares rose 4% on the day after the announcement of the fourth quarter earnings record.