Strong Cash Generation & Net CashSustained operating and free cash flow, plus a year-end net cash position, give Vestas durable financial flexibility. This supports ongoing capex for product development, funds Offshore scale-up, enables the EUR 150m buyback and dividend policy, and reduces refinancing risk across project cycles.
Large Multi-year Order BacklogsSubstantial backlogs in both Service and Power Solutions provide multi-year revenue visibility and conversion runway. A large Service backlog underpins recurring aftermarket revenue and spare-parts sales, supporting margin sustainability and predictable cash flow as turbines are commissioned and serviced.
Improved Profitability And ReturnsMargin recovery from the 2022 loss through 2024–2025 and ROCE improvement reflect stronger operational execution and pricing discipline. Higher margins and ROCE enhance reinvestment capacity, support capital returns, and make the business more resilient to project timing volatility.