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Vestas Posts Q2 Revenue In Line With Last Year; Revises FY Guidance

Vestas (VWDRY.PK) reported second-quarter revenue of EUR 3.536 billion, in line with the year-earlier period, impacted by lower onshore activity level and continued supply chain constraints.

Meanwhile, EBIT before special items increased by EUR 67 million to EUR 101 million. EBIT margin, before special items, was 2.9%, compared to 1.0% in the prior year period, reflecting higher fixed costs base from offshore integration and cost inflation.

Free cash flow amounted to EUR 183 million compared to EUR (106) million in the second quarter of 2020.

To reflect the current environment characterised by supply chain constraints, cost inflation, and restrictions in key markets caused by COVID-19, and the impacts this is likely to continue to have in the second half of the year, Vestas revised its full-year guidance.

The company now expects full-year revenue in the range of EUR 15.5 billion - EUR 16.5 billion, compared to the previously communicated range of EUR 16 billion - EUR 17 billion. Total investments are now expected to be below EUR 1,000 million in 2021 versus prior guidance of about EUR 1,000 million.

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