Q1 2023 Vestas Wind Systems A/S Earnings Call Transcript
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Good morning, and welcome to Vestas presentation of first quarter of 2023. I just wanted to start with thanking, first of all, our customers, partners suppliers and also our 28,500 colleagues around the world for working tirelessly throughout Q1. Of course, a good start of '23, which we will talk more about.
So let's, therefore, go into the highlights and the details of our Q1. And we had a revenue of EUR 2.8 billion. That is a growth of 14% year-on-year, driven by higher average pricing on deliveries, higher volume and also a 29% growth in the service business. Our EBIT margin ended positively at 1%. Profitability improvement driven by the sale of the converter business, lower warranty provisions, but also the very strong service business performance in Q1. The order intake of 3.3 gigawatt come from wind turbines orders, and that's up 12% year-on-year with an ASP of EUR 0.89 million impacted by mix, which we will take you through in one of the coming slides. The solid capital
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