LM Wind Power in Kolding has once again delivered a record-breaking loss. With the loss for 2024, the wind turbine manufacturer's total five-year loss reaches over 8 billion DKK, and equity is now deeply negative. This is reported by Jyllands-Posten.
The latest accounts show that LM Wind Power lost 2.6 billion DKK in 2024, which exceeds the previous expectation of a loss of between 1.5 and 2 billion DKK. This is the fifth year in a row that the company has set a record low. Overall, the company has lost 8.2 billion DKK. DKK since 2020.
According to the financial statements, the owner group GE Vernova, which took over LM Wind Power in 2016, will inject capital to restore equity, which is now negative by DKK 4.1 billion, to ensure the continued operation of the company. Revenue in 2024 fell by almost 40 percent to DKK 2.1 billion, which according to management is due to, among other things, increased warranty obligations, rising costs and one-off restructuring costs. The company expects a loss of around DKK 300 million in 2025.
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