Vestas Wind Systems A/S

Vestas Wind Systems A/S Earnings Recaps

VWDRY Industrials 3 recaps
Next earnings: February 4, 2027 (estimated) · full calendar
Q3 2026 Nov 13, 2026

Vestas shares fell 1.8% after earnings, a roughly flat reaction. The quarter showed higher revenue and margins, but the transcript also cited significant costs from the July blade incident and no offshore orders in Q3; management narrowed full-year guidance but did not provide the revised range in the available transcript.

Key takeaways
  • Q3 revenue was EUR 5.7 billion, up 6% year-on-year, while EBIT margin was 8.5%; EPS rose 21% to EUR 1.14.
  • Order intake was 3.4 GW, driven by onshore activity in EMEA and Asia Pacific. There were no offshore orders in the quarter.
  • Average selling price on new orders was EUR 1.22 million per MW, with management citing a favorable project mix that included 1 GW of Australian EPC contracts.
  • The July blade incident added significant operating costs, though Vestas said it contained the incident and maintained progress on offshore activity.
  • Service backlog reached a historical high of EUR 42 billion, up EUR 6 billion year-on-year; the combined Power Solutions and Service backlog was EUR 78 billion.
Full recap
Q2 2026 Aug 15, 2026

The market rewarded Vestas with a 17.7% gain following Q2 driven by substantial beats in order intake and revenue growth, coupled with a raised full-year guidance reflecting improved visibility and operational momentum.

Key takeaways
  • Revenue surged 26% year-over-year to EUR 4.7 billion, fueled primarily by a 37% increase in the Power Solutions segment.
  • Order intake jumped 67% to 3.3 gigawatts, led by strong onshore demand in the U.S. and Germany; offshore orders were absent in the quarter but management notes lumpiness in that segment.
  • EBIT margin improved to 9.4%, supported by gains in both onshore and offshore operations, though the company remains 200 basis points shy of its 10% EBIT margin target for the year.
  • Service backlog expanded by EUR 5 billion year-over-year to EUR 40.9 billion, with 166 gigawatts under active service contracts, reflecting progress in the commercial reset.
  • A EUR 400 million share buyback program was announced to start immediately and run through December, indicating confidence in capital return despite ongoing operational challenges.
Full recap
Q2 2025 Aug 13, 2025

Vestas achieved a 14% year-on-year revenue growth to EUR 3.7 billion in Q2, but faced a significant decline in order intake, notably in the U.S., amid policy uncertainties.

Key takeaways
  • EBIT margin decreased to 1.5% due to increased offshore ramp-up costs, despite improved onshore project performance.
  • Order intake fell 44% year-on-year to 2 gigawatts, primarily impacted by customer hesitance regarding U.S. policy clarity.
  • Return on capital employed improved to 11.5%, marking the highest ROCE since 2020, driven by enhanced profitability over the last 12 months.
  • The service order backlog increased to EUR 36 billion, with gigawatts under service rising to 159, reflecting ongoing recovery efforts.
  • Despite challenges, the company maintains its 2025 outlook guidance, with early Q3 signs of order momentum returning.
Full recap

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