Vestas Wind Systems A/S Q2 2026 Earnings Recap

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.