Vestas Wind Systems A/S Q3 2026 Earnings Recap

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.