Vestas – Interim Report, Third Quarter 2026

Vestas Wind Systems A/S, Aarhus, 11 November 2026
Company Announcement no. 59/2026

Quarterly revenue of EUR 5.7bn with an EBIT margin before special items of 8.5 percent. Order intake of EUR 4.1bn and combined order backlog of EUR 77.9bn. Full-year outlook narrowed. 

In the third quarter of 2026, Vestas generated revenue of EUR 5,677m – an increase of 6 percent compared to the third quarter of 2025. EBIT before special items amounted to EUR 483m, resulting in an EBIT margin before special items of 8.5 percent, compared to 7.8 percent in the third quarter of 2025.

Adjusted free cash flow amounted to EUR 99m compared to EUR 508m in the third quarter of 2025.

The quarterly intake of firm and unconditional wind turbine orders amounted to 3,377 MW, a 27 percent decrease from third quarter 2025. The value of the Power Solutions order backlog was EUR 35.9bn as at 30 September 2026.

In addition to the Power Solutions order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 42.0bn. Thus, the value of the combined Power Solutions and Service backlog stood at EUR 77.9bn – an increase of EUR 9.7bn compared to the year-earlier period.

In line with Vestas’ capital structure strategy, the share buyback of EUR 400m initiated in August continues until mid-December, in accordance with the authorisation granted at the Annual General Meeting in April 2026.

The full-year 2026 outlook is narrowed: Revenue is expected to range between EUR 20.5bn and 21.5bn (previously EUR 20-22bn), the EBIT margin before special items is expected between 7.5-8.5 percent (previously 7-9 percent), and total investments¹⁾ are expected to amount to approx. EUR 1.0bn (previously approx. EUR 1.2bn).

Group President & CEO Henrik Andersen said: “Vestas continued its positive trajectory in the third quarter of 2026 and improved both revenue and profitability year on year, leading to an all-time high Earnings Per Share of EUR 1.14. Growth in Offshore and Service helped revenue increase by 6 percent to EUR 5.7bn, while the EBIT margin increased to 8.5 percent through higher profitability in Power Solutions and improved operating leverage. Increased operating costs at a European offshore project impacted our results negatively, while the ramp-up in Offshore and the Service recovery plan continue to progress. Commercial traction in EMEA and Asia Pacific resulted in an order intake of 3.4 GW with a high average selling price, and an order backlog of EUR 35.9bn. We remain on track to reach the expected full-year earnings, and we narrow the outlook reflecting solid performance in the quarter and improved visibility. The first nine months of 2026 have been characterised by uncertainty and elevated energy prices, and we want to thank our customers, partners, and colleagues for their continued support and engagement in delivering secure, affordable, and sustainable energy across the globe.”

Key highlights

Revenue of EUR 5.7bn
Increase of 6 percent YoY driven by growth in Offshore and Service.

1) Total cash flows from the purchase of intangible assets and property, plant, and equipment, net of proceeds from the sale of intangible assets and property, plant, and equipment. 

Conference call
On Wednesday 11 November 2026 at 10 am CET (9 am GMT), Vestas will host a conference call with a presentation on the results. The presentation will be audiocast and can be viewed live or replayed via vestas.com.

The presentation will be held in English and will conclude with a Q&A. Details on how to register for the Q&A are to be found at vestas.com/en/investor.

Contact details
Vestas Wind Systems A/S, Denmark

Investors/analysts:
Daniel Patterson,
Vice President, Investor Relations
Tel: +45 2669 2725

Frederik Holm Jacobsen,
Senior Specialist, Investor Relations
Tel: +45 2835 3365

Media:
Anders Riis,
Vice President, Communications
Tel: +45 4181 3922