Quarterly revenue of EUR 4.7bn with an EBIT margin before special items of 9.4 percent. Order intake of EUR 3.4bn and combined order backlog of EUR 76.9bn. Full-year outlook raised.
In the second quarter of 2026, Vestas generated revenue of EUR 4,723m – an increase of 26.1 percent compared to the second quarter of 2025. EBIT before special items amounted to EUR 446m, resulting in an EBIT margin before special items of 9.4 percent, compared to 1.5 percent in the second quarter of 2025.
Adjusted free cash flow amounted to EUR 94m compared to negative EUR 227m in the second quarter of 2025.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,349 MW, a 67 percent increase from second quarter 2025. The value of the wind turbine order backlog was EUR 36.0bn as at 30 June 2026.
In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 40.9bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 76.9bn – an increase of EUR 9.6bn compared to the year-earlier period.
In line with Vestas’ capital structure strategy, the Board has decided to initiate a new share buy-back of EUR 400m, in accordance with the authorisation granted at the Annual General Meeting in April 2026.
The full-year 2026 outlook is raised: Revenue is still expected to range between EUR 20bn and 22bn, EBIT margin before special items is now expected between 7-9 percent (previously 6-8 percent), and total investments1) are still expected to amount to approx. EUR 1.2bn.
Group President & CEO Henrik Andersen said: 'In the second quarter of 2026, Vestas achieved 26 percent revenue growth to EUR 4.7bn and an EBIT margin of 9.4 percent, which corresponds to an improvement of 7.9 pp year-on-year. The improvement was driven by Power Solutions, both Onshore and Offshore, while order intake grew 67 percent year-on-year to 3.3 GW and Service performed according to plan. Based on our performance in the second quarter and visibility towards the end of the year, we raise the 2026 outlook on profitability and return further cash to shareholders through a new share buyback of EUR 400m that will run until the end of the calendar year. Demand for wind energy solutions remains strong due to the growing need for secure, affordable, and sustainable energy, and we want to thank our customers, partners and colleagues for their continued engagement and support.'
Key highlights
Revenue of EUR 4.7bn
Increase of 26 percent YoY driven by strong growth in Power Solutions.
EBIT margin of 9.4 percent
Strong profitability improvement driven by both Onshore and Offshore.
EPS of EUR 1.11
Earnings per share grew 46 percent YoY.
Order intake of 3.3 GW
Increase of 67 percent YoY driven by commercial traction in both EMEA and the Americas.
Returning cash to shareholders
New share buyback of EUR 400m will begin 13 August and run until the end of the calendar year.
Outlook for 2026
Guidance raised, reflecting performance in the second quarter and improved visibility.
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.
Source: Vestas
