Quarterly revenue of EUR 4bn with an EBIT margin before special items of 3.2 percent. Order intake of EUR 5.2bn and combined order backlog of EUR 76.1bn. Full-year guidance maintained.
In the first quarter of 2026, Vestas generated revenue of EUR 3,966m – an increase of 14.4 percent compared to the year-earlier period. EBIT before special items amounted to EUR 127m, resulting in an EBIT margin before special items of 3.2 percent, compared to 0.4 percent in the first quarter of 2025.
Adjusted free cash flow amounted to EUR (533)m compared to EUR (325)m in the first quarter of 2025.
The quarterly intake of firm and unconditional wind turbine orders amounted to 4,504 MW, a 44 percent increase from first quarter 2025. The value of the wind turbine order backlog was EUR 36.3bn as at 31 March 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 39.8bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 76.1bn – an increase of EUR 6.3bn compared to the year-earlier period.
In line with Vestas’ general capital structure strategy and with the purpose of adjusting Vestas’ capital structure and cover issues of shares under our long-term incentive programmes, the Board has decided to initiate a new share buy-back of EUR 100m.
The full-year guidance is maintained: Revenue is expected to range between EUR 20bn and 22bn, including Service revenue. Vestas expects to achieve an EBIT margin before special items for the Group of 6-8 percent, and total investments1) are expected to amount to approx. EUR 1.2bn in 2026.
Group President & CEO Henrik Andersen said: 'Vestas delivered a solid first quarter of 2026 driven by improved execution in our Onshore and Offshore businesses during growing geopolitical uncertainty. Revenue was up 14 percent year-on-year and with an EBIT margin of 3.2 percent, we achieved the highest first quarter profitability since 2018 and highlighted our positive operational trajectory. The recovery plan continued in Service with improved commercial and operational discipline in the segment. Our turbine order backlog reached a new high with EUR 36.3bn that was achieved through an order intake of 4.5 GW driven by Onshore orders across Regions and especially strong Offshore activity. The current geopolitical uncertainty and energy crisis underline the need for affordable, secure, and sustainable energy, and we want to thank our customers, partners, and colleagues for their continued support in ensuring societies can get the energy they need.'
Key highlights
Revenue of EUR 4.0bn
Increase of 14 percent YoY driven by Offshore, as the manufacturing ramp-up is improving.
EBIT margin of 3.2 percent
Better profitability in both Onshore and Offshore, leading to the best first quarter EBIT margin since 2018.
Service EBIT margin of 16.3 percent
Continued cost-out in Service leads to lower revenue with profitability in line with Outlook.
Order intake of 4.5 GW
Strong Offshore order intake in the UK and good Onshore momentum leads to record-high backlog.
Returning cash to shareholders for the third quarter in a row
New share buyback of EUR 100m will be initiated.
Outlook for 2026
Guidance maintained.
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
