Vestas reports 6% revenue growth in third quarter of 2026
Vestas Wind Systems reported revenue of EUR 5.7 billion in the third quarter of 2026, up 6% compared with the same period last year. Operating profit (EBIT) before special items reached EUR 483 million, with a profit margin of 8.5%, compared with 7.8% a year earlier.
Adjusted free cash flow fell to EUR 99 million from EUR 508 million in the third quarter of 2025.
The company received new wind turbine orders totalling 3,377 MW (3.4 GW), down 27% year on year, with an order value of approximately EUR 4.1 billion.
At the end of September, Vestas had a wind turbine order backlog worth EUR 35.9 billion and service contracts with expected future revenue of EUR 42 billion. The combined order backlog reached EUR 77.9 billion, an increase of EUR 9.7 billion compared with the previous year.
Earnings per share rose 21% to a record EUR 1.14, supported by growth in the offshore wind and service businesses and improved profitability in Power Solutions.
Vestas is continuing its EUR 400 million share buyback programme, launched in August, which is expected to run until mid-December 2026.
Updated 2026 outlook
Following its third-quarter performance, Vestas has narrowed its full-year financial forecasts:
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Revenue: EUR 20.5–21.5 billion, previously EUR 20–22 billion.
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Operating profit margin (before special items): 7.5–8.5%, previously 7–9%.
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Total investments: Approximately EUR 1 billion, reduced from EUR 1.2 billion.
Vestas CEO Henrik Andersen said the company continued to improve revenue and profitability despite higher operating costs on a European offshore wind project.
He highlighted strong demand in Europe, the Middle East, Africa and Asia-Pacific, alongside continued progress in expanding offshore operations and improving the service business.
Andersen added that Vestas remains on track to meet its full-year earnings expectations, despite economic uncertainty and higher energy prices during the first nine months of 2026.
Source: Vestas
