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Vestas Wind Systems A/S
XMUN:VWSB

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Vestas Wind Systems A/S
XMUN:VWSB
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Price: 28.06 EUR 1.78%
Market Cap: €28.3B

Vestas Wind Systems A/S
Investor Relations

Vestas Wind Systems A/S makes wind turbines and the hardware and software around them. The company designs, manufactures, installs, and maintains turbines for onshore and offshore wind farms, so its products turn wind into electricity for utilities, power producers, and large energy buyers. Vestas sells complete turbine systems, plus long-term service contracts that keep those turbines running after installation. That service business matters because wind farms need regular maintenance, repairs, parts, and monitoring over many years, which gives Vestas recurring revenue beyond the original equipment sale. What makes Vestas different is its role in the wind power supply chain. It is not an electric utility that sells power to homes; it is the industrial company that helps other customers build and operate wind generation assets. Its business depends on project development cycles, equipment delivery, and dependable upkeep, which makes it a key partner for customers shifting toward renewable electricity.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Aug 12, 2026
AI Summary
Q2 2026

Strong quarter: Vestas reported revenue of EUR 4.7 billion, up 26% year-on-year, with EPS up 46% to EUR 1.1 per share.

Margin surprise: EBIT margin reached 9.4%, helped by strong execution in both onshore and offshore Power Solutions, and management raised full-year EBIT margin guidance to 7% to 9% from 6% to 8%.

Order momentum: Order intake rose to 3.3 gigawatts, up 67% year-on-year, with strong onshore demand in the U.S. and Germany and a stable pricing environment.

Capital return: The company announced a new EUR 400 million share buyback, starting August 13 and running through year-end, bringing total announced buybacks this year to EUR 650 million.

Outlook and risks: Management said Q2 was unusually strong and cautioned that second-half execution is more uneven, with seasonality, project timing and offshore ramp-up still creating variability.

Long-term target: Vestas reiterated its ambition to reach a 10% EBIT margin over time, but said that will not happen this year and that offshore remains the biggest lever.

Key Financials
Revenue
EUR 4.7 billion
Earnings per share
EUR 1.1
EBIT margin
9.4%
Order intake
3.3 gigawatts
Power Solutions revenue
EUR 4.7 billion
Power Solutions EBIT margin
10.4%
Service EBIT margin
16.6%
Service backlog
EUR 40.9 billion
Power Solutions backlog
EUR 36 billion
Active service contracts
166 gigawatts
Operating cash flow
EUR 419 million
Adjusted free cash flow
EUR 94 million
Net cash position
EUR 92 million
Net working capital
negative EUR 2.3 billion
SG&A costs
7% of revenue
Warranty costs
EUR 141 million
Warranty consumption
EUR 218 million
Special items
EUR 27 million
Total investment
EUR 278 million
Share buyback
EUR 400 million
Total announced share buybacks
EUR 650 million
Net debt-to-EBITDA
0x
Turbines avoiding emissions
535 million tonnes of greenhouse gas emissions
Carbon emissions from own operations
118,000 tonnes
TRIR
2.9
Earnings Call Recording
Other Earnings Calls

Management

Mr. Henrik Andersen
Group President & CEO
No Bio Available
Mr. Hans Martin Smith
Executive VP & CFO
No Bio Available
Mr. Anders Nielsen M Sc.
Executive VP & CTO
No Bio Available
Mr. Daniel Patterson
VP & Head of Investor Relations
No Bio Available
Anders Riis
Vice President of Communications
No Bio Available
Morten Dyrholm
Group Senior Vice President of Marketing, Communications & Public Affairs
No Bio Available
Mr. Javier Rodriguez Diez
Executive VP of Sales & Chief Sales Officer
No Bio Available
Ms. Anne Pearce
Executive Vice President of People & Culture
No Bio Available
Mr. Anders Jakob Vedel
Chief Scientific Advisor
No Bio Available
Mr. Danny Nielsen
Senior VP & Country Head
No Bio Available

Contacts

Address
Aarhus
Hedeager 42, Aarhus N
Contacts
+4597300000
www.vestas.com