Vestas Revenue Rises to €5.7 Billion as Operating Margin Reaches 8.5%
Key Facts
Vestas reported on November 11, 2026 that third-quarter revenue rose to €5.7 billion, while its operating profit margin before special items reached 8.5%, as it narrowed its full-year outlook. The company summary showed order intake of €4.1 billion and a combined order backlog of €77.9 billion. But net profit of €323 million fell short of the analyst consensus of €380 million, according to Reuters coverage via Investing.com. Revenue also missed analysts’ estimate of €6 billion, while operating profit before special items came in at €483 million against a forecast of €526 million. The results put revenue growth and margin improvement alongside weaker-than-expected earnings, demand and liquidity.
Revenue rose 6.3% from the same period a year earlier, when net profit was €304 million, according to Reuters coverage. Service revenue increased 13.2% to €1.02 billion, while revenue from energy solutions grew 4.9% to €4.66 billion. Operating profit before special items was €483 million, below analysts’ forecast of €526 million, even as the margin reached 8.5%. The company highlighted the margin alongside revenue in its summary, while Reuters reported that net profit did not match analyst consensus. Growth in services and energy solutions supported quarterly revenue, but did not prevent misses on profit and revenue estimates.
On the demand side, wind turbine order volume fell 27% to 3,377 megawatts in the third quarter, Reuters reported, attributing the decline mainly to weaker onshore wind orders in the United States. The average selling price rose to €1.22 million per megawatt, pointing to different movements in price and volume over the same period. Order intake was valued at €4.1 billion in Vestas’ summary, while the combined order backlog reached €77.9 billion. The backlog distinguishes accumulated business from new orders received by the company during the quarter. The results therefore combined a decline in turbine order flow with an expanded existing order book.
On liquidity, adjusted free cash flow fell to €99 million, compared with €508 million in the third quarter of 2025. Reuters said the decline reflected lower operating cash flow and higher working capital needs as offshore activity expanded. This decline added a weaker indicator alongside the fall in turbine orders, while revenue rose and the operating profit margin before special items improved. The reported figures provided no other cash flow number for comparison, so the comparison is limited to the same period a year earlier. This cash flow movement remains part of the quarterly picture accompanying the company’s outlook update.
Vestas lowered its 2026 revenue outlook range to €20.5–21.5 billion, from €20–22 billion, and narrowed its operating profit margin before special items range to 7.5–8.5%, from 7–9%. It also cut its investment estimate to about €1 billion, from €1.2 billion, Reuters reported. Chief Executive Henrik Andersen said the company “remains on track to deliver its full-year earnings outlook” and that the narrower range reflected improved visibility. The company added that the first nine months of 2026 were marked by uncertainty and high energy prices. The update means a tighter range for expected revenue and investment, alongside a narrower annual margin range.
In the market, Vestas shares fell 6.43% to €24.87 in the November 11 session, their lowest level since October 23, Reuters reported. The shares underperformed the Stoxx Europe 600, which rose 0.7% in the session. A €400 million share buyback program launched in August will continue through mid-December 2026, according to the company. Vestas set February 11, 2027, as the date for publishing its 2026 annual report. Andersen said the narrower outlook reflected improved visibility, while the company maintained that it expected to deliver its full-year earnings outlook.