Vestas posts €5.677 billion in revenue and narrows 2026 outlook despite decline in turbine orders
Key Facts
On November 11, 2026, Vestas reported third-quarter revenue of €5.677 billion, up 6% year over year, and narrowed its full-year outlook. The company said growth in offshore wind and service activities contributed to higher revenue, while EBIT margin before special items rose to 8.5% from 7.8% a year earlier. Earnings per share were €1.14, up 21% from the comparable period, which the company said was a record. Results came amid mixed signals in operating indicators: quarterly turbine orders and adjusted free cash flow fell, while the combined backlog for service and energy solutions remained substantial. The outlook update included lower ranges for expected revenue and investment, alongside a narrower annual margin range.
EBIT before special items was €483 million, with a margin of 8.5%, compared with 7.8% in the third quarter of 2025. The company attributed the margin improvement to higher profitability in Power Solutions and improved operating leverage. By contrast, it said higher operating costs on a European offshore project weighed on results. Revenue rose 6% to €5.677 billion, while the published average analyst estimate for the company was €6.004 billion, within a range of €5.640 billion to €6.443 billion. Vestas compiled the consensus data on October 26, 2026, ahead of its third-quarter results. Revenue therefore came in below that consensus average, while no documented figures were available to compare earnings per share with analyst estimates.
Demand indicators moved in different directions. Confirmed and unconditional wind turbine orders totaled 3,377 MW in the third quarter, down 27% from the same period in 2025, when they totaled 4,606 MW, up 4% year over year. The value of the Power Solutions order backlog was €35.9 billion as of September 30, 2026. For service agreements, expected future contractual revenue was €42.0 billion. Together, these components brought the value of Power Solutions and service orders to €77.9 billion, an increase of €9.7 billion from the comparable period. The figures show a larger long-term backlog alongside a decline in new turbine orders during the quarter.
Adjusted free cash flow fell to €99 million in the third quarter, compared with €508 million in the third quarter of 2025. The decline adds a weaker cash-flow signal alongside lower quarterly orders, despite revenue growth and an improved EBIT margin. For comparison, the company reported revenue of €5.339 billion in the third quarter of 2025, while EBIT margin before special items was 7.8%, compared with 4.5% in the third quarter of 2024. The value of the wind turbine order backlog was €31.6 billion as of September 30, 2025. The comparison shows that margin improvement continued into the current quarter, while the current combined order backlog includes energy solutions and services alongside turbine activity.
Vestas lowered its 2026 revenue outlook to €20.5–21.5 billion from €20–22 billion and narrowed its EBIT margin before special items outlook to 7.5–8.5% from 7–9%. It also reduced its investment estimate to around €1.0 billion from around €1.2 billion. On August 12, the company had raised its annual margin outlook to 7–9% from 6–8%, while keeping its revenue range at €20–22 billion and investment near €1.2 billion. In its current update, the company said its 2026 outlook assumes no major change in global business conditions, including energy or supply-chain disruptions, regulatory changes, a shortage of grid connections and other external conditions. Narrowing the ranges means the company updated its estimates for the rest of the year and lowered expected capital spending.
The chief executive said growth in offshore and service activities helped lift revenue, while improved profitability in Power Solutions and operating leverage supported the margin; costs on a European offshore project weighed on results. These factors follow the company’s attribution of its third-quarter 2025 results to higher deliveries and improved execution of Onshore projects. On capital, a €400 million share buyback program began in August, and the company said it would continue until mid-December 2026. The results conference was scheduled for November 11 at 10 a.m. Central European Time, with a live presentation and question-and-answer session. The buyback program and lower investment remain among the main elements of the update accompanying third-quarter results and the annual outlook.