Vestas Shares Fall 6.43% After Third-Quarter Results and Narrowed 2026 Outlook
Key Facts
Vestas’ European-listed shares fell 6.43% to 24.87 euros on Wednesday, November 11, after the company reported third-quarter results and narrowed its full-year 2026 outlook. The decline came in a session when the STOXX Europe 600 rose 0.7%, taking the stock to its lowest level since October 23. The company reported results at 07:23 Central European Time, with quarterly revenue of 5.7 billion euros and an EBIT margin before special items of 8.5%. Reuters-attributed coverage said revenue and EBIT before special items fell short of market expectations, while net profit also missed consensus despite rising year over year. The report therefore combined revenue growth and a higher margin with some metrics missing analyst estimates and a share-price decline on the day of the announcement.
Quarterly revenue rose 6% to 5.7 billion euros, supported by the offshore wind and services businesses, according to Reuters-attributed coverage. Services revenue increased 13.2% to 1.02 billion euros, while revenue from Power Solutions grew 4.9% to 4.66 billion euros. The company attributed part of the pressure on results to additional operating costs at a European offshore wind project. The figures show divergent performance: revenue grew in the two main businesses, while project costs weighed on results. Revenue growth alone, however, does not mean all profitability measures exceeded expectations; both revenue and EBIT before special items remained below market estimates.
On the demand side, wind turbine order volume fell 27% year over year to 3,377 megawatts in the third quarter. The average selling price rose to 1.22 million euros per megawatt, indicating that the price per unit of capacity moved in the opposite direction to order volume. Adjusted free cash flow also declined to 99 million euros, from 508 million euros in the corresponding period of 2025. Coverage linked the decrease to lower operating cash flow and higher working-capital needs as offshore activity expanded. Weak cash flow and order volume add pressure to the results, even as revenue from services and Power Solutions grew.
Chief Executive Henrik Andersen said the company remained on track to meet its full-year earnings outlook and that narrowing the range reflected improved visibility. Narrowing the full-year range describes a smaller gap between the outlook’s upper and lower bounds; by itself, it does not mean the company lowered either bound. The announcement included historical figures for comparison: Vestas recorded revenue of about 18.822 billion euros in 2025 and an EBIT margin before special items of 5.7%. The company also reported gross investments of 1.251 billion euros that year. These annual results provide context for tracking the new guidance, while demand and cash-flow indicators remain part of the quarterly picture.
According to EL7 data, U.S.-listed VWDRY closed at 9.87 dollars on November 10, after closing at 10.39 dollars on November 9 and 10.35 dollars on November 6. That close was for the session before the November 11 results announcement, while the 6.43% decline reflects the European share’s move on results day. The CEO and CFO are scheduled to hold an investor conference on November 11 at 10:00 Central European Time, followed by a question-and-answer session. Andersen said the narrowed outlook reflected improved visibility, while the 400 million euro share buyback program, which began in August and was scheduled to run through mid-December, continues. Market attention after the announcement combines what management will say at the conference with the trajectory of orders and liquidity in the coming period.