Vestas reported Q1 2026 revenue of EUR 3.97 billion, representing a 14.4 percent increase from EUR 3.47 billion in Q1 2025, driven mainly by stronger offshore wind activity, higher turbine deliveries, and improving execution across its Power Solutions business.
Vestas said EBIT before special items rose sharply to EUR 127 million from EUR 14 million a year earlier, while EBIT margin improved to 3.2 percent from 0.4 percent. Net profit increased to EUR 70 million compared with EUR 5 million in Q1 2025.
Vestas Group President & CEO Henrik Andersen said: “Our turbine order backlog reached a new high with EUR 36.3bn that was achieved through an order intake of 4.5 GW driven by Onshore orders across Regions and especially strong Offshore activity.”
The Danish wind turbine company maintained its full-year 2026 guidance, forecasting revenue between EUR 20 billion and EUR 22 billion, EBIT margin before special items of 6-8 percent, and total investments of around EUR 1.2 billion.
Vestas’ Power Solutions division generated revenue of EUR 3.13 billion, up 22.9 percent from EUR 2.55 billion in Q1 2025, supported by increased offshore project deliveries and improved pricing. EBIT before special items for the segment reached EUR 86 million compared with a loss of EUR 60 million in the previous year.
The Service business reported revenue of EUR 835 million, down 9.2 percent from EUR 920 million, mainly due to lower contract activity in EMEA. However, the division maintained strong profitability with EBIT margin before special items at 16.3 percent. Vestas said its Service recovery plan is progressing, targeting long-term EBIT margins of 25 percent.
Order intake increased significantly during the quarter. Vestas secured 4,504 MW of wind turbine orders worth EUR 5.2 billion, compared with 3,135 MW valued at EUR 3.9 billion in Q1 2025. Offshore orders in EMEA, particularly from the UK, Germany, and South Korea, drove growth.
The company’s wind turbine order backlog reached a record EUR 36.3 billion, while service agreements contributed another EUR 39.8 billion, taking the combined backlog to EUR 76.1 billion.
Vestas delivered 2,815 MW during the quarter, up 19 percent year-on-year, including a major increase in offshore deliveries from 263 MW to 812 MW. Germany, the USA, the Netherlands, Australia, and Japan were among the largest delivery markets.
The company highlighted continued investments in offshore manufacturing ramp-up and technology platforms such as the V236-15.0 MW turbine. Total investments during Q1 2026 amounted to EUR 198 million, lower than EUR 307 million a year earlier as ramp-up investments moderated. Research and development spending totaled EUR 102 million.
Operating expenses remained elevated as administration costs increased to EUR 123 million due to higher IT and employee-related expenses. Total R&D, distribution, and administration costs were EUR 344 million. Warranty costs were stable at EUR 119 million, representing 3 percent of revenue.
Cash flow from operating activities turned negative at EUR 289 million, while adjusted free cash flow was negative EUR 533 million due to working capital changes. Despite this, Vestas strengthened its liquidity position with EUR 4.21 billion in cash and cash equivalents and completed a EUR 500 million Eurobond refinancing transaction.
Vestas also announced a new EUR 100 million share buyback program as part of its capital allocation strategy. The company reiterated its long-term ambition to grow revenue faster than the market, achieve at least 10 percent EBIT margin before special items, maintain positive adjusted free cash flow, and deliver 20 percent return on capital employed over the cycle.
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