Vestas Wind Systems reported a 6.3 percent increase in revenue to €5.68 billion in the third quarter of 2026, supported by higher offshore wind turbine deliveries, stronger service revenue and improved project execution. The Danish wind turbine manufacturer secured new turbine orders worth €4.1 billion during the quarter, while its combined wind turbine and service order backlog reached €77.9 billion.
Vestas reported operating profit (EBIT) before special items of €483 million, compared with €416 million a year earlier. Its EBIT margin improved to 8.5 percent from 7.8 percent, reflecting stronger profitability in Power Solutions and improved operating leverage.
The company also narrowed its full-year revenue forecast to €20.5 billion–€21.5 billion and reduced its expected annual capital investments to approximately €1 billion.
Vestas Revenue Reaches €14.37 Billion in First Nine Months of 2026
Vestas generated revenue of €14.37 billion during January–September 2026, representing growth of 14.5 percent from €12.55 billion in the corresponding period of 2025.
Operating profit before special items increased to €1.06 billion from €487 million, with the EBIT margin rising to 7.4 percent from 3.9 percent.
The Power Solutions business contributed €4.66 billion in third-quarter revenue, increasing 4.9 percent from €4.44 billion a year earlier.
Power Solutions revenue for the first nine months increased 18.7 percent to €11.62 billion, driven primarily by higher offshore wind project deliveries and improved average selling prices.
The segment generated quarterly EBIT before special items of €408 million, compared with €359 million in Q3 2025. Its EBIT margin improved to 8.8 percent from 8.1 percent.
However, Vestas reported additional operating costs associated with a European offshore wind project, which negatively affected quarterly profitability.
Vestas Secures €4.1 Billion in Wind Turbine Orders
Vestas recorded firm and unconditional wind turbine orders totaling 3,377 MW during the third quarter of 2026, representing an order value of €4.1 billion.
Order volume declined 27 percent from 4,606 MW in the corresponding quarter of 2025, while order value decreased from €4.6 billion.
The decline was primarily attributable to lower onshore wind turbine orders in the United States.
Despite lower booking volumes, Vestas increased its average selling price per MW to €1.22 million from €1.01 million a year earlier, supported by larger-scope orders in Asia Pacific.
Regional order bookings during Q3 2026 included:
Europe, Middle East and Africa (EMEA): 1,715 MW
Asia Pacific: 1,086 MW
Americas: 576 MW
All new turbine orders booked during the quarter were for onshore wind projects, with no offshore turbine order intake reported.
For the first nine months of 2026, Vestas secured orders totaling 11,230 MW, compared with 9,750 MW during the corresponding period of 2025.
The value of orders booked during January–September increased to €12.7 billion from €10.7 billion.
Vestas Wind Turbine Order Backlog Increases to €35.9 Billion
Vestas ended September 2026 with a wind turbine order backlog of €35.9 billion, compared with €31.6 billion a year earlier.
The backlog represented 31,551 MW of wind turbine capacity, increasing from 29,411 MW in September 2025.
Offshore wind projects accounted for €11.1 billion of the turbine order backlog, highlighting the importance of offshore developments to future revenue.
The company identified significant onshore order intake in Germany, Australia and Brazil, alongside offshore orders in the United Kingdom, as important contributors to the backlog.
Regional turbine backlog stood at 18,695 MW in EMEA, 9,189 MW in the Americas and 3,667 MW in Asia Pacific.
Of the total backlog, offshore projects represented 8,360 MW, including 6,873 MW in EMEA, 1,129 MW in Asia Pacific and 358 MW in the Americas.
Vestas Service Contracts Reach €42 Billion
Vestas reported third-quarter Service revenue of €1.02 billion, representing 13.2 percent growth from €900 million in Q3 2025.
For the first nine months of 2026, Service revenue declined 0.7 percent to €2.75 billion, reflecting lower contract activity in EMEA and the Americas.
The Service order backlog increased to €42 billion at the end of September 2026, compared with €36.6 billion a year earlier.
Of the €5.4 billion annual increase, €1.1 billion resulted from contract indexation mechanisms and €400 million from foreign exchange movements.
The average remaining duration of service contracts in the backlog was 11 years.
Vestas maintained more than 56,000 wind turbines under service, representing 169 GW of installed capacity, compared with 159 GW a year earlier.
Combining the €35.9 billion turbine backlog and €42 billion service backlog, Vestas reported total contracted future revenue of €77.9 billion, an increase of €9.7 billion year on year.
Vestas Wind Project Pipeline Reaches 24.6 GW
Vestas reported a wind energy development project pipeline of 24.6 GW at the end of the third quarter of 2026.
Asia Pacific represented the largest share, with 14.8 GW of development projects, followed by the Americas with 6.9 GW and EMEA with 2.9 GW.
Australia and the United States accounted for the largest country-level project pipelines.
The company’s development strategy focuses on advancing projects in core markets, improving project quality and converting its pipeline into profitable commercial opportunities.
Vestas delivered 4,391 MW of wind turbine capacity during Q3 2026, compared with 4,441 MW a year earlier.
Offshore deliveries increased to 964 MW from 544 MW, helping offset lower onshore deliveries.
Germany accounted for 692 MW of deliveries, followed by the United Kingdom with 458 MW, France with 268 MW and the Netherlands with 189 MW.
In the Americas, the United States represented the largest market with 1,483 MW of turbine deliveries.
By the end of September 2026, Vestas had installed a cumulative 212 GW of wind energy capacity across 88 countries.
Vestas Cuts 2026 Capex Forecast to €1 Billion
Vestas reported total investments of €252 million during Q3 2026, compared with €274 million in the same quarter of 2025.
For the first nine months of 2026, total investments declined to €728 million from €869 million.
The lower investment level reflected reduced expenditure associated with the manufacturing ramp-up of the V236-15.0 MW offshore wind turbine platform.
Investments in property, plant and equipment amounted to €162 million in the third quarter, compared with €174 million a year earlier.
For January–September 2026, investments in property, plant and equipment totaled €478 million, compared with €540 million in the previous year.
Vestas lowered its full-year 2026 investment guidance to approximately €1 billion from the previous estimate of €1.2 billion, representing a reduction of approximately 16.7 percent.
The company’s investment strategy prioritizes manufacturing efficiency, offshore turbine production, technology development and improvements in operational profitability.
Vestas Offshore Wind and Service Strategy
Vestas is prioritizing a stable and cost-efficient ramp-up of its V236-15.0 MW offshore wind turbine platform, with manufacturing cost reductions central to improving profitability.
The company expects the offshore wind market outside China to reach approximately 11 GW of annual installations by 2030.
For onshore wind, Vestas estimates its addressable market could reach 65 GW by 2030. Its commercial strategy emphasizes customer proximity, cost competitiveness, faster response times and stronger order conversion.
In Service, Vestas is implementing a recovery programme scheduled to run through the end of 2026. The programme targets operating efficiency, lower costs and improved profitability from long-term maintenance contracts.
Vestas maintains a long-term ambition of achieving a 25 percent EBIT margin in Service.
Across the group, the company’s longer-term financial ambitions include growing revenue faster than the wind energy market, achieving an EBIT margin before special items of at least 10 percent and generating positive adjusted free cash flow.
Vestas’ revised outlook reflects higher revenue from offshore wind projects, improvements in Power Solutions profitability, progress in its Service recovery programme and reduced investment requirements.
With €77.9 billion in combined turbine and service backlog, €12.7 billion in turbine orders booked during the first nine months and a 24.6 GW development pipeline, Vestas enters the final quarter of 2026 with substantial contracted business and future project opportunities.
BABURAJAN KIZHAKEDATH
