Vestas reported strong revenue growth, higher wind turbine orders and an expanding project pipeline in the second quarter of 2026, supported by increased onshore and offshore project deliveries.
The wind energy company generated quarterly revenue of €4.723 billion, up 26.1 percent from €3.745 billion in Q2 2025. Revenue for the first half of 2026 increased 20.5 percent to €8.689 billion from €7.213 billion.
Vestas raised its full-year profitability outlook following improved project execution and stronger commercial activity. The company continues to expect 2026 revenue of €20 billion to €22 billion but now forecasts an EBIT margin before special items of 7 percent to 9 percent, compared with its previous guidance of 6 percent to 8 percent.
Total investments are expected to remain approximately €1.2 billion in 2026.
Vestas Wind Turbine Orders Rise 67 Percent
Vestas secured 3,349 MW of firm and unconditional wind turbine orders worth €3.4 billion during Q2 2026. Order intake increased 67 percent from 2,009 MW valued at €2.2 billion in Q2 2025.
The Americas delivered the largest order intake at 1,759 MW, followed by Europe, the Middle East and Africa with 1,522 MW and Asia-Pacific with 68 MW.
All 3,349 MW of orders secured during the quarter were for onshore wind projects. Vestas did not record any offshore turbine orders during Q2 2026.
The average selling price declined to €1 million per MW from €1.11 million per MW a year earlier, reflecting a larger proportion of low-scope projects in the Americas.
For the first half of 2026, Vestas received orders totalling 7,853 MW, up from 5,144 MW in H1 2025. The value of first-half order intake increased to €8.6 billion from €6.1 billion.
Combined Order Backlog Reaches €76.9 Billion
Vestas ended June 2026 with a combined wind turbine and service order backlog of €76.9 billion, an increase of €9.6 billion from the year-earlier period.
The wind turbine backlog reached 32,557 MW, valued at €36 billion. This compares with 29,244 MW worth €31.4 billion at the end of June 2025.
Offshore wind projects accounted for €12 billion of the turbine backlog. In capacity terms, offshore projects represented 9,324 MW, including 7,617 MW in Europe, the Middle East and Africa, 1,178 MW in Asia-Pacific and 529 MW in the Americas.
The total turbine backlog included 19,288 MW in Europe, the Middle East and Africa, 10,391 MW in the Americas and 2,878 MW in Asia-Pacific.
Growth was supported by significant onshore wind orders in Germany and the United States, alongside offshore orders previously secured in the United Kingdom and South Korea.
Wind Project Pipeline Expands to 24.4 GW
Vestas had a wind project development pipeline of 24.4 GW at the end of Q2 2026, providing the company with additional opportunities to convert development projects into turbine orders and long-term service contracts.
Asia-Pacific represented the largest share at 14.9 GW, followed by the Americas at 6.7 GW and Europe, the Middle East and Africa at 2.8 GW. Australia and the United States had the company’s largest development pipelines.
The pipeline strengthens Vestas’ position across project development, turbine supply, installation and lifecycle services, while increasing opportunities to secure recurring revenue from completed wind farms.
Power Solutions Revenue Climbs 36.8 Percent
Revenue from the Power Solutions business increased 36.8 percent to €3.827 billion in Q2 2026 from €2.797 billion in the year-earlier quarter.
Growth was mainly driven by higher volumes delivered across onshore and offshore projects, supplemented by higher average revenue per MW delivered. Foreign-exchange movements reduced quarterly Power Solutions revenue by €9 million.
For the first half, Power Solutions revenue rose 30.2 percent to €6.958 billion from €5.345 billion. Higher offshore project deliveries were the primary growth driver, although currency movements reduced first-half revenue by €93 million.
The segment generated EBIT before special items of €397 million in Q2 2026, compared with a loss of €11 million a year earlier. Its EBIT margin improved by 10.8 percentage points, moving from negative 0.4 percent to 10.4 percent.
For H1 2026, Power Solutions delivered EBIT before special items of €483 million and a margin of 6.9 percent. In H1 2025, it recorded a loss of €71 million and a negative 1.3 percent margin.
Vestas attributed the recovery to operating leverage and improved execution across both onshore and offshore wind projects.
Customer Deliveries Increase 25 Percent
Wind turbine deliveries to customers rose 25 percent to 3,504 MW during Q2 2026 from 2,808 MW in Q2 2025.
Deliveries in Europe, the Middle East and Africa increased to 1,867 MW from 1,203 MW, while the Americas accounted for 1,218 MW compared with 1,243 MW. Asia-Pacific deliveries rose to 419 MW from 362 MW.
Offshore wind deliveries more than doubled to 776 MW from 320 MW. Europe, the Middle East and Africa accounted for 567 MW of offshore deliveries, followed by the Americas with 199 MW and Asia-Pacific with 10 MW.
Germany was Vestas’ largest delivery market during the quarter at 816 MW, up from 396 MW. The United States followed with 1,129 MW, compared with 771 MW a year earlier.
Other major customer deliveries included 177 MW in France, 177 MW in Australia, 158 MW in the United Kingdom, 155 MW in New Zealand, 142 MW in South Africa, 140 MW in Portugal and 124 MW in Spain.
Vestas produced and shipped 5,475 MW through 846 wind turbines during Q2 2026, compared with 3,650 MW through 784 turbines a year earlier. First-half production and shipments reached 9,180 MW across 1,515 turbines.
By the end of June 2026, Vestas had installed 207 GW of wind capacity across 88 countries.
Service Backlog Grows to €40.9 Billion
Vestas’ service order backlog reached €40.9 billion at the end of June 2026, up €5 billion from €35.9 billion a year earlier.
Contract indexation added €1.3 billion to the service backlog, while currency movements contributed another €200 million. The average duration of the service backlog remained 11 years.
The company had more than 56,000 wind turbines under service, representing 166 GW of capacity. Performance data for the service business covers more than 40,000 onshore and offshore turbines under full-scope service agreements.
This large installed base provides Vestas with long-term contractual revenue and recurring customer relationships extending beyond initial turbine delivery and installation.
Service Revenue Declines 5.5 Percent
Service revenue declined 5.5 percent to €896 million in Q2 2026 from €948 million a year earlier. The decrease reflected €34 million of lower contract activity, primarily in Europe, the Middle East, Africa and the Americas, as well as an €18 million reduction in transactional sales.
Foreign-exchange movements had an additional negative impact of €7 million.
First-half Service revenue decreased 7.3 percent to €1.731 billion from €1.868 billion, including a €43 million currency impact.
The Service business generated quarterly EBIT before special items of €149 million and an EBIT margin of 16.6 percent, compared with €163 million and 17.2 percent a year earlier. Vestas continues to expect a Service EBIT margin of 15.5 percent to 17.5 percent for full-year 2026.
EMEA Becomes Vestas’ Largest Revenue Market
Revenue from Europe, the Middle East and Africa jumped to €2.537 billion in Q2 2026 from €1.779 billion. The Americas generated €1.549 billion, up from €1.431 billion, while Asia-Pacific revenue increased to €637 million from €535 million.
For H1 2026, revenue from Europe, the Middle East and Africa reached €4.906 billion, compared with €3.057 billion a year earlier. The Americas contributed €2.620 billion, down from €3.033 billion, while Asia-Pacific revenue rose to €1.163 billion from €1.123 billion.
Supply-only contracts generated quarterly revenue of €996 million. Supply-and-installation contracts contributed €2.484 billion, comprising €1.127 billion recognised at a point in time and €1.357 billion recognised over time.
EPC and turnkey projects generated €347 million, service contracts contributed €767 million and transactional service sales accounted for €129 million.
Vestas Raises Profitability Outlook After Strong Q2
Vestas’ group EBIT before special items increased to €446 million from €57 million, lifting the margin to 9.4 percent from 1.5 percent. Net profit rose to €285 million from €34 million, while adjusted free cash flow improved to €94 million from negative €227 million.
The stronger results were driven by revenue growth, higher customer deliveries and improved profitability across onshore and offshore project execution.
Vestas expects wind energy demand to remain supported by the global requirement for secure, affordable and sustainable electricity. Its €76.9 billion combined backlog, 24.4 GW development pipeline, 207 GW installed fleet and 166 GW service portfolio give the company substantial visibility across turbine sales, project delivery and long-term customer service revenue.
BABURAJAN KIZHAKEDATH
