Vestas reported higher revenue and profitability in the second quarter of 2026 compared with the same period in 2025. The quarterly intake of firm and unconditional wind turbine orders increased 67 percent to 3,349 MW.
Revenue increased 26.1 percent to €4.723bn, while EBIT before special items rose to €446m, resulting in an EBIT margin before special items of 9.4 percent, compared with 1.5 percent in the second quarter of 2025. Adjusted free cash flow was €94m, compared with negative €227m in the second quarter of 2025. The wind turbine order backlog was valued at €36.0bn at 30 June 2026.
Vestas also had service agreements with expected contractual future revenue of €40.9bn at the end of the quarter. The combined backlog of wind turbine orders and service agreements therefore stood at €76.9bn, an increase of €9.6bn compared with the year-earlier period.
The Board has decided to initiate a new share buy-back of €400m, in line with Vestas’ capital structure strategy and the authorisation granted at the Annual General Meeting in April 2026.
Vestas has raised its full-year 2026 outlook for EBIT margin before special items. Revenue is still expected to range between €20bn and €22bn, while the EBIT margin before special items is now expected to be 7–9 percent, compared with the previous outlook of 6–8 percent. Total investments are still expected to be approximately €1.2bn.
