Vestas Achieves Best Q1 Margin Since 2018: Vestas Increases Quarterly Profit and Confirms Annual Forecast – Order Intake Grows – Shares Decline
Aarhus (Denmark) – Danish wind turbine manufacturer Vestas increased revenue and profitability in the first quarter of 2026 while also reporting significantly higher order intake. However, the company’s share price is declining today.
Earnings before interest and taxes (EBIT), before special items, amounted to €127 million, significantly above the prior-year quarter (€14 million in Q1 2025). The EBIT margin improved to 3.2%, up from 0.4% in Q1 2025. Earnings per diluted share rose to €0.86 (Q1 2025: €0.56). Adjusted free cash flow remained negative at –€533 million, compared with –€325 million in the same period last year.
Order intake developed particularly strongly: Vestas recorded 4,504 MW of firm and unconditional wind turbine orders in Q1, an increase of 44% year-on-year. The value of the turbine order backlog stood at €36.3 billion at the end of the quarter (Q1 2025: €32.9 billion). Together with service contracts worth €39.8 billion, this results in a combined order backlog of €76.1 billion (Q1 2025: €69.8 billion).
As part of its capital strategy, Vestas also announced a new share buyback program worth €100 million.
The full-year outlook was confirmed. For 2026, the company continues to expect revenue of €20–22 billion and an EBIT margin of 6–8%. Capital expenditures are expected to be around €1.2 billion.
“Vestas delivered a solid first quarter of 2026 driven by improved execution in our Onshore and Offshore businesses during growing geopolitical uncertainty. Revenue was up 14 percent year-on-year and with an EBIT margin of 3.2 percent, we achieved the highest first quarter profitability since 2018 and highlighted our positive operational trajectory. The recovery plan continued in Service with improved commercial and operational discipline in the segment,” said CEO Henrik Andersen, commenting on the company’s Q1 performance. “The current geopolitical uncertainty and energy crisis underline the need for affordable, secure, and sustainable energy,” Andersen added, referring to the geopolitical situation.
Vestas shares fell by 1.5% to €25.50 in early afternoon trading (13:46, 06.05.2026, Stuttgart Stock Exchange). Compared with the start of the year, this represents an increase of around 13%.
Source: IWR Online, 06 May 2026