Vestas Wind Systems (VWS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached EUR 3,966m, up 14.4% year-over-year, driven by strong offshore performance and improved manufacturing ramp-up.

• EBIT margin before special items was 3.2%, the highest Q1 margin since 2018, reflecting improved profitability in both onshore and offshore segments.

• Net income reached EUR 70m, up from EUR 5m in Q1 2025, supported by execution improvements.

• Order intake surged 44% to 4,504 MW, with a record backlog exceeding EUR 36bn, driven by strong offshore orders in the UK and robust onshore momentum.

• A EUR 100m share buyback was announced, marking the third consecutive quarter of capital return to shareholders.

Financial highlights

• Revenue: EUR 3,966m, up 14% year-over-year, primarily from Power Solutions.

• EBIT before special items: EUR 127m (3.2% margin), up from EUR 14m (0.4%) last year.

• Net profit: EUR 70m, up from EUR 5m year-over-year.

• Gross margin: 11.9%, up 1.5 percentage points year-over-year.

• Adjusted free cash flow was negative EUR 533m, reflecting typical Q1 working capital build-up.

• Net cash position at quarter-end was EUR 435m.

Outlook and guidance

• 2026 revenue guidance maintained at EUR 20–22bn.

• EBIT margin before special items expected at 6–8%.

• Service EBIT margin guidance set at 15.5–17.5%.

• Total investments for the year projected at approximately EUR 1.2bn.

• Guidance assumes no significant changes in geopolitical or supply chain conditions.