Vestas Wind Systems (VWS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 14.4% year-over-year to €3,966 million, driven by strong offshore performance and manufacturing ramp-up.

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

• Service EBIT margin stood at 16.3%, supported by ongoing cost-out initiatives and operational excellence.

• Order intake surged 44% to 4,504 MW, with robust offshore orders in the UK and a record backlog exceeding €36 billion.

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

Financial highlights

• Gross profit increased to €471 million (11.9% margin), up from €359 million (10.4%) in Q1 2025.

• EBIT before special items was €127 million (3.2% margin), up from €14 million (0.4%) last year.

• Net profit reached €70 million, up from €5 million year-over-year.

• Adjusted free cash flow was -€533 million, reflecting typical Q1 working capital build-up.

• Net cash position at quarter-end was €435 million.

Outlook and guidance

• 2026 revenue guidance maintained at €20–22 billion.

• 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 €1.2 billion.

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