In the first quarter of 2026, Vestas generated revenues of €3,966 million , a 14.4% increase year-over-year. EBIT before special items amounted to €127 million, resulting in an EBIT margin before special items of 3.2%, compared to 0.4% in the first quarter of 2025.
Adjusted free cash flow amounted to (533) million euros, compared to (325) million euros in the first quarter of 2025.
The quarterly intake of firm and unconditional orders for wind turbines amounted to 4504 MW, representing a 44% increase compared to the first quarter of 2025. The value of the wind turbine order backlog was €36.3 billion as of March 31, 2026.
In addition to its wind turbine order backlog, Vestas had service contracts at the end of the quarter with expected future revenue of €39.8 billion. This brought the total value of its wind turbine and service order backlog to €76.1 billion, an increase of €6.3 billion compared to the same period last year.
In line with Vestas' overall capital structure strategy and with the aim of adjusting this structure and covering share issues under our long-term incentive programs, the Board of Directors has decided to initiate a new share buyback worth 100 million euros.
The outlook for the full year remains unchanged: revenues are expected to be between €20 billion and €22 billion, including service revenues. Vestas anticipates achieving an EBIT margin before exceptional items for the Group of 6-8%, and total investments are expected to amount to approximately €1.2 billion in 2026.
Group Chairman and CEO Henrik Andersen said: "Vestas recorded a strong first quarter of 2026, driven by improved execution across our onshore and offshore businesses amid growing geopolitical uncertainty. Revenue increased by 14% year-on-year, and with an EBIT margin of 3.2%, we achieved our strongest first-quarter profitability since 2018, highlighting our positive operating trajectory."
"The recovery plan continued in the Services area, with greater commercial and operational discipline in the segment. Our turbine order backlog reached a new high of €36.3 billion, thanks to the incoming 4.5 GW of orders, driven by onshore orders in all regions and, in particular, by strong activity in the marine sector," he added.
He concluded: "The current geopolitical uncertainty and energy crisis underscore the need for affordable, secure, and sustainable energy, and we want to thank our customers, partners, and colleagues for their continued support in ensuring that societies can obtain the energy they need."
Highlights
Revenues of 4 billion euros,
a 14 percent year-on-year increase driven by offshore activity, as production start-up improves.
EBIT margin of 3.2 percent.
Higher profitability in both land and sea operations, resulting in the best first quarter EBIT margin since 2018.
The service's EBIT margin is 16.3 percent.
The continuous reduction of service costs leads to a decrease in revenue, with profitability in line with forecasts.
The order intake of 4.5 GW
The strong performance of the UK offshore sector and the positive dynamism of the onshore sector have resulted in a record order book.
Cash returned to shareholders for the third consecutive quarter.
A new share buyback program worth 100 million euros will be initiated.