Vestas Wind Systems (VWS) Q2 2026 earnings summary

Executive summary

• Revenue grew 26% year-on-year to €4.7 billion in Q2 2026, driven by strong Power Solutions growth and improved profitability in both onshore and offshore segments.

• EBIT margin before special items reached 9.4%, up nearly 8 percentage points year-on-year.

• EPS increased 46% year-on-year to €1.11, with net profit at €285 million.

• Order intake surged 67% year-on-year to 3.3 GW, with strong commercial traction in EMEA and the Americas.

• A new €400 million share buyback program will run from August to December 2026.

Financial highlights

• Q2 2026 revenue: €4.7 billion (+26% YoY); Power Solutions revenue up 37% YoY; Service revenue declined 5% YoY.

• EBIT before special items: €446 million; EBIT margin before special items: 9.4% (up from 1.5% last year).

• Gross margin: 17.0% (up 5.9 percentage points YoY).

• Adjusted free cash flow: €94 million; net cash position at quarter-end: €92 million.

• Net working capital stood at -€2.3 billion, or -11.1% of last 12 months' revenue.

Outlook and guidance

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

• EBIT margin before special items guidance raised to 7–9% (from 6–8%).

• Service EBIT margin before special items expected at 15.5–17.5%.

• Total investment for the year projected around €1.2 billion.