Vestas Q2 EBIT Jumps to EUR 446 Million, More Than Double Consensus, as Margin Guidance Rises

Vestas reported second-quarter operating profit before special items of EUR 446 million, nearly eight times the year-earlier level and more than double the analyst consensus of EUR 205 million. The Danish wind turbine maker raised its 2026 profitability guidance alongside the release.

The operating margin before special items came in at 9.4%, against the 4.5% analysts had modelled. Vestas lifted its full-year margin range to 7-9% from 6-8%, while holding its revenue outlook at 20-22 billion, according to Nordnet investment economist Per Hansen.

Net profit reached EUR 285 million against an expected EUR 144 million. The comparable figure a year earlier was EUR 34 million.

Order intake rose 67% year on year to 3.3 GW. Hansen said the intake came in slightly better than expected and at roughly the anticipated prices.

The quarterly report showed stronger-than-expected revenue development driven by onshore wind. Chief Executive Henrik Andersen attributed the improvement to Power Solutions across both Onshore and Offshore, with the Service business developing as planned.

Vestas paired the upgrade with a share buyback programme of EUR 400 million running to the end of the calendar year.

The market response was immediate. The stock rose more than 18.5% from the open on Wednesday morning after the release. Ahead of that open, the Tradegate listing in Germany was up 6.1% at EUR 25, equivalent to DKK 186.90. That level was 5.6% above Tuesday's Copenhagen close of DKK 177, which itself followed a 1.0% gain on the day.

Citigroup raised its price target on Vestas to DKK 260 from DKK 240 and repeated its buy recommendation, according to Bloomberg News data. Citigroup cited the second-quarter accounts and the guidance upgrade delivered on Wednesday morning.

Hansen said Vestas had delivered an earnings-wise very strong second quarter, and that a 7-9% EBIT margin gives hope that 2027 earnings can reach the 10% level Vestas has previously guided to over the long term. He added that investors should express their satisfaction through a share price increase.

The scale of the gap between reported and expected profitability is what makes the quarter readable across the wider turbine supply chain. A margin printed at more than twice the modelled level, on order intake up 67%, indicates pricing and execution assumptions that sell-side models had not captured. Vestas overtook expectations when it presented the accounts on Wednesday.

The report was covered by Marketwire and distributed through Sydinvest and Borsen, and by Ekstra Bladet under the byline of Tobias Hansen.