Vestas Books 1,759 MW of US Orders in Q2, Lifts 2026 Margin Guidance
Vestas booked 1,759 MW of firm turbine orders in the United States and 1,522 MW in Europe during the second quarter, the two markets accounting for nearly all of the 3,349 MW intake that rose 67% year on year, according to windenergie-nieuws.nl.
Every order in the quarter was onshore, with Germany the leading European market. The Danish turbine maker announced the results on the morning of Wednesday, August 12, 2026, according to ABM Financial News.
On the back of that intake, Vestas raised its full-year 2026 operating profit guidance before special items to a range of 7% to 9% of revenue, up from 6% to 8%. The revenue forecast was left unchanged at EUR 20 billion to EUR 22 billion, with capital expenditure still seen at about EUR 1.2 billion.
Second-quarter revenue rose 26.1% to EUR 4.72 billion. Operating profit before special items reached EUR 446 million, a margin of 9.4% against 1.5% in the second quarter of 2025.
Earnings per share climbed 46% to EUR 1.11. Adjusted free cash flow turned positive at EUR 94 million, compared with negative EUR 227 million a year earlier.
Chief Executive Henrik Andersen announced a new share buyback programme of EUR 400 million, starting August 13 and running to the end of the year.
The turbine order book stood at EUR 36.0 billion at the end of June. Service agreements carried EUR 40.9 billion in expected future revenue, of which EUR 35 billion sits in onshore contracts. Combined, the backlog reached EUR 76.9 billion, an increase of EUR 9.6 billion on the year.
Vestas kept its expected EBIT margin for the Service division at 15.5% to 17.5%.
The installed base under management totalled 166 GW at the end of the prior quarter, split between 67 GW in the Americas, 82 GW in Europe, the Middle East and Africa (EMEA), and 17 GW in Asia-Pacific (APAC). That distribution mirrors where the new orders landed: the Americas and EMEA together hold 149 GW of the managed fleet, and the same two regions supplied 3,281 MW of the quarter's 3,349 MW of firm turbine commitments.
The service book is the counterweight to turbine cyclicality. At EUR 40.9 billion, expected future service revenue exceeds the EUR 36.0 billion turbine order book, and the maintained 15.5% to 17.5% Service margin guidance sits well above the 7% to 9% group range now guided for the year.
The margin swing carries the profit story. A move from 1.5% to 9.4% in a single year on revenue of EUR 4.72 billion is what turned adjusted free cash flow from negative EUR 227 million to positive EUR 94 million and funded the EUR 400 million buyback.