Vestas raises its 2026 margin forecast after a strong second quarter of growth

On the Copenhagen Stock Exchange, Vestas shares were up more than 17% at 8:10 GMT on Wednesday, in a generally rising market. The Danish manufacturer exceeded analysts' expectations after having long been hampered by supply chain disruptions and rising costs.

An EBIT margin of 9,4% in the second quarter

Between April and June 2026, Vestas generated revenues of €4,72 billion, compared to €3,75 billion a year earlier. This 26% increase was driven in particular by higher volumes delivered in its onshore and offshore wind activities.

Quarterly net profit reached €285 million, compared to €34 million in the second quarter of 2025. Operating profit before exceptional items amounted to €446 million, bringing the corresponding margin to 9,4%, compared to 1,5% a year earlier.

Profitability forecasts raised for 2026

Following this performance, Vestas now expects an EBIT margin before exceptional items of between 7 and 9% for the full year 2026, compared to a previously announced range of 6 to 8%.

The group, however, maintains its annual revenue forecast of between 20 and 22 billion euros. These prospects remain subject to geopolitical uncertainties, trade tensions, and changes in customs duties.

A turbine order book worth 36 billion euros

Firm and unconditional orders for turbines reached 3.349 MW in the second quarter, representing a 67% year-on-year increase. Their value amounted to €3,4 billion.

As of June 30, 2026, the turbine order book stood at €36 billion. Adding service contracts, which totaled €40,9 billion in expected future revenue, the group's cumulative order book reached €76,9 billion.

“Demand for wind energy solutions remains strong, driven by the growing need for safe, affordable and sustainable energy,” said Henrik Andersen, President and CEO of Vestas, in the quarterly report.

Chinese competition is putting pressure on Western manufacturers

Formerly a global leader in the sector, Vestas now ranks fifth in the list cited in the press release, largely due to the rise of Chinese manufacturers. Since the late 2000s, China has established itself as the world's largest market and leading industrial center for wind power.

Several Western countries are concerned about the arrival of low-cost Chinese turbines and their impact on the competitiveness of European manufacturers. On February 3, 2026, the European Commission opened an in-depth investigation into Goldwind's activities in the European Union.

The institution is seeking to determine whether the Chinese manufacturer benefited from foreign subsidies that could artificially strengthen its competitive position and disrupt the European market for turbines and related services. However, the opening of this investigation does not prejudge its conclusions.