Vestas Posts Strong Second Quarter: Profit Surges, EUR 400 Million Share Buyback, Shares Climb

Aarhus — Vestas has published its second-quarter 2026 results, showing further gains in profitability and prompting the company to raise its full-year outlook. Growth was driven by the Power Solutions segment, while order intake rose sharply in parallel. The Vestas board also announced a new share buyback program. Vestas shares surged on Wednesday morning.

Wind turbine manufacturers have faced high raw material and logistics costs in recent years, along with intense price competition. Consultancy Wood Mackenzie described the situation as a "perfect storm" for manufacturers, which caused billions of euros in losses across Western turbine makers industry-wide. Competitor Nordex recently also reported a marked improvement in profitability.

Revenue and Margin Rise Sharply

Vestas generated revenue of EUR 4.723 billion in the second quarter of 2026, up 26.1 percent year-on-year. EBIT before special items rose to EUR 446 million (Q2 2025: EUR 57 million), with the EBIT margin before special items climbing to 9.4 percent from 1.5 percent in the prior-year quarter. Adjusted free cash flow turned positive at EUR 94 million, compared with negative EUR 227 million in the same quarter last year.

Order intake for firm wind turbine orders improved significantly, rising 67 percent to 3,349 MW. The wind turbine order backlog reached EUR 36.0 billion as of June 30, 2026. Including service agreements with expected future revenue of EUR 40.9 billion, the combined order backlog totaled EUR 76.9 billion, up EUR 9.6 billion year-on-year.

Based on this positive development, Vestas raised its outlook for full-year 2026: the EBIT margin before special items is now expected to be between 7 and 9 percent, up from a previous range of 6 to 8 percent. Revenue guidance remains unchanged at between EUR 20 billion and EUR 22 billion, with total investments still projected at around EUR 1.2 billion.

"Based on our performance in the second quarter and our visibility toward year-end, we are raising our 2026 profitability outlook and continuing to return capital to shareholders through a new share buyback program of EUR 400 million, running until the end of the calendar year. Demand for wind energy solutions remains strong, driven by the growing need for secure, affordable and sustainable energy," said Henrik Andersen, Group President & CEO of Vestas.

New EUR 400 Million Share Buyback Program

The newly approved share buyback program, covering up to DKK 3 billion (approximately EUR 400 million), is based on the authorization granted at the annual general meeting in April 2026, which permits the repurchase of own shares up to a nominal value of 10 percent of the share capital in place at the time of the authorization. The program will run from August 13 to no later than December 16, 2026, and will be carried out in accordance with the European Market Abuse Regulation (MAR) and the related safe harbor rules. According to the company, the buyback is intended to adjust the capital structure and to meet obligations under the group's share-based compensation programs.

Vestas Shares Jump Nearly 20 Percent on the Stuttgart Exchange

On the Stuttgart Stock Exchange, Vestas shares, which are listed on the RENIXX World renewable energy stock index, gained 19.27 percent to EUR 28.04 on Wednesday morning, August 12, 2026 (as of 12:02 p.m.).

Source: IWR Online, 14 Aug 2026