IN Brief:
- Vestas booked 3,349MW of firm turbine orders in Q2 2026, 67% above the comparable quarter.
- Revenue reached €4.723 billion and EBIT margin before special items improved to 9.4%.
- The combined turbine and service backlog reached €76.9 billion as profitability guidance was raised.
Vestas has raised its full-year profitability outlook after second-quarter revenue reached €4.723 billion and firm turbine order intake increased 67% year on year to 3,349MW. The manufacturer reported an EBIT margin before special items of 9.4%, compared with 1.5% in the second quarter of 2025.
Revenue increased 26.1% from €3.745 billion a year earlier, while EBIT before special items rose to €446 million. Vestas retained its 2026 revenue guidance of €20 billion to €22 billion but lifted expected EBIT margin before special items to 7%–9%, compared with the previous 6%–8% range. Planned investment remains around €1.2 billion.
The order book provides the clearest signal for future manufacturing demand. Vestas booked 3,349MW of firm and unconditional turbine orders during the quarter with a value of €3.4 billion, compared with 2,009MW and €2.2 billion in the same period last year. The increase was driven mainly by onshore orders, particularly in the Americas.
At the end of June, the turbine order backlog stood at 32,557MW with a value of €36.0 billion. Service agreements accounted for a further €40.9 billion of expected contractual future revenue, taking the combined backlog to €76.9 billion. That total was €9.6 billion higher than a year earlier and gives the manufacturer substantial visibility beyond current factory output.
Backlog still has to be converted into equipment delivered at a profit. Turbine manufacturing remains exposed to steel and component costs, transport, supplier performance, warranty claims, project timing, and the commercial terms agreed when orders were signed. Vestas and its peers have spent several years trying to rebuild margins after inflation and supply-chain disruption weakened the economics of older contracts.
The improvement in Power Solutions therefore carries more weight than the order volume alone. Segment revenue reached €3.827 billion, up 36.8% year on year, while EBIT margin before special items improved to 10.4% from a negative 0.4% in the second quarter of 2025. Higher delivery volumes and improved project execution contributed to the stronger result.
Vestas delivered 3,504MW during the quarter, 25% above the comparable period, while offshore deliveries increased from 320MW to 776MW. Higher throughput can improve factory utilisation, but it also increases pressure on logistics, ports, transport equipment, installation contractors, commissioning teams, and suppliers to maintain the same pace outside the factory gate.
The average selling price of newly booked orders fell to €1.00 million per MW from €1.11 million a year earlier. Vestas attributed the decline to a higher proportion of lower-scope contracts in the Americas, making the metric a reminder that headline price per megawatt can move because of project scope as well as underlying turbine pricing.
Offshore remains strategically important despite the absence of new offshore orders during the quarter. The existing turbine backlog includes €12.0 billion associated with offshore projects, while delivery volumes increased as the company continued work on projects using its larger platforms. Vestas has also been scaling manufacturing for the V236-15.0MW turbine, which is moving into commercial deployment.
The service operation provides a second layer of earnings visibility. Service revenue can be less exposed to the timing of new turbine orders because long-term agreements extend across an installed fleet, but the contracts still require technicians, spare parts, digital monitoring, major-component support, and availability performance over many years. The service backlog now carries an average duration of 11 years.
For the wider wind supply chain, improved manufacturer profitability matters because turbine makers have to commit factory capacity, engineering resource, and component orders well before individual wind farms enter operation. Persistent low margins make that investment harder to sustain, particularly where developers expect suppliers to absorb commodity or schedule risk inside fixed-price contracts.
The second-quarter figures suggest Vestas is converting a larger volume of work with better project economics than it achieved a year earlier. The company still has more than 32GW of turbine orders to manufacture and deliver, meaning the backlog will eventually meet the physical constraints of factories, ports, roads, vessels, cranes, and grid commissioning schedules.
The raised outlook is therefore more useful as an indicator of execution than as a simple earnings story. Orders are rising, deliveries are higher, and Power Solutions margins have recovered materially. Wind deployment targets depend on manufacturers remaining capable of reserving capacity years ahead; the harder test for the rest of 2026 is whether Vestas can sustain those margins while working through a backlog that continues to expand.
