Q2 2026 Vestas Wind Systems A/S Earnings Call Transcript
Key Points
- Strong revenue growth of 26% year-on-year, driven by a 37% increase in Power Solutions.
- EBIT margin improved significantly to 9.4%, up nearly 8 percentage points year-on-year.
- Order intake surged 67% year-on-year to 3.3 GW, with strong commercial traction in EMEA and the Americas.
- Raised full-year EBIT margin guidance to 7%-9% from 6%-8%, reflecting strong Q2 performance and improved visibility.
- Announced a new EUR400 million share buyback program, returning cash to shareholders.
- Service revenue decreased by 5% year-on-year, partly due to a 1% currency headwind.
- Warranty costs remain elevated at EUR141 million, corresponding to 3% of revenue.
- The TRIR safety metric worsened to 2.9 from 2.6, indicating increased workplace injuries.
- Offshore business is still loss-making, with profitability expected only in 2027.
- Geopolitical and trade volatility, including tariffs, continue to create an uncertain environment.
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Good morning, everyone, and welcome to our presentation of Q2 for 2026. Strong quarter, and let me also here immediately thank our customers, partners, the full supply chain and also colleagues for an exceptionally well-executed quarter. And with that, I would like to go to our key highlights for the quarter.
So in quarter, revenue of EUR4.7 billion. That's an increase of 26% year-on-year, driven by strong growth in Power Solutions of 37%. EBIT margin of 9.4%, strong profitability improvement, driven by both onshore and offshore. EPS of EUR1.1 per share. Earnings per share grew 46% year-on-year to one of the highest levels in the history of Vestas. The order intake of 3.3 gigawatt. It's an increase of 67% year-on-year, driven by commercial traction in both EMEA and the Americas.
Importantly here, returning cash to shareholders, we are also having a new share buyback of EUR400 million that will begin August 13 as of tomorrow and run until the end of the year. That
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