Wind. It means the world to us.
TM
Company Announcement No. 45/ 2026
Interim Report
Second Quarter
2026
Vestas Wind Systems A/S
Hedeager 42, 8200 Aarhus N, Denmark
Company Reg. No.: 10403782
Vestas Wind Systems A/S Page 2 of 26
Interim Re
port – Second Quarter 2026
Contents
Summary ............................................................................................................................................................................ 3
Key figures ......................................................................................................................................................................... 4
Financial and operational performance .......................................................................................................................... 6
Sustainability performance ............................................................................................................................................ 11
Strategy, and financial and capital structure targets ................................................................................................... 12
Outlook 2026 .................................................................................................................................................................... 13
Consolidated financial statements 1 January – 30 June ............................................................................................. 14
Management’s statement ............................................................................................................................................... 25
Conference call (audiocast)
On Wednesday 12 August 2026 at 10 am CEST (9 am
BST), Vestas will host a conference call with a
presentation on the results. The presentation will be
audiocast and can be viewed live or replayed via
vestas.com.
The presentation will be held in English and will conclude
with a Q&A. Details on how to register for the Q&A are to
be found at vestas.com/en/investor.
Contact details
Vestas Wind Systems A/S, Denmark
Investors/analysts:
Daniel Patterson, Vice President
Investor Relations
Tel: +45 2669 2725
Frederik Holm Jacobsen, Senior Specialist
Investor Relations
Tel: +45 2835 3365
Media:
Anders Riis, Vice President
Communications
Tel: +45 4181 3922
Vestas Wind Systems A/S Page 3 of 26
Interim Report – Second Quarter 2026
Summary
Quarterly revenue of EUR 4.7bn with an EBIT margin
before special items of 9.4 percent. Order intake of EUR
3.4bn and combined order backlog of EUR 76.9bn. Full-
year outlook raised.
In the second quarter of 2026, Vestas generated revenue
of EUR 4,723m – an increase of 26.1 percent compared
to the second quarter of 2025. EBIT before special items
amounted to EUR 446m, resulting in an EBIT margin
before special items of 9.4 percent, compared to 1.5
percent in the second quarter of 2025.
Adjusted free cash flow amounted to EUR 94m compared
to negative EUR 227m in the second quarter of 2025.
The quarterly intake of firm and unconditional wind turbine
orders amounted to 3,349 MW, a 67 percent increase
from second quarter 2025. The value of the wind turbine
order backlog was EUR 36.0bn as at 30 June 2026.
In addition to the wind turbine order backlog, at the end of
the quarter, Vestas had service agreements with
expected contractual future revenue of EUR 40.9bn.
Thus, the value of the combined backlog of wind turbine
orders and service agreements stood at EUR 76.9bn – an
increase of EUR 9.6bn compared to the year-earlier
period.
In line with Vestas’ capital structure strategy, the Board
has decided to initiate a new share buy-back of EUR
400m, in accordance with the authorisation granted at the
Annual General Meeting in April 2026.
The full-year 2026 outlook is raised: Revenue is still
expected to range between EUR 20bn and 22bn, EBIT
margin before special items is now expected between 7-
9 percent (previously 6-8 percent), and total investments
1)
are still expected to amount to approx. EUR 1.2bn.
Group President & CEO Henrik Andersen said: “In the
second quarter of 2026, Vestas achieved 26 percent
revenue growth to EUR 4.7bn and an EBIT margin of 9.4
percent, which corresponds to an improvement of 7.9 pp
year-on-year. The improvement was driven by Power
Solutions, both Onshore and Offshore, while order intake
grew 67 percent year-on-year to 3.3 GW and Service
performed according to plan. Based on our performance
in the second quarter and visibility towards the end of the
year, we raise the 2026 outlook on profitability and return
further cash to shareholders through a new share
buyback of EUR 400m that will run until the end of the
calendar year. Demand for wind energy solutions remains
strong due to the growing need for secure, affordable, and
sustainable energy, and we want to thank our customers,
partners and colleagues for their continued engagement
and support.”
Key highlights
Revenue of EUR 4.7bn
Increase of 26 percent YoY driven by strong growth in Power Solutions.
EBIT margin of 9.4 percent
Strong profitability improvement driven by both Onshore and Offshore.
EPS of EUR 1.11
Earnings per share grew 46 percent YoY.
Order intake of 3.3 GW
Increase of 67 percent YoY driven by commercial traction in both EMEA and the Americas.
Returning cash to shareholders
New share buyback of EUR 400m will begin 13 August and run until the end of the calendar year.
Outlook for 2026
Guidance raised, reflecting performance in the second quarter and improved visibility.
1) Total cash flows from the purchase of intangible assets and property, plant, and equipment, net of proceeds from the sale of intangible assets and property, plant, and equipment.
Vestas Wind Systems A/S Page 4 of 26
Interim Report – Second Quarter 2026
Key figures
Financial and operational key figures
mEUR
Q2
2026
Q2
)
2025
H1
2026
H1
2025
FY
)
2025
Financial key figures
Income statement
Revenue
4,723
3,745
8,689
7,213
18,822
Gross profit
801
417
1,272
776
2,497
EBITDA before special items
744
315
1,144
557
2,105
EBITDA
717
315
1,082
563
2,053
Operating profit/(loss) (EBIT) before special items
446
57
573
71
1,067
Operating profit/(loss) (EBIT)
419
57
511
77
1,015
Net financial items
(48)
(9)
(50)
(23)
17
Profit/(loss) for the period
285
34
355
39
780
Balance sheet
Balance sheet total
26,715
25,549
26,715
25,549
25,732
Equity
3,965
3,120
3,965
3,120
3,881
Investments in property, plant, and equipment
198
187
316
366
821
Net working capital
(2,253)
(2,288)
(2,253)
(2,288)
(3,127)
Capital employed
7,500
6,478
7,500
6,478
7,255
Interest-bearing position (net)
92
(7)
92
(7)
1,174
Interest-bearing debt
3,535
3,358
3,535
3,358
3,374
Cash flow statement
Cash flow from operating activities
419
120
130
148
2,286
Total investments
(278)
(288)
(476)
(595)
(1,251)
Free cash flow
56
(171)
(424)
(462)
1,122
Adjusted free cash flow
1)
94
(227)
(439)
(552)
830
Financial ratios
2)
Financial ratios
Gross margin (%)
17.0
11.1
14.6
10.8
13.3
EBITDA margin (%) before special items
15.8
8.4
13.2
7.7
11.2
EBITDA margin (%)
15.2
8.4
12.5
7.8
10.9
EBIT margin (%) before special items
9.4
1.5
6.6
1.0
5.7
EBIT margin (%)
8.9
1.5
5.9
1.1
5.4
Return on capital employed (ROCE)
3)
(%) before special items
16.5
11.5
16.5
11.5
11.8
Interest-bearing position (net)/ EBITDA
3)
before special items
0.0
0.0
0.0
0.0
(0.6)
Solvency ratio (%)
14.8
12.2
14.8
12.2
15.1
Return on equity
3)
(%)
30.1
24.1
30.1
24.1
22.5
Share ratios
Earnings per share,
4)
basic (EUR)
1.11
0.76
1.11
0.76
0.78
Earnings per share,
4)
diluted (EUR)
1.11
0.76
1.11
0.76
0.77
Dividend per share (EUR)
-
-
-
-
0.1
Dividend pay-out ratio (%)
-
-
-
-
12.9
Share price, end of period (DKK)
184.6
95.0
184.6
95.0
173.4
Number of shares, end of period (million)
996
1,010
996
1,010
1,010
Number of shares outstanding, end of period (million)
983
998
983
998
990
Operational key figures
Order intake (bnEUR)
3.4
2.2
8.6
6.1
17.4
Order intake (MW)
3,349
2,009
7,853
5,144
16,292
Order backlog – wind turbines (bnEUR)
36.0
31.4
36.0
31.4
33.2
Order backlog – wind turbines (MW)
32,557
29,244
32,557
29,244
31,026
Order backlog – service (bnEUR)
40.9
35.9
40.9
35.9
38.7
Produced and shipped wind turbines (MW)
5,475
3,650
9,180
7,271
13,374
Produced and shipped wind turbines (number)
846
784
1,515
1,539
2,737
Deliveries (MW)
3,504
2,808
6,319
5,173
14,537
1) Free cash flow adjusted for acquisitions and divestments of businesses and activities, lease liability repayment, special items, net investments in joint ventures and associates
that are deemed outside Vestas’ core business activities, net investments in marketable securities, and other financial assets.
2) The ratios have been calculated in accordance with the guidelines from The Danish Finance Society (Recommendations & Financial ratios).
3) Calculated on a Last Twelve Months (LTM) basis.
4) Earnings per share has been calculated over a 12-month period and in accordance with IAS 33 on earnings per share.
Vestas Wind Systems A/S Page 5 of 26
Interim Report – Second Quarter 2026
Sustainability key figures
For general definitions and specifications on these sustainability key figures, refer to the Sustainability statement of the Vestas Annual Report 2025.
1) From 2025 onwards, this KPI is reported in percentage terms. Prior-year figures have been calculated from thousand tonnes (1,000t) for consistency.
2) Data only reported on an annual basis.
3) TRIR and LTIR for Q2 2025 have been restated to 2.6 (from 3.0) and 1.1 (from 1.2) following an improved methodology for calculating working hours, which form the denominator.
Refer to pages 82 and 102 in the Annual Report 2025.
4) The increase in employees during Q2 2026 is largely driven by the acquisition of blade manufacturing activities in India and Mexico.
5) For the definition of ‘Women in leadership positions’ and ’Women in top management’, refer to the accounting policies on page 104 in the Annual Report 2025.
Q2 2026
LTM
Q2 2025
LTM
FY
2025
Environmental
Utilisation of resources
Consumption of energy (GWh)
737
671
677
- of which renewable energy (GWh)
256
223
235
- of which renewable electricity (GWh)
204
174
187
Renewable energy (%)
35
33
35
Renewable electricity for own activities
(%)
100
100
100
Waste
Volume of waste from own operations (1,000 t)
62
51
54
- of which collected for recycling
1)
(%)
65
68
69
Recyclability rate of hub and blade
2)
(%)
//
//
94
Recyclability rate of total turbine
2)
(%)
//
//
97
Material efficiency (tonnes of waste excl. recycled per MW produced and shipped)
1.4
1.2
1.3
GHG emissions
Scope 1 GHG emissions (1,000 t CO
2
e)
117
109
108
Scope 2 GHG emissions, market-based (1,000 t CO
2
e)
1
1
1
Scope 3 GHG emissions
2)
(million t CO
2
e)
//
//
9.34
Scope 3 GHG emission intensity (target value)
2)
(kg CO
2
e per MWh generated)
//
//
6.39
Products
Expected GHG avoided over the lifetime of the capacity produced and shipped during the
period (million t CO
2
e)
535
480
463
Expected annual GHG
avoided by the total aggregated installed fleet at the end of the period
(million t CO
2
e)
263
245
245
Social
Safety (own workforce)
Total Recordable Injuries per million working hours (TRIR)
3)
2.9
2.6
2.7
Lost Time Injuries per million working hours (LTIR)
3)
1.3
1.1
1.1
Total Recordable Injuries (number)
299
251
270
- of which Lost Time Injuries (number)
133
101
110
- of which fatal injuries (number)
0
1
0
Employees
Employees, end of period (FTEs)
4)
Diversity and inclusion
Women in the Board of Directors, end of period (%)
46
50
50
Women in top management,
5)
end of period (%)
27
29
31
Women in leadership positions,
4)
end of period (%)
25
25
25
Human rights
2)
Community grievances
(number)
//
//
14
Social Due Diligence on projects in scope
(%)
//
//
20
Governance
Whistle-blower system
2)
EthicsLine compliance cases
(number)
//
//
922
- of which substantiated
//
//
175
- of which unsubstantiated
//
//
575
Vestas Wind Systems A/S Page 6 of 26
Interim Report – Second Quarter 2026
Financial and operational performance
Group performance
Income statement
Revenue
Revenue in the second quarter of 2026 amounted to
EUR 4,723m (Q2 2025: EUR 3,745m), an increase of
26.1 percent, primarily driven by an increase in MW
delivered in Power Solutions and to a lesser degree
driven by higher average prices on MW delivered.
Revenue for the second quarter of 2026 reflected a
negative impact of EUR 15m from foreign exchange
rates compared to same period in 2025.
For the first half of the year, revenue amounted to EUR
8,689m (H1 2025: EUR 7,213m), an increase of 20.5
percent, primarily driven by the same factors as for the
quarter. Revenue reflected a negative impact of EUR
136m from developments in foreign exchange rates
compared to same period in 2025.
Revenue and EBIT margin before special items
mEUR and percentage
Gross profit
Gross profit amounted to EUR 801m in the second
quarter of 2026, corresponding to a gross margin of 17.0
percent (Q2 2025: EUR 417m; 11.1 percent). The
increase was attributable to continued improved
profitability from both Onshore and Offshore project
execution.
Gross profit in the first half of 2026 amounted to EUR
1,272m, equal to a margin of 14.6 percent of revenue
(H1: 2025: EUR 776m; 10.8 percent). The increase was
primarily driven by the same factors as impacting the
quarter.
Warranty costs
Warranty costs amounted to EUR 141m in the second
quarter of 2026 (Q2 2025: EUR 115m). The warranty
costs are equivalent to a warranty ratio of 3.0 percent of
revenue, which is slightly lower than the same period last
year (Q2 2025: 3.1 percent) and lower than 3.2 percent
for full year 2025.
For the first half of 2026, warranty costs amounted to
EUR 260m (H1 2025: EUR 233m). The warranty costs
are equivalent to a warranty ratio of 3.0 percent of
revenue (H1 2025: 3.2 percent).
Research and development costs, Distribution
costs and Administration costs
Total research and development, distribution and
administration costs amounted to EUR 356m in the
second quarter of 2026 (Q2 2025: EUR 360m),
equivalent to 7.0 percent of revenue calculated over a
12-month period (Q2 2025: 7.4 percent).
Research and development costs recognised in the
income statement amounted to EUR 115m in the second
quarter of 2026 (Q2 2025: EUR 119m).
Distribution costs amounted to EUR 110m in the second
quarter of 2026 (Q2 2025: EUR 131m). The decrease
was driven by lower depreciations related to transport
equipment and IT costs.
Administration costs amounted to EUR 131m in the
second quarter of 2026 (Q2 2025: EUR 110m). The
increase was driven by higher IT and employee related
costs including costs related to the acquisition of the
blade factory in Poland announced in the second half of
2025.
Depreciation, amortisation, and impairment
In the second quarter of 2026, overall depreciation,
amortisation, and impairment before special items
amounted to EUR 298m (Q2 2025: EUR 258m). The
increase is according to plan and primarily attributable to
investments in the V236-15.0 MW
TM
platform including
related production equipment and tools.
Operating profit (EBIT) before special items
EBIT before special items amounted to EUR 446m in the
second quarter of 2026, equivalent to an EBIT margin of
9.4 percent (Q2 2025: EUR 57m; 1.5 percent). The
positive development was primarily driven by improved
profitability in the Power Solutions segment.
For the first half of 2026, EBIT before special items
amounted to EUR 573m, equal to an EBIT margin of 6.6
percent (H1 2025: EUR 71m; 1.0 percent), driven by the
same factors impacting the quarter.
Operating profit (EBIT)
In second quarter of 2026, EBIT after special items
amounted to EUR 419m, equivalent to a margin of 8.9
percent (Q2 2025: EUR 57m; 1.5 percent). The quarter
was impacted by EUR 27m of special items, mainly
related to the Operating Model Reset programme.
EBIT after special items in the first half of 2026 amounted
to EUR 511m, equivalent to an EBIT margin after special
items of 5.9 percent (H1 2025: EUR 77m; 1.1 percent).
Net financial items
Financial items amounted to a net loss of EUR 48m in
the second quarter of 2026 (Q2 2025: loss of EUR 9m).
Vestas Wind Systems A/S Page 7 of 26
Interim Report – Second Quarter 2026
The higher net loss was primarily driven by development
in foreign exchange rates and guarantee fees.
Income tax
Income tax amounted to EUR 90m, equivalent to an
effective tax rate of 24 percent in the second quarter of
2026 (Q2 2025: effective tax rate of 25 percent).
Net result for the period
The net result amounted to an income of EUR 285m in
the second quarter of 2026 (Q2 2025: income of EUR
34m).
Financial ratios
Earnings per share calculated over a 12-month period
amounted to EUR 1.11 in the second quarter of 2026 (Q2
2025: EUR 0.76). The increase of EUR 0.35 was driven
by the higher result in the period.
Return on capital employed (ROCE) before special items
calculated over a 12-month period was 16.5 percent in
the second quarter of 2026 (Q2 2025: 11.5 percent), an
increase compared to 2025, primarily driven by the
higher operating profit before special items in the period.
Working capital and free cash flow
Net working capital
Net working capital amounted to a net liability of EUR
2,253m as at 30 June 2026 (30 June 2025: a net liability
of EUR 2,288m).
Cash flow from operating activities
Cash flow from operating activities was EUR 419m in the
second quarter of 2026 (Q2 2025: EUR 120m). The
positive development in cash flow compared to last year
reflects improved operating profit.
Cash flow from operating activities was EUR 130m in the
first half of 2026 (H1 2025: EUR 148m). The cash benefit
from higher operating profit was offset by the increase in
net working capital in the first half of 2026.
Total investments
Total investments
1
amounted to a net outflow of EUR
278m in the second quarter of 2026 (Q2 2025: outflow of
EUR 288m) and a net outflow of EUR 476 in the first half
year of 2026 (H1 2025: net outflow of EUR 595m). The
investment level compared to last year decreased due to
less investments related to the manufacturing ramp-up
of the V236-15.0 MW
TM
platform.
Adjusted free cash flow
Adjusted free cash flow amounted to positive EUR 94m
in the second quarter of 2026 (Q2 2025: negative EUR
227m). The improvement was primarily driven by
increased cash flow from operating activities.
Adjusted free cash flow amounted to negative EUR
439m in the first half of 2026 (H1 2025: negative EUR
552m).
1)
Total cash flows from the purchase of intangible assets and property, plant, and
equipment, net of proceeds from the sale of intangible assets and property, plant,
and equipment.
Adjusted free cash flow
mEUR
*) Includes net investments in joint ventures and associates, outside core business.
Capital structure and financing items
Equity and solvency ratio
As at 30 June 2026, total equity amounted to EUR
3,965m (30 June 2025: EUR 3,120m) and the solvency
ratio increased 2.6 percentage points to 14.8 percent as
at 30 June 2026 compared to 30 June 2025. The
improved solvency was primarily attributable to higher
12-months earnings, partially offset by dividend paid out
in the second quarter of 2026 and share buybacks.
Net interest-bearing position
As at 30 June 2026, the net interest-bearing position
amounted to EUR 92m (30 June 2025: negative EUR
7m). The positive development was a result of the
positive free cash flow during the last 12 months.
Cash and cash equivalents amounted to EUR 3,462m as
at 30 June 2026, compared to EUR 3,056m at the end of
the second quarter of 2025.
The ratio net interest-bearing debt/EBITDA was 0.0 as at
30 June 2026, on par with 0.0 at the end of the second
quarter of 2025 and remains within our targeted range of
-1x to +1x.
In March 2026, Vestas successfully issued a EUR 500m
Eurobond maturing in 2033, Vestas successfully issued
a EUR 500m Eurobond maturing in 2033; the proceeds
were used to repay the existing EUR 500m Eurobond
which matured in second quarter 2026.
In line with Vestas’ capital structure strategy, the Board
has decided to initiate a new share buy-back of EUR
400m, in accordance with the authorisation granted at
the Annual General Meeting in April 2026.
Q2
2026
Q2
2025
H1
2026
H1
2025
Cash flow from
operating activities
419
120
130
148
Cash flow from
investing activities
(363)
(291)
(554)
(610)
Free cash flow
56
(171)
(424)
(462)
Net acquisitions in
businesses/activities*
83
-
71
(18)
Payment of lease
liabilities
(74)
(61)
(143)
(111)
Special items
27
2
50
8
Investments in
financial assets
2
3
7
31
Adjusted free cash
flow
94
(227)
(439)
(552)
Vestas Wind Systems A/S Page 8 of 26
Interim Report – Second Quarter 2026
Power Solutions
Result for the period
In the second quarter of 2026, revenue from the Power
Solutions segment amounted to EUR 3,827m (Q2 2025:
EUR 2,797m), which corresponds to a 36.8 percent
increase compared to the second quarter of 2025. The
increase was primarily driven by a higher volume of MW
delivered on both Onshore and Offshore projects, and to
a lesser degree driven by higher average prices on MW
delivered. Revenue in the second quarter of 2026
reflected a negative impact of EUR 9m from foreign
exchange rates compared to the same period in 2025.
In the first half of 2026, revenue in the Power Solutions
segment amounted to EUR 6,958m, an increase of 30.2
percent compared to the same period last year (H1 2025:
EUR 5,345m). The increase was primarily driven by
higher volume of MW delivered on Offshore projects.
The first half of the year reflected a negative impact of
EUR 93m from developments in foreign exchange rates
compared to 2025.
EBIT before special items amounted to EUR 397m in the
second quarter of 2026, equal to an EBIT margin of 10.4
percent (Q2 2025: negative EUR 11m; negative 0.4
percent). The EBIT margin increased by 10.8 percentage
points, highlighting benefits from operating leverage, and
continued improved profitability from both Onshore and
Offshore project execution.
In the first half of 2026, EBIT before special items
amounted to EUR 483m, equal to an EBIT margin before
special items of 6.9 percent, 8.2 percentage point above
the same period last year (H1 2025: negative EUR 71m,
negative 1.3 percent), driven by the same factors
mentioned above.
Power Solutions revenue and EBIT margin before special
items
mEUR and percentage
Wind turbine order intake
In the second quarter of 2026, wind turbine order intake
amounted to 3,349 MW, corresponding to a value of
EUR 3.4bn (Q2 2025: 2,009 MW; EUR 2.2bn). This
represents an increase of 67 percent in MW order intake
compared to the second quarter of 2025. The increase
was driven by a strong Onshore order intake in the
Americas in the quarter. There was no offshore order
intake in the quarter.
The average selling price (ASP) per MW was EUR
1.00m in the second quarter of 2026, compared to EUR
1.11m in the second quarter of 2025. The lower ASP was
driven by the higher level of order intake in the Americas
with low-scope projects.
Wind turbine order intake, second quarter 2026
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Onshore order
intake
1,522
1,759
68
3,349
Offshore order
intake
-
-
-
-
Total order
intake
1,522
1,759
68
3,349
Wind turbine deliveries
Deliveries to customers amounted to 3,504 MW in the
second quarter of 2026 (Q2 2025: 2,808 MW), which
corresponds to a 25 percent increase compared to
second quarter of 2025, primarily driven by higher
deliveries in EMEA. Offshore deliveries increased from
320 MW in the second quarter of 2025 to 776 MW in the
second quarter of 2026.
Deliveries
MW
By the end of June 2026, Vestas had installed a total
capacity of 207 GW in 88 countries.
Vestas Wind Systems A/S Page 9 of 26
Interim Report – Second Quarter 2026
Deliveries (onshore and offshore)
MW
Q2
2026
Q2
2025
FY
2025
Germany
816
396
2,067
France
177
38
474
United Kingdom
158
61
346
South Africa
142
60
312
Portugal
140
1
41
Spain
124
154
527
Netherlands
107
21
171
Poland
52
153
992
Austria
40
29
221
Sweden
35
74
351
Greece
23
-
140
Belgium
17
11
78
Italy
13
72
452
Ukraine
13
62
400
Romania
8
26
269
Lithuania
2
18
290
Turkey
-
24
156
Denmark
-
1
2
Finland
-
1
28
Ireland
-
1
3
Czech Republic
-
-
7
Switzerland
-
-
7
Martinique
-
-
6
Cyprus
-
-
5
EMEA
1,867
1,203
7,345
o/w Offshore
567
267
1,691
USA
1,129
771
3,773
Brazil
72
378
1,282
Argentina
17
-
106
Canada
-
51
340
Chile
-
43
39
Mexico
-
-
260
Dominican Rep.
-
-
41
Costa Rica
-
-
34
Americas
1,218
1,243
5,875
o/w Offshore
199
2
22
Australia
177
217
725
New Zealand
155
-
-
Japan
68
47
234
China
13
-
32
Taiwan
6
24
157
South Korea
-
71
166
India
-
3
3
Asia Pacific
419
362
1,317
o/w Offshore
10
51
264
Total
3,504
2,808
14,537
o/w Offshore
776
320
1,977
Wind turbine order backlog
At the end of the second quarter of 2026, the wind turbine
order backlog amounted to 32,557 MW, corresponding
to a value of EUR 36.0bn (30 June 2025: 29,244 MW;
EUR 31.4bn), of which EUR 12.0bn relates to Offshore
wind power projects. The order backlog was positively
impacted by significant Onshore order intake in Germany
and the US, as well as Offshore order intake in the UK
and South Korea.
Order backlog per region
MW
EMEA
Ameri-
cas
Asia
Pacific
Total
Total backlog as at 30
June 2025
17,530
8,664
3,050
29,244
Order intake
10,743
7,152
1,106
19,001
Deliveries
(8,985)
(5,425)
(1,278)
(15,688)
Total backlog as at 30
June 2026
19,288
10,391
2,878
32,557
o/w Offshore
7,617
529
1,178
9,324
Development business
In the second quarter of 2026, Vestas’ pipeline of
development projects amounted to 24.4 GW, allocated
with 14.9 GW in Asia Pacific, 6.7 GW in the Americas
and 2.8 GW in EMEA, with Australia and the USA being
the countries with the largest project pipelines.
Vestas Wind Systems A/S Page 10 of 26
Interim Report – Second Quarter 2026
Service
Result for the period
The Service segment generated revenue of EUR 896m
in the second quarter of 2026 (Q2 2025: EUR 948m),
which corresponds to a 5.5 percent decrease compared
to the second quarter of 2025. The decreased revenue
was driven by lower contract activity of EUR 34m in
primarily EMEA and Americas as well as lower
transactional sales of EUR 18m. The Service recovery
plan is progressing, and we see operational
improvements driving lower cost levels which contribute
to the lower activity from contracts. Foreign exchange
rates had a EUR 7m negative effect on revenue
compared to the same period in 2025.
In the first half of 2026, revenue from the Service
segment amounted to EUR 1,731m (H1 2025: EUR
1,868m), a 7.3 percent decrease compared to first half of
2025. The decrease was primarily driven by lower
contract activity in the same geographical areas
impacting the quarter. Foreign exchange rates had a
EUR 43m negative effect on revenue compared to the
same period in 2025.
Service revenue and EBIT margin before special items
mEUR and percentage
EBIT before special items amounted to EUR 149m in
the second quarter of 2026, corresponding to an EBIT
margin of 16.6 percent (Q2 2025: EUR 163m; 17.2
percent). The lower margin compared to last year was
primarily driven by higher capacity costs related to
depreciations on vessels.
In the first half of 2026, EBIT before special items
amounted to EUR 285m with an EBIT margin of 16.5
percent (H1 2025: EUR 329m; 17.6 percent). The lower
margin compared to last year was attributable to lower
profitability from contract business in addition to higher
capacity costs from the same factor impacting the
quarter.
Wind turbines under service
At the end of June 2026, Vestas had more than 56,000
wind turbines under service, equivalent to 166 GW.
Lost Production Factor
*
Percent, LTM
*Data calculated across more than 40,000 Vestas wind turbines under full-scope
service. The lost production factor includes both onshore and offshore turbines.
The Lost Production Factor (LPF) improved slightly
during quarter.
Service order backlog
At the end of June 2026, Vestas had service contracts
in the order backlog with expected contractual future
revenue of EUR 40.9bn, an increase of EUR 5.0bn
compared to end of the second quarter 2025 (30 June
2025: EUR 35.9bn). The service backlog increased
EUR 1.3bn from indexation mechanisms in contracts
and increased EUR 0.2bn due to development in
foreign exchange rates.
Service order backlog
bnEUR
At the end of the quarter, the average duration of the
service order backlog was 11 years. (30 June 2025: 11
years).
Vestas Wind Systems A/S Page 11 of 26
Interim Report – Second Quarter 2026
Sustainability performance
The Vestas Sustainability Strategy
Vestas stands at the forefront of the energy transition to
provide affordable, secure, and sustainable energy to the
energy systems of the future. Our global sustainability
strategy, ‘Sustainability in everything we do’, is based on
four strategic areas: Science-based decarbonisation of
our operations and supply chain; produce zero-waste
wind turbines; be the safest, most inclusive, and socially
responsible company in the industry; and lead the
transition towards a world powered by sustainable
energy.
Carbon footprint
At the end of the second quarter of 2026, turbines
produced and shipped in the last 12 months are
expected to avoid 535 million tonnes of CO
2
e over the
course of their lifetime. This represents an increase of 55
million tonnes compared with the equivalent twelve-
month period in the previous year, primarily driven by an
increase in the volume of MW produced and shipped.
In the last 12 months, our total Scope 1 and 2 GHG
emissions increased by 7 percent to 118 thousand
tonnes from 110 thousand tonnes. The increase in our
total Scope 1 and 2 emissions is driven by a higher share
of Offshore activities.
Scope 3 GHG emissions are reported annually in the
Annual Report.
Circularity
Our recycling rate is 65 percent in the period, down from
68 percent in the comparable 12 months in the prior year,
primarily driven by changes in product mix and increased
manufacturing activity.
This development also impacted our material efficiency
rate, defined as the volume of non-recycled waste per
MW produced and shipped. In the last 12 months, the
rate increased from 1.2 tonnes to 1.4 tonnes.
.
Safety
Over the past 12 months, our Total Recordable Injury
Rate (TRIR) increased to 2.9, compared to 2.6
1
in the
comparable 12 months in the prior year. While Service
operations continued a downward trend in injury rates,
the overall increase was primarily driven by
manufacturing and installation activities.
There were no fatalities in our own workforce, which is
defined as Vestas employees, as well as contractors and
sub-contractors working under Vestas’ supervision and
control.
Development in Total Recordable Injury Rate (TRIR)*
Last Twelve Months (LTM) basis
*Total Recordable Injury Rate (TRIR) figures from before 2024 have not been
restated after the methodology change by end of 2025 and are therefore not
represented in the graph.
We remain focused on improving health and safety
performance across the entire value chain and are
committed to addressing the identified hotspots. We
maintain a strong focus on high-risk events and recurring
incidents through our Capacity Action Plans and the
ongoing strengthening of risk control measures.
1)
The comparative TRIR for the second quarter of 2025 (LTM basis) has been
restated to 2.6 from 3.0 following an improved working hour methodology.
Vestas Wind Systems A/S Page 12 of 26
Interim Report – Second Quarter 2026
Strategy, and financial and capital structure targets
For an extended introduction to Vestas’ strategy, refer to
the Annual Report 2025.
Energy affordability, security and sustainability
Renewables continue to be the most cost-effective
source of new-build electricity generation, with the
Levelised Cost of Electricity (LCoE) for onshore and
offshore wind declining by around 60–70 percent
1
over
the past decade. Vestas will continue to drive
affordability, while supporting the agenda of energy
security through readily deployable solutions that reduce
dependence on imported fuels and macroeconomic
instability. At the same time, wind energy contributes to
long-term sustainability through carbon-efficient power
generation. This trifecta of affordability, security, and
sustainability forms the foundation for achieving Vestas’
long-term ambitions.
Business area strategy
Onshore wind
Onshore wind’s position in the future energy system
continues to strengthen, with our addressable onshore
market expected to reach 65 GW by 2030.
2
In our
strategic priorities for Onshore we are sharpening our
focus on commercial momentum, competitiveness, cost
efficiency, and customer proximity. By getting closer to
our customers and reducing response times, we aim to
reinforce a deal-enabling mindset and continuously
deliver valuable growth.
Offshore wind
Despite macro challenges, the offshore wind market
outside of China is expected to reach 11 GW of annual
installations by 2030.
2
As we look towards the future, our
strategic priority in the short term remains ensuring a
stable and cost-effective ramp-up, with cost-out being
the most critical factor, while our long-term priority is to
maximise the V236-15.0 MW™ platform potential and
the value it can deliver for Vestas and our customers.
Service
Vestas is the global leader in wind energy service
solutions, with the largest service base across the
industry.
Our strategic priorities in Service build on the
transformative aspects of the Service recovery plan,
which runs until the end of 2026, to fundamentally
reshape how we operate. We maintain our long-term
ambition for Service to achieve an EBIT margin of 25
percent.
Development
The strategic priority for the Development business
remains to grow profitably, by achieving project quality,
maturing our pipeline in core markets and building on our
industry expertise, intelligence, and experience. With our
robust project pipeline, the outlook for this business area
remains positive.
Capital structure
Our financial management goal is to ensure that Vestas
remains resilient to economic and market fluctuations
throughout the business cycle.
We apply the following principles to capital allocation:
• Reinvest into our existing business, including R&D,
to deliver on our strategy and vision.
• Make value-creating acquisitions to accelerate or
increase profitable growth.
• We are committed to maintaining a solid investment
grade profile, targeting NIBD/EBITDA between -1x
and 1x through the cycle.
• Return at least 40 percent of the company’s annual
net result after tax to shareholders through a
combination of dividend and share buybacks.
Long-term sustainability ambitions
We remain committed to a science-based
decarbonisation of our own operations and supply chain.
Our targets include reducing Scope 1 and 2 emissions
by 50 percent and Scope 3 emissions by 45 percent per
MWh generated, both by 2030.
3
Through our Circularity
Roadmap we have outlined our work towards a fully
circular value chain where we avoid waste, reuse
materials, and fully integrate into a circular economy for
our turbine components and materials, with the ultimate
ambition of producing zero-waste wind turbines. Key
initiatives include using 100 percent renewable
electricity, transitioning our global fleet of vehicles and
vessels to electric or renewable-fuels, and sourcing low-
emission materials.
Long-term financial ambitions
Wind energy is our heritage and core competence. We
have a market-leading competitive position to provide
affordable, secure, and sustainable energy to a large
addressable market that is expected to grow
considerably in the years ahead. Strategically, we build
long-term partnerships with customers and suppliers
while we strive to be the best at what we do. We
emphasise quality and cost-out initiatives to ensure long-
term competitiveness. This will drive earnings growth
and value creation, so we can free up cash to return to
shareholders.
Vestas has the following long-term financial ambitions:
• Grow revenue faster than the market and be the
market leader in revenue.
• At least 10 percent EBIT margin before special items.
• Positive adjusted free cash flow.
• Achieve 20 percent ROCE over the cycle.
1)
Bloomberg NEF, H1 2025 LCOE Update. April 2025.
2)
Wood Mackenzie: Global wind power market outlook update: Q4 2025. November
2025
3)
Baseline year: 2022
Vestas Wind Systems A/S Page 13 of 26
Interim Report – Second Quarter 2026
Outlook 2026
Although ongoing geopolitical and tariff risks are likely
to cause uncertainty, we expect revenue growth in
2026, driven by Power Solutions. Profitability is
expected to improve, driven by revenue growth,
progress in the manufacturing ramp-up, continued
good project execution, and cost-out initiatives across
the Vestas organisation.
Based on the performance in the second quarter of
2026, and improved visibility for the remainder of the
year, Vestas raises its outlook for 2026 and now
expects an EBIT margin before special items of 7-9
percent (previously 6-8 percent).
The outlook for revenue and total investments is
unchanged at EUR 20-22bn and approx. EUR 1.2bn,
respectively.
The Service segment is still expected to generate an
EBIT margin before special items of 15.5-17.5 percent
in 2026.
The above expectations are based on the assumption
that the global geopolitical environment will not
significantly change business conditions for Vestas
during 2026, including energy or supply chain
disruptions, changes to the regulatory environment, or
other external conditions, such as bad weather,
exchange rates, lack of grid connections and similar. In
relation to forecasts on financials from Vestas in
general, it should be noted that Vestas’ accounting
policies only allow the recognition of revenue when the
control has passed to the customer, either at a point in
time or over time.
Outlook 2026
Outlook
Previous
outlook
Revenue (bnEUR)
20-22
20-22
EBIT margin (%) b.s.i.
7-9
6-8
Total investments
1
(bnEUR)
approx.1.2
approx.1.2
1
Total cash flows from the purchase of intangible assets and property, plant, and
equipment, net of proceeds from the sale of intangible assets and property, plant,
and equipment.
Vestas Wind Systems A/S Page 14 of 26
Interim Report – Second Quarter 2026
Consolidated financial statements 1 January – 30 June
Condensed income statement 1 January – 30 June
mEUR
Note
Q2
2026
Q2
2025
H1
2026
H1
2025
Revenue
1.1, 1.2
Production costs
(3,922 )
(3,328 )
(7,417 )
(6,437 )
Gross profit
Research and development costs
(115 )
(119 )
(217 )
(229 )
Distribution costs
(110 )
(131 )
(229 )
(257 )
Administration costs
(131 )
(110 )
(254 )
(219 )
Income from investments in joint ventures and associates
Operating profit/(loss) (EBIT) before special items
1.1
Special items
1.3
(27 )
(62 )
Operating profit/(loss) (EBIT)
Income from investments in joint ventures and associates
(2 )
(1 )
Net financial items
(48 )
(9 )
(50 )
(23 )
Profit/(loss) before tax
Income tax
(90 )
(12 )
(112 )
(14 )
Profit/(loss) for the period
Profit/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
Non-controlling interests
(7 )
Earnings per share (EPS)
Earnings per share, basic (EUR)
Earnings per share, diluted (EUR)
Condensed statement of comprehensive income 1 January – 30 June
mEUR
Q2
2026
Q2
2025
H1
2026
H1
2025
Profit/(loss) for the period
Items that may be subsequently reclassified to the income statement:
Exchange rate adjustments relating to foreign entities
(169 )
(233 )
Fair value adjustments of derivative financial instruments for the period
(61 )
(109 )
Gain/(loss) on derivative financial instruments transferred to the income statement
(52 )
(51 )
Share of fair value adjustments of derivative financial instruments of joint ventures and
associates
Tax on items that may be reclassified to the income statement subsequently
(0 )
(1 )
Other comprehensive income after tax for the period
(181 )
(280 )
Total comprehensive income for the period
(147 )
(241 )
Total comprehensive income/(loss) is attributable to:
Shareholders of Vestas Wind Systems A/S
(147 )
(241 )
Non-controlling interests
(6 )
The above condensed statement of comprehensive income should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 15 of 26
Interim Report – Second Quarter 2026
Condensed balance sheet – Assets
mEUR
Note
30 June
2026
30 June
2025
31 December
2025
Goodwill
2.3
Completed development projects
Software
Other intangible assets
Development projects in progress
Total intangible assets
2.1
Land and buildings
Plant and machinery
Other fixtures, fittings, tools and equipment
Right-of-use assets
Property, plant and equipment in progress
Total property, plant and equipment
2.1
Investments in joint ventures and associates
Other investments
Tax receivables
Deferred tax
Other receivables
3.4
Financial investments
3.4
Total other non-current assets
Total non-current assets
Inventories
Trade receivables
Contract assets
Contract costs
Tax receivables
Other receivables
3.4
Financial investments
3.4
Cash and cash equivalents
3.2
Total current assets
Total assets
The above condensed balance sheet should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 16 of 26
Interim Report – Second Quarter 2026
Condensed balance sheet – Equity and liabilities
mEUR
Note
30 June
2026
30 June
2025
31 December
)
2025
Share capital
3.1
Other reserves
(171 )
(342 )
(215 )
Retained earnings
Equity attributable to shareholders of Vestas
Non-controlling interests
Total equity
Provisions
2.2
Deferred tax
Financial debts
3.4
Tax payables
Other liabilities
3.4
Total non-current liabilities
Provisions
2.2
Contract liabilities
Financial debts
3.4
Trade payables
Tax payables
Other liabilities
3.4
Total current liabilities
Total liabilities
Total equity and liabilities
The above condensed balance sheet should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 17 of 26
Interim Report – Second Quarter 2026
Condensed statement of changes in equity – six months 2026
Reserves
mEUR
Share
capital
Transla-
tion
reserve
Cash flow
hedging
reserve
Other
reserves
Total
reserves
Retained
earnings
Non-
control-
ling
interests
Total
Equity as at 1 January 2026
(248 )
(215 )
Profit/(loss) for the period
(7 )
Other comprehensive income for the period
(19 )
Total comprehensive income for the period
(19 )
(6 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
(14 )
(14 )
(14 )
Transactions with shareholders:
Acquisition of treasury shares
(222 )
(222 )
Reduction of share capital
(0 )
Dividends distributed
(98 )
(98 )
Dividends distributed related to treasury shares
Share-based payments
Tax on equity transactions
(9 )
(9 )
Total transactions with shareholders
(0 )
(316 )
(316 )
Equity as at 30 June 2026
(171 )
(2 )
(171 )
Condensed statement of changes in equity – six months 2025
Reserves
mEUR
Share
capital
Transla-
tion
reserve
Cash flow
hedging
reserve
Other
reserves
Total
reserves
Retained
earnings
Non-
control-
ling
interests
Total
Equity as at 1 January 2025
(48 )
(31 )
(78 )
Profit/(loss) for the period
Other comprehensive income for the period
(231 )
(48 )
(278 )
(2 )
(280 )
Total comprehensive income for the period
(231 )
(48 )
(278 )
(0 )
(241 )
Transfer of cash flow hedge reserve to the initial
carrying amount of hedged items
Transactions with shareholders:
Acquisition of treasury shares
(132 )
(132 )
Dividends distributed
(75 )
(75 )
Dividends distributed related to treasury shares
Share-based payments
Tax on equity transactions
(7 )
(7 )
Total transactions with shareholders
(195 )
(195 )
Equity as at 30 June 2025
(279 )
(65 )
(342 )
The above condensed statement of changes in equity should be read in conjunction with the accompanying notes.
Vestas Wind Systems A/S Page 18 of 26
Interim Report – Second Quarter 2026
Condensed cash flow statement 1 January – 30 June
The above condensed cash flow statement should be read in conjunction with the accompanying notes.
mEUR
Note
Q2
2026
Q2
2025
H1
2026
H1
2025
Profit/(loss) for the period
Adjustment for non-cash transactions
Interest paid / received, net
(52 )
(33 )
(44 )
(43 )
Income tax paid
(43 )
(126 )
(30 )
(150 )
Cash flow from operating activities before change in net working
capital
Change in net working capital
(112 )
(655 )
(249 )
Cash flow from operating activities
Purchase of intangible assets
(80 )
(101 )
(160 )
(229 )
Purchase of property, plant and equipment
(198 )
(187 )
(316 )
(366 )
Acquisition of subsidiaries
2.3
(97 )
(97 )
Dividends from investments in joint ventures and associates
Purchase of other non-current financial assets
(2 )
(7 )
(31 )
Proceeds from sale of other non-current financial assets
(28 )
Proceeds from sale of investments in joint ventures and associates
(2 )
Cash flow from investing activities
(363 )
(291 )
(554 )
(610 )
Free cash flow
(171 )
(424 )
(462 )
Payment of lease liabilities
(74 )
(61 )
(143 )
(111 )
Proceeds from borrowings
Payment of financial debt
(535 )
(20 )
(573 )
(52 )
Dividend paid
(98 )
(74 )
(98 )
(74 )
Acquisition of treasury shares
(129 )
(32 )
(222 )
(132 )
Cash flow from financing activities
(808 )
(171 )
(501 )
(286 )
Net change in cash and cash equivalents
(752 )
(342 )
(925 )
(748 )
Cash and cash equivalents at the beginning of period
Exchange rate adjustments of cash and cash equivalents
(9 )
(13 )
Cash and cash equivalents at the end of the period
3.2
Vestas Wind Systems A/S Page 19 of 26
Interim Report – Second Quarter 2026
Notes
1 Result for the period
1.1 Segment information
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q2 2026
Revenue
3,827
896
-
4,723
Income from investments in joint ventures and associates
1
-
-
1
Total revenue
3,828
896
-
4,724
Total costs
(3,431)
(747)
(100)
(4,278)
Operating profit/(loss) (EBIT) before special items
397
149
(100)
446
Special items
(17)
(5)
(5)
(27)
Operating profit/(loss) (EBIT)
380
144
(105)
419
Income from investments in joint ventures and associates
-
-
4
4
Net financial items
-
-
(48)
(48)
Profit/(loss) before tax
375
Amortisation and depreciation included in total costs
(229)
(57)
(12)
(298)
mEUR
Power
Solutions
Service
Not
allocated
Total Group
Q2 2025
Revenue
2,797
948
-
3,745
Total revenue
2,797
948
-
3,745
Total costs
(2,808)
(785)
(95)
(3,688)
Operating profit/(loss) (EBIT) before special items
(11)
163
(95)
57
Special items
-
-
-
-
Operating profit/(loss) (EBIT)
(11)
163
(95)
57
Income from investments in joint ventures and associates
-
-
(2)
(2)
Net financial items
-
-
(9)
(9)
Profit/(loss) before tax
46
Amortisation and depreciation included in total costs
(196)
(52)
(10)
(258)
Vestas Wind Systems A/S Page 20 of 26
Interim Report – Second Quarter 2026
1.1 Segment information (continued)
mEUR
Power
Solutions
Service
Not allocated
Total
Group
H1 2026
Revenue
6,958
1,731
-
8,689
Income from investments in joint ventures and associates
1
-
-
1
Total revenue
6,959
1,731
-
8,690
Total costs
(6,476)
(1,446)
(195)
(8,117)
Operating profit/(loss) (EBIT) before special items
483
285
(195)
573
Special items
(44)
(9)
(9)
(62)
Operating profit/(loss) (EBIT)
439
276
(204)
511
Income from investments in joint ventures and associates
-
-
6
6
Net financial items
-
-
(50)
(50)
Profit/(loss) before tax
467
Amortisation and depreciation included in total costs
(437)
(108)
(26)
(571)
mEUR
Power
Solutions
Service
Not allocated
Total
Group
H1 2025
Revenue
5,345
1,868
-
7,213
Total revenue
5,345
1,868
-
7,213
Total costs
(5,416)
(1,539)
(187)
(7,142)
Operating profit/(loss) (EBIT) before special items
(71)
329
(187)
71
Special items
6
-
-
6
Operating profit/(loss) (EBIT)
(65)
329
(187)
77
Income from investments in joint ventures and associates
-
-
(1)
(1)
Net financial items
-
-
(23)
(23)
Profit/(loss) before tax
53
Amortisation and depreciation included in total costs
(367)
(98)
(21)
(486)
Vestas Wind Systems A/S Page 21 of 26
Interim Report – Second Quarter 2026
1.2 Revenue
Vestas generates revenue from the sale of wind turbine components (Supply-only), fully installed wind turbines (Supply-
and-installation) and wind power plants (EPC/Turnkey) as well as from service contracts and transactional sales (spare
parts, repairs, etc.). Revenue is recognised differently across revenue streams based on Vestas’ accounting policies, as
described in the Annual Report 2025.
Disaggregation of revenue
In the following section, revenue is disaggregated for the two reportable segments, by primary geographical market, major
contract types, and timing of revenue recognition.
mEUR Power Solutions Service Total
Q2
2026
Q2
2025
Q2
2026
Q2
2025
Q2
2026
Q2
2025
Timing of revenue recognition
Products and services transferred at a point in time
2,123
1,825
129
134
2,252
1,959
Products and services transferred over time
1,704
972
767
814
2,471
1,786
3,827
2,797
896
948
4,723
3,745
Revenue from contract types
Supply-only (at a point in time)
996
867
-
-
996
867
Supply-and-installation (at a point in time)
1,127
958
-
-
1,127
958
Supply-and-installation (over time)
1,357
589
-
-
1,357
589
EPC/Turnkey (over time)
347
383
-
-
347
383
Transactional sales (at a point in time)
-
-
129
134
129
134
Service contracts (over time)
-
-
767
814
767
814
3,827
2,797
896
948
4,723
3,745
Primary geographical markets
EMEA
2,030
1,242
507
537
2,537
1,779
Americas
1,271
1,115
278
316
1,549
1,431
Asia Pacific
526
440
111
95
637
535
3,827
2,797
896
948
4,723
3,745
mEUR
Power Solutions
Service
Total
H1
2026
H1
2025
H1
2026
H1
2025
H1
2026
H1
2025
Timing of revenue recognition
Products and services transferred at a point in time
3,597
3,532
245
246
3,842
3,778
Products and services transferred over time
3,361
1,813
1,486
1,622
4,847
3,435
6,958
5,345
1,731
1,868
8,689
7,213
Revenue from contract types
Supply-only
1,711
1,740
-
-
1,711
1,740
Supply-and-installation (at a point in time)
1,886
1,792
-
-
1,886
1,792
Supply-and-installation (over time)
2,667
1,134
-
-
2,667
1,134
EPC/Turnkey (over time)
694
679
-
-
694
679
Transactional sales (at a point in time)
-
-
245
246
245
246
Service contracts (over time)
-
-
1,486
1,622
1,486
1,622
6,958
5,345
1,731
1,868
8,689
7,213
Primary geographical markets
EMEA
3,956
2,003
950
1,054
4,906
3,057
Americas
2,042
2,399
578
634
2,620
3,033
Asia Pacific
960
943
203
180
1,163
1,123
6,958
5,345
1,731
1,868
8,689
7,213
Vestas Wind Systems A/S Page 22 of 26
Interim Report – Second Quarter 2026
1.3 Special items
mEUR
Q2
2026
Q2
2025
H1
2026
H1
2025
Write-down of inventory
-
-
(17)
6
Impairment loss on intangible and tangible assets
-
-
(1)
-
Staff costs
(9)
-
(25)
-
Consultancy and other costs
(18)
-
(19)
-
Special items
(27)
-
(62)
6
During the first half of 2026, Vestas recognised costs of EUR 62m in special items, of which EUR 59m relates to the
‘Operating Model Reset’ programme. This includes a write-down of inventory of EUR 17m not expected to be recovered,
related to a few Development projects, impairment loss on intangible and tangible assets of EUR 1m, additional severance
provisions of EUR 25m, and consultancy costs of EUR 16m (Other costs).
During the first half of 2025, a net income of EUR 6m was recognised in special items related to the Russian invasion of
Ukraine.
2 Other operating assets and liabilities
2.1 Intangible assets and property, plant and equipment
Vestas completed development projects of EUR 90m in the first half of 2026, primarily related to development across
existing platforms.
In the first half of 2026, Vestas acquired assets with a cost of EUR 316m mainly related to transport equipment and
construction tools, compared to EUR 366m in the first half of 2025.
Additions to lease contracts recognised as right-of-use assets during the first half of 2026 amounted to EUR 317m mainly
related to new vessel and property leases, compared to EUR 197m in the first half of 2025.
In addition, Vestas acquired property, plant and equipment as part of the business acquisitions. See note 2.3.
2.2 Warranty provisions (included in provisions)
mEUR
30 June
2026
30 June
2025
31 December
2025
Warranty provisions, 1 January
1,929
2,060
2,060
Provisions for the period
259
286
651
Warranty provisions consumed during the period
(367)
(325)
(782)
Warranty provisions
1,821
2,021
1,929
The provisions are expected to be payable as follows:
Non-current
1,184
1,309
1,255
Current
637
712
674
Carrying amount as at 30 June
1,821
2,021
1,929
During the first half of 2026, net warranty provisions charged to the income statement was EUR 260m (EUR 233m in the
first half of 2025), equivalent to 3 percent of revenue. The net amount consists of a gross warranty provision of EUR
259m, plus a net adjustment to supplier claims of EUR 1m.
In general, provisions are made for all expected costs associated with wind turbine repairs or replacements, and any
reimbursement from other involved parties is not offset unless a written agreement has been made to that effect.
Provisions are made to cover possible costs of remedy and other costs in accordance with specific agreements. The
provisions are based on estimates, and actual costs may deviate substantially from such estimates.
Vestas Wind Systems A/S Page 23 of 26
Interim Report – Second Quarter 2026
2.3 Acquisition of businesses
During the second quarter of 2026, Vestas acquired two blade manufacturing factories in India and Mexico, respectively.
The main assets acquired were property, plant, and equipment, as well as goodwill related to the value of supply chain
synergies and assembled workforce.
The business acquisitions have been considered immaterial both individually and collectively.
3 Capital structure and financing items
3.1 Share capital
Treasury shares
Number of shares
30 June
2026
30 June
2025
31 December
2025
Treasury shares as at 1 January
19,449,943
4,104,643
4,104,643
Purchases for the period
9,553,700
9,385,671
16,478,471
Cancellation for the period
(14,305,800)
-
-
Vested treasury shares for the period
(1,672,642)
(1,133,171)
(1,133,171)
Treasury shares
13,025,201
12,357,143
19,449,943
Each share has a nominal value of DKK 0.20.
3.2 Cash and cash equivalents
mEUR
30 June
2026
30 June
2025
31 December
2025
Cash and cash equivalents without disposal restrictions
3,451
3,029
4,367
Cash and cash equivalents with disposal restrictions
11
27
17
Cash and cash equivalents
3,462
3,056
4,384
3.3 Financial risks
Management of financial risks, including liquidity, credit and market risks, is core to Vestas. This is governed by policies,
and these are addressed in the notes to the consolidated financial statements in the Annual Report 2025, note 4.1
(Financial risk management), pages 158–162. The risks in 2026 remain similar in nature.
As at 30 June 2026, Vestas had EUR 3,462m of cash and cash equivalents. Additionally, Vestas has a committed credit
facility of EUR 2,000m maturing in April 2028, and uncommitted credit facilities of EUR 475m. As at 30 June 2026, EUR
771m of the committed credit facility was converted into ancillary bank guarantee issuance facilities, leaving EUR 1,704m
available for cash drawing and/or issuance of guarantees.
3.4 Financial instruments
Financial investments consist of interest-bearing investments that do not meet the definition for cash and cash equivalents.
As at 30 June 2026, financial investments comprised deposits with fair value of EUR 165m, equal to book value.
Derivative financial instruments were positive with a market value of net EUR 29m, equal to book value, and were
recognised in other receivables and other liabilities with EUR 478m and EUR 449m, respectively.
As at 30 June 2026, the carrying amount of the sustainability-linked bonds issued by Vestas amounted to EUR 1,986m
and the fair value amounted to EUR 1,938m.
Financial instruments measured at fair value have been categorised into level 1, 2, and 3 as addressed in the Annual
Report 2025, note 4.3, page 166. Financial instrument assets categorised within level 3 comprise other investments and
contingent consideration. As at 30 June 2026, the fair value of other investments amounted to EUR 149m, and that of
contingent consideration amounted to EUR 69m. Valuation methods remain unchanged from the description in the Annual
Report 2025 and with no significant changes in fair values.
Vestas Wind Systems A/S Page 24 of 26
Interim Report – Second Quarter 2026
4 Other disclosures
4.1 Related party transactions
Vestas has had the following material transactions with joint ventures and associates:
mEUR
Q2
2026
Q2
2025
H1
2026
H1
2025
Joint ventures
Capital contributions
-
0
-
0
Other assets as at 30 June
3
2
3
2
Other liabilities as at 30 June
1
-
1
-
Associates
Revenue for the period
17
1
20
2
Proceeds from investments in associates
12
0
25
18
Capital contributions
0
0
1
2
Trade receivables as at 30 June
11
2
11
2
No other significant changes have occurred with related parties or types and scale of transactions with these parties other
than what is disclosed in the consolidated financial statements in the Annual Report 2025, note 6.1, page 171.
4.2 Subsequent events
Other than the events recognised or disclosed in this interim report, no events have occurred subsequent to 30 June 2026
which could have a significant impact on the report.
5 Basis for preparation
5.1 General accounting policies
The interim report of Vestas comprises a summary of the consolidated financial statements of Vestas Wind Systems A/S
and its subsidiaries.
The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting as adopted by the EU,
accounting policies set out in the Annual Report 2025 of Vestas and additional Danish disclosure requirements for interim
financial reporting of listed companies.
The accounting policies remain unchanged compared to the Annual Report for 2025, to which reference is made.
This interim report includes selected notes. Accordingly, this report should be read in conjunction with the Annual Report
2025 and any public announcements made during the interim reporting period.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to the expected annual
profit or loss.
5.2 Implementation of new and amended standards
The following new and amended accounting standards have been implemented as of 1 January 2026:
• Annual improvements volume 11
• Contracts referencing nature-dependent electricity amendments to IFRS 9 and IFRS 7
• Amendments to the classification of measurement of financial instruments (amendments to IFRS 9 and IFRS 7).
Vestas did not have to change its accounting policies or make retrospective adjustments as a result of adopting these
amended standards.
Vestas Wind Systems A/S Page 25 of 26
Interim Report – Second Quarter 2026
Management’s statement
*) Employee representative
Executive Management
Board of Directors
)
)
)
Vestas Wind Systems A/S Page 26 of 26
Interim Report – Second Quarter 2026
Tel: +45 9730 0000
vestas@vestas.com, vestas.com
Disclaimer and cautionary statement
This document contains forward-looking statements concerning
Vestas’ financial condition, results of operations and business.
All statements other than statements of historical fact are, or
may be deemed to be, forward-looking statements. Forward-
looking statements are statements of future expectations that
are based on management’s current expectations and
assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements.
Forward-looking statements include, among other things,
statements concerning Vestas’ potential exposure to market
risks and statements expressing management’s expectations,
beliefs, estimates, forecasts, projections, and assumptions. A
number of factors that affect Vestas’ future operations and could
cause Vestas’ results to differ materially from those expressed
in the forward-looking statements included in this document,
include (without limitation): (a) changes in demand for Vestas'
products; (b) currency and interest rate fluctuations; (c) loss of
market share and industry competition; (d) environmental and
physical risks, including adverse weather conditions; (e)
legislative, fiscal, and regulatory developments, including
changes in tax or accounting policies; (f) economic and financial
market conditions in various countries and regions; (g) political
risks, including the risks of expropriation and renegotiation of
the terms of contracts with governmental entities, and delays or
advancements in the approval of projects; (h) ability to enforce
patents; (i) product development risks; (j) cost of commodities;
(k) customer credit risks; (l) supply of components; and (m)
customer created delays affecting product installation, grid
connections and other revenue-recognition factors.
All forward-looking statements contained in this document are
expressly qualified by the cautionary statements contained or
referenced to in this statement. Undue reliance should not be
placed on forward-looking statements. Additional factors that
may affect future results are contained in Vestas’ Annual Report
for the year ended 31 December 2025 (available at
vestas.com/en/investor) and these factors also should be
considered. Each forward-looking statement speaks only as of
the date of this document. Vestas does not undertake any
obligation to publicly update or revise any forward-looking
statement as a result of new information or future events other
than as required by Danish law. In light of these risks, results
could differ materially from those stated, implied or inferred from
the forward-looking statements contained in this document.