Vestas has raised its financial guidance for 2026 after reporting record revenue and stronger profitability in 2025.
The turbine manufacturer delivered revenue of €18.8bn last year, within its €18.5–19.5bn outlook range, while EBIT margin before special items reached 5.7%, at the upper end of its 5–6% guidance, according to annual results published today.
Total investments came in at €1.3bn in 2025, slightly above the company’s expected spend of around €1.2bn. Order intake reached 16.3GW across power solutions and service, lifting the combined order backlog to a record €71.9bn.
For 2026, Vestas forecasts revenue of €20–22bn, with an EBIT margin before special items of 6–8%. Investments are expected to total about €1.2bn, while the service segment is guided to deliver an EBIT margin before special items of 15.5–17.5%.
Group president and chief executive Henrik Andersen said: “Vestas achieved our highest ever revenue and profitability in the upper end of our outlook, representing a solid result in a volatile global business environment.”
He added that growth across onshore, offshore and service drove revenue of €18.8bn, with the 5.7% EBIT margin supported by continued improvement in onshore execution and service performance in line with expectations.
“The strong performance in Onshore was underlined by absorbing the continued extra costs and investments related to the ramp-up in Offshore and executing our Service recovery plan,” Andersen said.
He also pointed to strong market demand, noting that the “growing need for affordable, secure, and sustainable energy” supported order intake of 16.3GW and an all-time high backlog of €71.9bn.
Based on the 2025 results and cash flow, Vestas plans to return additional value to shareholders for the second consecutive quarter, proposing a dividend of DKK 0.74 per share and launching a €150m share buyback programme.
Andersen thanked customers, partners, shareholders and the company’s 37,000 employees for their continued support.
