Vestas Wind Systems A/s · OMXCOP:VWS
Vestas Wind Systems A/s — Q1 2026 Earnings Presentation
22 slides from Vestas Wind Systems A/s's earnings presentation, May 6, 2026
Slide 1: First quarter 2026
First quarter 2026 Vestas Wind Systems A/S Copenhagen, 6 May 2026
Slide 2: Disclaimer and cautionary statement
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 statement
Slide 3: Key highlights for Q1 2026
Key highlights for Q1 2026 Revenue of EUR 4.0bn Increase of 14 percent YoY driven by Offshore, as the manufacturing ramp-up is improving EBIT margin of 3.2 percent Better profitability in both Onshore and Offshore, leading to the best first quarter EBIT margin since 2018 Service EBIT margin of 16.3
Slide 4: Agenda
Orders and markets Financials Outlook Q&A Agenda 4 Q1 2026
Slide 5: Wind energy key to affordability, security and sustainability
Wind energy key to affordability, security and sustainability Our current business environment Global Environment Inflation, raw materials and transport costs stable, but tariffs and blockages increase costs over time Ongoing geopolitical, trade volatility and energy crisis leading to regionalisatio
Slide 6: Market shares – 2025
Market shares – 2025 Vestas continues to lead the industry Global onshore and offshore installations (excluding China) Highlights 100% = 47 GW 100% = 37 GW Installations in our addressable market increased to 47 GW in 2025 from 37 GW in 2024. Vestas remains the market leader. Vestas 24% Vestas 30% V
Slide 7: Power Solutions – Q1 2026
Power Solutions – Q1 2026 Need for electricity underpinning demand Firm and unconditional order intake, MW Highlights Onshore +8% Offshore +82% Order intake of 4.5 GW, in the quarter, driven by strong 1,744 2,760 1,620 Offshore order intake in the UK, and Onshore momentum 189 across all regions 873
Slide 8: Service – Q1 2026
Service – Q1 2026 Good start to the year Service order GW under active Average years Highlights backlog service contracts contract duration The Service order backlog increased to EUR 39.8bn, including EUR 1.1bn uplift from indexation and EUR 0.6bn headwind from foreign exchange rate movements compar
Slide 9: Sustainability – Q1 2026
Sustainability – Q1 2026 Sustainability in everything we do GHG avoided 490 468 Highlights Expected GHG avoided (4)% over the lifetime of the Turbines produced and shipped in the last twelve capacity produced and months are expected to avoid 468 million tonnes of shipped during the period green hous
Slide 10: Agenda
Orders and markets Financials Outlook Q&A Agenda 10 Q1 2026
Slide 11: Income statement – Q1 2026
Income statement – Q1 2026 Highest first quarter profitability since 2018 mEUR Q1 2026 Q1 2025 % change Highlights Revenue 3,966 3,468 +14% Gross profit 471 359 +31% Revenue increased by 14 percent, compared to Q1 last year. The increase was driven by higher revenue in Power SG&A costs* (344) (345)
Slide 12: Power Solutions – Q1 2026
Power Solutions – Q1 2026 Solid start to the year Power Solutions revenue and EBIT margin before special items, mEUR and percent Highlights Offshore revenue Onshore revenue EBIT margin In Power Solutions, first quarter revenue increased by 23 percent YoY, driven mainly by higher MW delivered in Offs
Slide 13: Service – Q1 2026
Service – Q1 2026 Recovery plan improvements leading to cost-out Service revenue and EBIT margin before special items, mEUR and percent Highlights Service EBIT Service revenue EBIT margin 1,197 Service revenue decreased by 9 percent YoY, impacted by 4 percent currency headwind, and a decrease in con
Slide 14: SG&A costs – Q1 2026
SG&A costs – Q1 2026 Operating Model Reset is ongoing SG&A costs (LTM)*, mEUR and percent Highlights +6% The Operating Model Reset is ongoing and aims to 1,416 1,430 1,429 SG&A costs improve Vestas’ operational and commercial efficiency, 1,351 1,370 1,289 1,304 1,318 % of revenue through removing bu
Slide 15: Net working capital – Q1 2026
Net working capital – Q1 2026 Increased NWC in the quarter reflecting normal seasonality NWC change over the quarter, mEUR Highlights Net working capital increased in Q1 to negative EUR 2.4bn driven by an increase in inventory levels and other receivables and liabilities Net working capital reflects
Slide 16: Cash flow statement – Q1 2026
Cash flow statement – Q1 2026 Lower cash flow driven by typical working capital build-up Highlights Operating cash flow was minus EUR 289m in the quarter, mEUR Q1 2026 Q1 2025 Abs. change a decline compared to Q1 in the prior year, mainly due to Cash flow from operating activities changes in net wor
Slide 17: Provisions and LPF – Q1 2026
Provisions and LPF – Q1 2026 LPF reduced as planned Lost Production Factor (LPF), LTM, Percent Highlights 4 The Lost Production Factor improved in Q1 now that 3 repairs at the sites mentioned in recent quarters have been completed. Note that, as the LPF is measured over the last twelve months, it wi
Slide 18: Capital structure and shareholder distribution – Q1 2026
Capital structure and shareholder distribution – Q1 2026 New share buyback Payouts to shareholders in forms of dividend and share buyback, EURm Highlights Dividend Share Buyback Net debt to EBITDA ended the quarter at minus 0.2x, EUR 174m (35% payout) EUR 400m (51% payout) > 40% payout stable compar
Slide 19: Long-term shareholder value – Q1 2026
Long-term shareholder value – Q1 2026 Value through performance EBIT Margin before special items, % Adjusted free cash flow, EURm Highlights +467 +3.3 • EBIT margin b.s.i. of 6.1 percent (LTM) 6.1 1,095 5.7 830 4.3 622 2.8 • Earnings per share of EUR 0.9 (LTM) 1.5 155 -51 • Adj. free cash flow of EU
Slide 20: Agenda
Orders and markets Financials Outlook Q&A Agenda 20 Q1 2026
Slide 21: Outlook 2026
Outlook 2026 Outlook Revenue (bnEUR) 20 – 22 EBIT margin before special items (%) 6–8 - Service is expected to generate EBIT margin b.s.i. of 15.5 – 17.5 percent Total investments (bnEUR) Approx. 1.2 • The 2026 outlook is based on current foreign exchange rates 21 Q1 2026
Slide 22: Financial calendar 2026: Q&A
Financial calendar 2026: • Disclosure of Q2 2026 (12th August) Q&A • Disclosure of Q3 2026 (11th November) 22 Q1 2026