Vestas Wind Systems A/S · OMXCOP:VWS
Vestas Wind Systems A/S — Q3 2026 Earnings Presentation
21 slides from Vestas Wind Systems A/S's earnings presentation, Nov 11, 2026
Slide 1: Third Quarter 2026
Third Quarter 2026 Vestas Wind Systems A/S Copenhagen, 11 November 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 Q3 2026
Key highlights for Q3 2026 Revenue of EUR 5.7bn Increase of 6 percent YoY driven by growth in Offshore and Service EBIT margin of 8.5 percent Improvement driven by both better profitability in Power Solutions and operating leverage EPS of EUR 1.14 Earnings per share grew 21 percent and reached an al
Slide 4: Agenda
Orders and markets Financials Outlook Q&A Agenda 4 Q3 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: Power Solutions – Q3 2026
Power Solutions – Q3 2026 Continued good Onshore activity Firm and unconditional order intake, MW Highlights Onshore -27% Offshore Order intake of 3.4 GW in the quarter driven by solid 4,606 Onshore order intake, especially in EMEA and APAC, primarily driven by Germany and Australia. There were no 3
Slide 7: Service – Q3 2026
Service – Q3 2026 Recovery plan on track Service order GW under active Average years Highlights backlog service contracts contract duration The Service order backlog increased to a historical high of EUR 42.0bn, an increase of EUR 6bn compared to a year ago, including EUR 1.1bn uplift from indexatio
Slide 8: Sustainability – Q3 2026
Sustainability – Q3 2026 Sustainability in everything we do GHG avoided 557 Highlights Expected GHG avoided 461 21% over the lifetime of the Turbines produced and shipped in the last twelve capacity produced and months are expected to avoid a record high 557 shipped during the period million tonnes
Slide 9: Agenda
Orders and markets Financials Outlook Q&A Agenda 9 Q3 2026
Slide 10: Income statement – Q3 2026
Income statement – Q3 2026 Earnings per share at an all-time high mEUR Q3 2026 Q3 2025 % change Highlights Revenue 5,677 5,339 +6% Gross profit 825 772 +7% Revenue increased by 6 percent YoY, driven by growth in both Power Solutions and Service SG&A costs* (342) (356) (4)% Income from investments in
Slide 11: Power Solutions – Q3 2026
Power Solutions – Q3 2026 Growth driven by both volume and pricing Power Solutions revenue and EBIT margin before special items, mEUR and percent Highlights Offshore revenue Onshore revenue EBIT margin Power Solutions revenue increased 5 percent YoY, driven by higher MW delivered in Offshore, suppor
Slide 12: Service – Q3 2026
Service – Q3 2026 Performance in line with expectations Service revenue and EBIT margin before special items, mEUR and percent Highlights Service EBIT Service revenue EBIT margin 1,197 Service revenue increased by 13 percent YoY, driven by strong transactional sales that grew 83 percent in the 1,002
Slide 13: SG&A costs – Q3 2026
SG&A costs – Q3 2026 Improvement in SG&A costs SG&A costs (LTM)*, mEUR and percent Highlights -0.8%-pts SG&A costs amounted to 6.8 percent of revenue on a last 1,416 1,430 1,429 1,425 1,411 SG&A costs 1,351 1,370 12-month basis, an improvement of 0.8 percentage points 1,289 1,304 1,318 % of revenue
Slide 14: Net working capital – Q3 2026
Net working capital – Q3 2026 Working capital increased ahead of a busy Q4 NWC change over the quarter, mEUR Highlights Net working capital increased slightly in Q3 to negative EUR 2.1bn mainly driven by an increase in net contract assets in Power Solutions partly offset by higher trade payables As
Slide 15: Cash flow statement – Q3 2026
Cash flow statement – Q3 2026 Positive FCF despite higher working capital Highlights Operating cash flow before working capital increased to mEUR Q3 2026 Q3 2025 Abs. change EUR 650m in the quarter, as profitability improved compared Cash flow from operating activities to Q3 last year 650 569 81 bef
Slide 16: Provisions and LPF – Q3 2026
Provisions and LPF – Q3 2026 Lost production factor stable Lost Production Factor (LPF), LTM, Percent Highlights 4 The Lost Production Factor was at the same level in 3 Q3 as the prior quarter Warranty costs amounted to EUR 181m in the quarter, 2 corresponding to 3.2 percent of revenue. Warranty con
Slide 17: Capital structure and shareholder distribution – Q3 2026
Capital structure and shareholder distribution – Q3 2026 Share buyback continues Payouts to shareholders in forms of dividend and share buyback, EURm Highlights Dividend Share Buyback Net debt to EBITDA was stable at 0x in the middle of our EUR 174m (35% payout) EUR 400m (51% payout) > 40% payout ta
Slide 18: Long-term shareholder value – Q3 2026
Long-term shareholder value – Q3 2026 Value through performance EBIT Margin before special items, % Adjusted free cash flow, EURm Highlights +5.1 +377 • EBIT margin b.s.i. of 7.9 percent (LTM) 7.9 1,095 5.7 830 4.3 532 2.8 • Earnings per share of EUR 1.14 (LTM) 1.5 155 (51) • Adj. free cash flow of
Slide 19: Agenda
Orders and markets Financials Outlook Q&A Agenda 19 Q3 2026
Slide 20: Outlook 2026
Outlook 2026 Outlook Prev. Outlook Revenue (bnEUR) 20.5 – 21.5 20 – 22 EBIT margin before special items (%) 7.5 – 8.5 7–9 - Service is expected to generate EBIT margin b.s.i. of approx. 16.5 percent Total investments (bnEUR) Approx. 1.0 Approx. 1.2 • The 2026 outlook is based on current foreign exch
Slide 21: Financial calendar 2027: Q&A
Financial calendar 2027: • Disclosure of FY 2026 (11th February) Q&A • Disclosure of Q1 2027 (12th May) • Disclosure of Q2 2027 (11th August) • Disclosure of Q3 2027 (10th November) 21 Q3 2026