Vestas Wind Systems A/s · OMXCOP:VWS
Vestas Wind Systems A/s — Q2 2026 Earnings Presentation
22 slides from Vestas Wind Systems A/s's earnings presentation, Aug 12, 2026
Slide 1: Second Quarter 2026
Second Quarter 2026 Vestas Wind Systems A/S Copenhagen, 12 August 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 Q2 2026
Key highlights for Q2 2026 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
Slide 4: Agenda
Orders and markets Financials Outlook Q&A Agenda 4 Q2 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: Drivers to long-term financial ambition
Drivers to long-term financial ambition Drivers to achieve 10 percent EBIT margin Drivers • Offshore: Ramp-up, cost-out and extend competitiveness as we add volume to the platform 2026e Ambition • Service: Deliver operational recovery and commercial reset with the ambition to achieve 25 percent EBIT
Slide 7: Power Solutions – Q2 2026
Power Solutions – Q2 2026 Strong onshore order intake Firm and unconditional order intake, MW Highlights Onshore +67% Offshore Order intake of 3.3 GW in the quarter driven by strong 3,349 Onshore order intake, especially in the US and Germany. There were no Offshore orders in Q2 1,759 Americas 2,009
Slide 8: Service – Q2 2026
Service – Q2 2026 Recovery plan progressing Service order GW under active Average years Highlights backlog service contracts contract duration The Service order backlog increased to EUR 40.9bn, an increase of EUR 5bn compared to a year ago, including EUR 1.3bn uplift from indexation and EUR 0.2bn he
Slide 9: Sustainability – Q2 2026
Sustainability – Q2 2026 Sustainability in everything we do GHG avoided 535 480 Highlights Expected GHG avoided +11% over the lifetime of the Turbines produced and shipped in the last twelve capacity produced and months are expected to avoid 535 million tonnes of shipped during the period green hous
Slide 10: Agenda
Orders and markets Financials Outlook Q&A Agenda 10 Q2 2026
Slide 11: Income statement – Q2 2026
Income statement – Q2 2026 Earnings per share up 46 percent mEUR Q2 2026 Q2 2025 % change Highlights Revenue 4,723 3,745 +26% Gross profit 801 417 +92% Revenue increased by 26 percent, compared to Q2 last year. The increase was driven by Power Solutions, while SG&A costs* (356) (360) (1)% Service re
Slide 12: Power Solutions – Q2 2026
Power Solutions – Q2 2026 Strong second quarter Power Solutions revenue and EBIT margin before special items, mEUR and percent Highlights Offshore revenue Onshore revenue EBIT margin In Power Solutions, revenue increased by 37 percent YoY, +37% driven mainly by higher MW delivered in both Onshore an
Slide 13: Service – Q2 2026
Service – Q2 2026 Cost-out and commercial reset continues to progress Service revenue and EBIT margin before special items, mEUR and percent Highlights Service EBIT Service revenue EBIT margin 1,197 Service revenue decreased by 5 percent YoY, including a 1 percent currency headwind. The ongoing reco
Slide 14: SG&A costs – Q2 2026
SG&A costs – Q2 2026 Improvement in SG&A costs SG&A costs (LTM)*, mEUR and percent Highlights -0.4%-pts SG&A costs amounted to 7.0 percent of revenue on a last 1,416 1,430 1,429 1,425 SG&A costs 1,351 1,370 12-month basis, an improvement of 0.4 percentage points 1,289 1,304 1,318 % of revenue 1,255
Slide 15: Net working capital – Q2 2026
Net working capital – Q2 2026 Working capital increased slightly in the quarter NWC change over the quarter, mEUR Highlights Net working capital increased in Q2 to negative EUR 2.3bn mainly driven by an increase in inventories and contract costs As a percentage of last twelve months revenue, net wor
Slide 16: Cash flow statement – Q2 2026
Cash flow statement – Q2 2026 Better profitability benefiting cash flow Highlights Operating cash flow was positive EUR 419m in the mEUR Q2 2026 Q2 2025 Abs. change quarter, a significant improvement compared to Q2 in the Cash flow from operating activities prior year, driven by higher profitability
Slide 17: Provisions and LPF – Q2 2026
Provisions and LPF – Q2 2026 LPF continues to come down Lost Production Factor (LPF), LTM, Percent Highlights 4 The Lost Production Factor slightly improved in Q2 3 reflecting better fleet performance and operational improvements across our serviced assets 2 Warranty costs amounted to EUR 141m in th
Slide 18: Capital structure and shareholder distribution – Q2 2026
Capital structure and shareholder distribution – Q2 2026 Buyback of EUR 400m announced Payouts to shareholders in forms of dividend and share buyback, EURm Highlights Dividend Share Buyback Net debt to EBITDA ended the quarter at 0x, stable EUR 174m (35% payout) EUR 400m (51% payout) > 40% payout co
Slide 19: Long-term shareholder value – Q2 2026
Long-term shareholder value – Q2 2026 Value through performance EBIT Margin before special items, % Adjusted free cash flow, EURm Highlights +4.9 +788 • EBIT margin b.s.i. of 7.7 percent (LTM) 7.7 1,095 943 5.7 830 4.3 2.8 • Earnings per share of EUR 1.11 (LTM) 1.5 155 (51) • Adj. free cash flow of
Slide 20: Agenda
Orders and markets Financials Outlook Q&A Agenda 20 Q2 2026
Slide 21: Outlook 2026
Outlook 2026 Outlook Prev. Outlook Revenue (bnEUR) 20 – 22 20 – 22 EBIT margin before special items (%) 7–9 6–8 - Service is expected to generate EBIT margin b.s.i. of 15.5 – 17.5 percent Total investments (bnEUR) Approx. 1.2 Approx. 1.2 • The 2026 outlook is based on current foreign exchange rates
Slide 22: Financial calendar 2026: Q&A
Financial calendar 2026: • Disclosure of Q3 2026 (11th November) Q&A 22 Q2 2026