Vestas Wind Systems A/S (0NMK) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to our Q1 for twenty twenty six release. I think the keyword for this first quarter, of course, for the world is heading of energy crisis, another one after the last one in H1 twenty twenty two. It's also here very much appropriate to thank you. Thank you for a good start of the year. That thanks goes especially to customers, to partners, colleagues and other stakeholders. Thank you for many very many valuable conversations and commitments in what has been an increasing volatile world throughout the first four months of the year. So with that, let's go to the key highlights of Q1. So key highlights for Q1: Revenue of €4,000,000,000 that's an increase of 14% year on year, driven by Offshore, where we also see the manufacturing ramp up is improving year on year. EBIT margin of 3.2% is better profitability in both onshore and offshore, leading to the best first quarter EBIT margin since 2018. Our service EBIT margin of 16.3%, continued cost out in the service leads to lower revenue with profitability in line with outlook. We'll come back to more details on that. And then, of course, order intake of 4.5 gigawatt, strong offshore order intake in The U. K, mainly related to AR7 and a good onshore momentum leads to record high backlog of now more than €36,000,000,000 We are also returning cash to shareholders. For the third quarter in a row, We will initiate a new share buyback of €100,000,000 will be initiated and starting as of tomorrow morning. And then last but not least, outlook for 2026. We maintain our guidance and I'll give you more details of that when we get to the end of my presentation. With that, I will go to orders and markets in general. I think here, wind energy key to affordability, security and sustainability. We probably couldn't ...