Vestas Wind Systems A/S (0NMK) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to our presentation of Q2 for 2026. Strong quarter, and let me also here immediately thank our customers, partners, the full supply chain and also colleagues for an exceptionally well executed quarter. And with that, I would like to go to our key highlights for the quarter. So in quarter, revenue of €4,700,000,000 that's an increase of 26% year on year, driven by strong growth in Power Solutions of 37%. EBIT margin of 9.4%, strong profitability improvement driven by both Onshore and Offshore. EPS of €1.1 per share. Earnings per share grew 46% year on year to one of the highest levels in the history of Vestas. The order intake of 3.3 gigawatt, that's an increase of 67% year on year, driven by commercial traction in both EMEA and The Americas. Importantly here, returning cash to shareholders, we are also having a new share buyback of €400,000,000 that will begin August 13 as of tomorrow and run until the end of the year. That's a little special note. It runs until the December 16 intended, but Jacob will give you more details on that when we come to the capital structure for that. And then outlook for 2026, guidance raised, reflecting the performance in the second quarter and the improved visibility for the rest of the year. With that, I'd like to take you through the markets and environments we are operating and executing in. First of all, wind energy, key to affordability, security and sustainability, no new words in that, but especially the two keywords right now for societies worldwide is affordability and security. When we look at the global environment, inflation, raw materials and transport costs are stable, but tariffs and blockages increase costs over time or from time to time, as we say. It's a changeable environment. When ...