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Vestas Wind Systems (VWSN) Q3 2026 Earnings Report

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MX:VWSN Q3 2026 EPS Results

Actual EPS
MXN 6.81
Consensus EPS
MXN 8.15
Beat/Miss
Missed by -MXN 1.34
One Year Ago EPS
MXN 6.19

MX:VWSN Q3 2026 Revenue Results

Actual Revenue
MXN 117.08B
Expected Revenue
MXN 125.13B
Beat/Miss
Missed by -MXN 8.05B
YoY Revenue Growth
+6.50%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/11/2026
Time
Before Open
Conference Call
Wednesday, November 11, 2026
MX:VWSN Upcoming Earnings

Vestas Wind Systems's next earnings date is estimated for February 10, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 11, 2026|% Change Since:0.00%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. Vestas reported 6% revenue growth, an 8.5% EBIT margin, record EPS of EUR 1.14, record service and combined backlogs, improving service operations, progress in offshore execution, and narrowed 2026 guidance. The main negative factors were the significant He Dreiht incident costs, the absence of offshore orders in Q3, lower onshore revenue and deliveries, higher warranty costs, and macroeconomic, permitting, and supply-chain challenges. Management repeatedly stated that these issues were contained or being mitigated, and the number and significance of the positive developments outweighed the lowlights.

Company Guidance

For 2026, guidance was narrowed with 50 days to go: revenue is EUR 20.5 billion to EUR 21.5 billion, previously EUR 20 billion to EUR 22 billion; EBIT margin is 7.5% to 8.5%, versus the previous 7% to 9% and the originally stated 6% to 8%; Service is approximately 16.5%; and total investment is approximately EUR 1.0 billion, slightly down from the EUR 1.2 billion when we started the year. Offshore is expected to be in black numbers in '27, with no negative costs carried over into '27, and Service is expected, mid-term, to get back towards the 20%, while the 25% mark has no year assigned.

  • Revenue and Profitability GrowthQ3 revenue reached EUR 5.7 billion, up 6% year-on-year, driven by growth in Offshore and Service. EBIT margin was 8.5%, up 0.7 percentage points year-on-year, driven by improved profitability in Power Solutions and operating leverage.
  • Record Earnings Per ShareEPS was EUR 1.14, up 21% year-on-year and an all-time high for Vestas.
  • Power Solutions Order Intake and PricingQ3 order intake was 3.4 gigawatts, driven by commercial traction in EMEA and Asia Pacific, particularly Germany and Australia. Average selling price on new orders was EUR 1.22 million per megawatt, supported by beneficial scope from 1 gigawatt of Australian EPC orders. The pricing environment was described as stable and favorable.
  • Power Solutions Operational ProgressPower Solutions revenue increased 5% year-on-year, driven by higher offshore megawatts delivered and higher average selling prices in both onshore and offshore. Power Solutions EBIT margin reached 8.8%, up almost 1 percentage point year-on-year, with improved profitability in both onshore and offshore and benefits from operating leverage.
  • Service Recovery and Backlog GrowthThe Q3 service recovery plan remained on track. Service order backlog reached a historical high of EUR 42 billion, up EUR 6 billion year-on-year, including EUR 1.1 billion from indexation and EUR 0.4 billion from foreign exchange movements. The combined Power Solutions and Service backlog reached EUR 78 billion, the highest in Vestas history and more than double the level at the end of 2019.
  • Service Activity and ProfitabilityVestas had 169 gigawatts under active service, up 3 gigawatts from the previous quarter, as strong contract renewals and new additions more than offset expiries and customer deselection. Service revenue increased 13% year-on-year, transactional sales grew 83%, and Service EBIT was EUR 168 million at a 16.5% margin, in line with the outlook.
  • Service Cost and Commercial ImprovementsThe company reported reduced cost to serve per megawatt, improved backlog health from the commercial reset, and strong cost-out performance. Service renewal rates remained high, and management said the cost-out and commercial reset programs were moving backlog health and operational efficiency in the right direction.
  • Operating Leverage and SG&A EfficiencySG&A costs were 6.8% of last-twelve-month revenue, an improvement of 0.8 percentage points from a year earlier, mainly driven by higher revenue and a slight decrease in cost levels. The Operating Model Reset program continues to target simpler processes, stronger customer focus, and commercial and operational efficiency.
  • Positive Cash Generation and Controlled InvestmentOperating cash flow before working capital increased to EUR 650 million in Q3 as profitability improved. Total investments were EUR 252 million, down from EUR 274 million a year earlier, primarily related to transport equipment and tools for the offshore 15-megawatt V236 ramp-up.
  • Financing Strength and Shareholder ReturnsVestas maintained a net debt-to-EBITDA ratio of 0x, within its targeted range of minus 1x to plus 1x, and retained a solid investment-grade Moody's rating with a stable outlook. The company extended its EUR 2 billion revolving credit line and established a new committed guarantee facility. The EUR 400 million share buyback launched in August continued through December 16, and Vestas had paid out more than EUR 658 million through dividends and share buybacks over the prior 12 months.
  • Narrowed and Improved 2026 Guidance2026 revenue guidance was narrowed to EUR 20.5 billion to EUR 21.5 billion from EUR 20 billion to EUR 22 billion. EBIT margin guidance was narrowed to 7.5% to 8.5% from 7% to 9%, which management said was around the original top of the 6% to 8% range. Service guidance was approximately 16.5%, while total investment guidance was reduced to approximately EUR 1.0 billion from EUR 1.2 billion.
  • Offshore Recovery and Profitability PathManagement said offshore takt times, installation times, manufacturing efficiency, and installation cadence had improved. More than 200 V236 turbines were in operation or deployed, and management expected offshore to be in black numbers in 2027, with offshore also expected to be in black numbers during part of the end of 2026.
  • He Dreiht Incident ContainedThe July 22 blade incident was contained without stopping offshore activities. All turbines were installed, the root cause analysis was completed, and management said it found no design effects on the blade or serial manufacturing. A full turbine had been restored with new blades and a new nacelle, and the remaining commissioning work was scheduled to be completed before year-end 2026.
  • Sustainability and Safety ProgressTurbines produced and shipped during the last 12 months are expected to avoid 557 million tonnes of greenhouse gas emissions over their lifetime, up 21% from LTM Q3 last year. The total recordable injury rate decreased to 2.7 from 2.9, driven by improvements in service and construction activities.
  • Supportive Energy Demand and U.S. Market SignalsManagement cited increased focus on energy security and affordability, growing electricity demand, and investment in grids as factors strengthening the underlying business. In the U.S., management viewed the Section 232 announcement and proposed permitting bill as positive developments, said permitted projects were beginning to flow, and stated that demand for new electricity generation remained extremely high.
  • German and European Offshore Capacity OpportunityManagement said Germany represented an enormous positive for onshore wind and welcomed the German consultative process aimed at improving the market. Increasing German onshore volumes from around 10 gigawatts per year to potentially 15 gigawatts per year was described as possible with longer-term grid and permitting planning. Management also said European offshore capacity could be increased if governments provided more stable auction volumes and earlier grid access.
  • Long-Term Margin OpportunitiesManagement said offshore remained the largest contributor toward the 10% EBIT margin ambition, with Service expected to be the second-largest contributor and onshore also able to contribute through volume and market mix. Service was expected to move back toward 20% profitability over the medium term, while the 25% target remained under development without a specified timetable.

MX:VWSN Earnings History

MX:VWSN earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 10, 20272026 (Q4)11.18-9.07――
Nov 11, 20262026 (Q3)8.156.816.1910.00% (+0.62)
Aug 12, 20262026 (Q2)3.116.190.62900.00% (+5.57)
May 06, 20262026 (Q1)0.721.650―
Feb 05, 20262025 (Q4)8.779.0710.31-12.00% (-1.24)
Nov 05, 20252025 (Q3)4.356.192.68130.77% (+3.51)
Aug 13, 20252025 (Q2)1.050.62-3.3118.75% (+3.92)
May 06, 20252025 (Q1)-0.580.00-1.44100.00% (+1.44)
Feb 05, 20252024 (Q4)9.7610.313.09233.33% (+7.22)
Nov 05, 20242024 (Q3)4.912.680.62333.33% (+2.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed