Vestas Shares Slide as Onshore Weakness Offsets 2026 Growth Outlook

The Aarhus-based company reported adjusted earnings before interest and taxes of 580 million euros ($684.9 million) for the final quarter, missing the 597 million euros projected by analysts. Revenue also came in light at 6.27 billion euros, compared to the 6.45 billion euros anticipated. The results sent shares 6.1% lower in afternoon European trading.

Divergent Performance in Onshore and Offshore

Analysts attributed the quarterly miss to a shift in delivery volumes. According to Sydbank senior analyst Jacob Pedersen, significantly more turbines were delivered in the offshore segment, but these gains were insufficient to offset a sharp decline in onshore activity. However, Pedersen noted that the company’s 2026 guidance and updated distribution policy signal a level of long-term confidence not seen in years.

For the current fiscal year, Vestas expects revenue to climb to between 20 billion and 22 billion euros, supported by an adjusted EBIT margin of 6% to 8%. To reward investors, the board declared a dividend of 0.74 Danish kroner per share alongside a 150 million euros share buyback program. This compares to a 2025 performance that saw 18.82 billion euros in revenue and a 5.7% adjusted margin.

While RBC Capital Markets analyst Colin Moody noted a 7% beat in quarterly orders, he flagged concerns regarding the service business. The 2026 margin outlook for the division—forecasted at 15.5% to 17.5%—suggests a potential year-on-year deterioration on an underlying basis when compared to the 16.6% margin reported in 2025.