Vestas Wind Systems

VWS · Nasdaq Copenhagen · DKK

kr 189.70−3.29%−kr 6.45

Close · October 1, 2026

At a glance

Revenue growth: +8.83%; 2025 vs 2024
Net income growth: +55.91%; 2025 vs 2024
Net margin: 4.1%; 2024: 2.9%

Financial data

Amounts in millions of EUR; per-share values in EUR; shares in millions.

Income statement · Quarterly
Item	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Total revenue	4,723	3,966	6,270	5,339	3,745	3,468	6,141	5,177	3,296	2,681	4,771	4,353
Cost of revenue	3,922	3,495	5,321	4,567	3,328	3,109	5,028	4,633	3,140	2,437	4,248	4,002
Gross profit	801	471	949	772	417	359	1,113	544	156	244	523	351
Selling, general and administrative	241	242	296	234	241	235	248	211	252	227	241	198
Research and development	115	102	73.0	122	119	110	107	99.0	89.0	85.0	100	97.0
Operating income	445	127	580	416	57.0	14.0	758	234	-185	-68.0	182	56.0
EBIT	445	127	580	416	57.0	14.0	758	234	-185	-68.0	182	56.0
EBITDA	743	399	689	673	315	242	856	443	40.0	131	280	250
Interest expense	48.0	2.0	107	15.0	9.0	14.0	70.0	36.0	53.0	35.0	111	32.0
Pre-tax income	375	92.0	581	405	46.0	7.0	856	184	-230	-105	173	28.0
Income tax	90.0	22.0	144	101	12.0	2.0	258	57.0	-74.0	-30.0	24.0	—
Net income	280	82.0	439	302	32.0	5.0	598	127	-158	-68.0	148	29.0
Net income to common shareholders	280	82.0	439	302	32.0	5.0	598	127	-158	-68.0	148	29.0
Basic EPS	0.28	0.08	0.44	0.30	0.03	0.00	0.55	0.13	-0.16	-0.07	0.15	0.03
Diluted EPS	0.28	0.08	0.42	0.30	0.03	0.00	0.53	0.13	-0.16	-0.07	0.15	0.03
Average shares (basic)	1,000	1,025	1,003	1,007	1,067	1,010	1,093	977	988	971	983	967
Average shares (diluted)	1,000	1,025	1,024	1,007	1,067	1,010	1,110	977	988	971	996	967
Dividend per share	—	—	0.10	—	—	—	0.07	—	—	—	—	—