Although ongoing geopolitical and tariff risks are likely to cause uncertainty, we expect revenue growth in 2026, driven by Power Solutions. Profitability is expected to improve, driven by revenue growth, progress in the manufacturing ramp-up, continued good project execution, and cost-out initiatives across the Vestas organisation.

Revenue is expected to range between EUR 20-22bn, with an EBIT margin before special items of 6-8 percent. Total investments¹ are expected to amount to approx. EUR 1.2bn in 2026. 

The Service segment is expected to generate an EBIT margin before special items of 15.5-17.5 percent in 2026.

The above expectations are based on the assumption that the global geopolitical environment will not significantly change business conditions for Vestas during 2026, including energy or supply chain disruptions, changes to the regulatory environment, or other external conditions, such as bad weather, exchange rates, lack of grid connections and similar. In relation to forecasts on financials from Vestas in general, it should be noted that Vestas’ accounting policies only allow the recognition of revenue when the control has passed to the customer, either at a point in time or over time.

Outlook 2026

^{1) Total cash flows from the purchase of intangible assets and property, plant, and equipment, net of proceeds from the sale of intangible assets and property, plant, and equipment.} 

This is Vestas

Wind energy is our heritage and core competence. We have a market-leading competitive position to provide affordable, secure, and sustainable energy to a large addressable market that is expected to grow considerably in the years ahead. 

Strategically, we build long-term partnerships with customers and suppliers while we strive to be the best at what we do. We emphasise quality and cost-out initiatives to ensure long-term competitiveness. This will drive earnings growth and value creation, so we can free up cash to return to shareholders (read more in the Annual Report 2025 on pages 12-20).

^{Long-term financial ambitions}

Our long-term financial ambitions remain unchanged. 

Long-term financial ambitions

Drivers to achieve 10 percent EBIT margin 

The main drivers to achieve our 10 percent EBIT margin ambition: 

• Offshore: Ramp-up, cost-out and extend competitiveness as we add volume to the platform.

• Quality: Drive operational performance, lower warranty costs and reduce the cost of poor quality through closer collaboration throughout the full value chain.

• Service: Deliver operational recovery and commercial reset with the long-term ambition to achieve an EBIT margin of 25 percent.

• Onshore: Operational leverage, cost-out and retain strong commercial culture.

Measuring our success 

The 2025 long-term incentive (LTI) grant was subject to the following performance metrics: Earnings Per Share (EPS)  60 percent, Return on Capital Employed (ROCE) 30 percent,  and Greenhouse Gas (GHG) Emissions Avoided 10 percent. 

The 2025 short term incentive (STI) was subject to key financial KPIs including Group EBIT margin before special items (50 percent), adj. Free Cash Flow (30 percent), and Service EBIT margin (20 percent). 

As the graph to the right shows, we reward good performance,  while sub-par performance is subject to negative performance adjustments, or zero vesting. Read more about our remuneration policy and outcomes in the Remuneration Report 2025. 

Capital allocation priorities

When allocating Vestas’s capital, we apply the following principles while ensuring that Vestas remains resilient to economic fluctua-tions, respecting the volatile cycles of our industry : 

• Reinvest into our existing business, including R&D, to deliver on our strategy and vision.

• Make value-creating acquisitions to accelerate or increase profitable growth.

• We are committed to maintaining a solid investment grade profile, targeting NIBD/EBITDA between -1x and 1x through the cycle. 

• Return at least 40 percent of the company’s annual net result after tax to shareholders through a combination of dividend and share buybacks.

Read more about Vestas’ Capital structure strategy in the Annual Report 2025 on page 22.