Vestas Annual Report 2025 – Generating value amidst growing uncertainty
Vestas Wind Systems A/S, Aarhus, 5 February 2026
Company Announcement no. 01/2026
Summary: For the year 2025, Vestas achieved revenue of EUR 18,822m (outlook: EUR 18.5-19.5bn), with an EBIT margin before special items of 5.7 percent (outlook: 5-6 percent), and total investments of EUR 1,251m (outlook: approx. EUR 1.2bn). The value of the combined order backlog across Power Solutions and Service increased to EUR 71.9bn.
Our financial outlook for 2026 is as follows: Revenue is expected to range between EUR 20-22bn, with an EBIT margin before special items of 6-8 percent. Total investments 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.
As a result of the performance in 2025, the Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that a dividend of DKK 0.74 per share be distributed to the shareholders. In addition, a share buyback of EUR 150m will be initiated.
Henrik Andersen, Group President & CEO said: “Vestas achieved our highest ever revenue and profitability in the upper end of our outlook, representing a solid result in a volatile global business environment. Growth across Onshore, Offshore and Service ensured revenue of EUR 18.8bn, while our EBIT margin of 5.7 percent was driven by continued improvement in Onshore execution and Service EBIT in line with expectations. The strong performance in Onshore was underlined by absorbing the continued extra costs and investments related to the ramp-up in Offshore and executing our Service recovery plan. The growing need for affordable, secure, and sustainable energy helped us achieve an order intake of 16.3 GW, leading to an all-time high combined order backlog of EUR 71.9bn. Based on our 2025 results and strong cash flow, we are pleased to return further value to our shareholders for the second quarter in a row by proposing a dividend of DKK 0.74 per share and initiating a share buyback of EUR 150m. We want to thank our customers, partners, shareholders, and our 37,000 colleagues for their continued support and dedication.”
Key highlights
Revenue of EUR 18.8bn and an EBIT margin of 5.7 percent
All-time high revenue from growth in both segments, and profitability achieved in upper end of Outlook.
Service EBIT of EUR 626m
Delivered on the revised Service EBIT guidance, however, the outcome fell short of performance targets.
Order intake of 16.3 GW leading to record high order backlog
Higher Onshore activity, especially in EMEA, was offset by lower Offshore orders in the year.
Manufacturing ramp-up leading to extra costs and investments
Progress made despite persistent challenges, with further improvements expected in 2026.
Returning value to our shareholders
A dividend of DKK 0.74 per share is proposed, and a share buyback of EUR 150m will be initiated.
Outlook for 2026
Revenue expected between EUR 20-22bn, EBIT margin b.s.i. expected between 6-8 percent.
Information meeting (audiocast)
On Thursday 5 February 2026 at 10 am CET (9 am GMT), Vestas will host a conference call with a presentation on the results. The presentation will be audiocast and can be viewed live or replayed via vestas.com.
The presentation will be held in English and will conclude with a Q&A. Details on how to register for the Q&A are to be found at vestas.com/en/investor.
Contact details
Vestas Wind Systems A/S, Denmark
Investors/analysts:
Daniel Patterson
Vice President, Investor Relations
Tel: +45 2669 2725
Frederik Holm Jacobsen
Senior IR Specialist, Investor Relations
Tel: +45 2835 3365
Media:
Anders Riis
Vice President, Communications
Tel: +45 4181 3922
Attachments
Attached is the integrated Vestas Annual Report 2025 (pdf). Attached is also the full Company Announcement (pdf), which includes the condensed key figures for full year and fourth quarter 2025.
A ZIP file comprising an xHTML version of the report made in accordance with the European Single Electronic Format, is also attached. Additional reports and policies mentioned in the Annual Report 2025 can be found at our website here: https://www.vestas.com/en/investor/reporting/2025.