Vestas Q3 Update Shapes Wind Turbine Generator Industry

Vestas Q3 2026 Revenue Reaches EUR 5.7 Billion; Combined Backlog at EUR 77.9 Billion, Outlook Narrowed

AARHUS, Denmark — November 11, 2026 — Vestas Wind Systems A/S reported third-quarter 2026 revenue of EUR 5.7 billion, a 6 percent increase, with its combined order backlog standing at EUR 77.9 billion and its full-year outlook narrowed. The results give a current reading on demand and order visibility for the Wind Turbine Generator Market, in which Vestas is one of the world’s largest turbine manufacturers.

The company said growth in its Offshore and Service businesses lifted revenue, while the EBIT margin before special items rose to 8.5 percent on higher profitability in Power Solutions and improved operating leverage. Order intake for the quarter was EUR 4.1 billion.

Vestas also reported service agreements with expected contractual future revenue of EUR 42.0 billion. Combined with the Power Solutions order backlog, this brought the total to EUR 77.9 billion, up EUR 9.7 billion from a year earlier. Chief Executive Henrik Andersen said earnings per share reached an “all-time high Earnings Per Share of EUR 1.14.”

According to the industry report, the Wind Turbine Generator Market was valued at USD 17.81 billion in 2025 and is estimated at USD 19.27 billion in 2026. It is forecast to reach USD 39.2 billion by 2035, a CAGR of 8.21% from 2026 to 2035. 

Key Highlights:

• Third-quarter revenue rose 6 percent to EUR 5.7 billion, supported by growth in Offshore and Service.

• The EBIT margin before special items was 8.5 percent, and earnings per share reached EUR 1.14.

• Order intake was EUR 4.1 billion, and the combined order backlog was EUR 77.9 billion, up EUR 9.7 billion year on year.

• Service agreements represent EUR 42.0 billion in expected contractual future revenue, and Vestas narrowed its full-year outlook.

Analyst Insight:

According to analysts at Next Move Strategy Consulting, offshore is the fastest-growing application segment of the wind turbine generator industry, with a projected 13.21% CAGR from 2026 to 2035. Onshore accounted for approximately 74% of 2025 revenue. NMSC analysts note that technology adoption is shifting from geared, doubly fed induction designs toward direct drive, permanent magnet architectures in larger rated power classes.

Industry Outlook:

Vestas’ combined backlog gives the company contracted revenue visibility across both turbine supply and service. The narrowed full-year outlook points to tighter expectations for 2026 results. For the wider industry, NMSC projects growth in generator demand through 2035, led by offshore installations and larger-capacity platforms. Further company disclosures and order activity in coming quarters will show how these trends translate into delivery volumes.

Source: Vestas Wind Systems A/S – Interim Report, Third Quarter 2026 (Company Announcement no. 59/2026), via

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Prepared By: Sanyukta Deb