Vestas has received a record order intake for offshore wind in the first quarter of 2026, with offshore wind alone accounting for 2,760 MW out of a total announced order intake of 4,151 MW. Overall, the order intake is expected to reach around 4,750 MW when unannounced orders are included. According to Jacob Pedersen, head of equity research at AL Sydbank, the offshore wind orders are helping to lay the foundation for stable growth in the coming years. This is reported by MarketWire.
- On the offshore wind side, things are certainly looking encouraging with a new quarterly record in the quarter just ended. Calculations also show that Vestas was the market leader in terms of offshore wind order intake in 2025, and the two new large orders from RWE with revenue recognition over the years 2028-2030 fit – as we see it – perfectly in the order book to create controlled growth in the years 2027-2028 and towards 2030, says Jacob Pedersen, head of equity research at AL Sydbank.
According to the analysis, a gradually increasing turnover is an important prerequisite for improving profitability in the offshore wind business. The current order backlog and delivery times point to a more balanced course in 2027-2028, while new orders with delivery in 2029-2030 can support further growth. The recently announced layoffs at Lindø are also interpreted as a sign that the scale-up in the offshore wind business is proceeding according to plan and that staffing is being adjusted.
For onshore wind, order intake has fallen after a strong fourth quarter of 2025, which is not surprising according to the analysis. However, there is progress compared to the first quarter of 2025, and the expectation of a total onshore wind order intake of 14,500 MW in 2026 is maintained.
AL Sydbank maintains its buy recommendation for the Vestas share on this basis.
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