In the spring, the Danish wind turbine manufacturer Vestas saw its share price hit its lowest level since 2018. Since then, there has been a significant change in sentiment among investors. When measured by the overall price development for the whole of 2025, the company has risen by more than 70 percent on the stock exchange.
This could be due to several things, estimates Jacob Pedersen. He is head of equity research at AL Sydbank.
- First of all, we have received evidence of an earnings promise, especially in connection with the third-quarter accounts, he says.
In the third quarter, Vestas earned 304 million euros after tax, equivalent to almost 2.3 billion kroner. This was more than double the amount in the same quarter last year.
According to the company's CEO, the results were driven by "higher deliveries and continued improvement in the execution of onshore wind projects", it was said in early November.
More clarity on the American situation
Jacob Pedersen also believes that the rising share price is a result of investors having gained more clarity about the situation in the United States.
The United States is the company's largest single market. The country's president, Donald Trump, has on several occasions railed against wind energy in favor of fossil fuels such as oil.
Among other things, Trump has expressed his desire to repeal the Inflation Reduction Act (IRA), a support scheme for the development of wind energy in the country.
However, the political intervention in the wind sector has ended up being milder than expected, and this may have pushed up the share price, according to head of equity research Jacob Pedersen.
- The uncertainty surrounding Trump has been like a blanket over Vestas. The legislation has indeed changed for the worse, but not so much that the American market completely disappears from Vestas, he says.
Although Vestas has had a tailwind on the stock market this year, the company is still far from the peak level in 2021. At its highest level, the share was traded at 312 kroner, while it can currently be purchased for around 170 kroner.
/ritzau/
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