Vestas: Q2 Preview: Continued Strong Execution

研报英文原文证据摘录

Vestas: Q2 Preview: Continued Strong Execution

Denmark | Renewable Energy

Vestas EquityJulyResearch2, 2026

ESTIMATE CHANGEQ2 Preview: Continued Strong Execution

We expect a supportive Q2 with strength in onshore orders, continued RATING BUY

strong project execution specifically in offshore that should provide PRICE DKK184.60^

confidence in the margin uplift potential in coming years and ongoing PRICE TARGET | % TO PT DKK215.00 | +16%

Service recovery. We are in line with cons on revs & adj. EBIT including within 52W HIGH-LOW DKK203.00 - DKK93.20

segments. More wins & visibility on the US post section 232 expected in H2 FLOAT (%) | ADV MM (USD) 96.2% | 68.77

remain a key catalyst for the stock, and we raise 2028e numbers as a result. MARKET CAP DKK182.0B | $27.8B

Reiterate Buy. TICKER VWS DC

^Prior trading day's closing price unless otherwise

noted.

Strong onshore order intake in Q2. Announced orders stand at 2.8GW for Q2, entirely driven

by onshore with key markets being Germany and the US, which could take total order intake

towards 3.2GW, 11% ahead of VA cons, implying 58% growth to the prior year hit by very limited FY (Dec) CHANGE TO JEFe JEF vs CONS

wins in the US, and 8% growth vs. 2024 levels. 2026 2027 2026 2027

REV* NM -2% -1% -7%

With upside in the US over H2. The US remains a key catalyst for the shares, and we expect EBIT +3% <1% -1% -3%

to see further wins as clarity is provided on section 232 post summer. There is increased

pressure on the US administration with a federal court ruling that vacated the decision to halt

federal leasing & permitting, as well as increasing bipartisan agreement to simplify & accelerate

permitting for all forms of energy, and unlock current permitting bottlenecks. Data from Wood