Interactive Business Model Canvas · #069

Vestas

Wind Turbines · Oct 11, 2026

Turbine project sales Long-term service contracts Onshore + offshore wind Order backlog

Vestas Wind Systems (Copenhagen: VWS) designs and builds wind turbines, sells them to utilities and project developers, and then earns a steadier stream by servicing them for years. FY2025 (year ended Dec 31, 2025) revenue was €18.8B (+9%), a record: Power Solutions (turbine projects) €15.05B and Service €3.77B. FY2025 gross profit was €2.50B (13.3% margin), EBIT before special items €1.07B (5.7%) and net profit €780M (2024: €494M). Customers placed 16.3 GW of turbine orders worth €17.4B in 2025, and the combined order backlog reached €71.9B (turbines €33.2B, service €38.7B with an average duration of 11 years). H1 2026 revenue was €8.69B (+20%) and net profit €355M, Q2 2026 EBIT margin was 9.4% and the backlog was €76.9B at June 30, 2026, but H1 operating cash flow was only €130M and the 2025 offshore turbine ramp-up and the Service recovery plan still weigh on margins.

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Independent educational project — not affiliated with, endorsed by, or sponsored by Vestas Wind Systems A/S, EnBW, DTEK, Copenhagen Infrastructure Partners, or any other company named here. Company names and logos are trademarks of their respective owners, used for identification only; the Vestas logo shown is a project monogram, not the company's official mark.

For learning and teaching — not investment, legal, or financial advice, and not a recommendation to buy, sell, or hold any security (including Nasdaq Copenhagen: VWS). Vestas Wind Systems A/S is a public company; figures marked FACT come from its Annual Report 2025 (fiscal year ended Dec 31, 2025) and its Interim Report for the second quarter of 2026, and interim figures are unaudited. Amounts are in euros as reported. Ratios and sums computed from company-stated numbers (e.g. intangible assets plus property, plant and equipment, or cost as a share of revenue) are labeled INFERENCE. Sources are cited on this canvas; corrections welcome.

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