Denmark’s Vestas, Europe’s leading wind turbine manufacturer, today posted an all-time high revenue, but noted that regulatory changes in the US had made wind power investments less attractive.
Vestas recorded revenue of €18.8 billion in 2025, up 9% compared to the year before.
It also posted a net profit of €778m, a 55% increase.
The group also said it had a record order backlog worth €71.9 billion at the end of 2025.
That corresponds to orders representing 23 gigawatts for onshore wind, its core business, and eight gigawatts for offshore wind. Service orders represented more than half of the total at €38.7 billion.
For 2026, Vestas is forecasting revenue of between €20-22 billion, while noting that “ongoing geopolitical and tariff risks are likely to cause uncertainty”.
In the US, Vestas’s largest market, “regulatory changes made future clean energy investments less attractive compared to previously,” the company noted, and expressed concern that “tariff uncertainty remains”.