Feb 5 (Reuters) – Wind turbine maker Vestas reported quarterly profit that fell slightly short of expectations on Thursday, driving its shares down as much as 6% even as the firm’s CEO expressed confidence in future growth due to surging electricity demand.
Vestas’ operating profit before special items in the fourth quarter fell to 580 million euros ($683.59 million) from 759 million a year earlier, against a mean forecast of 597 million euros in an analyst poll provided by Vestas.
The softer result was mainly due to higher ramp-up costs of offshore wind projects, rising depreciation stemming from new investments and a softer performance in the service business, the company and analysts said.
The company expects offshore losses to continue through 2026 as the company invests heavily to scale operations but CEO Henrik Andersen said the unit was expected to be profitable by the end of next year.
Vestas’ shares were down 4.5% by 1019 GMT, underperforming a 1% drop for the broader Copenhagen benchmark index (.OMXC20CAP) with analysts also pointing to a smaller-than-expected 150 million euro share buyback.
CEO PUSHES BACK ON TRUMP
The global wind industry faces challenges from trade policy concerns and permitting delays, particularly in the United States, where President Donald Trump has sought to shut down offshore projects already under construction and block new ones.
“Keep repeating something wrong doesn’t make it right,” Andersen told Reuters when asked about Trump’s characterization of wind turbines as “losers” at the World Economic Forum in Davos last month.
“We have turbines standing in 84 countries … and all of those societies are brilliantly happy about the electricity they get.”
Andersen highlighted Vestas’ strong position in the United States, the company’s largest market, where deliveries more than doubled in 2025 from a year earlier. He cited surging electricity demand from data centres, AI infrastructure and manufacturing as growth drivers.
On tariffs, Andersen noted that Vestas’ manufacturing base in the United States with more than 6,000 employees helped mitigate risks. However, he warned that levies on certain European components could ultimately lead to higher electricity prices for consumers.
The company predicted a full-year 2026 operating profit margin before special items of 6% to 8% and revenue of between 20 billion and 22 billion euros broadly in line with expectations and above the 18.8 billion euros achieved in 2025.
($1 = 0.8485 euros)
Brazil Energy Insight 
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