US and Germany trigger 'order rush' for Vestas in Q3
Danish wind turbine manufacturer has second-best published onshore wind order intake during the period
Strong demand from the US and increasingly also Germany has triggered a “nice order rush” in the third quarter for Danish wind turbine manufacturer Vestas, Sydbank chief stock analyst Jacob Pedersen said.
Vestas has announced 4GW in orders during the quarter, making it the second-best published onshore wind order intake in a quarter, Pedersen calculated, adding that he expects another about 700MW in unannounced orders to come in on top.
Vestas shares rose 1.84% to DKr122.00 ($19.24) at the Copenhagen stock exchange in early Wednesday trading.
There was no offshore wind order in the third quarter, and the analyst models an average selling price of €1.03m ($1.21m) per megawatt during the period.
“The development in Q3 2025 is very encouraging and marks a significant improvement compared to H1 2025, which also followed a very strong Q4 2024,” Pedersen said.
“In line with our expectations for unannounced orders in Q3 2025, Vestas has announced onshore wind orders totalling 8.3GW in the first nine months of the year.”
Sydbank maintains its ambitious estimate of onshore wind order intake this year of 14GW for Vestas.
US tax credit phase-out pushes orders
Third-quarter orders were driven by the US, which accounted for 1.8GW alone, as customers are rushing to get projects started before a July 5, 2026, deadline to still qualify for the production tax credit.
As it is difficult to know exactly what that means, it is hard to “accurately assess the timing of new orders in the USA”, Pedersen said.
“We clearly assess that the legal text in ‘OBBBA’ opens up an attractive onshore wind market in the USA in the years leading up to 2030, if customers are able to “start” the projects by mid-2026.”
But he cautions that the Trump administration could slow down new approvals a bit, as some are being made at the federal level.
‘Encouraging’ Germany
The second “encouraging” market is Germany, where Vestas had a solid 759MW in orders during the third quarter, and can expect to gain a substantial share of new orders in the coming quarters following massive tendering volumes.
Vestas is facing a “significant boost in order intake from Germany”, Pedersen pointed out, after 1.4GW won last year.
“With Vestas’ market share in recent years at around 35-40% in Germany, the German market looks like a very strong story for Vestas in the coming years, when it comes to installation and earnings.”
The OEM on Tuesday announced firm orders totalling 239MW across eight wind projects in Germany, featuring its V172-7.2 MW and V162-6.2 MW turbine models, in the northwestern Münster region by BBWind, a developer consulting on community wind projects.
“These projects underline how our EnVentus wind turbine technology is ideally suited to meet our customers’ needs in the German wind market, and it will make a strong contribution to the country’s rapidly growing energy transition”, Vestas Northern and Central Europe president Nils de Baar said.
Germany has greatly sped up the approval process for onshore wind, among other things, by giving them the status of being in the ‘overriding public interest’.
“We do not see any deterioration derailing the market,” Pedersen said.
Sydbank is maintaining its ‘buy’ recommendation for Vestas.
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