Vestas shares fell on Wednesday after the Danish wind turbine maker reported third-quarter operating profit below market forecasts, saying higher operating costs at a European offshore project had weighed on results.

The shares fell 6% in morning trading in Europe, according to Reuters, making Vestas one of the biggest fallers on the region's main index on a day when most European shares rose.

Revenue rises but profit disappoints

Vestas, the biggest maker of wind turbines outside China, reported revenue of €5.68 billion in the third quarter of 2026, up 6.3% on a year earlier, supported by higher offshore wind turbine deliveries and stronger service revenue, according to GreentechLead.

Operating profit before special items came in at €483 million, up from €416 million a year earlier, with the margin improving to 8.5% from 7.8%. But the figure fell short of the roughly €526 million expected by analysts in a company-compiled consensus, and investors focused on the miss rather than the year-on-year improvement.

Outlook narrowed for 2026

Vestas also narrowed its full-year 2026 revenue forecast to between €20.5 billion and €21.5 billion, and cut its expected annual capital investment to about €1 billion, down from €1.2 billion previously.

There was some encouragement in the order book. Order intake reached €4.1 billion in the quarter and the combined order backlog stood at €77.9 billion, while service revenue grew 13.2% to €1.02 billion. The question for investors now is whether Vestas can keep a lid on project costs as it works through its large offshore pipeline.