Vestas Wind Systems A/S

Vestas Wind Systems A/S is the global No. 1 wind turbine OEM outside China, headquartered in Aarhus, Denmark, founded in 1898 and manufacturing wind turbines since 1979; 2025 revenue was EUR 18.8 B, with Power Solutions contributing 81% through onshore and offshore turbine sales and Service contributing 19% through 15-25 year long-term O&M contracts. Its 192 GW cumulative installed base equals 23% of global wind capacity, placing it in the top-three structure alongside China's Goldwind and Siemens Gamesa, while margins have recovered from -7.6% to +5.7% after the 2021-2024 supply-chain, inflation, and offshore-quality crisis, with management targeting an EBIT margin of at least 10% by 2030. Research rating Cautious Buy: a high-quality wind OEM with a Service annuity moat and a clear long-term margin-recovery path, but position building should be staged given policy and execution risks.