Despite a final sprint and a late huge US order, Vestas’ overall profit looks weak in the second quarter.

This is the analysis from Citigroup analyst Martin Wilkie after the Danish OEM closed the books on the second quarter on Friday.

”Vestas has announced a total 1.8GW of orders for the second quarter of 2023. With the unannounced orders in the quarter, which usually run at around 1 GW, the total order intake is likely to be around 2.8GW against analyst consensus of 3.3GW,” says the Citigroup analyst.

Vestas analyst on order intake: ”Hopefully something will happen in the next few days”

He notes, according to Bloomberg News, that while there was a notable US order of 423 MW, the floodgates have not yet opened for a flood of new orders in the wake of the updated guidance for obtaining the US tax credits in May.

According to Martin Wilkie, order intake in the second quarter indicates that the tax scheme will lead to more orders, but later than previously expected.

Vestas shares fell 1.5% to DKK 178.68 on Monday morning.