Vestas has potentially received a large Polish 1.2GW offshore wind order, which five years ago would have been a share price trigger - but today there is probably only a minor potential increase in sight.

This is according to Nordnet’s investment economist Per Hansen after Vestas announced a conditional order of 1.2GW for the Polish offshore wind project Baltic Power on Thursday evening.

”A positive reaction today is certainly possible. Not least because the share has developed disappointingly in recent days and weeks,” says Per Hansen, who does not believe that the price reaction will be ”very large”.

The investment economist points out that investors have adopted a ”wait and see” attitude as the green transition is currently at a standstill.

This means weak order intake and profitability for wind turbine manufacturers.

The order is conditional, but if it becomes unconditional and is to be delivered in a few years, Per Hansen estimates that the earning capacity can be re-established, and Vestas can then be on track to meet its target of an operating margin of 10% in 2025.

Vestas presented its second-quarter report on Wednesday morning, and among other things, it showed a worse-than-expected earnings performance.

This sent the share price down by 2% on Wednesday and the downturn continued on Thursday with a minus of 4.1% to DKK 168.48.

(Translated using DeepL with additional editing by Simon Øst Vejbæk)