From Bloomberg, December 18:
Vestas Enters 2026 on a High After Defying Trump’s War on Wind
Things weren’t looking good for Vestas Wind Systems A/S in January, with the return of Donald Trump and his anti-renewables policies after an already difficult stretch for the turbine maker.
Now, the Danish company is ending 2025 among Europe’s biggest winners, with a 74% share-price gain marking a big rebound from a slump the prior year. It’s also the top performer in the OMX Copenhagen 25 Index, helping offset a plunge for Ozempic maker Novo Nordisk A/S.
The remarkable turnaround comes amid huge demand for all kinds of energy from the new boom in artificial intelligence. At the same time, some of the green energy rules brought in by Donald Trump’s administration have been less damaging than feared. To top it off, Vestas last month announced a new share-buyback program supported by strong onshore turbine orders.
Read: Green Stocks Are Big Winners as Tech Boom Drives Energy Demand
“Vestas will enter 2026 in its best shape in years, with growth backed by clearer policy support, AI-linked power demand and energy-security goals,” said Bloomberg Intelligence analysts Rob Barnett and Alessio Mastrandrea.
It’s been a turbulent twelve months for the sector. Investors braced for a policy shock after Trump’s return, something that would have been painful for Vestas, which counts the US as its biggest market.
Trump’s administration did freeze offshore permits and decided to review earlier permits, leaving Vestas’ margins thin or negative in that segment. But that was more than outweighed by the more profitable and stable US onshore business. And in December, a US federal judge ruled Trump’s ban on new wind projects illegal. While that may not be final, it has given sentiment another boost.
Vestas’ US business is now looking more stable for the next few years, according to Jacob Pedersen, head of equities at AL Sydbank. Still, the real turnaround came with the turbine maker’s third-quarter report, which showed improved earnings power after years of margin pressure on the back of rising costs, supply issues and weak pricing, he said.
“This is no longer a stock reflecting every bad scenario,” said Pedersen, who rates the stock a buy. “It reflects a company in growth with solid profitability.”....
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We went with Bloomberg's original headline, visible in the url:
https://www.bloomberg.com/news/articles/2025-12-19/vestas-soars-74-in-2025-on-order-growth-easing-policy-fears
rather than the re-write above, in bold.
