Investment Rating - The report assigns an "Outperform" rating to Vestas Wind Systems, indicating an expected relative return exceeding 10% over the next 12-18 months [13]. Core Insights - Vestas Wind Systems reported strong EBITDA, with a significant increase in EBIT margin and revenue driven by its power solutions segment, despite a slight decline in service revenue due to currency fluctuations and reduced transactional sales [3][4]. - The company has narrowed its revenue guidance for FY2025 from a range of €18 billion to €20 billion to €18.5 billion to €19.5 billion, while maintaining an investment target of approximately €1.2 billion [2][3]. - A share buyback program of €150 million has been initiated by the company [1]. Financial Performance Summary - For Q3 2025, Vestas reported revenues of €5.339 billion, slightly below the consensus estimate of €5.486 billion, but a 43% increase year-over-year [3][6]. - The EBITDA for Q3 2025 was €671 million, significantly above the consensus estimate of €598 million, with an EBITDA margin of 13% [3][6]. - The net income for Q3 2025 was €304 million, closely aligning with the consensus estimate of €305 million [3][6]. - Total orders increased significantly to 4,606 MW in Q3 2025, up from 2,009 MW in Q2 2025, with a backlog of €68.2 billion [3][4]. Long-term Goals - Vestas continues to pursue its long-term strategic goals of achieving a 10% EBITDA margin, positive free cash flow, and a 20% return on invested capital, supported by project profitability, onshore volume, service recovery, product quality, and offshore engineering [4].

Investment Rating - The report maintains a positive outlook on Clearway Energy, reaffirming its guidance for 2025 [1][2]. Core Insights - Clearway Energy reported adjusted net income exceeding consensus expectations, with adjusted EBITDA of $252 million, surpassing the consensus estimate of $237 million [2][3]. - The company reiterated its 2025 fiscal year guidance for cash available for distribution (CAFD) at $400 million to $440 million, with a long-term target of 5%-8%+ growth in CAFD per share post-2027 [1][2]. - Capacity expansion is on track, with a guidance of 1.1 GW for fiscal year 2025 and 2.3 GW for fiscal years 2026-2027, with all domestic equipment in place and funding secured for key projects [1][3]. Financial Performance Summary - For Q1 2025, Clearway Energy reported revenues of $298 million, which is in line with expectations, and a net income of $4 million, compared to a consensus loss of $30 million [2][4]. - The company achieved a gross profit margin of 59% for Q1 2025, reflecting a significant year-over-year increase [4]. - The adjusted EBITDA margin was reported at 85%, indicating strong operational efficiency [4].