Nordex Group Doubles Q3 EBITDA to EUR 278 Million, Raises FY2026 Margin Guidance to 12.5%

Nordex Group reported a strong financial and operational performance in the third quarter of 2026, with EBITDA more than doubling year-on-year and net income nearly tripling. The company also raised its full-year 2026 EBITDA margin guidance, reflecting improved profitability, strong order intake and continued growth across its global wind energy business.

The Germany-based wind turbine manufacturer recorded sales of EUR 2.2 billion in Q3 2026, representing an increase of 28.2 percent compared to EUR 1.7 billion in the corresponding quarter of 2025. EBITDA increased to EUR 278.2 million from EUR 135.9 million a year earlier, while the EBITDA margin improved to 12.7 percent from 8.0 percent. Net income reached EUR 147.1 million, compared with EUR 51.7 million in Q3 2025.

During the quarter, Nordex secured new orders of 2,810 MW in its Projects segment, registering 29.5 percent growth compared to 2,170 MW in the previous year. The orders came from 10 countries and covered different turbine variants. The total value of new orders increased to EUR 2.5 billion from EUR 2.0 billion. Average selling prices remained relatively stable at EUR 0.90 million per MW, compared with EUR 0.93 million per MW in the corresponding quarter last year.

As of September 30, 2026, the company’s total order book stood at EUR 19.3 billion, up from EUR 14.9 billion a year earlier. The Projects segment accounted for EUR 12.2 billion, while the Service segment contributed EUR 7.1 billion, reflecting growth across both business areas.

In manufacturing operations, turbine production reached 2,363 MW during the quarter, down 7 percent from 2,541 MW in Q3 2025. However, blade production increased by 16.8 percent to 1,311 units from 1,122 units. The company also installed 331 wind turbines across 15 countries, representing a combined capacity of 2,021 MW. Europe accounted for 79 percent of the installed capacity, while North America contributed the remaining 21 percent. Lower installations were primarily attributed to customer delays, transport permit issues, and blade-related postponements in Türkiye.

Segment performance also remained positive. Projects segment sales increased 29.9 percent to EUR 2.0 billion, while Service segment sales grew 8.1 percent to EUR 237 million. The Service EBIT margin reached 20.6 percent, exceeding the company’s 20 percent target, while the Projects EBIT margin improved by 2 percentage points to 13.1 percent.

Nordex generated free cash flow of EUR 379.1 million during Q3 2026, compared with EUR 149 million in the previous year’s quarter. Cash and cash equivalents reached EUR 2.33 billion, supporting a net cash position of EUR 2.03 billion as of September 30, 2026.

Following the improved performance, Nordex raised its full-year 2026 EBITDA margin guidance to 11.5–12.5 percent from the earlier range of 8–11 percent. The company maintained its sales outlook at EUR 8.2–9.0 billion, working capital ratio below minus 9 percent, and capital expenditure of approximately EUR 200 million.

CEO José Luis Blanco said the quarter marked an important milestone, highlighting disciplined execution across Projects and Service and the company’s expanding international presence, including new orders from the United States and New Zealand.