Nordex Order Backlog Grows by Around 30 Percent - Net Profit Nearly Triples

Hamburg – Wind turbine manufacturer Nordex continued its economic upswing in the third quarter of 2026 with a sharp rise in profit. Net profit nearly tripled, while operating earnings more than doubled.

After years of high cost pressure and, in some cases, substantial losses, profitability is moving further into focus for European wind turbine manufacturers. Alongside demand, earnings from project execution and the service business are decisive.

Nordex Raises Quarterly Net Profit to EUR 147 Million – Segment Margins Increase

Nordex generated group revenue of around EUR 2.2 billion from July to September 2026, up 28.2 percent year on year. Net profit rose from EUR 51.7 million to EUR 147.1 million. EBITDA increased from EUR 135.9 million to EUR 278.2 million, and the EBITDA margin from 8.0 to 12.7 percent. Nordex had already published preliminary key figures on revenue, EBITDA and cash flow on October 15. The latest quarterly statement now also includes detailed segment results and further financial indicators.

Nordex also improved profitability significantly at EBIT level. The group’s EBIT margin rose from 5.5 to 10.7 percent. In the project business, the EBIT margin increased by 2.0 percentage points to 13.1 percent. The service business recorded revenue growth of 8.1 percent to EUR 237 million and an EBIT margin of 20.6 percent, exceeding the company’s target of 20 percent.

Higher margins in the project and service businesses contributed to the improvement in earnings, as did lower charges from project risks. According to Nordex, risks that had previously been factored in did not materialise to the extent originally expected.

In the third quarter of 2026, Nordex installed a total of 331 wind turbines with a capacity of 2,021 MW, compared with 420 turbines and 2,576 MW in the same quarter a year earlier. According to the company, the decline in installed capacity of around 22 percent was due to delays on the customer side, in transport permits and in rotor blade production in Turkey.

Order Backlog Rises to EUR 19.3 Billion – Cash Flow Increases

Order intake in the project business, already reported in October, reached 2,810 MW, 29.5 percent more than in the same quarter a year earlier. The average selling price was EUR 0.90 million per MW, compared with EUR 0.93 million a year earlier.

As of September 30, the order backlog increased to EUR 19.3 billion, from EUR 14.9 billion a year earlier. Of this, EUR 12.2 billion related to projects and EUR 7.1 billion to the service segment. Free cash flow rose from EUR 149.0 million to EUR 379.1 million. Cash and cash equivalents stood at EUR 2.33 billion at the end of September, and the net cash position reached around EUR 2.03 billion.

In the first nine months of 2026, Nordex achieved an EBITDA margin of 10.6 percent, compared with 6.5 percent in the same period a year earlier. Following the guidance already raised on October 15, Nordex expects an EBITDA margin of 11.5 to 12.5 percent for 2026. The revenue forecast remains at EUR 8.2 billion to EUR 9.0 billion.

Nordex Shares Extend Upward Trend – Jefferies Reiterates Buy Rating

Nordex shares continued this week’s upward trend on Thursday morning. On the Stuttgart Stock Exchange, they traded at EUR 42.12 at around 10:46 a.m., 2.18 percent above the previous day’s close. Since October 30, the shares have gained around 12 percent. Following the quarterly figures, Jefferies reiterated its buy rating with a price target of EUR 63. Analyst Constantin Hesse views the final results as confirmation of the key figures already published in October.

European Wind Turbine Manufacturers Improve Profitability

Vestas and Siemens Gamesa have also significantly improved their results over the course of 2026.

Vestas improved its EBIT margin before special items from 1.5 to 9.4 percent in the second quarter and raised its full-year margin guidance to 7 to 9 percent from 6 to 8 percent.

Siemens Gamesa, the wind power division of Siemens Energy, posted a positive result for the April–June 2026 quarter for the first time since 2022. Earnings before special items reached EUR 75 million, compared with a loss before special items of EUR 438 million in the same quarter a year earlier. The margin rose from minus 17.5 to plus 2.7 percent.

A direct comparison of margin levels is only possible to a limited extent because of differing earnings metrics and reporting periods. Nordex and Vestas have significantly strengthened their earnings power, while Siemens Gamesa returned to a positive quarterly result after several loss-making years.

Source: IWR Online, 06 Nov 2026