Nordex SE (ISIN: DE000A0D6554), the Hamburg-headquartered onshore wind turbine manufacturer listed on the MDAX and TecDAX, delivered a materially stronger third quarter of 2026, with EBITDA more than doubling to EUR 278.2 million and net income almost tripling to EUR 147.1 million year on year. The group also raised its full-year 2026 EBITDA margin guidance to 11.5–12.5 percent, up from a previous range of 8.0–11.0 percent. Order intake in the Projects segment grew 29.5 percent to 2,810 MW from 10 countries, lifting the total order book to EUR 19.3 billion as of 30 September 2026. Investors will be watching whether Nordex can sustain operational execution through the remainder of the year against a backdrop of customer delays and logistical challenges in certain markets.

Key Points

  • Nordex SE (0MEC), ISIN DE000A0D6554, listed on Frankfurt Stock Exchange MDAX and TecDAX
  • Q3/2026 EBITDA more than doubled to EUR 278.2 million, with an EBITDA margin of 12.7 percent versus 8.0 percent in Q3/2025
  • Full-year 2026 EBITDA margin guidance raised to 11.5–12.5 percent; full-year sales guidance maintained at EUR 8.2–9.0 billion
  • Investors should watch delivery execution, resolution of Türkiye blade-related postponements, and order conversion from the EUR 19.3 billion order book

Nordex Q3/2026 Sales Rise 28.2% to EUR 2.2 Billion as EBITDA Margin Hits 12.7 Percent

Nordex Group's Q3/2026 sales reached EUR 2,186.6 million, 28.2 percent above the EUR 1,705.6 million recorded in the same quarter of 2025. EBITDA climbed to EUR 278.2 million from EUR 135.9 million a year earlier, representing an EBITDA margin improvement of 4.8 percentage points to 12.7 percent. Net income almost tripled to EUR 147.1 million compared with EUR 51.7 million in Q3/2025. Free cash flow generation was EUR 379.1 million in the quarter, driven primarily by the operational business, against EUR 149.0 million in the prior-year period. The Service segment also performed strongly, with its EBIT margin exceeding the company's 20 percent target at 20.6 percent.

Nordex Order Book Reaches EUR 19.3 Billion as Projects Intake Grows Across 10 Countries

The Nordex Group secured 2,810 MW of new order intake in its Projects segment during Q3/2026, a 29.5 percent increase on the 2,170 MW recorded in Q3/2025, with orders spanning 10 countries and multiple turbine variants. The total value of new orders reached EUR 2.5 billion in the quarter, with an average selling price of EUR 0.90 million per MW. As of 30 September 2026, the total order book stood at EUR 19.3 billion, comprising EUR 12.2 billion in Projects and EUR 7.1 billion in Service — compared with EUR 14.9 billion a year earlier. The announcement also referenced orders from the United States and, most recently, New Zealand in October 2026.

Nordex Raises 2026 EBITDA Margin Guidance to 11.5–12.5%, Now at Upper End of Mid-Term Target Range

Following the pre-release issued on 15 October 2026, Nordex formally confirmed an upgrade to its full-year 2026 EBITDA margin guidance, now set at 11.5 to 12.5 percent, up from the prior range of 8.0 to 11.0 percent. All other elements of the full-year guidance remain unchanged, including sales of EUR 8.2–9.0 billion, a working capital ratio below minus 9 percent, and capital expenditure of approximately EUR 200 million. The announcement states that guidance now sits at the upper end of the company's mid-term target range. Net cash as of 30 September 2026 stood at EUR 2,031.3 million, up from EUR 1,624.7 million at year-end 2025.

Customer Delays and Türkiye Blade Postponements Weigh on Nordex Installation Volumes in Q3/2026

Despite the strong financial performance, Nordex installed 331 wind turbines totalling 2,021 MW across 15 countries in Q3/2026, below the 420 turbines and 2,576 MW installed across 16 countries in Q3/2025. The announcement attributes the lower installation volume to customer delays, delayed transport permits, and blade-related postponements specifically in Türkiye. Turbine production also fell 7.0 percent to 2,363 MW year on year, though the company notes this was in line with project scheduling. Blade production increased 16.8 percent to 1,311 units. These execution risks — including third-party permitting dependencies — remain a company-specific factor investors may be watching as Nordex moves into the final quarter of 2026.