Strong Start to Nordex's Year: Nordex Increases Order Intake to 2.2 GW in Q1 2025

Hamburg, Germany – Wind turbine manufacturer Nordex has started the new year 2025 with an increase in orders, despite the chaotic US tariff debates. Nordex expects the positive momentum to continue throughout the 2025 financial year. The Nordex stock is currently trading at €15.25.

Despite the current challenges in US economic policy, Nordex is able to avoid the turbulence due to its low dependence on the US market, thus eliminating any financial risks. Additionally, the pressures from supply chains and rising costs seem to be over for the time being, with slightly higher sales prices being achievable. Analysts are generally optimistic about Nordex's stock in their commentary.

Nordex Group Increases Order Intake by 5 Percent – Slight Increase in Sales Price

In Q1 2025, Nordex received orders for 337 wind turbines (Q1 2023: 338) with a total capacity of 2,182 MW (Q1 2024: 2,086 MW). Compared to Q1 2024, this represents an increase of about 5 percent in turbine capacity.

The average sales price in euros per megawatt of capacity (ASP) slightly rose to €0.87 million/MW in Q1 2025 (Q1/2024: €0.85 million/MW).

As the company further announced, Nordex received orders from 10 countries in Q1 2025. The strongest individual markets were Turkey, Germany, Finland, Latvia, and Brazil.

“I am delighted with our successful start to the year, achieving an order intake of around 2.2 GW and building on our strong performance from recent quarters. We expect this positive momentum to continue throughout the year and remain committed to our plans for 2025 to win further orders in our core regions inside and outside Europe,” said Nordex CEO José Luis Blanco.

Nordex Relaxed Regarding US Tariffs and Sees No Financial Risks

“Nordex currently has a less significant presence in the US market compared to other wind turbine manufacturers, so we do not face any financial risk related to the US. This means that we can achieve our financial goals in 2025 and 2026, with or without the US market,” said Nordex spokesperson Felix Losada in response to an IWR-Online inquiry.

Long term, Nordex expects the US, alongside China, to remain one of the largest onshore wind markets. Nordex believes the fundamental growth drivers for onshore wind energy will remain intact in the long term, even though there may be short-term delays in customer decisions.

Losada added: “In neighboring Canada, which is part of the North America region, we have been increasingly successful in recent years and expect a further good sales performance of our wind turbines there. In Europe, we are the market leader in onshore turbines in terms of order intake.”

Analysts Positive on Nordex Stock – Few Short Sellers Active

The current quarterly results are reflected in analysts' assessments. Deutsche Bank Research has raised its target price for Nordex's stock from €19 to €20. The analysis firm Jefferies has raised its target price to €21 with a "buy" recommendation. Even higher is Goldman Sachs’ target price for Nordex, which has set it at €22.60.

Currently, relatively few short sellers are engaged above the reporting threshold of 0.50 percent. Marshall Wace LLP reduced its net short position from 0.80 percent to 0.79 percent on April 4, 2025. The US hedge fund D.E. Shaw & Co. has maintained a net short position of 0.98 percent in Nordex shares since March 5, 2025.

Source: IWR Online, 10 Apr 2025