Strong Third Quarter: Nordex Significantly Increases Profit in Q3 2025 - Share Reacts Cautiously
Hamburg (Germany) - The Nordex Group has presented its figures for the third quarter of 2025: revenue remained stable, while consolidated net profit rose to EUR 50 million, more than a tenfold increase. Despite the significant improvement in earnings, the share price failed to benefit yesterday amid a weak market environment, in which technology stocks in particular came under pressure.
Significantly improved profitability and cash flow
With revenue of EUR 1.706 billion, Nordex slightly exceeded the prior-year figure (Q3/2024: EUR 1.671 billion). The earnings development showed much stronger momentum: EBITDA rose by 90 percent to EUR 135.9 million (Q3/2024: EUR 71.5 million), while the EBITDA margin improved to 8.0 percent (previous year: 4.3 percent). Consolidated net profit climbed to EUR 51.7 million, representing a multiple of the previous year’s result (Q3/2024: EUR 3.9 million).
“Our profitability reached a new level in Q3/2025, driven by strong execution in both our project and service businesses,” said CEO José Luis Blanco. Free cash flow remained clearly positive at EUR 149 million, although slightly below the prior-year figure (EUR 159.2 million).
The equity ratio improved to 18.3 percent (31 Dec 2024: 17.7%), and liquid funds rose to EUR 1.378 billion (31 Dec 2024: EUR 1.151 billion). Nordex also reported a net cash position of EUR 1.073 billion (31 Dec 2024: EUR 848.2 million), underlining the wind turbine manufacturer’s financial stability.
Strong order growth supports outlook
New business picked up significantly in the third quarter: order intake in the Projects segment amounted to 2,170 MW, up 25.7 percent year-on-year (Q3/2024: 1,726 MW). The total order value rose to EUR 2.0 billion (Q3/2024: EUR 1.6 billion), spread across 16 countries and various turbine models. The average selling price per megawatt (ASP) remained stable at EUR 0.93 million/MW (Q3/2024: EUR 0.92 million/MW).
At the end of September 2025, the order backlog stood at EUR 14.9 billion (September 2024: EUR 11.5 billion), including EUR 9.3 billion in the Projects segment (September 2024: EUR 6.9 billion) and EUR 5.6 billion in the Service segment (September 2024: EUR 4.6 billion).
Overall, Nordex produced wind turbines with a total capacity of 2,541 MW in the third quarter - around 23 percent more than in the same period of the previous year (Q3/2024: 2,067 MW). Installations totaled 420 turbines with a combined capacity of 2,576 MW across 20 countries (Q3/2024: 352 turbines, 2,010 MW, 21 countries). While rotor blade production temporarily declined due to delivery delays, project execution remained stable.
“The significant free cash flow generation highlights our operational strength and disciplined working capital management. With solid order intake and improved visibility, we are confident in sustaining this trajectory and delivering on our upgraded full-year guidance,” Blanco added.
Guidance raised - strong operational execution
Following the solid quarterly results, Nordex has raised its guidance for the full year 2025. The company now expects an EBITDA margin between 7.5 and 8.5 percent (previously 5.0 to 7.0 percent). All other full-year targets remain unchanged. According to Nordex, the improved outlook reflects the company’s strong operational execution in both the Projects and Service segments, supported by a stable macroeconomic environment.
Share fails to benefit
Despite the positive business results, market reaction remained subdued yesterday - the Nordex share failed to make gains in a weak overall market. By the end of the trading day, the share closed 0.5 percent lower at EUR 25.88 (closing price, 4 November 2025, Stuttgart Stock Exchange). Compared with the price at the beginning of the year, the Nordex share is still up 128 percent.
Source: IWR Online, 05 Nov 2025
