Nordex Posts Sharp Earnings Jump in Third Quarter of 2026, Raises Full-Year Guidance – Shares Gain
Hamburg – Wind turbine manufacturer Nordex more than doubled its EBITDA in the third quarter of 2026 and significantly raised its full-year guidance for the EBITDA margin. The shares are rising.
Nordex Lifts EBITDA by 104 Percent as Revenue Grows 28 Percent
According to preliminary, unaudited figures, Nordex increased its earnings before interest, taxes, depreciation and amortisation (EBITDA) in the third quarter of 2026 by around 104 percent to EUR 278 million, compared with EUR 136 million in the same quarter a year earlier. Revenue rose 28 percent, from EUR 1.71 billion to EUR 2.19 billion. The EBITDA margin improved from 8.0 percent to 12.7 percent. Earnings thus grew considerably faster than revenue.
According to Nordex, higher margins in the service business and strong project execution contributed to the improvement. The company also said the risks factored into its project business turned out lower than originally expected. The EBITDA margin had already risen from 5.8 percent to 10.3 percent in the second quarter.
Order intake also rose. In the third quarter, Nordex booked new project orders totalling 2,810 MW, an increase of 29.5 percent from the same quarter a year earlier.
Full-Year Guidance Raised as Free Cash Flow Climbs Sharply
For full-year 2026, Nordex now expects an EBITDA margin of 11.5 to 12.5 percent, up from the previous range of 8.0 to 11.0 percent. The revenue guidance of EUR 8.2 billion to EUR 9.0 billion remains unchanged.
Free cash flow reached EUR 379 million in the third quarter, compared with EUR 149 million in the same period a year earlier. Cash and cash equivalents increased from EUR 1.93 billion at the end of 2025 to EUR 2.33 billion. Nordex also expects positive free cash flow in the final quarter. The full quarterly figures are scheduled for publication on November 5, 2026.
Nordex Shares Gain Sharply, Up 33.9 Percent Year to Date
Nordex shares, which are listed in the RENIXX World renewable energy stock index, initially rose to EUR 39.98 on October 16, 2026, before giving back part of the gains during the session. At 1:50 p.m. local time, the shares traded at EUR 39.08 on the Stuttgart Stock Exchange, up 4.16 percent. Compared with the closing price of EUR 29.18 on December 30, 2025, the stock is up 33.9 percent. However, it remains around 23.7 percent below its 2026 high of EUR 51.20, reached on April 27.
Nordex and Vestas Improve Profitability as WindEurope Expects Further Market Expansion
Nordex rival Vestas, which is also listed in the RENIXX World, saw its EBIT margin before special items rise from 1.5 percent to 9.4 percent in the second quarter of 2026. In August, the Danish manufacturer raised its full-year margin guidance to 7 to 9 percent from 6 to 8 percent. Vestas’ EBIT margin is not directly comparable with Nordex’s EBITDA margin.
Europe is an important sales market for both internationally active manufacturers. According to WindEurope, 8.8 GW of new wind capacity was installed across Europe in the first half of 2026, including 6.5 GW onshore. Total installations were around 30 percent above the prior-year level. WindEurope expects around 24 GW for 2026. Firm turbine orders, by contrast, fell 12 percent to 10.6 GW.
In the medium term, WindEurope expects Europe to add a total of 148 GW of wind capacity between 2026 and 2030. This corresponds to average annual additions of just under 30 GW, around 55 percent above the level installed in 2025. The forecast covers onshore and offshore installations. For wind turbine manufacturers such as Nordex and Vestas, the expected market expansion opens up additional sales prospects, the extent of which also depends on their competitive position in individual markets.
Source: IWR Online, 16 Oct 2026
