Nordex Stock NDX1.DE
Nordex SE is a Hamburg-based manufacturer of onshore wind turbines that designs, produces, installs, and services wind energy systems for project developers and independent power producers worldwide. Nordex stock (NDX1.DE): Quarterly and annual results since 2023 from Quarterly Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 10/2026, quarterly reporting. Stock analysis by NadirAlpha. Nordex stock (NDX1.DE): listed on Xetra, index MDAX, WKN A0D655. NadirAlpha has evaluated 16 original documents, cross-checked every figure automatically and linked each to its source; sources as of 10/2026. Revenue Q2 2026: EUR 2.2 billion (+16% year on year). Latest reading: Operating income doubled, Net income doubled, Margin expanding, Guidance confirmed, New market.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Nordex Current Status
The current state of Nordex at a glance, figures as of Q2 2026, with core figures and the key management statements from the latest filing. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“The third quarter shows what our teams can deliver. Strong execution in Projects and higher profitability in Service have put us in a very good position for the final quarter. We are raising our EBITDA margin guidance for 2026 and remain focused on profitable growth”
Nordex Stock: Key Figures (€ million)
Revenue, margin, earnings and EPS of Nordex per fiscal year, half-year and quarter in € million, as of Q2 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Net income | EPS (€) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | 7,553.5 | 449.8EBIT | 274.3 | 1.13 | – | 1,016.3 | 113 |
| FY2024 | 7,298.8 | 115.4EBIT | 8.8 | 0.04 | – | 429.8 | 9 |
| FY2023 | 6,489.1 | -186.5EBIT | -302.8 | -1.33 | 2 | 161.2 | 9 |
Quarters
| Period | Published | Revenue | Op. income | Net income | EPS (€) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-07-29 | 2,178.8 | 175.9 | 111.5 | 0.45*≈ | 194.3 | 1,928.9 | -1,673.3 | 15 |
| 2026-Q1* | 2026-04-27 | 1,587.7 | 88.6EBIT | 53.6 | 0.23≈ | -96.8 | 1,829.1 | -1,795 | 14 |
| 2025-Q4* | 2026-02-25 | 2,539.1 | 254.8 | 183.8 | 0.76*≈ | 559.9 | 1,928.9 | -1,624.7~ | 13 |
| 2025-Q3* | 2025-11-04 | 1,705.7 | 94.2 | 51.7 | 0.21*≈ | 146.7 | 1,378 | – | 12 |
| 2025-Q2* | 2025-07-28 | 1,873.5 | 65.7 | 30.9 | 0.13*≈ | 139.8 | 1,241.7 | -977.7 | 11 |
| 2025-Q1* | 2025-04-25 | 1,435.2 | 35.1EBIT | 7.9 | 0.03≈ | 1 | 1,131.9 | – | 10 |
| 2024-Q4* | 2025-02-27 | 2,193.6 | 60.2 | 17.5 | 0.08*≈ | 275.5 | 1,151.4 | -848.2~ | 9 |
| 2024-Q3* | 2024-11-07 | 1,670.7 | 26.1 | 3.9 | 0.02*≈ | 144 | 882.3 | -844.8 | 8 |
| 2024-Q2* | 2024-07-25 | 1,860.3 | 22.2 | 0.5 | 0.00*≈ | 94 | 747.2 | -702.4~ | 7 |
| 2024-Q1* | 2024-05-14 | 1,574.2 | 6.9EBIT | -13.1 | -0.06 | -236.4 | 661.1 | -616 | 6 |
| 2023-Q4* | 2024-02-29 | 2,074.1 | 18.5 | 30.9 | 0.14*≈ | 302.1 | 926 | -631.4~ | 5 |
| 2023-Q3* | 2023-11-14 | 1,723.6 | 1.9 | -34.8 | -0.15*≈ | -3.9 | 642.2 | -596.4 | 4 |
| 2023-Q2* | 2023-07-27 | 1,535.9 | -41.2 | -84.1 | -0.37*≈ | -167.5 | 651 | -605.8~ | 3 |
| 2023-Q1* | 2023-05-12 | 1,217.3 | -165.7EBIT | -214.8 | -1.01 | -100.5 | 518 | – | 2 |
Nordex Balance Sheet & Cash Flow (€ million)
Balance sheet and cash flow of Nordex up to Q2 2026 in € million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-25 | 1,928.9 | 310.2 | -1,618.7 | 1,016.3 | 168.9 | 847.4 | 113 |
| FY2024 | 2025-02-27 | 1,151.4 | 309.2 | -842.3 | 429.8 | 152.6 | -37.9 | 9 |
| FY2023 | 2024-02-29 | 925.9 | 296.1 | -629.9 | 161.2 | 131 | 30.2 | 9 |
Quarters
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-07-29 | 1,928.9 | – | -1,673.3 | 240.3 | 46 | 194.3 | 15 |
| 2026-Q1 | 2026-04-27 | 1,829.1 | 34.1 | -1,795 | -69.3 | 27.5 | -96.8 | 14 |
| 2025-Q4 | 2026-02-25 | 1,928.9 | 310.2 | -1,624.7~ | 631.4 | 71.5 | 559.9 | 13 |
| 2025-Q3 | 2025-11-04 | 1,378 | – | – | 180.5 | 33.8 | 146.7 | 12 |
| 2025-Q2 | 2025-07-28 | 1,241.7 | 264 | -977.7 | 178.5 | 38.7 | 139.8 | 11 |
| 2025-Q1 | 2025-04-25 | 1,131.9 | – | – | 25.9 | 24.9 | 1 | 10 |
| 2024-Q4 | 2025-02-27 | 1,151.4 | 309.2~ | -848.2~ | 318 | 42.5 | 275.5 | 9 |
| 2024-Q3 | 2024-11-07 | 882.3 | 37.5 | -844.8 | 183.9 | 39.9 | 144 | 8 |
| 2024-Q2 | 2024-07-25 | 747.2 | 44.9~ | -702.4~ | 130.3 | 36.3 | 94 | 7 |
| 2024-Q1 | 2024-05-14 | 661.1 | 45.2 | -616 | -202.5 | 33.9 | -236.4 | 6 |
| 2023-Q4 | 2024-02-29 | 926 | 296.1~ | -631.4~ | 350.1 | 48 | 302.1 | 5 |
| 2023-Q3 | 2023-11-14 | 642.2 | 45.8 | -596.4 | 29.3 | 33.2 | -3.9 | 4 |
| 2023-Q2 | 2023-07-27 | 651 | 45.2 | -605.8~ | -142.6 | 24.9 | -167.5 | 3 |
| 2023-Q1 | 2023-05-12 | 518 | – | – | -75.6 | 24.9 | -100.5 | 2 |
Nordex Guidance Tracking (latest per metric/period · 7/15)
What Nordex guided for Q2 2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Actuals: revenue in €m · ratios in %
Direction: confirmedraised Verdict: beatin linemisspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-10-15 | EBITDA margin | 11.5–12.5% | – | 16 | ||
| FY2026 | 2026-02-25 | Revenue | 8,200–9,000 | – | 16 | ||
| FY2026 | 2026-02-25 | Capex | ~200 | – | 16 | ||
| FY2026 | 2026-02-25 | Working Capital Ratio | -9% | – | 16 | ||
| FY2025 | 2025-02-27 | Revenue | 7,400–7,900 | 7,553.5 | 11 | ||
| FY2025 | 2025-02-27 | Capex | 200 | 168.9 | 11 | ||
| FY2025 | 2025-02-27 | EBITDA margin | 5–7% | 8.4 | 11 | ||
| FY2024 | 2024-02-29 | Revenue | 7,000–7,700 | 7,298.8 | 7 | ||
| FY2024 | 2024-02-29 | Capex | ~175 | 152.6 | 9 | ||
| FY2024 | 2024-02-29 | EBITDA margin | 2–4% | 4.1 | 9 | ||
| FY2024 | 2024-02-29 | Working capital ratio | 9% | – | – | 7 | |
| FY2023 | 2023-07-27 | Working capital ratio | -9 | – | – | 5 | |
| FY2023 | 2023-03-31 | Revenue | 5,600–6,100 | 6,489.1 | 4 | ||
| FY2023 | 2023-03-31 | Capex | ~200 | 131 | – | 5 | |
| FY2023 | 2023-03-31 | EBITDA margin | -2–3% | – | – | 5 |
Nordex Stock: Price & Chart
Chart and key figure trend of Nordex stock: the TradingView chart starts only on click, the key figure chart comes from the core tables up to Q2 2026. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Nordex Event Timeline
NadirAlpha sorts 64 events of Nordex by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology
2026 · 17 events
Q3 2026 EBITDA of EUR 278 million (12.7% margin) exceeded expectations; Q3 2025 EBITDA was EUR 136 million (8.0% margin) 16
Q3 2026 revenue reached EUR 2,187 million, higher than EUR 1,706 million in Q3 2025 16
Full-year EBITDA margin guidance raised to 11.5 to 12.5% from 8.0 to 11.0% 16
H1 2026 gross margin improved to 27.9% from 25.9% in H1 2025, reflecting better operational execution and product mix 15
FY 2026 guidance reiterated: sales EUR 8.2 to 9.0 billion, EBITDA margin 8.0 to 11.0%, capex around EUR 200 million 15
Operating income more than doubled YoY (65.7 to EUR 175.9 million, +168%). 15
Net income more than doubled YoY (30.9 to EUR 111.5 million, +261%). 15
“Onshore wind is uniquely positioned to meet this demand: it is cost-effective, fast to deploy, highly scalable, and strengthens energy independence. That combination makes it a cornerstone of future energy systems.”
Net income improved to 53.6 million in Q1 2026 from EUR 7.9 million in Q1 2025 14
Sales increased 10.6% to 1,587.7 million in Q1 2026 from EUR 1,435.2 million in Q1 2025 14
Operating income more than doubled YoY (35.1 to EUR 88.6 million, +152%). 14
Net cash position expanded to EUR 1,795.0 million from EUR 977.7 million in 2025-Q2 (+84%, derived from reported financial debt minus cash). 14
FY EBITDA margin reached 8.4%, up from 4.1% in 2024, exceeding the 8% mid-term target; gross margin improved to 27.0% from 21.0%, reflecting higher ASPs, better project mix, and lower raw material costs 13
Mid-term EBITDA margin target raised from 8% to 10-12% and EBIT margin target set at 8-10%, supported by volume growth, service profitability improvements, and manufacturing efficiency gains 13
Entered Canada market with N175/6.X turbine variant and secured first order in Ecuador, expanding the Latin America footprint 13
2025 · 21 events
Free cash flow turned positive for the first time after 1 negative fiscal year (-37.9 to +EUR 847.4 million). 113
Operating income more than doubled YoY (115.4 to EUR 449.8 million, +290%). 113
Operating cash flow reached EUR 1,016.3 million vs EUR 429.8 million in FY2024 (×2.4). 113
Operating income more than doubled YoY (60.2 to EUR 254.8 million, +323%). 13
Net income more than doubled YoY (17.5 to EUR 183.8 million, +950%). 13
9M net income returned to EUR 90.5 million profit versus loss of EUR 8.7 million in the prior-year period 12
9M Projects segment order intake increased 34.4% to EUR 6,145.9 million; order book grew 36.1% to EUR 9,323.5 million 12
9M gross profit increased 29.5% to EUR 1,333.4 million from EUR 1,029.8 million in the prior-year period 12
Operating income more than doubled YoY (26.1 to EUR 94.2 million, +261%). 12
H1 consolidated net profit turned positive at EUR 38.8 million versus loss of EUR 12.6 million in H1 2024 11
H1 Projects segment order intake increased 33.8% to EUR 4,134.2 million from EUR 2,989.6 million in H1 2024 11
H1 gross margin improved to 25.9% from 19.5% in H1 2024, reflecting better cost of materials ratio 11
Operating income more than doubled YoY (22.2 to EUR 65.7 million, +196%). 11
“According to the latest IEA report, electricity consumption is expected to increase by 4% annually between 2025 and 2027, with renewables, including wind power, accounting for about 95% of this additional growth.”
Operating income more than doubled YoY (6.9 to EUR 35.1 million, +409%). 14
Q1 net income improved to EUR 7.9 million profit from EUR -13.1 million loss in Q1 2024 10
Q1 EBITDA increased 52.6% to EUR 79.6 million with EBITDA margin expanding to 5.5% from 3.3% 10
Consolidated net income EUR 8.8M versus EUR -302.8M loss in 2023; EBITDA reached EUR 296.4M at 4.1% margin from EUR 2.0M at 0.0% in the prior year 9
FY revenue +12.5% to EUR 7,298.8M; growth decelerated from H1 2024's +24.7% as turbine installations fell 8.4% to 6,641 MW, normalizing after 2023 catch-up effects 9
Gross margin expanded to 21.0% from 15.2% in 2023, driven by higher ASP (EUR 0.90M/MW vs EUR 0.84M/MW) and lower raw material costs 9
2024 · 17 events
Operating income turned positive for the first time after 1 negative fiscal year (-186.5 to +EUR 115.4 million). 113
Net income turned positive for the first time after 1 negative fiscal year (-302.8 to +EUR 8.8 million). 113
Operating income more than doubled YoY (18.5 to EUR 60.2 million, +225%). 11
Operating cash flow turned positive on a half-year basis (2024-H1: -72.2 to 2024-H2: +EUR 501.9 million, aggregated from reported quarters where needed). 11
9M EBIT turned positive at EUR 55.2M versus EUR -205.0M loss in 9M 2023; EBITDA reached EUR 189.5M from EUR -66.6M in the prior-year period 8
9M FCF improved to EUR -0.4M from EUR -283.4M in 9M 2023, reaching near-breakeven 8
9M revenue growth decelerated to +14.0% YoY (EUR 5,105M) from +24.7% in H1 2024; installed capacity in 9M declined 10.0% to 4,981 MW 8
Operating cash flow reached EUR 183.9 million vs EUR 29.3 million in 2023-Q3 (×6.3). 8
H1 revenue +24.7% to EUR 3,434M; H1 Projects segment order intake EUR 2,990M for 3,357 MW across 20 countries 7
FY2024 EBITDA margin guidance raised to 3.0-4.0% from prior range of 2.0-4.0% after H1 performance 7
Management Board decided to resume nacelle production at West Branch, Iowa plant for N163 and N169/5.X variants; new CEO appointed for North America division 7
Net loss narrowed to EUR -13.1M from EUR -214.8M in Q1 2023, which carried the bulk of the prior year's full-year loss 6
Q1 revenue +29.3% to EUR 1,574.2M; Projects segment order intake +92.4% to EUR 1,764.9M 6
EBITDA margin improved to 3.3% from -9.4% in Q1 2023; EBITDA turned positive to EUR 52.1M from EUR -114.9M in the prior-year quarter 6
FY2023 EBITDA reached near break-even at EUR 2.0 million versus EUR -244.3 million in 2022, with profitability improving quarter-on-quarter through the year 5
Free cash flow turned positive at EUR 20.0 million from EUR -513.9 million in 2022, supported by operating cash flow of EUR 161.2 million versus a EUR -350.1 million outflow in the prior year 5
Cost of materials ratio improved to 85.0% from 91.9% in 2022, reflecting higher average selling prices and lower input costs; order intake rose 16.2% to EUR 7,135.2 million with Delta4000 platform representing over 90% of new orders 5
2023 · 9 events
Net income turned positive for the first time after 3 negative periods (-34.8 to +EUR 30.9 million). 9
Operating cash flow turned positive on a half-year basis (2023-H1: -218.2 to 2023-H2: +EUR 379.4 million, aggregated from reported quarters where needed). 9
9M 2023 EBITDA margin improved to -1.5% (EBITDA: EUR -66.6 million) from -5.2% (EUR -199.8 million) in 9M 2022, driven by higher average selling prices on newer projects 4
Management confirmed FY2023 guidance: consolidated sales EUR 5.6-6.1 billion, EBITDA margin -2.0% to 3.0%, capex EUR 200 million, working capital ratio below -9% 4
Operating income turned positive for the first time after 2 negative periods (-41.2 to +EUR 1.9 million). 4
H1 2023 EBITDA margin improved to -4.2% (EBITDA: EUR -114.3 million) from -8.1% (EUR -173.3 million) in H1 2022, reflecting higher selling prices and better cost management 3
EUR 333 million green convertible bonds placed in April 2023 (4.25% coupon, EUR 15.73 conversion price, due April 2030) lifted net liquidity to EUR 359.7 million from EUR 244.3 million at year-end 2022 3
Q1 2023 sales rose 30.5% to EUR 1,217.1 million, driven by higher installation volumes; installed capacity grew 52.1% to 1,319.3 MW across 19 countries 2
EGM on 27 March 2023 resolved conversion of EUR 346.7 million Acciona shareholder loans into equity, saving approximately EUR 46 million in annual interest; new shares registered 8 May 2023 2
Nordex Business Model
The Nordex business model in brief: products, customers and revenue sources as the company itself describes them in its reports. NadirAlpha methodology
Nordex SE is a Hamburg-based manufacturer of onshore wind turbines that designs, produces, installs, and services wind energy systems for project developers and independent power producers worldwide. Nordex reports through two segments: Projects, covering turbine supply, engineering, and construction services for wind farms; and Service, providing long-term operation and maintenance contracts for installed turbine fleets. Projects revenue is recognized based on construction completion milestones, producing lumpy revenue patterns, while the Service segment delivers more recurring income streams from multi-year maintenance agreements. Nordex's business model is characterized by structurally negative working capital, as customers provide prepayments secured by bank guarantees ahead of turbine delivery, reducing external working capital financing needs. Nordex operates manufacturing and assembly facilities across Europe and serves markets in Europe, the Americas, Africa, and Asia, with commercial momentum tracked primarily through order intake and the combined backlog of both segments.
Nordex Stock: Share-Price Drivers
The drivers of Nordex stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
Nordex reported revenue of EUR 2,178.8 million and operating income of EUR 175.9 million in 2026-Q2, up from EUR 1,873.5 million and EUR 65.7 million a year earlier, so the pace of top-line and earnings growth is the central value driver, 15 11
Nordex surpassed the 40 GW cumulative turbine sales milestone in September 2025, pointing to sustained order fulfilment, 13
Nordex anchors its onshore line on the Delta4000 platform and the N175/6.X turbine, the latter installed on a concrete-steel hybrid tower from January 2025, 13
Nordex restarted hub and drivetrain production at its West Branch, Iowa facility in June 2025 and entered the New Zealand market with a 192 MW order from Mercury, 13 16
Nordex lifted operating income to EUR 175.9 million in 2026-Q2 and net income to EUR 111.5 million, higher than the EUR 65.7 million and EUR 30.9 million of the prior-year quarter, 15 11
Nordex held cash of EUR 1,928.9 million in 2026-Q2 and reported a net cash position, with free cash flow of EUR 194.3 million in the quarter, 15
Nordex received conditional orders from Alliant Energy for up to 190 N133 and N163 Delta4000 turbines and an order for a 69 MW wind farm in Ecuador, 13
Sector trend: Nordex shows firming onshore wind demand, with the company adding orders such as the Alliant Energy conditional turbines, the Ecuadorian wind farm and the New Zealand Mercury award, while quarterly revenue and operating profitability have moved higher, 13 16 15.
Nordex Revenue by Type (as of 2026-Q2 · EUR million · 2/6)
The segments of Nordex in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Source |
|---|---|---|---|
| Period 2026-H1 (6M) | |||
| Projects | 2022-Q1 | 3,340.3 | 15 |
| Service | 2022-Q1 | 441.2 | 15 |
| Period FY2024 (12M) | |||
| Europe | FY2023 | 5,818.7 | 9 |
| Latin America | FY2023 | 669.5 | 9 |
| North America | FY2023 | 426.7 | 9 |
| Rest of world | FY2023 | 383.9 | 9 |
Nordex Products & announcements (13/26 active+recent)
26 product announcements of Nordex since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: StableDiscontinuedPlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| New Zealand market entry with 192 MW order from Mercury | 2026-10 | 16 | |
| Rotor blade production facility in Spain (3x) | 2026-07 | (2026-07) | 15 |
| Revised sustainability strategy launch | 2026-06 | 13 | |
| 2025 | |||
| Surpassed 40 GW cumulative turbine sales milestone | 2025-09 | 13 | |
| West Branch, Iowa nacelle production resumption | 2025-06 | 7 | |
| Restarted operations at West Branch Iowa facility for hub and drivetrain production | 2025-06 | 13 | |
| Delta4000 platform (4x) | 2025-06 | 13 | |
| New converter test bench at Rostock facility | 2025 | 13 | |
| First order in Ecuador | 2025 | 13 | |
| Entry into Canadian market with N175/6.X turbine | 2025 | 13 | |
| 2024 | |||
| N175/6.X turbine on 179-meter hybrid tower (3x) | 2024-11 | 13 | |
| N169/5.X turbine launch for US market (2x) | 2024-07 | 7 | |
| US production facility restart | 2024 | 13 | |
| 2025 | |||
| Generation Delta wind turbine development (2x) | 2025-06 | 9 | |
| Electrolyzer project development | 2025-06 | 11 | |
| 2024 | |||
| Hybrid tower 200m hub height for N175/6.X | 2024-09 | 9 | |
| N175/6.X turbine type approval | 2024-07 | 9 | |
| West Branch manufacturing facility restart | 2024-06 | 9 | |
| TUV SUD type approval for 179-meter hybrid tower | 2024-03 | 9 | |
| N175/6.X turbine with hybrid tower certification in Germany | 2024-03 | 7 | |
| North American market re-entry initiative | 2024 | 9 | |
| Nordex Electrolyzers - electrolyzer development with Sodena (85% ownership) | 2024 | 9 | |
| N175/6.X turbine equipment investment | 2024 | 9 | |
| 2023 | |||
| Repayment of EUR 275 million high-yield bond | 2023 | 5 | |
| Potential West Branch Iowa facility reactivation | 2023 | 5 | |
| Electrolyzer development for green hydrogen production | 2023 | 5 | |
Nordex Transactions & Events (8)
Transactions of Nordex since 2023: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology
Acquisitions by Nordex
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Alliant Energy conditional orders for up to 190 N133 and N163 Delta4000 turbines | 2025-12 | Completed | 13 |
| Ecuadorian market order for 69 MW wind farm | 2025-09 | Completed | 13 |
| 2024 | |||
| Syndicated guarantee facility extension | 2024-02 | Completed | 5 |
| 2023 | |||
| Corporate bond repayment | 2023-02 | Completed | 4 |
Divestitures and exits by Nordex
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Sale-and-leaseback of Rostock blade production facility | 2026-07 | Divested | 15 |
| 2024 | |||
| Closure of Matamoros, Mexico production site operated by TPI | 2024 | Divested | 9 |
Partnerships and contracts of Nordex
Nordex Risks (49 since the annual report of 2026-02-25, 160 tracked in total)
Risk factors Nordex itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology
Category: FinancialMacroMarketGeopoliticsSupply chainLegalRegulatoryESGPeopleCompetitionTechnologyCyber
| Risk | Category | Last reported |
|---|---|---|
| Nordex: first mention in IR-Half half-year report of 2023-07-27 (2023-H1), source 3 | ||
| Structurally negative working capital requires bank guarantees for customer prepayments | 2026-H1 2026-07-29 15 | |
| Nordex: first mention in IR-Half half-year report of 2026-07-29 (2026-H1), source 15 | ||
| Exchange rate volatility affecting euro, particularly US dollar pressure | = | |
| US-Iran escalation and Ukraine war uncertainty weigh on global economy | = | |
| US tariff policy and trade tensions threaten supply chains and market access | = | |
| US wind policy challenges pose downside risks to North American market growth | = | |
| Nordex: first mention in IR-Annual annual report of 2026-02-25 (FY2025), source 13 | ||
| Risk of improper cost allocation and revenue recognition to wrong financial periods | = | |
| Risk of new conflict outbreaks in Asia including North Korea, China/Taiwan, Greenland. | = | |
| Ongoing war in Ukraine remains obstacle to strong global economic recovery. | = | |
| Supply shortages, supplier insolvency, inventory imbalances, raw material availability | = | |
| Uncertainty in United States regarding Inflation Reduction Act application and political developments. | = | |
| Complex estimation of total contract costs for non-completed wind turbine projects | = | |
| Delays in clarifying tax-credit eligibility under IRA causing developer and investor caution. | = | |
| Climate policy, environmental and social governance compliance requirements and risks | = | |
| Foreign currency and interest rate risks, credit risks, liquidity risks, tax loss carry forwards | = | |
| Working capital ratio of -12.4% reflects advance payment requirements typical in plant engineering contracts | = | |
| Geopolitical fragmentation dampening trade, investment, and productivity. | = | |
| Dependency on global procurement network for key components including gearboxes, converters and generators | = | |
| Risks from disrupted supply chains amid geopolitical tensions. | = | |
| Global electricity demand growth dependent on continued decarbonization and policy support | = | |
| German ifo Institute forecasts only 0.8% growth for Germany in 2026. | = | |
| Economic downturns, inflation, interest rates, exchange rate fluctuations, supply chain disruptions | = | |
| General market risks from political/economic factors and structural energy industry changes | = | |
| Shortage of skilled/management staff, staff fluctuation in key positions | = | |
| Data protection, anti-corruption, anti-trust, and certification requirement compliance risks | = | |
| Long approval processes in certain markets, particularly Germany, extending project timelines and execution risks | = | |
| Compliance with IFRS standards and German commercial law requirements | = | |
| Planned reform of German Renewable Energy Act scheduled to take effect in 2027. | = | |
| Uncertainty from shifts in government financial incentive schemes and regulatory environment | = | |
| Ongoing uncertainty around tariffs and localization pressures affecting market conditions and margins | = | |
| Management measures implemented for structural de-risking and transfer pricing policy alignment. | = | |
| Intense competition from European and American OEMs in key markets with small number of large manufacturers | = | |
| Nordex: first mention in IR-Half half-year report of 2025-07-28 (2025-H1), source 11 | ||
| Exposure to interest rate changes affecting financing costs for group liquidity management | FY2025 2026-02-25 13 | |
| Nordex: first mention in IR-Annual annual report of 2025-02-27 (FY2024), source 9 | ||
| Group has no material assets or liabilities subject to variable interest rate risk exposure. | FY2025 2026-02-25 13 | |
| Trade barriers, tariffs, transport bottlenecks, sanctions impacting supply chains and costs | FY2025 2026-02-25 13 | |
| Ongoing geopolitical fragmentations could lead to supply chain and market disruptions. | FY2025 2026-02-25 13 | |
| Fluctuating logistics costs impacting gross margins despite some stabilization in 2025 | FY2025 2026-02-25 13 | |
| Rapid changes in grid code requirements across target markets requiring continuous product adaptation | FY2025 2026-02-25 13 | |
| Increasing cybersecurity requirements in target markets requiring ongoing product and system investments | FY2025 2026-02-25 13 | |
| Price pressure from Chinese competitors with favorable terms and manufacturing capacity | FY2025 2026-02-25 13 | |
| Nordex: first mention in IR-Half half-year report of 2024-07-25 (2024-H1), source 7 | ||
| Elevated oil and commodity prices following Middle East disruptions | 2026-H1 2026-07-29 15 | |
| Global economic growth remains moderate with geopolitical uncertainty and trade tensions impacting outlook. | FY2025 2026-02-25 13 | |
| Nordex: first mention in IR-Annual annual report of 2024-02-29 (FY2023), source 5 | ||
| Warranty and product liability claims from turbine technical risks and performance guarantees | FY2025 2026-02-25 13 | |
| System failures, data breaches, ransomware attacks, compromised remote monitoring capabilities | FY2025 2026-02-25 13 | |
| ECB indicated minimal interest rate easing likely in 2026. | FY2025 2026-02-25 13 | |
| Development risks from R&D investments and new turbine model certification and market launch | FY2025 2026-02-25 13 | |
| Production standstills from supplier delays, new turbine ramp-up delays, personnel availability | FY2025 2026-02-25 13 | |
| Nordex: first mention in IR-Quarter quarterly report of 2023-11-14 (2023-Q3), source 4 | ||
| Turkish subsidiary operations impacted by IAS 29 hyperinflation adjustments | 2026-H1 2026-07-29 15 | |
| No financial covenants were breached as of 31 December 2025 on syndicated multi-currency guarantee facility. | FY2025 2026-02-25 13 | |
| Nordex: first mention in IR-Half half-year report of 2023-07-27 (2023-H1), source 3 | ||
| Contingent liabilities from pending litigation in connection with operating business | 2025-H1 2025-07-28 11 | |
Nordex Reported KPIs (as disclosed) (290)
NadirAlpha collects 290 reported KPIs of Nordex from the filings up to Q2 2026; the definition comes from the company, period and source are stated at every value. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Nordex, published 2026-10-15, period 2026-Q3 | ||
| EBITDA margin Q3/2026 | 12.7% | 16 |
| EBITDA margin Q3/2025 | 8.0% | 16 |
| Nordex, published 2026-07-29, period 2026-H1 | ||
| Working capital ratio | -8.3% | 15 |
| Turbines produced | 586 | 15 |
| Turbine availability | 97.0% | 15 |
| Staff costs | 447.7 (EUR EUR million) | 15 |
| Service turbines worldwide | 14,027 | 15 |
| Service turbines nominal output | 50.8 | 15 |
| Order intake (Service segment) prior year | 831.4 (EUR EUR million) | 15 |
| Order intake (Service segment) | 1,201.8 (EUR EUR million) | 15 |
| Order intake (Projects segment) prior year | 4,134.2 (EUR EUR million) | 15 |
| Order intake (Projects segment) | 4,683.1 (EUR EUR million) | 15 |
| Order book (Service segment) prior year | 5,473.1 (EUR EUR million) | 15 |
| Order book (Service segment) | 6,807.1 (EUR EUR million) | 15 |
| Order book (Projects segment) prior year | 8,852.5 (EUR EUR million) | 15 |
| Order book (Projects segment) | 11,577.6 (EUR EUR million) | 15 |
| Nominal output of produced turbines | 3,448 | 15 |
| Installations prior year | 3,004 | 15 |
| Installations | 2,323 | 15 |
| In-house blade production | 752 | 15 |
| Gross margin | 27.9% | 15 |
| Equity ratio | 20.6% | 15 |
| Equity | 1,458.3 (EUR EUR million) | 15 |
| EBITDA margin | 9.4% | 15 |
| EBIT margin | 7.0% | 15 |
| Book-to-bill ratio | 1.4 | 15 |
| Blade production | 2,515 | 15 |
| Average turbine price (ASP) | 0.95 (EUR million/MW) | 15 |
| Nordex, published 2026-04-27, period 2026-Q1 | ||
| Working capital ratio | – 9.0% | 14 |
| Turbine availability | 97% | 14 |
| Staff costs | –227.7 | 14 |
| Order intake, service segment | 683.0 (EUR EUR million) | 14 |
| Order intake, projects segment | 1,706.6 (EUR EUR million) | 14 |
| Order book, service segment | 6,473.5 (EUR EUR million) | 14 |
| Order book, projects segment | 10,495.2 (EUR EUR million) | 14 |
| Installations | 1,155.5 | 14 |
| Equity ratio | 19.4% | 14 |
| Equity | 1,336.5 (EUR EUR million) | 14 |
| EBITDA margin | 8.2% | 14 |
| Nordex, published 2026-02-25, period FY2025 | ||
| Turbine installations | approximately 8.5 GW | 13 |
| Remaining performance obligation services | 245,083 | 13 |
| Order intake | 8,482,570 (EUR EUR thousand) | 13 |
| Order book | solid visibility for 2026 | 13 |
| Gross margin | 27.0 | 13 |
| Working capital ratio | -12.4 | 13 |
| Working capital ratio | -12.4 % | 13 |
| Working capital | -934,741 (EUR EUR thousand) | 13 |
| Turbine availability | 97.0 | 13 |
| Total auditor fees | 1,643 | 13 |
| Total assets | 6,752.0 (EUR EUR million) | 13 |
| Total Case Incident Rate | 8.0 | 13 |
| Staff costs | 820.3 (EUR EUR million) | 13 |
| Service turbines | 13,868 | 13 |
| Service capacity | 48.3 | 13 |
| Other assurance services | 363 | 13 |
| Order book Service | 5,971.6 (EUR EUR million) | 13 |
| Order book Projects | 10,122.0 (EUR EUR million) | 13 |
| Non-current liabilities | 1,111.4 | 13 |
| Non-current assets | 2,000.7 | 13 |
| Installed MW | 7,663 | 13 |
| Gross profit | 2,038.8 (EUR EUR million) | 13 |
| Equity ratio | 19.0 | 13 |
| Equity | 1,283.3 (EUR EUR million) | 13 |
| EBITDA margin | 8.4 | 13 |
| EBIT margin | 6.0 | 13 |
| Current liabilities | 4,357.3 | 13 |
| Current assets | 4,751.4 | 13 |
| CO emissions avoided | 92.2 | 13 |
| Auditing services | 1,280 | 13 |
| Nordex, published 2025-11-04, period 2025-Q3 | ||
| Turbine availability | 97.0% | 12 |
| Order book, service segment | 5,587.8 (EUR EUR million) | 12 |
| Order book, projects segment | 9,323.5 (EUR EUR million) | 12 |
| Net cash | 1,073.0 (EUR EUR million) | 12 |
| Installed capacity | 5,579.9 | 12 |
| Equity ratio | 18.3% | 12 |
| EBITDA margin | 6.5% | 12 |
| Nordex, published 2025-07-28, period 2025-H1 | ||
| Working capital ratio | -7.5% | 11 |
| Warranty provisions | 510,278 (EUR EUR thousand) | 11 |
| Turbine availability | 97.0% | 11 |
| Property, plant and equipment | 471,259 | 11 |
| Order book (Service segment) | 5,473.1 (EUR EUR million) | 11 |
| Order book (Projects segment) | 8,852.5 (EUR EUR million) | 11 |
| Installed capacity | 3,004 | 11 |
| Gross margin | 25.9% | 11 |
| Equity ratio | 18.0% | 11 |
| Equity | 1,012,312 (EUR EUR thousand) | 11 |
| EBITDA margin | 5.7% | 11 |
| EBIT margin | 3.0% | 11 |
| Capitalized development expenses | 193,744 (EUR EUR thousand) | 11 |
| Nordex, published 2025-04-25, period 2025-Q1 | ||
| Working capital ratio | -8.3% | 10 |
| Turbine availability | 97% | 10 |
| Total assets | 5,635.3 (EUR EUR million) | 10 |
| Staff cost ratio | 13.7% | 10 |
| Order intake service segment | 393.4 (EUR EUR million) | 10 |
| Order intake projects segment | 1,889.8 (EUR EUR million) | 10 |
| Order book service segment | 5,207.8 (EUR EUR million) | 10 |
| Order book projects segment | 8,248.7 (EUR EUR million) | 10 |
| Net liquidity | 823.7 | 10 |
| Installed capacity | 1,045.8 | 10 |
| Equity ratio | 17.6% | 10 |
| Equity | 994.2 (EUR EUR million) | 10 |
| EBITDA margin | 5.5% | 10 |
| Nordex, published 2025-02-27, period FY2024 | ||
| Turbine installations | 6.6 GW | 9 |
| Service business growth | 14% | 9 |
| Order intake remaining performance obligation services | 212,485 | 9 |
| Order intake remaining performance obligation projects | 5,525,684 | 9 |
| Order book projects segment | 7.8 billion | 9 |
| Order book increase YoY | 13% | 9 |
| Order book coverage 2025 sales | around 80% | 9 |
| Net cash | 848 million | 9 |
| Multi-currency guarantee facility | 1.06 billion | 9 |
| Equity ratio | 17.3% | 9 |
| Equity | 1,425.1 million | 9 |
| Convertible bond net proceeds | 333 million | 9 |
| Working capital ratio | -9.1 | 9 |
| Working capital | -663,261 | 9 |
| Turbines produced | 1,312 | 9 |
| Turbines installed | 1,227 | 9 |
| Turbine availability | 97 | 9 |
| Staff costs | 727.3 (EUR EUR million) | 9 |
| Staff cost ratio | 10.0 | 9 |
| Service turbines under contract | 12,757 | 9 |
| Service turbines capacity | 41.3 | 9 |
| Service turbine availability | 97 | 9 |
| Service business under management | 41.3 GW | 9 |
| Rotor blades sourced (external) | 3,884 | 9 |
| Rotor blades produced (in-house) | 1,537 | 9 |
| Property, plant and equipment | 545,343 | 9 |
| Production output | 7,609.0 | 9 |
| Order intake, Projects segment | 7,461.5 (EUR EUR million) | 9 |
| Order intake, Service segment | 1,981.2 (EUR EUR million) | 9 |
| Order intake (Service segment) | 1,981.2 (EUR EUR million) | 9 |
| Order intake, Projects segment (GW) | 8.3 (EUR GW) | 9 |
| Order intake (Projects segment) | 7,461.5 (EUR EUR million) | 9 |
| Order book, Service segment | 4,974.1 (EUR EUR million) | 9 |
| Order book, Projects segment | 7,803.9 (EUR EUR million) | 9 |
| Order book (Service segment) | 4,974.1 (EUR EUR million) | 9 |
| Order book (Projects segment) | 7,803.9 (EUR EUR million) | 9 |
| Net liquidity | 848.2 | 9 |
| Lost Time Injury Frequency (LTIF) | 1.45 | 9 |
| Investment in ACCIONA Nordex Green Hydrogen, S.L | 99,582 | 9 |
| Installed capacity | 6,641.4 | 9 |
| Gross margin | 21.0 | 9 |
| Equity ratio | 17.7 | 9 |
| Equity | 996.6 (EUR EUR million) | 9 |
| EBITDA margin | 4.1 | 9 |
| EBIT margin | 1.6 | 9 |
| Contract assets from projects | 838,229 | 9 |
| Capitalized development expenses | 184,838 | 9 |
| CO emissions avoided | 81.01 | 9 |
| Average selling price (ASP) | 0.90 (EUR million/MW) | 9 |
| Nordex, published 2024-11-07, period 2024-Q3 | ||
| Working capital ratio | – 7.3 | 8 |
| Order intake, Projects segment | 4,572 (EUR EUR million) | 8 |
| Installed capacity | 4,981 | 8 |
| Equity ratio | 18.5 | 8 |
| EBITDA margin | 3.7 | 8 |
| Nordex, published 2024-07-25, period 2024-H1 | ||
| Working capital ratio | – 7.4 | 7 |
| Wages and salaries | 279,421 | 7 |
| Total income tax | 3,156 (EUR EUR thousand) | 7 |
| Social security and retirement benefit expenses | 58,528 | 7 |
| Serviced wind turbines | 12,425 | 7 |
| Serviced capacity GW | 39.3 | 7 |
| Own work capitalized | 21,811 (EUR EUR thousand) | 7 |
| Other interest and similar income | 8,110 (EUR EUR thousand) | 7 |
| Order intake Service segment | 812.2 (EUR EUR million) | 7 |
| Order intake Projects segment | 2,989.6 (EUR EUR million) | 7 |
| Order book Service segment | 4,142.0 (EUR EUR million) | 7 |
| Order book Projects segment | 6,890.4 (EUR EUR million) | 7 |
| Net liquidity | 445.8 | 7 |
| Interest result | -44,580 | 7 |
| Interest and similar expenses | -52,690 (EUR EUR thousand) | 7 |
| Installed capacity MW | 2,971 | 7 |
| Equity ratio | 17.9 | 7 |
| EBITDA margin | 3.4 | 7 |
| EBIT margin | 0.8 | 7 |
| Depreciation of property, plant and equipment | 68,776 | 7 |
| Current income tax | -25,404 (EUR EUR thousand) | 7 |
| Contingent liabilities from guarantees | 648 | 7 |
| Book-to-bill ratio | 0.96 | 7 |
| Amortization of capitalized development expenses | 17,934 (EUR EUR thousand) | 7 |
| ASP per MW | 0.89 (EUR million/MW) | 7 |
| Nordex, published 2024-05-14, period 2024-Q1 | ||
| Working capital ratio | –7.0 | 6 |
| Staff cost ratio | 10.6 | 6 |
| Order intake Projects segment | 1,764.9 (EUR EUR million) | 6 |
| Installed capacity | 1,102.9 | 6 |
| Equity ratio | 18.6 | 6 |
| EBITDA margin | 3.3 | 6 |
| Nordex, published 2024-02-29, period FY2023 | ||
| Order book projects segment | EUR 6.9 billion | 5 |
| Order book coverage 2024 sales | 78% | 5 |
| Working capital ratio | -11.5 | 5 |
| Working capital | -745,681 | 5 |
| Uncommitted Guarantee Facility | 600,000 | 5 |
| Syndicated multi-currency guarantee facility - total amount | 1,302,000 | 5 |
| Staff costs | 629.8 (EUR EUR million) | 5 |
| Staff cost ratio | 9.7 | 5 |
| Service contract remaining obligation | 185,944 | 5 |
| Property, plant and equipment | 554,426 | 5 |
| Performance Share Units Plan - total expense | 580 | 5 |
| Order intake (Service segment) | 923.9 (EUR EUR million) | 5 |
| Order intake (Projects segment) | 6,211.3 (EUR EUR million) | 5 |
| Order intake (Group) | 7,135.2 (EUR EUR million) | 5 |
| Order intake | 6,196,422 (EUR EUR thousand) | 5 |
| Order book (Service segment) | 3,626.2 (EUR EUR million) | 5 |
| Order book (Projects segment) | 6,911.2 (EUR EUR million) | 5 |
| Order book (Group) | 10,537.4 (EUR EUR million) | 5 |
| Net liquidity | 631 | 5 |
| Installed capacity | 7,253.2 | 5 |
| Forward exchange transactions nominal value | 120,226 | 5 |
| Equity ratio | 18.0 | 5 |
| Equity as of 31 Dec. | 978.1 (EUR EUR million) | 5 |
| EBITDA margin | 0.0 | 5 |
| Contract liabilities from projects | 1,319,553 | 5 |
| Contract assets from projects | 780,352 | 5 |
| Cash and cash equivalents | 926 (EUR EUR million) | 5 |
| Capitalized development expenses | 169,785 | 5 |
| Nordex, published 2023-11-14, period 2023-Q3 | ||
| Working capital ratio | – 10.2 | 4 |
| Wages and salaries | 376,878 | 4 |
| Total turbines supported in Service segment | 10,999 | 4 |
| Total staff costs | 459,921 (EUR EUR thousand) | 4 |
| Total output of supported turbines | 33.3 | 4 |
| Total income tax | -30,404 (EUR EUR thousand) | 4 |
| Technical staff | 5,051 | 4 |
| Staff costs | 459.9 (EUR EUR million) | 4 |
| Social security and retirement benefit expenses | 83,043 | 4 |
| Service order book | 3,593.6 (EUR EUR million) | 4 |
| Profit/loss from equity-accounted investments | -162 | 4 |
| Own work capitalized | 26,288 (EUR EUR thousand) | 4 |
| Other interest and similar income | 7,226 (EUR EUR thousand) | 4 |
| Order intake (Service segment) | 742 (EUR EUR million) | 4 |
| Order intake | 4,143 (EUR EUR million) | 4 |
| Order book (Projects segment) | 6,655 (EUR EUR million) | 4 |
| Order book | 10,249 (EUR EUR million) | 4 |
| Office staff | 4,857 | 4 |
| Nordex H2, S.L shareholding | 50.00% | 4 |
| Net liquidity | 344.3 | 4 |
| Liabilities to non-consolidated entities | 128 | 4 |
| Interest result | -98,134 | 4 |
| Interest and similar expenses | -105,360 (EUR EUR thousand) | 4 |
| Installed capacity | 5,537 | 4 |
| Income from investments | 0 (EUR EUR thousand) | 4 |
| Impairment of investments | 0 (EUR EUR thousand) | 4 |
| Guarantees | 880 | 4 |
| GN Renewable Investments S.a.r.l. shareholding | 30.00% | 4 |
| Equity ratio | 18.8 | 4 |
| EBITDA margin | – 1.5 | 4 |
| EBIT margin | – 4.5 | 4 |
| Current income tax | -27,051 (EUR EUR thousand) | 4 |
| Book-to-bill ratio | 1.03 | 4 |
| Average technical staff | 4,912 | 4 |
| Average selling price per MW | 0.85 (EUR million/MW) | 4 |
| Average office staff | 4,652 | 4 |
| Acciona S.A. shareholding | 47.1% | 4 |
| Nordex, published 2023-07-27, period 2023-H1 | ||
| Working capital ratio | –9.6 | 3 |
| Weighted average number of shares | 223,318,313 | 3 |
| Subscribed capital | 236,450 (EUR EUR thousand) | 3 |
| Staff cost ratio | 10.8 | 3 |
| Share in equity attributable to shareholders of the parent | 990,555 | 3 |
| Reserve for cash flow hedge costs | –187 | 3 |
| Other non-current financial liabilities - lease liabilities | 145,925 | 3 |
| Other non-current financial liabilities - convertible bonds | 239,617 | 3 |
| Other current non-financial liabilities - tax liabilities | 89,514 | 3 |
| Other current non-financial liabilities - accrued liabilities | 105,090 | 3 |
| Other current financial liabilities - lease liabilities | 33,560 | 3 |
| Other current financial liabilities - guarantee commissions | 10,426 | 3 |
| Other current financial liabilities - forward exchange transactions | 41,491 | 3 |
| Order intake Projects segment | 2,354 (EUR EUR million) | 3 |
| Order book Service segment | 3,418 (EUR EUR million) | 3 |
| Order book Projects segment | 6,387 (EUR EUR million) | 3 |
| Net liquidity | 359.7 | 3 |
| Installed capacity | 3,098 | 3 |
| Foreign currency adjustment item | –147,347 | 3 |
| Equity ratio | 20.7 | 3 |
| EBITDA margin | –4.2 | 3 |
| EBIT margin | –7.4 | 3 |
| Consolidated net profit/loss carried forward | –461,865 | 3 |
| Cash flow hedge reserve | –20,842 | 3 |
| Capital reserves | 1,694,157 (EUR EUR thousand) | 3 |
| Acciona S.A. shareholding | 47.1% | 3 |
| Nordex, published 2023-05-12, period 2023-Q1 | ||
| Working capital ratio | -10.6 | 2 |
| Wages and salaries | 120,820 | 2 |
| Total staff costs | 147,235 (EUR EUR thousand) | 2 |
| Social security and retirement benefit expenses | 26,414 | 2 |
| Service turbines managed | 10,682 | 2 |
| Own work capitalized | 9,757 (EUR EUR thousand) | 2 |
| Order book (Service segment) | 3,405.1 (EUR EUR million) | 2 |
| Order book (Projects segment) | 6,458.1 (EUR EUR million) | 2 |
| Installed capacity | 1,319.3 | 2 |
| Equity ratio | 15.0 | 2 |
| EBITDA margin | -9.4 | 2 |
| EBIT margin | -13.6 | 2 |
Nordex Development
The business development of Nordex period by period up to Q2 2026, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology
FY2026: Nordex
Nordex reported revenue of 1,587.7 million in Q1 2026 and 2,178.8 million in Q2 2026, with H1 consolidated sales reaching EUR 3,766.5 million compared to EUR 3,308.7 million in H1 2025, driven by higher activity levels in both the Projects and Service segments and increased average selling prices 15. Net income improved to 53.6 million in Q1 2026 from EUR 7.9 million a year earlier 14, and reached 111.5 million in Q2 2026, bringing H1 net income to EUR 165.1 million versus EUR 38.8 million in H1 2025 15. The Projects segment order book stood at EUR 11,577.6 million at mid-year, and Nordex re-entered the US market with over 800 MW of order intake in H1 2026 15. In October 2026, Nordex raised its full-year EBITDA margin guidance to 11.5 to 12.5%, citing Q3 2026 EBITDA of EUR 278 million at a 12.7% margin, which exceeded expectations compared to EUR 136 million at an 8.0% margin in Q3 2025 16.
FY2025: Nordex
Nordex SE reported FY 2025 consolidated sales of EUR 7,553.5 million, a 3.5% increase from EUR 7,299 million in 2024, with the Projects segment contributing EUR 6,765 million and the Service segment EUR 863 million 13. EBITDA more than doubled year-over-year to EUR 631 million, lifting the EBITDA margin to 8.4% from 4.1% in 2024, while gross margin expanded to 27.0% from 21.0%, reflecting higher average selling prices, an improved project mix, and lower raw material costs 13. Net income improved to EUR 274.3 million from EUR 8.8 million in 2024, and operating cash flow rose to EUR 1,016.3 million from EUR 429.8 million, with free cash flow reaching EUR 847.4 million and the net cash position strengthening to EUR 1,925.5 million at year-end 13. Record order intake of 10.2 GW in 2025, a 22.5% increase year-over-year, drove the combined order book to EUR 16.1 billion, supported by continued commercial momentum in core European markets and new geographies including Canada and Ecuador 13. At the full-year results in February 2026, Nordex raised its mid-term EBITDA margin target from 8% to 10-12% and introduced a shareholder return policy targeting a minimum of EUR 50 million in annual returns from 2027 onwards 13.
FY2024: Nordex
Nordex SE reported full-year 2024 revenue of EUR 7,298.8 million, a 12.5% increase from EUR 6,489.1 million in 2023, with growth contributions from both the Projects segment (EUR 6,543 million) and the Service segment (EUR 777 million) 9. EBITDA improved substantially to EUR 296.4 million at a 4.1% margin from EUR 2.0 million at 0.0% in 2023, while gross margin expanded to 21.0% from 15.2%, driven by higher average selling prices of EUR 0.90 million/MW versus EUR 0.84 million/MW and lower raw material costs 9. The group returned to consolidated net profitability with net income of EUR 8.8 million compared to a net loss of EUR 302.8 million in 2023 9. Free cash flow strengthened to EUR 271 million from EUR 20 million and operating cash flow increased to EUR 430 million from EUR 161 million, lifting net liquidity to EUR 848 million from EUR 631 million at year-end 9. Record order intake of 8.3 GW brought the total order book to EUR 12.8 billion, with the service segment order intake growing 114.5% to EUR 1,981 million and the group's order book ranking Nordex as the second-largest onshore wind player globally excluding China 9.
FY2023: Nordex
In FY2023, Nordex SE generated revenue of EUR 6,489.1 million, up 14.0% from EUR 5,693.6 million in the prior year, as installed capacity grew 38.9% to 7,253.2 MW and average selling prices per MW increased year-on-year 109 5. The full-year net loss narrowed to EUR -302.8 million from EUR -497.8 million in 2022, with EBITDA recovering to near break-even at EUR 2.0 million versus EUR -244.3 million the prior year, as higher-priced newer contracts progressively replaced older low-margin projects in the backlog 5. Free cash flow turned positive at EUR 30.2 million compared to EUR -513.9 million in 2022, supported by an operating cash inflow of EUR 161.2 million versus an outflow of EUR -350.1 million the prior year 109 5. Capital structure was materially strengthened through the conversion of EUR 346.7 million in Acciona shareholder loans into equity in March 2023 and the concurrent placement of EUR 333 million in green convertible bonds in April 2023, lifting the year-end net liquidity position to EUR 678.3 million from EUR 244.3 million at end-2022 2 3 109. The cost of materials ratio improved to 85.0% from 91.9% in 2022, reflecting higher average selling prices and lower input costs, and FY2023 order intake rose 16.2% to EUR 7,135.2 million with the Delta4000 platform representing over 90% of new orders 5.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
16 sources on Nordex since 2023; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology
| # | Document type | Published |
|---|---|---|
| #1 / #101 | IR-Annual annual report | 2023-03-31 |
| #2 | IR-Quarter quarterly report | 2023-05-12 |
| #3 / #103 | IR-Half half-year report | 2023-07-27 |
| #4 | IR-Quarter quarterly report | 2023-11-14 |
| #5 / #105 | IR-Annual annual report | 2024-02-29 |
| #6 | IR-Quarter quarterly report | 2024-05-14 |
| #7 / #107 | IR-Half half-year report | 2024-07-25 |
| #8 | IR-Quarter quarterly report | 2024-11-07 |
| #9 / #109 | IR-Annual annual report | 2025-02-27 |
| #10 | IR-Quarter quarterly report | 2025-04-25 |
| #11 / #111 | IR-Half half-year report | 2025-07-28 |
| #12 | IR-Quarter quarterly report | 2025-11-04 |
| #13 / #113 | IR-Annual annual report | 2026-02-25 |
| #14 | IR-Quarter quarterly report | 2026-04-27 |
| #15 / #115 | IR-Half half-year report | 2026-07-29 |
| #16 | IR-Meldung | 2026-10-15 |
Nordex Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including EBITDA margin. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Where can I find the official investor relations documents of Nordex?
NadirAlpha links all 16 original filings used (IR documents) in the sources chapter: annual report, half-year report, quarterly report, each with type, publication date and a direct link; every figure in the report carries a source number.