Nordex stock outlook improves after Q3 EBITDA surge

Nordex reported a stronger third quarter on Thursday, November 5, 2026, with profitability and cash generation accelerating from the prior-year period. The company said its performance was driven by disciplined execution in both the Projects and Service segments. The full release is available from Nordex.

Margins strengthen across operations

Third-quarter sales increased 28.2 percent year on year to EUR 2.19 billion. EBITDA more than doubled to EUR 278.2 million from EUR 135.9 million, lifting the margin to 12.7 percent from 8.0 percent. Net income climbed to EUR 147.1 million, compared with EUR 51.7 million a year earlier.

The Projects segment generated EUR 1.96 billion in sales, up 29.9 percent, while Service sales rose 8.1 percent to EUR 237.0 million. Service EBIT margin reached 20.6 percent, exceeding the company's 20 percent target, and Project EBIT margin improved by 2.0 percentage points to 13.1 percent.

Nordex secured 2,810 megawatts of Projects order intake in the quarter, an increase of 29.5 percent from 2,170 megawatts in the prior-year quarter. The combined order book stood at EUR 19.3 billion at September 30, comprising EUR 12.2 billion in Projects and EUR 7.1 billion in Service.

Higher margin target supports outlook

Management raised the full-year 2026 EBITDA margin guidance to 11.5 to 12.5 percent from the previous 8.0 to 11.0 percent range. Sales guidance remained EUR 8.2 billion to EUR 9.0 billion, while the company kept its working capital and capital expenditure targets unchanged.

Free cash flow reached EUR 379.1 million in the quarter, compared with EUR 149.0 million a year earlier. Cash and cash equivalents rose to EUR 2.33 billion at September 30, and the net cash position increased to EUR 2.03 billion from EUR 1.62 billion at year-end 2025. For investors, the combination of better margins, a larger backlog and stronger liquidity improves visibility, although project execution and customer timing remain relevant operating variables.

Nordex stock traded at 42.99 euros on Lang & Schwarz at 11:54 CET on Monday, November 9, 2026. Investors can follow the real-time quote of Nordex stock.

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