Nordex Lands 110 MW Turkey Contract and Posts 64% EBITDA Jump, but Shares Sink 17% from Peak
31.05.2026 - 05:53:00 | boerse-global.de
Nordex is showing two contrasting faces these days. The wind turbine maker’s operational engine is firing on all cylinders — a fresh Turkish order, a sharp jump in first-quarter earnings, and a newly certified environmental declaration for its flagship turbine. Yet the stock has shed roughly 17% since hitting a 52-week high of €49.42 in early May, closing Friday at €41.16.
The earnings release for the first quarter of 2026 offered little immediate consolation for shareholders. EBITDA surged 64% to €131 million, pushing the margin from 5.5% to 8.2%. Revenue climbed 11% to €1.59 billion. For the full year, management is guiding for turnover between €8.2 billion and €9.0 billion and an EBITDA margin of 8.0% to 11.0%.
On the commercial side, Nordex secured a 110-megawatt order for the Bal?kesir-3 wind farm in Turkey. The contract covers 16 turbines of the N175/6.X type, mounted on 119-metre steel towers in a cold-climate configuration tailored to the S?nd?rg? site. The customer, Eksim Enerji A.?., has been a client since 2010 and already operates a wind portfolio of around 833 megawatts. A ten-year service agreement is included. The deal reinforces Nordex’s dominant position in Turkey, where it has held a market share of about 34% since 2017 and recently started blade production at a new factory in Menemen, near Izmir, in May 2026 to meet local content specifications under the YEKA-2025 programme.
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The company is also tightening its supply chain credentials. On 27 May, it published an independently verified environmental product declaration (EPD) for the N175/6.X turbine, based on a German reference scenario. The EPD reports a greenhouse gas potential of 12.8 grams of CO? equivalent per kilowatt-hour over a 20-year operating life, in line with ISO standards 14040 and 14044. A day later, Nordex hosted more than 120 business partners at the Elbphilharmonie in Hamburg for its “PM Supplier Day 2026,” focusing on strategic project insights, logistics, and process optimisation. The moves come as the EU’s EmpCo directive, effective from September, bans vague environmental claims without supporting evidence, and as Chinese manufacturers step up their push into European markets — a threat the bloc’s NZIA regulation aims to counter from 2027 with new auction rules designed to reduce dependency on single supplier countries.
Despite the operational milestones, the stock remains under technical pressure. The relative strength index has fallen to 28, a level that typically signals oversold conditions. The 200-day moving average of €33.01 has been clearly breached, and the weekly loss clocked in at roughly 3.5%. Still, from the 52-week low of €16.45, the shares have more than doubled, leaving the longer-term uptrend intact. Investors will now look to the second-quarter results due on 29 July for evidence that the earnings momentum can finally arrest the slide.
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