Nordex Significantly Increases Revenue and Profit in Q1 2026 - Share Price Climbs by Over 12 Percent
Hamburg (Germany) – Wind turbine manufacturer Nordex Group started the 2026 financial year with a significant increase in revenue and profit. As the company announced on Monday, revenue in the first quarter rose by 11 percent year-on-year to 1.6 billion euros.
Nordex profitability improves significantly in the first quarter
Operating earnings before interest, taxes, depreciation and amortization (EBITDA) increased by around 64 percent to 130.7 million euros. The EBITDA margin improved from 5.5 to 8.2 percent. Net profit came in at 53.6 million euros, compared to 7.9 million euros in the same quarter last year.
“The first quarter developed as expected and was a positive start into the year for Nordex. We continued to execute well operationally, delivered further margin improvement, and entered the year with a strong financial position. The continued demand in our core markets and an EBITDA margin exceeding 8% already in the first quarter confirm that we are on track to deliver on our guidance for 2026,” said José Luis Blanco, CEO of Nordex Group.
Full order books despite declining order intake
Order intake in the project business fell by 14 percent in the first quarter to 1,869 megawatts. However, the order backlog increased significantly, reaching 17.0 billion euros at the end of March compared to 13.5 billion euros in the same period last year.
Operationally, Nordex also expanded its activities: production of wind turbines rose by 23.5 percent to 1,494 megawatts. In total, the company installed 227 turbines worldwide with a capacity of 1,155 megawatts.
Working capital effect: normalization weighs on free cash flow
Free cash flow in the first quarter stood at minus 98.1 million euros. According to the company, this is mainly due to the normalization of working capital after the end of 2025.
With a net cash position of around 1.5 billion euros, Nordex continues to consider itself solidly financed.
Analysts divided after Nordex quarterly results
The quarterly results are viewed differently by the market. Investment bank Berenberg confirmed its buy recommendation with a price target of 50 euros. Goldman Sachs is only slightly below this level at 49.60 euros.
Bernstein Research is significantly more cautious, with a price target of 40 euros. Canadian bank RBC Capital Markets maintained its “underperform” rating with a price target of 38 euros.
Source: IWR Online, Apr 04 2026