Germany's Nordex Q3 revenue rises on high order intake, lifts 2026 EBITDA margin outlook

Overview

• Germany wind turbine maker's Q3 revenue rose 28.2% yr/yr

• Q3 EBITDA more than doubled, margin improved to 12.7%

• Company raised full-year EBITDA margin guidance to 11.5-12.5%

Outlook

• Nordex raises 2026 EBITDA margin guidance to 11.5-12.5% from 8.0-11.0%

• Company maintains 2026 sales guidance at EUR 8.2-9.0 bln

• Nordex expects 2026 working capital ratio below -9%

Result Drivers

• ORDER INTAKE GROWTH - Co said higher project order intake, up nearly 30% yr/yr, supported revenue and earnings

• INSTALLATION DELAYS - Co said lower turbine installations were mainly due to customer delays and transport permit issues, especially in Türkiye

• STABLE PRICING - Co said average selling prices remained stable despite higher order volumes

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the heavy electrical equipment peer group is "buy"

• Wall Street's median 12-month price target for Nordex SE is €52.00, about 27.3% above its November 4 closing price of €40.84

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads

• Nov 5 - EDP Renewables recurring profit more than doubles on US growth, capital gains

• Nov 2 - Alstom H1 adjusted EBIT margin falls on project delays; cuts FY 2026 outlook

• Nov 3 - Enlight Renewable Q3 revenue rises 40% on new projects

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)