Nordex has raised its full-year 2026 EBITDA margin guidance to 11.5–12.5%, from 8–11%, after reporting higher sales, earnings and order intake in the third quarter.
The German wind turbine manufacturer recorded Q3 sales of €2.19 billion, up 28.2% year on year, while EBITDA more than doubled to €278.2 million. The resulting EBITDA margin was 12.7%, compared with 8% in Q3 2025. Net income increased to €147.1 million from €51.7 million.
Project order intake reached 2.81 GW during the quarter, up 29.5% year on year, with orders from 10 countries. The value of new Project orders was €2.53 billion. Service order intake added €518 million, taking total quarterly order intake to around €3.05 billion across the two segments.
Nordex’s combined order book stood at €19.3 billion at the end of September, comprising €12.2 billion in Projects and €7.1 billion in Service. The Project order book was 31% higher than a year earlier.
The company produced 2,363 MW of turbines during the quarter and installed 331 turbines with a combined capacity of 2,021 MW across 15 countries. Installation volumes were lower than in Q3 2025, which Nordex attributed mainly to customer delays, transport permit delays and blade-related postponements in Türkiye.
Projects generated €1.96 billion of Q3 sales, with an EBIT margin of 13.1%, while Service sales increased 8.1% to €237 million and its EBIT margin reached 20.6%.
Free cash flow rose to €379.1 million in Q3, while net cash increased to €2.03 billion at the end of September.
For 2026, Nordex continues to forecast sales of €8.2–9.0 billion, alongside the revised EBITDA margin target, working capital below -9% of sales and capital expenditure of about €200 million.
“The third quarter was an important milestone for us,” said CEO José Luis Blanco. “Our guidance now sits at the upper end of our mid-term target range.”
Nordex’s turbine activity also reflects the industry’s continuing move towards larger machines, with its turbines being deployed on projects such as Mill Rig wind farm in Scotland.
