Germany's Nordex prelim Q3 sales slightly beat estimates; raises 2026 margin outlook

Nordex SE

15/10/2026 19:39

Overview
German wind turbine maker's preliminary Q3 sales rose yr/yr and slightly beat analyst expectations
Preliminary Q3 EBITDA margin improved to 12.7%, driven by higher Service margins and strong project execution
Company raised full-yr 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 all other elements of its full-year 2026 guidance
Company says improved outlook is due to higher Service margins and strong project execution

Result Drivers
SERVICE SEGMENT MARGINS - Co said higher margins in Service segment drove Q3 results and improved outlook
PROJECT EXECUTION - Co attributed better-than-expected Q3 results to strong project execution
PROJECT RISKS - Co said risks assumed in the Projects segment did not materialize to the extent previously anticipated

Company press release: ID:nEQ9QpWSWa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Sales
Slight Beat*
EUR 2.19 bln
EUR 2.17 bln (6 Analysts)
Q3 EBITDA
 
EUR 278 mln
 
Q3 EBITDA Margin
 
12.70%
 
Q3 Free Cash Flow
 
EUR 379 mln
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

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 €50.00, about 43.4% above its October 15 closing price of €34.86
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 21 three months ago

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)