Germany's Nordex Q4 sales rise 16%, slightly beat estimates

Nordex SE

25/02/2026 06:08

Overview

Germany wind turbine maker's Q4 sales rose 16% yr/yr, slightly beating analyst expectations

Q4 EBITDA margin rose to 12.1%, contributing to full-year margin of 8.4%

Company achieved record free cash flow of EUR 565 mln in Q4

Outlook

Nordex expects 2026 sales between EUR 8.2 bln and EUR 9.0 bln

Company projects 2026 EBITDA margin between 8.0% and 11.0%

Nordex sets new mid-term EBITDA margin target of 10% to 12%

Result Drivers

RECORD ORDER INTAKE - Nordex achieved a record high order intake of 3,552 MW in Q4/2025, a 9.2% increase from the previous year

INCREASED PRODUCTION - Turbine production rose by 27.1% to 3,202 MW in Q4/2025, boosting sales and profitability

STRONG OPERATIONAL PERFORMANCE - Positive free cash flow driven by strong operational performance and ongoing order intake momentum

Company press release: ID:nEQ47xN6a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Sales
Slight Beat*
EUR 7.55 bln
EUR 7.54 bln (16 Analysts)
FY Net Income
EUR 274.30 mln
FY EBITDA
EUR 631 mln
FY EBITDA Margin
8.40%
FY Free Cash Flow
EUR 863.30 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 10 "strong buy" or "buy", 5 "hold" and 2 "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 €33.50, about 4.4% below its February 24 closing price of €35.04

The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 22 three months ago

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.)