Germany's Nordex posts strong quarterly profit on European wind demand (updated)

Siemens Energy AG

27/04/2026 06:41

Updates with shares in paragraphs 1 and 5, statement on effects of Middle East war in paragraphs 6-9. Adds chart illustrating Nordex's recent share performance.

By Danny Callaghan

April 27 (Reuters) - Nordex NDXG.DE reported strong first-quarter core earnings on Monday, driven by continued demand for wind power in Europe, which sent the onshore wind turbine manufacturer's shares 10% higher in early trading.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) rose 64% from a year ago to 131 million euros ($154 million), beating a company-provided analysts' consensus of 112 million euros.

Onshore wind accounted for around 90% of installed wind capacity in Europe last year. Nordex competes there with Vestas VWS.CO and Siemens Energy ENR1n.DE, with the three of them receiving around two-thirds of all European turbine orders in 2025, according to analysis by market research firm Mordor Intelligence.

"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," Nordex CEO José Luis Blanco said in a statement.

Nordex's shares have gained around 60% in value since the start of the year, having reported record-high orders for 2025 in February and a first-quarter order intake of 1.87 GW in mid-April.

IMPACT OF MIDDLE EAST CRISIS

A company spokesperson told Reuters that the direct impact from the war in the Middle East had remained limited so far.

"We operate with a diversified supply chain and have no exposure to the region," he said, adding Nordex continued to see solid medium- and long-term demand for onshore wind, particularly in Europe.

"Persistently higher or more volatile power prices tend to reinforce the case for energy independence and accelerated electrification, which structurally supports demand for renewables," the spokesperson added.

Nordex reported sales of 1.59 billion euros for the first three months of the year, citing continued demand in its core markets, although it said it had faced temporary delays at a supplier factory in Turkey.

Germany, Turkey and Sweden are Nordex's strongest markets. It installed around 85% of its turbines in Europe during the first quarter.

($1 = 0.8529 euros)

Nordex's share price has quadrupled since January 2025 https://www.reuters.com/graphics/NORDEX-RESULTS/SHARE%20PRICE/akveyjyxovr/chart.png

(Reporting by Danny Callaghan in Gdansk; editing by Milla Nissi-Prussak)

((Email: danny.callaghan@thomsonreuters.com))