RBC initiates Nordex with 'underperform' on German order risks

Vestas Wind Systems A/S

09/10/2025 09:36

** RBC initiates wind turbine maker Nordex NDXG.DE with "underperform", saying a fading momentum in Germany puts orders in 2026–2027 at risk

** Nordex shares have doubled their value this year driven by a supportive German wind policy and its stronger balance sheet

** "Our analysis of auction data & government policy suggests order activity (in Germany) could halve beginning in mid-2026," RBC says

** As a result, it forecasts a 15% decline in Nordex's orders over 2026–2027

** RBC adds Nordex's onshore equipment growth is slightly weaker than that of Vestas VWS.CO, which is better positioned to benefit from a potential U.S. upside, while European risks weigh more heavily on Nordex

** Out of 15 analysts, 13 rate the stock "strong buy" or "buy" and two "hold" - LSEG data

(Reporting by Anastasiia Kozlova)

((Anastasiia.Kozlova@thomsonreuters.com))