- Order intake of 2.8 GW, up 30 percent year-on year
- EBITDA more than doubled to EUR 278 million, with an EBITDA margin of 12.7 percent
- Net income of EUR 147 million in Q3/2026 versus EUR 52 million in the previous year quarter
- Free cash flow generation of EUR 379 million in Q3/2026 backed by operating business
- Full year 2026 EBITDA margin guidance raised to 11.5 to 12.5 percent
Nordex Group delivered a strong business performance in the third quarter of 2026.
Sales totaled EUR 2.2 billion in Q3/2026, 28.2 percent above the same quarter last year (Q3/2025: EUR 1.7 billion).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter of 2026 more than doubled and reached EUR 278.2 million (Q3/2025: EUR 135.9 million) with an improved EBITDA margin of 12.7 percent (Q3/2025: 8.0 percent).
Consequently, net income almost tripled to EUR 147.1 million at the end of Q3/2026 compared to EUR 51.7 million in Q3/2025.
'The third quarter was an important milestone for us. We raised our full-year EBITDA margin guidance to 11.5 to 12.5 percent and further broadened our global footprint, with orders from the US and most recently from New Zealand in October. This is the result of disciplined execution across Projects and Service. Our guidance now sits at the upper end of our mid-term target range, and we will stay focused on delivering consistently', explains José Luis Blanco, Chief Executive Officer (CEO) of the Nordex Group.
Operational performance
In the third quarter of 2026, the Nordex Group secured 2,810 MW of order intake in the Projects segment, growing by 29.5 percent (Q3/2025: 2,170 MW), from 10 countries and spanning various turbine variants. Total value of new orders reached EUR 2.5 billion (Q3/2025: EUR 2.0 billion). The overall pricing remained stable with an ASP of EUR 0.90 m/MW in Q3/2026 (Q3/2025: EUR 0.93 m/MW).
As of 30 September 2026, the order book stood at EUR 19.3 billion (30 September 2025: EUR 14.9 billion), comprising EUR 12.2 billion in the Projects segment (30 September 2025: EUR 9.3 billion) and EUR 7.1 billion in the Service segment (30 September 2025: EUR 5.6 billion).
Production figures
Turbine production reached 2,363 MW in the third quarter of 2026, representing a 7.0 percent decrease compared to last year (Q3/2025: 2,541 MW) but in line with project scheduling. Blade production increased by 16.8 percent to 1,311 units (Q3/2025: 1,122 units). Of these, 337 blades units were produced in-house (Q3/2025: 366 units), while 974 units (Q3/2025: 756 units) were externally sourced.
The Nordex Group installed 331 wind turbines across 15 countries, totaling 2,021 MW in the third quarter of 2026. This compares to 420 wind turbines in 16 countries with a total output of 2,576 MW in Q3/2025. The lower installation level was mainly due to customer delays, delayed transport permits and blade-related postponements in Türkiye. Of the installed capacity (in MW), 79 percent were attributable to Europe and 21 percent to North America.
Segment reporting
Sales in the Projects segment stood at EUR 2.0 billion in the third quarter of the year, 29.9 percent higher than last year (Q3/2025: EUR 1.5 billion). The Service segment sales experienced growth of 8.1 percent to EUR 237.0 million (Q3/2025: EUR 219.2 million). Service EBIT margin exceeded the 20 percent target at 20.6 percent. Project EBIT margin improved by 2.0 percentage points year over year to 13.1 percent.
Financial position
As of 30 September 2026, total assets amounted to EUR 7.6 billion, 12.5 percent higher than year-end 2025 (31 December 2025: EUR 6.8 billion). Cash and cash equivalents increased to EUR 2,326.5 million (31 December 2025: EUR 1,928.9 million), leading to a solid net cash position of EUR 2,031.3 million (31 December 2025: EUR 1,624.7 million). The equity ratio improved to 21.1 percent (31 December 2025: 19.0 percent) while working capital ratio as a percentage of sales was minus 7.8 percent (31 December 2025: minus 12.4 percent).
In Q3/2026, the Nordex Group generated a positive free cash flow of EUR 379.1 million (Q3/2025: EUR 149.0 million) driven primarily by solid operational business.
Outlook for the year
As announced in the pre-release (ad-hoc) of 15 October 2026, the Nordex Group now expects a full-year 2026 EBITDA margin of 11.5 to 12.5 percent (previously: 8.0 to 11.0 percent). All other elements of the full-year guidance remain unchanged:
- Sales: EUR 8.2 – EUR 9.0 billion
- EBITDA margin: 11.5 to 12.5% (up from 8.0 to 11.0%)
- Working Capital Ratio: below -9%
- CAPEX: ~EUR 200 million
Reporting information
The quarterly statement for the nine months of 2026 is now available on the Nordex Group’s website in the Investor Relations section under 'Publications' (ir.nordex-online.com). The quarterly statement and the condensed consolidated interim financial statements were neither audited nor reviewed by an auditor.
Source: Nordex Group
