- Sales of EUR 1.6 billion, reflecting a 11 percent growth compared to the first quarter 2025
- EBITDA of EUR 131 million, corresponding to an EBITDA margin of 8.2 percent
- Solid net income of EUR 53.6 million compared with EUR 7.9 million in the first quarter 2025
- Full year 2026 guidance confirmed
The Nordex Group has reported a positive business performance for the first quarter of 2026.
Sales reached around EUR 1.6 billion in Q1/2026, a 10.6 percent increase compared to the first quarter last year (Q1/2025: EUR 1.4 billion). Gross revenue, including changes in inventories, was EUR 1.6 billion, in line with same period of last year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter of 2026 substantially increased by 64.3 percent to EUR 130.7 million (Q1/2025: EUR 79.6 million) with an improved EBITDA margin of 8.2 percent (Q1/2025: 5.5 percent).
“The first quarter developed as expected and was a positive start into the year for Nordex. We continued to execute well operationally, delivered further margin improvement, and entered the year with a strong financial position. 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,” says José Luis Blanco, Chief Executive Officer (CEO) of the Nordex Group.
Operational performance
In the first quarter of 2026, the Nordex Group secured 1,869 MW of order intake in the Projects segment (excluding service business), (Q1/2025: 2,182 MW). Total value of new orders reached EUR 1.7 billion (Q1/2025: EUR 1.9 billion) and were received from 13 countries and span various turbine variants. The overall pricing per megawatt slightly increased with an ASP of EUR 0.91 m/MW in Q1/2026 (EUR 0.87 m/MW in Q1/2025). The small rise in ASP is mainly driven by scope and regional composition.
As of the end of March 2026, the Nordex Group’s order book stood at EUR 17.0 billion, compared to EUR 13.5 billion in March 2025. The order book totals EUR 10.5 billion (March 2025: EUR 8.2 billion) in the Projects segment and EUR 6.5 billion (March 2025: EUR 5.2 billion) in the Service segment.
Production figures
In Q1/2026, the Nordex Group produced 1,494 MW of turbines, a 23.5 percent increase compared to last year (Q1/2025: 1,210 MW). Blade production of 1,172 units was in line with previous year quarter (Q1/2025: 1,188 units), despite temporary delays at a supplier factory in Türkiye. Of these, 385 rotor blades units were produced in-house (Q1/2025: 458 units), while 787 (Q1/2025: 730) were externally sourced.
The Group installed 227 wind turbines across 14 countries, totaling 1,155 MW in the first quarter of 2026. This compares to 180 wind turbines in 12 countries with a total output of 1,046 MW in Q1/2025. Of the installations carried out in the period under review (in MW), 86 percent were attributable to Europe, 12 percent to the region “Rest of the World” and 2 percent to Latin America.
Segment reporting
Sales in the Projects segment were at around EUR 1.4 billion in the first quarter of the year, a 10.7 percent increase compared to previous year quarter (Q1/2025: EUR 1.2 billion). The sales in Service segment experienced growth of 10.6 percent to EUR 217.9 million (Q1/2025: EUR 196.9 million).
Earnings before interest and taxes (EBIT) in the Projects segment increased considerably by 58.5 percent to EUR 167.4 million (Q1/2025: EUR 105.6 million) with an improved EBIT margin of 12.2 percent (Q1/2025: 8.5 percent). EBIT in the Service segment grew by 26.1 percent to EUR 41.8 million (Q1/2025: EUR 33.1 million) with a continued growing EBIT margin of 19.2 percent (Q1/2025: 16.8 percent).
Financial position
As of the end of March 2026, total assets remained at a steady level of approximately EUR 6.9 billion, consistent with year-end 2025. The equity ratio stood at 19.4 percent compared to 19.0 percent as of 31 December 2025. As of the reporting date, the Group cash and cash equivalents stood at EUR 1,829.1 million (31 December 2025: EUR 1,928.9 million), leading to a healthy net cash position of EUR 1,518.4 million (31 December 2025: EUR 1,624.7 million). The working capital ratio as a percentage of consolidated sales was minus 9.0 percent (31 December 2025: minus 12.4 percent). In Q1/2026, the Nordex Group generated a negative free cash flow of EUR -98.1 million (Q1/2025: EUR 4.0 million) mainly driven by a normalization in working capital from minus 12.4 percent end of 2025 to minus 9 percent as of end of March.
Source: Nordex
