- Q4/2025 order intake grew by 9.2 percent to EUR 3.2 billion, making it a new company record of EUR 9.3 billion for the full year
- In Q4/2025, the EBITDA margin rose to 12.1 percent, resulting in a full-year margin of 8.4 percent
- Net income increased to EUR 184 million in Q4/2025 and to EUR 274 million for the full year
- Record free cash flow of EUR 565 million in Q4/2025 and EUR 863 million for the full year
- For 2026, Nordex expects sales in the range of EUR 8.2 to 9.0 billion and an EBITDA margin between 8.0 and 11.0 percent
- New mid-term target of 10 to 12 percent in EBITDA margin communicated
The Nordex Group reported overall a strong business performance for the fourth quarter of 2025.
Sales reached around EUR 2.5 billion in 4Q/2025, 16 percent up compared to the previous year quarter (4Q/2024: EUR 2.2 billion).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter of 2025 substantially increased by 187.6 percent to EUR 307.4 million (4Q/2024: EUR 106.9 million) with a corresponding EBITDA margin of 12.1 percent (4Q/2024: 4.9 percent).
Consequently, net income increased significantly to EUR 183.8 million at the end of 4Q/2025 compared to EUR 17.5 million in the previous year quarter.
'The past year marked an important milestone for the Nordex Group. We met – and in some cases exceeded – our operational and financial targets, while also reaching our medium-term EBITDA margin target of 8 percent. We achieved a new record in order intake with 10.2 GW and delivered a robust performance across both our project and service business. In view of these continuing improvements in our business and solid visibility provided by our orderbook and service portfolio, we are now setting a higher medium-term EBITDA margin target of 10 to 12 percent,' says José Luis Blanco, Chief Executive Officer (CEO) of the Nordex Group.
'We are pleased with our financial performance last year with EUR 7.6 billion in sales and an EBITDA margin of 8.4 percent and a substantially higher net income of EUR 274.3 million compared to the previous year. With record cash levels and strong positive free cash flow, we believe we have a solid foundation for profitable growth going forward', adds Dr Ilya Hartmann, Chief Financial Officer (CFO) of the Nordex Group.
Operational performance
In 4Q/2025, the Nordex Group received a record high order intake of 3,552 MW in the Projects segment, a 9.2 percent increase compared to 4Q/2024 (3,253 MW). The total value of new orders rose to EUR 3.2 billion (4Q/2024: EUR 2.9 billion), spanning 12 countries and various turbine variants. The average selling price (ASP) remained stable at EUR 0.89 million/MW (4Q/2024: EUR 0.89 million/MW).
As of 31 December 2025, the order book stood at EUR 16.1 billion (31 December 2024: EUR 12.8 billion), comprising EUR 10.1 billion in the Projects segment (31 December 2024: EUR 7.8 billion) and EUR 6.0 billion in the Service segment (31 December 2024: EUR 5.0 billion).
Production figures
In 4Q/2025, Nordex produced 3,202 MW of turbines, a 27.1 percent increase versus 4Q/2024 (2,519 MW). Rotor blade output slightly declined by 0.7 percent to 1,587 units (4Q/2024: 1,598 units), due to temporary delays at a supplier factory in Türkiye. Of these, 447 rotor blades units were produced in-house (4Q/2024: 399 units), and 1,140 units (4Q/2024: 1,199 units) were externally sourced.
The Nordex Group installed 376 wind turbines across 20 countries, totaling 2,083 MW in the fourth quarter of 2025, a strong increase, compared to 283 wind turbines in 18 countries with 1,660 MW in 4Q/2024. Of the installed capacity, 86 percent was in Europe, 9 percent in “Rest of the World” and 5 percent in North America.
Segment reporting
Sales in the Projects segment stood at around EUR 2.3 billion in the fourth quarter of the year, clearly up by 17.7 percent compared to the prior year (4Q/2024: EUR 2.0 billion). The sales in Service segment grew by 3.1 percent to EUR 240.4 million (4Q/2024: EUR 233.1 million).
Financial position
As of 31 December 2025, total assets stood at approximately EUR 6.8 billion, a 19.9 increase in relation to year-end 2024. The equity ratio improved to 19.0 percent (31 December 2024: 17.7 percent). Cash and cash equivalents substantially rose to EUR 1,928.9 million (31 December 2024: EUR 1,151.4 million), resulting in strong net cash position of EUR 1,624.7 million (31 December 2024: EUR 848.2 million). The working capital ratio stood at minus 12.4 percent (31 December 2024: minus 9.1 percent), exceeding the full year guidance of below minus 9 percent. In 4Q/2025, the Nordex Group generated a positive free cash flow of EUR 565.2 million (4Q/2024: EUR 271.1 million), driven by strong operational performance and ongoing strong order intake momentum.
Guidance for 2026 and upgraded mid-term EBITDA margin target
For the current year, the Nordex Group expects to see sustainable improvement across all key financial figures and aims for consolidated sales between EUR 8.2 to 9.0 billion with an EBITDA margin between 8.0 to 11.0 percent. By the end of 2026, the Nordex Group projects the working capital ratio in relation to consolidated sales to be below minus 9 percent. Approximately EUR 200 million is planned for investments.
Given the overall strong performance in 2025 and the good visibility in terms of order book and service portfolio, the Company is upgrading its EBITDA margin medium-term target to between 10.0 to 12.0 percent.
Reporting information
The integrated Annual Report 2025 includes a sustainability statement in accordance with CSRD, reviewed by auditing firm KPMG. The Annual Report is now available in the Investor Relations section of the company’s website under 'Publications' (ir.nordex-online.com).
Source: Nordex
