The wind turbine manufacturer Nordex exceeded expectations at the start of the year. This is what the numbers for the first quarter were.
“We once again delivered a solid operational performance, achieved further improvements in margins and started the year with a strong financial position,” said CEO José Luis Blanco on Monday when presenting quarterly figures. He also confirmed the annual goals.
Sales rose in the first quarter compared to the same period last year by eleven percent to 1.59 billion euros, as the company listed in the MDAX of medium-sized stocks announced at the start of the week. Earnings after interest, taxes, depreciation and amortization (Ebitda) even increased by almost two thirds to 130.7 million euros. The corresponding margin was 8.2 percent, i.e. 2.7 percentage points higher than a year before. The bottom line is that Nordex now earned 53.6 million euros after 7.9 million euros in the previous year. Analysts had, on average, less on all metrics.
Nordex had a strong start to the year, commented Jefferies analyst Constantin Hesse in an initial reaction. The quarterly balance sheet speaks for itself. The significant decline in free cash flow to minus 98.1 million euros came as expected and was due to the normalization of current assets. Deepa Venkateswaran from the US analysis firm Bernstein Research praised the strong margin development as well as the confirmed forecast. Management obviously considers the direct effects of the Iran war to be manageable.
Sales are expected to increase to between 8.2 and 9 billion euros this year. Analysts expect Nordex to earn an average of 8.7 billion euros. In 2025, revenues amounted to 7.55 billion euros. The operating margin (Ebitda) is expected to reach 8 to 11 percent this year, after 8.4 percent last year. Here the experts expect an average of 9.8 percent.
As has been known since the middle of the month, Nordex received fewer orders in the first quarter than a year earlier. New business without service fell from just under 2.2 to just under 1.9 gigawatts. In contrast, the average selling price rose slightly to 0.91 million euros per megawatt of output. A year earlier it was 0.87 million.
This is how the stock reacts
Well-received quarterly figures drove the shares of the wind power company Nordex up by double-digit percentages on Monday. Still at their highest level since 2002, they ultimately gained 5.74 percent to 47.52 euros in XETRA trading. In 2026, they increased their gain to almost 72 percent and are the second strongest stock in the MDAX behind AIXTRON.
Analysts reacted with a lot of praise to the North German company’s development in the first quarter of the year. Richard Dawson from Berenberg Bank commented that profitability clearly exceeded expectations. The orders from Nordex are known and the inventory is at a record level. Guido Hoymann from Bankhaus Metzler increased his price target from 39 to 49 euros. The order book offers security for around a year and a half, he emphasized.
Nordex had a strong start to the year, commented analyst Constantin Hesse from Jefferies in an initial reaction. The weaker cash flow is as expected and is due to the normalization of current assets. With regard to cash flow, however, one trader warned against taking profits after the securities had performed well.
The wind turbine manufacturer confirmed its goals for the current year. Sales are expected to increase to 8.2 to 9 billion euros. Analysts expect Nordex to earn an average of 8.7 billion euros. The operating margin (Ebitda) is expected to reach 8 to 11 percent this year. Here the experts expect an average of 9.8 percent.
dpa AFX
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