Nordex Quarter +14.4%: Margin Boom, Record Orders, and Rally

Can the strong Nordex quarter with margin surge and record orders sustain the current stock rally?

How strong was the Nordex quarter really?

Nordex SE concluded the past fiscal year with significant gains and delivered a particularly strong Nordex quarter in the final segment. Revenue increased by 3.5% year-on-year to €7.55 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged to €631 million, more than double the previous year’s figure. The EBITDA margin climbed by 4.3 percentage points to 8.4%, slightly exceeding the previous mid-term target of 8%.

Nordex SE also earned significantly more at the bottom line, further underscoring the success of the current Nordex quarter. CEO José Luis Blanco referred to it as an “important milestone”: the operational and financial goals were met or even exceeded in some cases. With an order intake of 10.2 gigawatts, the company also set a new record in both project business and the high-margin service sector.

How is the market reacting to Nordex SE?

The stock market has reacted very positively to the numbers and the optimistic outlook. The stock of Nordex SE (NDX1.DE) jumped to $40.08 on Wednesday morning, up from a previous close of $35.04, representing an increase of over 14%. In euros, the stock is priced around €38, marking a multi-year high, after the 52-week low was approximately €11.9. Prior to this, the shares had completed a multi-year bottoming process and were among the top performers in the MDAX, nearly tripling in value within twelve months.

From a technical perspective, a sustainable breakout above the previous interim high of €34.5 was achieved, providing additional momentum for momentum investors. Market observers note an ongoing operational revaluation within the wind energy sector, from which Nordex SE is currently benefiting significantly. Although the dynamic price increase poses a higher risk of a pullback in the short term, the mid-term trend clearly indicates upward movement.

Nordex SE (NDX1.DE) Stock Chart — 1-Year Chart · Source: stocknewsroom.com

What do analysts say about Nordex SE?

Analysts are also responding positively to the strong Nordex quarter. Constantin Hesse from Jefferies particularly praised the “excellent fourth quarter.” Both the annual outlook and the mid-term forecast for business development are better than previously expected. The investment bank Jefferies views the stock constructively and points to further potential in operational results.

RBC analyst Colin Moody believes that consensus estimates for EBITDA in 2026 and beyond could be adjusted upward in the mid-double-digit percentage range. However, he expressed disappointment regarding the dividend outlook: payouts are not expected to begin until 2027, with a targeted minimum yield of €50 million for shareholders. Given the very strong free cash flow in the past year, Moody considers this approach relatively conservative.

What is the outlook for Nordex quarter and margins?

For the current year, Nordex SE projects revenues between €8.2 billion and €9.0 billion. The market is currently leaning towards a figure at the lower end of this range. The EBITDA margin is expected to be between 8% and 11% in 2026. At the same time, management has raised the mid-term EBITDA margin target from 8% to now 10% to 12%. CEO Blanco justified this with ongoing operational improvements, high transparency due to a well-filled order backlog, and a growing service portfolio.

This shift places greater emphasis on profitability rather than pure growth. If the company can deliver on the higher margin forecast in the coming years, each subsequent Nordex quarter could provide additional tailwind for the stock. Experts are already pointing to mid-term price targets around €55, which still signals significant upside potential compared to the current level.

„We have achieved our operational and financial goals – and in some cases even exceeded them – and we are now setting a higher mid-term EBITDA margin target of 10% to 12%.”
— José Luis Blanco, CEO Nordex SE

Bottom Line

The recent Nordex quarter marks a clear turning point for Nordex SE towards sustainably higher margins and a significantly improved earnings situation. For investors, the stock remains volatile after the price jump but benefits from a strong order book, an ambitious margin target, and positive analyst sentiments. Those who believe in the continuation of operational improvements can use the next Nordex quarter as an important benchmark for the further revaluation of the wind turbine manufacturer.