Nordex shares surge after the wind turbine maker's core profit doubles and it lifts its 2026 margin outlook

Nordex shares rose nearly 13% in Frankfurt on Friday after the German wind turbine maker said its preliminary third-quarter core profit roughly doubled from a year earlier and raised its 2026 profit-margin forecast above the top of its previous range.

Profit roughly doubled

Nordex said preliminary, unaudited earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter were about €278 million, compared with €136 million a year earlier. That put its EBITDA margin, the share of revenue left over as EBITDA, at 12.7%, up from 8%. Revenue rose about 28% to roughly €2.19 billion from €1.71 billion.

The company released the figures at 8:28 p.m. Frankfurt time on Thursday as an ad hoc disclosure of inside information under EU market-abuse rules. Investing.com reported that the EBITDA figure beat a company-compiled consensus by 15%.

Service margins and fewer project problems

Nordex said the stronger quarter and the better outlook came from higher margins in its Service segment and strong execution in its Projects segment, its new-turbine business. It also said risks it had built into its earlier forecast for the Projects segment did not materialize to the extent it had expected.

Cash flow improved as well. Nordex said free cash flow was €379 million in the third quarter, up from €149 million a year earlier, and that cash and cash equivalents were €2.33 billion at the end of the quarter, compared with €1.93 billion at the end of 2025. It expects free cash flow to stay positive in the fourth quarter, helped by additional profit, order intake momentum and further working capital improvement.

The quarter followed an Oct. 12 update in which Nordex said orders in its Projects segment rose 29.5% in the third quarter to 2,810 megawatts of capacity, with Türkiye, Germany and the U.S. the strongest markets. Orders for the first nine months were up 16.1% at 7,733 megawatts.

"The third quarter shows what our teams can deliver," Chief Executive José Luis Blanco said in the statement. "Strong execution in Projects and higher profitability in Service have put us in a very good position for the final quarter."

A higher margin range on the same sales

Nordex now expects a 2026 EBITDA margin of 11.5% to 12.5%, up from its previous range of 8% to 11%. The bottom of the new range is above the top of the old one. The company left the rest of its guidance unchanged: sales of €8.2 billion to €9.0 billion, a working capital ratio below minus 9%, and capital spending of about €200 million.

Jefferies raised its price target on Nordex to €63 from €60 and kept a Buy rating, TheFly reported. The analyst told clients the preliminary report beat even the highest EBITDA expectations and called the quarter a "home run."

Shares jump in Frankfurt

Nordex shares were trading at €39.28 on Xetra at 12:06 p.m. Frankfurt time (6:06 a.m. ET), up 12.7% from Thursday's close, according to Google Finance data. They had reached €40.02 earlier in the session. The stock had already gained about 35% this year, dpa-AFX reported, but it remained below its 52-week high of €51.70.

Nordex, based in Hamburg and listed on Germany's MDAX and TecDAX indexes, builds onshore wind turbines. It had sales of about €7.6 billion in 2025, according to the company, and plans to publish full third-quarter results on Nov. 5.