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Nordex (NDX1) investor relations material
Nordex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved strong Q3 2025 performance with record order intake, improved profitability, and robust free cash flow generation, leading to a margin upgrade and a turnaround to net profit for the first nine months.
Order book reached €15 billion, with turbine orders up 36% and service orders up 20% year-over-year.
Service segment EBIT margin surpassed 18%, and net cash position exceeded €1 billion.
Achieved a consolidated net profit of €90.5 million for the first nine months of 2025, reversing a net loss of €8.7 million in the prior year period.
Sales for the first nine months declined slightly by 1.8% year-over-year to €5,014.4 million.
Financial highlights
Q3 2025 sales were €1.7 billion, broadly flat year-over-year, with total revenues for Q3 at €1,803 million, up 13.1% year-over-year.
EBITDA reached €136 million in Q3, up 90% year-over-year, with an 8% margin (up from 4.3% in Q3 2024).
Net income rose to €52 million in Q3, compared to €4 million in Q3 2024; nine-month net income totaled €90.5 million.
Free cash flow was €149 million in Q3 and €298.1 million for the first nine months, maintaining strong positive generation.
Gross margin improved to 28% in Q3, up from 21.6% a year ago.
Outlook and guidance
Full-year EBITDA margin guidance raised to 7.5%-8.5%, with sales guidance upgraded to €7.4–7.9 billion.
Confident in delivering another year of robust free cash flow; all other guidance elements unchanged.
CapEx for 2025 expected to approach €200 million, though some spend may shift to 2026.
Working capital ratio expected to remain below -9%.
Management notes material opportunities and risks for the remainder of the year.
What factors improved gross profit with lower sales?
Explain the reduction in non-current bank debt.
CapEx decreased; how will growth be funded?
Worst-case scenario for Türkiye blade production?
New mid-term EBITDA margin target timing?
CapEx push out to 2026 likelihood?
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Frequently asked questions
Nordex SE is a manufacturer and supplier of wind turbines and related services for the global renewable energy sector. The company designs, produces, and installs onshore wind turbines, offering a range of solutions for different wind conditions and environments. Nordex also provides maintenance and optimization services to enhance the performance and lifespan of its wind energy systems. Its primary customers include utility companies, independent power producers, and industrial firms seeking to invest in sustainable energy solutions. The company is headquartered in Hamburg, Germany, and its shares are listed on the XETRA.
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