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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Nordex
Nordex (NDX1) investor relations material
Nordex Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
2025 marked a transformational year, surpassing all financial and operational targets with record order intake, robust growth in both turbine and service segments, and strengthened balance sheet.
Achieved record order intake of EUR 10.2 billion (+23% YoY) and installations of 10.2 GW, maintaining #1 market share in Europe for the fourth consecutive year and rebuilding position in the Americas.
EBITDA margin reached 8.4% (+430 bps YoY), surpassing mid-term targets, with net income for 2025 at EUR 274 million, up from EUR 9 million in 2024.
Free cash flow surged to EUR 863 million (+219% YoY), with net cash position at EUR 1.6 billion and equity ratio up to 19%.
Introduced the first shareholder return policy, targeting a minimum annual return of EUR 50 million from 2027.
Financial highlights
Q4/2025 EBITDA reached EUR 307 million, up 188% year-over-year; Q4 EBITDA margin at 12.1%.
Full-year EBITDA margin at 8.4%, surpassing the 8% target; net profit for 2025 was EUR 274 million.
Free cash flow for 2025 totaled EUR 863 million, with Q4 FCF at EUR 565 million.
Sales for Q4 rose 16% to EUR 2.5 billion; full-year sales reached EUR 7.6 billion, up 3.5%.
Gross margin improved to 27.8% in Q4 and 27% for the year, up from 21% in 2024.
Outlook and guidance
2026 sales guidance: EUR 8.2–9 billion (9–19% growth); EBITDA margin: 8–11%.
Working capital ratio expected below -9%; CapEx guidance at approx. EUR 200 million.
Upgraded midterm EBITDA margin ambition to 10–12%, driven by volume growth, service profitability, and efficiency.
Shareholder returns to commence in 2027, subject to distributable profits and regulatory approvals.
Impact of Türkiye supplier delay on production
Basis for upgraded mid-term EBITDA margin target
Working capital ratio trend and 2026 outlook
Capital deployment strategy beyond EUR 50M minimum?
How much of the 10-12% EBITDA target is market-dependent?
US market: When will federal permits clear?
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Next Nordex earnings date
Q1 202627 Apr, 2026
Nordex
Next Nordex earnings date
Q1 202627 Apr, 2026
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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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