Nordex (NDX1) Q2 2026 earnings summary

Executive summary

• Achieved double-digit EBITDA margin (up to 10.3%) and strong free cash flow (up to EUR 165 million) in Q2 2026, with robust revenue and order intake growth year-over-year.

• Order intake reached 3.1 GW (up 32%), with total order book exceeding EUR 18 billion and service portfolio surpassing 50 GW under contract.

• Net income rose sharply, reaching up to EUR 165.1 million, and EPS increased to EUR 0.70.

• The company re-established its U.S. presence, securing over 800 MW of orders and ramping up the Iowa facility.

• Financial flexibility improved with a new EUR 2.5 billion multi-currency guarantee facility.

Financial highlights

• Sales rose up to 16.3% year-over-year to as high as EUR 2.2 billion in Q2 and EUR 3,766.5 million for the period, with gross margin up to 27.9%.

• EBITDA margin reached up to 10.3% (EUR 224 million), and EBIT margin improved to 8.1%.

• Net profit for the quarter was up to EUR 165.1 million, with net cash position improving to EUR 1,673.3 million.

• Free cash flow was up to EUR 165 million, supported by strong operating performance.

• Capital expenditure increased up to 19% year-over-year, focused on production and tooling.

Outlook and guidance

• Full-year 2026 guidance confirmed: sales EUR 8.2–9.0 billion, EBITDA margin 8–11%, working capital ratio below -9%, and capex around EUR 200 million.

• Medium-term EBITDA margin target set at 10–12%.

• Solid free cash flow generation and disciplined execution expected for the full year.

• Market growth underpinned by policy support and auction activity, especially in Europe and North America.