Nordex (NDX1) Q3 2025 TU earnings summary

Executive summary

• Upgraded full-year 2025 EBITDA margin guidance to 7.5%-8.5% after strong Q3 performance, improved operational execution, and stable sales.

• Q3 2025 showed strong profitability, with both projects and service segments contributing to the improved outlook.

• Management remains focused on disciplined execution, risk management, and delivering higher profitability for the remainder of 2025.

Financial highlights

• Q3 2025 EBITDA was EUR 136 million (8.0% margin), up from EUR 72 million (4.3%) in Q3 2024.

• Q3 2025 revenues reached EUR 1.7 billion, broadly flat year-over-year; 9M 2025 sales at EUR 5,014 million, down 2% year-over-year.

• Year-to-date EBITDA stands at EUR 324 million (6.5% margin), up 71% year-over-year.

• Free cash flow for the first nine months reached EUR 298 million, more than doubling year-over-year.

• Cash at end of Q3 2025 was EUR 1,378 million, up from EUR 1,151 million at end of Q4 2024.

Outlook and guidance

• 2025 EBITDA margin guidance raised to 7.5%-8.5%, with sales guidance at EUR 7.4–7.9 billion.

• Working capital ratio expected to remain below -9%; CAPEX guidance maintained at approximately EUR 200 million.

• Confident in delivering another year of robust free cash flow, though no formal guidance provided.

• All other elements of guidance remain unchanged.

• 2026 outlook not yet provided; management emphasizes need for further visibility and planning.