Nordex (NDX1) Q3 2026 earnings summary

Executive summary

• Q3 sales rose 28.2% YoY to €2.187bn; EBITDA reached €278.2m, with a 12.7% margin, and net income was €147.1m.

• Free cash flow was €379.1m; FY2026 EBITDA margin guidance rose to 11.5%–12.5%.

• Project order intake increased 30% to 2.81 GW, and the combined order book exceeded €19bn.

Financial highlights

• Gross margin was 26.7%, versus 28.0% in Q3 2025; gross profit reached €583m.

• EBIT increased to €233m from €94m; net income rose to €147m from €52m.

• Q3 free cash flow was €379.1m versus €149.0m YoY; operating cash flow was €375m.

• Financial result was -€17m versus -€13m YoY, with financing costs rising slightly as order intake increased use of the bank guarantee facility.

Outlook and guidance

• FY2026 sales guidance remained €8.2bn–€9.0bn; EBITDA margin guidance rose from 8.0%–11.0% to 11.5%–12.5%.

• Working capital ratio guidance remained below -9%; planned CAPEX was ~€200m.

• Management said the upper end of its 10%–12% mid-term EBITDA margin target was within reach and expected strong full-year free cash flow.

• Good order momentum is expected into Q4; management is focused on executing a high-volume quarter, with 2027 guidance due early next year.