Nordex (NDX1) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year, surpassing all financial and operational targets with record order intake of EUR 10.2 billion and installations of 10.2 GW, driving robust growth in both turbine and service segments.

• EBITDA margin reached 8.4%, exceeding mid-term targets and reflecting strong profitability improvements.

• Free cash flow surged to EUR 863 million, with net cash position at EUR 1.6 billion and equity ratio up to 19%.

• Maintained #1 market share in Europe for the fourth consecutive year and rebuilt position in the Americas.

• Introduced a shareholder return policy, targeting a minimum annual payout of EUR 50 million from 2027.

Financial highlights

• Q4 EBITDA reached EUR 307 million, up 188% year-over-year, with a margin of 12.1%; full-year EBITDA margin was 8.4%.

• Full-year sales reached EUR 7.6 billion, up 3.5%; Q4 sales rose 16% to EUR 2.5 billion.

• Net profit for 2025 was EUR 274 million, up from EUR 9 million in 2024; Q4 net income at EUR 184 million.

• Free cash flow for 2025 totaled EUR 863 million, with Q4 FCF at EUR 565 million.

• Gross margin improved to 27% for the year, up from 21% in 2024; Q4 gross margin at 27.8%.

Outlook and guidance

• 2026 sales guidance: EUR 8.2–9 billion, representing 9%-19% top-line growth; EBITDA margin guidance: 8%-11%.

• Upgraded mid-term EBITDA margin ambition to 10%-12%, driven by volume growth and service profitability.

• Working capital ratio expected below -9%; CapEx guidance at approx. EUR 200 million.

• Shareholder returns to commence in 2027, subject to distributable profits and regulatory approvals.