Nordex SE
XMUN:NDX1
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Nordex SE
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Nordex SE
Nordex SE designs, manufactures, installs, and services onshore wind turbines. It sells complete turbine systems and long-term maintenance contracts, which means it earns money both when a project is built and over the years that the turbines stay in service. Its main customers are wind farm developers, utilities, and independent power producers that need equipment to generate electricity from wind. The company sits in the middle of the wind power value chain. It does not usually own the wind farms it supplies; instead, it provides the machines, engineering support, spare parts, and service needed to get projects running and keep them producing power. That makes Nordex a key equipment supplier for companies that want to develop wind energy projects without building the turbines themselves. Nordex’s business is tied to the wind power industry, where buyers care about turbine performance, reliability, and the ability to support projects over many years. A large part of its business comes from service agreements after installation, which can create steadier recurring revenue than one-time equipment sales. This mix of project sales and long-term servicing helps define the company’s role in the market.
Nordex SE designs, manufactures, installs, and services onshore wind turbines. It sells complete turbine systems and long-term maintenance contracts, which means it earns money both when a project is built and over the years that the turbines stay in service. Its main customers are wind farm developers, utilities, and independent power producers that need equipment to generate electricity from wind.
The company sits in the middle of the wind power value chain. It does not usually own the wind farms it supplies; instead, it provides the machines, engineering support, spare parts, and service needed to get projects running and keep them producing power. That makes Nordex a key equipment supplier for companies that want to develop wind energy projects without building the turbines themselves.
Nordex’s business is tied to the wind power industry, where buyers care about turbine performance, reliability, and the ability to support projects over many years. A large part of its business comes from service agreements after installation, which can create steadier recurring revenue than one-time equipment sales. This mix of project sales and long-term servicing helps define the company’s role in the market.
Solid start: Nordex said Q1 was generally in line with expectations, with revenue up 11% year on year to EUR 1.6 billion and EBITDA margin improving to 8.2%.
Margins improved: Gross margin rose to 29.4% from 27.3% a year ago, and net profit increased to EUR 54 million from EUR 8 million.
Orders stable: Order intake was 1.9 gigawatts, slightly down year on year because of a tough comparison, while management said demand and pricing remained stable.
Cash remains strong: The company ended Q1 with EUR 1.8 billion in cash and said it expects another solid free cash flow year, even though Q1 free cash flow was negative.
Guidance confirmed: Nordex kept its 2026 guidance unchanged and said midpoint-plus looks like the most likely outcome, assuming no major geopolitical disruption.
Policy and supply chain: Management said EU and German policy changes should support renewable buildout, while the biggest near-term risk from Middle East tensions would be supply disruption rather than immediate price inflation.
