The Nordex Group has raised its full-year 2026 EBITDA margin guidance to a range of 11.5 to 12.5%, up from the previous 8.0 to 11.0%, after preliminary unaudited third-quarter results came in above market expectations. The upgrade signals improving profitability for the German wind turbine manufacturer and suggests that earlier caution around project risks was overstated.
Preliminary unaudited EBITDA for Q3 2026 is expected to be approximately EUR 278 million, compared with EUR 136 million in the same quarter of 2025. That corresponds to an EBITDA margin of 12.7%, up from 8.0% a year earlier. Preliminary revenues for the quarter are expected to reach about EUR 2,187 million, versus EUR 1,706 million in Q3 2025, indicating solid top-line growth alongside the margin expansion.
The company attributed the better-than-expected results and improved outlook to higher margins in its Service segment and strong project execution. Risks that had been assumed in the Projects segment for the previous guidance did not materialize to the extent anticipated, removing a key drag on profitability. For investors, the revision matters because it suggests Nordex is converting operational improvements into earnings more quickly than previously expected, even as the wider wind sector faces cost and supply-chain pressures.
Cash generation also strengthened. Nordex reported preliminary cash and cash equivalents of EUR 2,327 million at the end of the third quarter, compared with EUR 1,929 million at the end of Q4 2025. Free cash flow in Q3 2026 is expected to amount to EUR 379 million, up from EUR 149 million in Q3 2025. The company expects free cash flow to remain positive in the fourth quarter, supported by additional profits, order intake momentum and continued working capital improvement.
All other elements of the full-year guidance remain unchanged. Nordex continues to expect sales of EUR 8.2 billion to EUR 9.0 billion, a working capital ratio below minus 9%, and capital expenditure of around EUR 200 million. The EBITDA margin is the only component raised. The company will publish its full third-quarter results on November 5, 2026.
CEO Jose Luis Blanco said the quarter demonstrates the company's execution capabilities. "Strong execution in Projects and higher profitability in Service have put us in a very good position for the final quarter," Blanco said. "We are raising our EBITDA margin guidance for 2026 and remain focused on profitable growth."
The announcement is significant for the broader renewable energy sector because it shows that at least one major turbine manufacturer is improving margins despite intense competition and volatile input costs. Nordex has commissioned more than 67 GW of wind power capacity in over 40 markets since 1985 and generated consolidated sales of around EUR 7.6 billion in 2025. It employs more than 11,100 people and operates manufacturing facilities in Germany, Spain, Brazil, India, the US and Turkiye. Its product portfolio focuses on onshore turbines in the 4 to 7 MW+ classes, designed for markets with limited space and constrained grid capacity.
Nordex SE is listed on the MDAX and TecDAX of the Frankfurt Stock Exchange. The preliminary figures are unaudited and may be subject to change when full results are released. More details are available via NEWMEDIAWIRE, and the original release can be viewed at www.newmediawire.com.
