Nordex Posts Record Orders and Profit Surge in Strong 2025 Finish

Charles Kennedy

Wed, February 25, 2026 at 6:28 PM GMT+9 4 min read

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Nordex delivered record order intake and sharply higher profitability in 2025, prompting the company to raise its medium-term EBITDA margin target to 10–12 percent.

Nordex SE capped off 2025 with a standout fourth quarter, hitting all financial and operational targets and surpassing its previously stated mid-term profitability goal as Europe’s wind sector regains momentum.

The Hamburg-based onshore turbine manufacturer reported Q4 sales of €2.5 billion, up nearly 16 percent year-on-year, while EBITDA surged to €307 million from just under €107 million a year earlier. That translated into a fourth-quarter EBITDA margin of 12.1 percent, more than double the 4.9 percent recorded in Q4 2024.

For the full year, revenue climbed to €7.6 billion, with EBITDA more than doubling to €631 million. The annual EBITDA margin reached 8.4 percent, comfortably above the company’s earlier mid-term target of 8 percent. Net income for 2025 rose to €274 million, compared with less than €9 million the previous year, underscoring a sharp turnaround in profitability after several years of margin pressure across the European wind supply chain.

The most striking figure came from cash generation. Nordex posted record free cash flow of €565 million in the fourth quarter and €863 million for the year, supported by stronger operating performance and sustained order momentum. Cash and cash equivalents climbed to €1.93 billion at year-end, resulting in a net cash position of €1.62 billion—nearly double the prior year level. The company’s working capital ratio improved to minus 12.4 percent, beating its guidance.

Operationally, Nordex booked 3.2 GW of new orders in the fourth quarter alone, up over 9 percent year-on-year, bringing full-year order intake to a record €9.3 billion, equivalent to 10.2 GW. The project order book expanded to €10.1 billion, while the service backlog reached €6.0 billion, lifting the total order book to €16.1 billion—up from €12.8 billion at the end of 2024.

Production volumes reflected the improved demand environment. Turbine output rose 27 percent in Q4 to 3.2 GW, and installations increased to 2.1 GW across 20 countries, with Europe accounting for 86 percent of installed capacity. Service revenue continued to provide stable, higher-margin income, rising 11 percent year-on-year to €863 million for the full year.

The company now expects 2026 sales in the range of €8.2 billion to €9.0 billion and an EBITDA margin between 8 and 11 percent, signaling continued operational leverage as higher-priced order intake flows through to revenue. Capital expenditure is projected at around €200 million, while the working capital ratio is expected to remain below minus 9 percent.

Story Continues  

Crucially, management raised its mid-term EBITDA margin target to 10–12 percent, reflecting improved pricing discipline, a stronger service mix, and better cost control across the supply chain. The move positions Nordex among the European turbine makers benefiting from firmer auction pricing, easing raw material volatility, and policy tailwinds under the EU’s accelerated renewables push.

After years of margin compression driven by aggressive bidding, input cost inflation, and project delays, the European wind manufacturing sector has been undergoing a financial reset. Nordex’s 2025 results suggest that pricing power is returning, supported by strong order books and grid-driven demand for larger onshore turbines in the 4–7 MW class.

Listed on Germany’s MDAX and TecDAX indices, Nordex has installed more than 64 GW of capacity globally since inception and employs over 11,000 people across manufacturing hubs in Europe, the U.S., India, and Brazil.

By Charles Kennedy for Oilprice.com

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