Nordex beats first-quarter profit expectations, confirms 2026 outlook

Nordex began 2026 with a stronger-than-expected first quarter, lifting core earnings to 130.7 million euros, a 64.3% increase from 79.6 million euros a year earlier. Sales rose 10.6% to about 1.6 billion euros, net income climbed to 53.6 million euros from 7.9 million euros, and the German turbine maker confirmed its full-year 2026 guidance, reinforcing the view that the company is carrying last year’s momentum into the new year.

The earnings improvement was not just a one-line beat. Nordex’s EBITDA margin widened to 8.2% from 5.5% in the first quarter of 2025, showing that higher volumes are now translating into better profitability. The company also said turbine production reached 1,494 MW, up 23.5% from a year earlier, even as temporary delays at a supplier factory in Türkiye disrupted blade production. Blade output still totaled 1,172 units, a sign that the supply chain remains fragile but workable.

The order book gives the clearest evidence that demand has not softened. Nordex booked 1,869 MW of order intake in its Projects segment during the quarter, across 292 wind-turbine orders in 13 countries, with Germany, Türkiye and Sweden among the strongest markets. The average selling price increased to 0.91 million euros per MW from 0.87 million euros a year earlier, and the total order book stood at 17.0 billion euros at the end of March, up from 13.5 billion euros a year earlier. That backlog gives Nordex more room to absorb cost swings, financing pressure and project delays.

The company’s numbers also fit a broader European pattern. WindEurope said Europe had 291 GW of wind power capacity in autumn 2025, including 254 GW onshore, and that the region ordered 11.3 GW of new wind turbines in the first half of 2025, up 19% from a year earlier. Nordex competes with Vestas and Siemens Energy in a market where onshore wind still accounts for roughly 90% of installed capacity, and the three manufacturers together captured about two-thirds of Europe’s turbine orders in 2025. That is not the profile of a fading industry.

For clean-energy manufacturing, the message is more durable than a single quarter’s beat. Nordex said it has commissioned more than 64 GW of wind capacity in more than 40 markets since 1985, and it now employs more than 11,100 people across factories in Germany, Spain, Brazil, India and the United States. After a record 2025 and a raised margin target of 10% to 12%, the latest quarter suggests the sector is still gaining traction, even if the path remains uneven and politically contested in some markets. Shares in Nordex rose about 10% in early trading, a sign investors saw the same thing: a business still converting the energy transition into real earnings.