Nordex (1NDX) Q2 2026 Earnings Report

The call presented multiple strong operational and financial improvements: double-digit revenue growth, a materially improved EBITDA margin (10.3% in Q2, +450 bps YoY), robust free cash flow (€165m) and a strengthened balance sheet and financing package (€2.5bn MGF, net cash ~€1.7bn). Order intake and the service book expanded meaningfully (3.1 GW in Q2; >50 GW under service), and management confirmed full-year guidance and midterm margin targets. Key near-term challenges are execution and timing mismatches (installations backloaded, blade delays in Turkey), elevated provisions/receivable impairments (sanitizing of books) and macro/policy uncertainties (tariffs, German grid package, geopolitical risks). Overall, the positive operational momentum and strengthened financial position substantially outweigh the manageable operational and timing risks discussed.

Nordex reconfirmed its 2026 guidance: top‑line growth of 9–11% year‑on‑year and an EBITDA margin range of 8–11% (with “midpoint plus” seen as most likely), while expecting another good year for free cash‑flow generation after Q2 free cash flow of EUR 165m and a net cash position of EUR 1.7bn; management also noted stable working capital (‑8.3% / ‑EUR 663m), a EUR 2.5bn five‑year multi‑guarantee facility (vs prior EUR 1.3bn/3 years), a service EBIT margin of 19.7% (approaching a >20% mid‑term target), and reiterated its mid‑term EBITDA margin objective of 10–12%, all assuming no material geopolitical disruption.