Nordex earnings date
Nordex (1NDX) Q3 2026 Earnings Report
IT:1NDX Q3 2026 EPS Results
- Actual EPS
- EUR 0.62
- Consensus EPS
- EUR 0.55
- Beat/Miss
- Beat by +EUR 0.07
- One Year Ago EPS
- EUR 0.22
IT:1NDX Q3 2026 Revenue Results
- Actual Revenue
- EUR 2.19B
- Expected Revenue
- EUR 2.17B
- Beat/Miss
- Beat by +EUR 15.78M
- YoY Revenue Growth
- +28.20%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Nordex's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Nordex reported robust revenue, order intake, profitability, cash flow, backlog growth, service performance, and a raised full-year margin outlook. The main challenges were lower gross margin, installations and turbine production below prior-year levels, continuing German and customer-related delays, permitting and regulatory uncertainty in the U.S. and Germany, and elevated execution provisions. Management nevertheless expressed confidence in the full-year guidance, service profitability, order momentum, and the company's trajectory.
Nordex raised full-year 2026 EBITDA margin guidance to 11.5%-12.5%, with all other guidance KPIs unchanged; it is not providing specific guidance for 2026 on order intake but continues to expect a good order momentum going into the fourth quarter. Service is expected to grow year-on-year, around about 10%, with minor profitability improvements, remain above the 20% threshold, and eventually have long-term potential to slightly improve; EBIT margins of 20% for the full year next year are expected. Q4 is expected to have a high level of installations, with no substantial LDs if ambitions are achieved, while the company remains comfortable with the guidance, with the midterm of the guidance. The midterm margin range remains 10%-12%, and capital allocation guidance includes a minimum of a shareholder return of EUR 50 million, with an update planned at the end of February alongside full-year results and new guidance.
- Revenue Growth and EBITDA Margin ExpansionQ3 2026 sales increased 28% year-on-year to EUR 2.2 billion, with project sales accounting for 89% of total sales and growing 30%, while services represented 11% and grew 8%. EBITDA more than doubled to EUR 278 million, and the EBITDA margin reached 12.7%, exceeding the 12% threshold and improving by almost 5% year-on-year, driven by good execution in both the project and service businesses.
- Raised Full-Year Margin GuidanceBased on strong year-to-date performance, Nordex raised its full-year 2026 EBITDA margin guidance to 11.5%-12.5%. All other guidance KPIs remain unchanged.
- Strong Project Order IntakeQ3 project order intake reached 2.8 GW, up 30% year-on-year, while first-nine-month order intake reached 7.7 GW. Turbine order intake in euros totaled EUR 2.5 billion, almost 26% higher than last year. Orders came from 10 countries compared with nine last year, with Europe accounting for 83% and Türkiye, Germany, and the U.S. the strongest individual markets.
- Stable Pricing and Broader Regional FootprintAverage selling price was EUR 0.9 million per megawatt, broadly stable versus EUR 0.93 million a year ago. Management said pricing remains stable and that the company is focused on further expanding its footprint in North America and Asia Pacific, specifically noting order intake expansion into New Zealand and a return to the U.S. with bigger volumes.
- Record-Level Order Book and Service Backlog GrowthThe combined order book exceeded EUR 19 billion at the end of Q3 2026. The turbine order book reached EUR 12.2 billion, up 31% year-on-year, while the service order book increased to EUR 7.1 billion, up 28%. The turbine backlog was 83% Europe and 16% North America.
- Expansion of Service PortfolioThe service portfolio grew to 52.2 GW under contract, representing 14,163 wind turbines, supported by strong sales activity and a growing installed fleet. The average tenure of service contracts was 14 years.
- Service Profitability Exceeded 20%Service sales increased 8% to EUR 237 million, representing around 11% of total group revenue. Service EBIT margin improved to 20.6% from 19.7% in the previous quarter, crossing the 20% threshold for the first time. Management said it plans to remain above that threshold, expects the service business to grow around 10% year-on-year, and sees minor profitability improvements associated with growth.
- Strong Free Cash Flow GenerationCash flow from operating activities before net working capital was EUR 379 million versus EUR 125 million in Q3 2025. After a small working-capital effect, operating cash flow was EUR 375 million. Free cash flow reached EUR 379 million versus EUR 149 million last year.
- Improved Cash Position and Equity RatioNet cash increased to EUR 2.0 billion from EUR 1.6 billion at year-end 2025, while gross cash stood at approximately EUR 2.3 billion. The equity ratio improved to 21.1% from 19% at year-end, supported by strong net income and equity growth outpacing the increase in total assets.
- Solid Net Profit and Balance SheetQ3 net profit was EUR 147 million, an improvement of EUR 95 million compared with last year. Total assets increased to EUR 7.6 billion, while working capital remained stable at minus EUR 659 million, or minus 7.8%.
- Expanded Guarantee FacilityNordex signed a new EUR 2.5 billion multi-currency guarantee facility with a committed tenor through 2031 and commitments from 15 banks. The facility was subsequently topped up by another EUR 500 million to a total of EUR 3 billion to support future order-book growth.
- Order Book Visibility and Continued DemandManagement described order momentum going into Q4 as good and said project backlog coverage for the internal 2027 budget was slightly better than one year ago. Management also described the overall order funnel as robust, with customers continuing to view onshore wind as a very competitive new addition to electrical systems despite higher capital costs.
- Protection of Project Gross Margins Despite InflationManagement said substantial inflation in labor costs and procured services has been addressed through supply-chain, product, and operational efficiency measures. Despite inflation pressures and lower tariffs in Germany, Nordex said it had managed to protect gross margin on order intake.
- Continued Investment in Production and Execution CapacityCapEx was EUR 34 million in Q3, in line with last year. Investment priorities remain blade and nacelle production facilities, molds and tooling, and installation and transport equipment. Management is ramping up the N175 platform, which requires additional transportation and installation tooling.
- Growing Product Mix OpportunityManagement expects the N175 to gain internal market share over the next three to five years, with the N163 losing internal share. The N149 is expected to remain relevant for long-lead-time permits, while the N193 will gradually take share, and management does not currently expect substantial field installations of products beyond the publicly announced 149, 163, 175, and 193 platforms.
- Minimum Shareholder Return and Capital Allocation PrioritiesManagement reiterated a minimum shareholder return of EUR 50 million for the year. It said capital allocation priorities also include protecting the balance sheet, de-risking operations, and making meaningful bolt-on investments, with a broader update planned alongside full-year results at the end of February.
IT:1NDX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 1.16- | 0.78 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.550.62 | 0.22 | 181.82% (+0.40) | |
| Jul 29, 2026 | 2026 (Q2) | 0.430.47 | 0.13 | 261.54% (+0.34) | |
| Apr 27, 2026 | 2026 (Q1) | 0.180.23 | 0.03 | 666.67% (+0.20) | |
| Feb 25, 2026 | 2025 (Q4) | 0.690.78 | 0.07 | 1014.29% (+0.71) | |
| Nov 04, 2025 | 2025 (Q3) | 0.230.22 | 0.02 | 1000.00% (+0.20) | |
| Jul 28, 2025 | 2025 (Q2) | 0.120.13 | 0.01 | 1525.00% (+0.12) | |
| Apr 25, 2025 | 2025 (Q1) | 0.060.03 | -0.06 | 150.00% (+0.09) | |
| Feb 27, 2025 | 2024 (Q4) | 0.050.07 | 0.14 | -50.00% (-0.07) | |
| Nov 07, 2024 | 2024 (Q3) | 0.050.02 | -0.14 | 113.79% (+0.17) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
