Nordex (NDX1) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a positive start with sales up 10.6% to EUR 1.6 billion, margin improvements, and strong presence in core European markets, especially Germany, Türkiye, and Sweden; Europe accounted for 97% of project order intake.

• EBITDA margin reached 8.2%, up from 5.5% in Q1 2025, with EBITDA at EUR 130.7 million and net income rising to EUR 54 million from EUR 8 million.

• Order intake reached 1.9 GW (EUR 1.7 billion), slightly down year-on-year, but the order book strengthened to nearly EUR 17 billion, with turbine and service order books up 27% and 24% respectively.

• Service segment order intake surged 73.6% to EUR 683 million, with stable turbine availability at 97% and service order book at EUR 6.5 billion.

• Full-year 2026 guidance was reaffirmed, reflecting confidence in ongoing performance.

Financial highlights

• Revenue grew 11% year-on-year to EUR 1.6 billion in Q1 2026, with gross profit up 19.2% to EUR 466.1 million.

• EBITDA margin improved to 8.2%, EBIT margin to 5.6%, and gross margin to 29.4% from 27.3% year-on-year.

• Net profit reached EUR 54 million, a significant increase from EUR 8 million in Q1 2025.

• Cash and cash equivalents at quarter-end were EUR 1.8 billion; net cash at EUR 1.5 billion.

• Free cash flow was negative at EUR -98 million, mainly due to working capital normalization.

• CapEx for the quarter was EUR 27 million, focused on production, installations, and transport.

Outlook and guidance

• 2026 sales guidance: EUR 8.2–9 billion, representing 9%-18% year-on-year growth; EBITDA margin guidance: 8%-11%, with midpoint plus as the most likely outcome.

• Working capital ratio expected below -9%; CapEx guidance at approx. EUR 200 million.

• Mid-term EBITDA margin target reiterated at 10–12%.

• No formal free cash flow guidance, but positioned for another solid year.

• Management highlights material opportunities and risks for the remainder of the year, referencing macroeconomic and sector uncertainties.