Nordex (NDX1) Q3 2025 TU earnings summary

Executive summary

• Full-year 2025 EBITDA margin guidance was upgraded to 7.5%-8.5% following strong Q3 results and improved operational execution in both projects and service segments.

• Q3 2025 showed strong profitability, with EBITDA margin rising to 8% from 4.3% last year, and management remains confident in delivering higher profitability for the remainder of 2025.

• Free cash flow generation remains robust, totaling EUR 298 million year-to-date, with expectations for continued positive cash flow in Q4.

• Margin improvement attributed to better project execution, faster-than-expected service recovery, stable supply chain, and disciplined pricing.

• No major one-offs; margin improvement seen as underlying operational performance.

Financial highlights

• Q3 2025 revenue was EUR 1,706 million, stable year-over-year; 9M 2025 sales at EUR 5,014 million, down 2% year-over-year.

• Q3 2025 EBITDA was EUR 136 million (8.0% margin), up from EUR 72 million (4.3%) in Q3 2024; 9M 2025 EBITDA at EUR 324 million (6.5% margin), up 71% year-over-year.

• Free cash flow in Q3 2025 exceeded EUR 72 million, with 9M 2025 FCF at EUR 298 million, up over 100% year-over-year.

• Cash at end of Q3 2025 was EUR 1,378 million, up from EUR 1,151 million at end of Q4 2024.

Outlook and guidance

• 2025 EBITDA margin guidance raised to 7.5%-8.5%, with sales guidance at EUR 7.4–7.9 billion.

• Working capital ratio expected to remain below -9%; CAPEX guidance maintained at approximately EUR 200 million.

• Confident in delivering another year of strong free cash flow, though no formal guidance provided.

• All other elements of guidance remain unchanged.

• 2026 outlook not yet provided; planning ongoing, with more clarity expected early next year.