Nordex (NDX1) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 2025 performance with record order intake, improved profitability, and robust free cash flow generation, leading to a margin upgrade and a turnaround to net profit for the first nine months.

• Order book reached €15 billion, with turbine orders up 36% and service orders up 20% year-over-year.

• Service segment EBIT margin surpassed 18%, and net cash position exceeded €1 billion.

• Achieved a consolidated net profit of €90.5 million for the first nine months of 2025, reversing a net loss of €8.7 million in the prior year period.

• Sales for the first nine months declined slightly by 1.8% year-over-year to €5,014.4 million.

Financial highlights

• Q3 2025 sales were €1.7 billion, broadly flat year-over-year, with total revenues for Q3 at €1,803 million, up 13.1% year-over-year.

• EBITDA reached €136 million in Q3, up 90% year-over-year, with an 8% margin (up from 4.3% in Q3 2024).

• Net income rose to €52 million in Q3, compared to €4 million in Q3 2024; nine-month net income totaled €90.5 million.

• Free cash flow was €149 million in Q3 and €298.1 million for the first nine months, maintaining strong positive generation.

• Gross margin improved to 28% in Q3, up from 21.6% a year ago.

Outlook and guidance

• Full-year EBITDA margin guidance raised to 7.5%-8.5%, with sales guidance upgraded to €7.4–7.9 billion.

• Confident in delivering another year of robust free cash flow; all other guidance elements unchanged.

• CapEx for 2025 expected to approach €200 million, though some spend may shift to 2026.

• Working capital ratio expected to remain below -9%.

• Management notes material opportunities and risks for the remainder of the year.