Nordex (NDX1) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year, surpassing all financial and operational targets with record order intake, robust growth in both turbine and service segments, and strengthened balance sheet.

• Achieved record order intake of EUR 10.2 billion (+23% YoY) and installations of 10.2 GW, maintaining #1 market share in Europe for the fourth consecutive year and rebuilding position in the Americas.

• EBITDA margin reached 8.4% (+430 bps YoY), surpassing mid-term targets, with net income for 2025 at EUR 274 million, up from EUR 9 million in 2024.

• Free cash flow surged to EUR 863 million (+219% YoY), with net cash position at EUR 1.6 billion and equity ratio up to 19%.

• Introduced the first shareholder return policy, targeting a minimum annual return of EUR 50 million from 2027.

Financial highlights

• Q4/2025 EBITDA reached EUR 307 million, up 188% year-over-year; Q4 EBITDA margin at 12.1%.

• Full-year EBITDA margin at 8.4%, surpassing the 8% target; net profit for 2025 was EUR 274 million.

• Free cash flow for 2025 totaled EUR 863 million, with Q4 FCF at EUR 565 million.

• Sales for Q4 rose 16% to EUR 2.5 billion; full-year sales reached EUR 7.6 billion, up 3.5%.

• Gross margin improved to 27.8% in Q4 and 27% for the year, up from 21% in 2024.

Outlook and guidance

• 2026 sales guidance: EUR 8.2–9 billion (9–19% growth); EBITDA margin: 8–11%.

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

• Upgraded midterm EBITDA margin ambition to 10–12%, driven by volume growth, service profitability, and efficiency.

• Shareholder returns to commence in 2027, subject to distributable profits and regulatory approvals.