German wind-turbine manufacturer Nordex rallied sharply on Friday, 16 October, after preliminary third-quarter results exceeded market expectations and the company raised its full-year profitability outlook. The announcement strengthened investor confidence in the company’s ability to convert renewable-energy demand into higher margins.
Nordex shares climbed around 15% to €39.96 in early trading, making the stock one of the strongest performers in Germany’s mid-cap market. The move followed a substantial improvement in quarterly earnings and a more optimistic outlook for 2026.
EBITDA More Than Doubles
Nordex reported preliminary third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately €278 million, compared with €136 million in the same period last year.
Revenue rose to around €2.19 billion, from €1.71 billion a year earlier. The EBITDA margin expanded to 12.7%, up from 8.0%, indicating that the company generated significantly more operating earnings from each euro of revenue.
Free cash flow also improved, reaching €379 million compared with €149 million in the third quarter of 2025. The figures suggest that stronger profitability was accompanied by improved cash generation.
Full-Year Guidance Raised
Nordex raised its 2026 EBITDA margin forecast to 11.5%–12.5%, compared with its previous range of 8.0%–11.0%. The company left the other elements of its full-year guidance unchanged.
Management attributed the improvement to stronger margins in the Service segment and effective execution of wind-turbine projects. Risks previously anticipated in the Projects segment also proved less severe than expected.
The updated forecast gives investors a clearer indication that the company’s recent operational improvements may extend beyond a single quarter, although the figures remain preliminary and unaudited.
Renewable Energy Demand Supports Growth
Nordex has also reported stronger order intake. During the third quarter, new orders in its Projects segment reached 2.81 gigawatts, an increase of 29.5% year over year. Demand was particularly strong in Türkiye, Germany and the United States.
For the first nine months of 2026, order intake reached 7.73 GW, up 16.1% from the same period in 2025. This expanding pipeline provides an important foundation for future revenue, although project timing, pricing and execution will influence how much of that demand translates into profit.
What Investors Will Watch Next
Nordex is scheduled to publish its full third-quarter results on 5 November 2026. Investors will look for confirmation of the preliminary figures and further details on margins, cash flow, order profitability and the outlook for the remainder of the year.
The rally reflects a reassessment of Nordex’s earnings potential rather than simply enthusiasm for renewable energy. Sustaining the share-price advance will depend on the company delivering on its higher guidance while maintaining disciplined project execution in a competitive industry.
