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1. Company Snapshot

1.a. Company Description

Nordex SE, together with its subsidiaries, develops, manufactures, and distributes multi-megawatt onshore wind turbines worldwide.It operates through Projects and Services segments.The company provides project development services, as well as acquires rights and creates the infrastructure required to construct wind power systems at suitable locations.


It also offers maintenance and remote monitoring services for wind farms, as well as spare parts, and repair and technical enhancement services for existing turbines.The company was incorporated in 1985 and is headquartered in Hamburg, Germany.

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1.b. Last Insights on NDX1

Nordex SE's recent performance has been driven by a surge in orders, with the company receiving several significant contracts. Notably, it secured orders from wpd for 40 onshore wind turbines in Germany, totaling approximately 279 MW across nine projects, with long-term service agreements. Additionally, Nordex received orders totaling 54 MW from Prowind and 137 MW for repowering projects on the island of Fehmarn, Germany. The company's Q4 2025 earnings call highlighted a record order intake and sharply higher profitability.

1.c. Company Highlights

2. Nordex's Strong Q4 2025 Results: A Transformative Year

Nordex delivered a robust Q4 2025, with revenues increasing by 16% to EUR 2.5 billion, and a gross margin of 27.8%. The company's net profit came in at EUR 184 million, with earnings per share (EPS) at EUR 0.2189, missing analyst estimates of EUR 0.602. The EBITDA margin reached 8.4%, with the company generating EUR 863 million of free cash flow. The strong financial performance was driven by record order intake of 10.2 gigawatts, and a significant improvement in the service business, with service revenue reaching EUR 240 million and service EBIT margin increasing to 19%.

Publication Date: Feb -26

📋 Highlights
  • Record Order Intake:: Achieved 10.2 gigawatts, reflecting strong market demand and operational scalability.
  • EBITDA Margin Improvement:: Reached 8.4% in Q4 2025, with target upgraded to 10-12% for midterm via efficiency and service growth.
  • Free Cash Flow Strength:: Generated EUR 863 million, supported by working capital optimization and EUR 1.9 billion cash reserves.
  • Service Business Growth:: Service revenue hit EUR 240 million with a 19% EBIT margin, underscoring operational predictability.
  • Shareholder Returns Policy:: Introduced EUR 50 million minimum annual return, balancing capital deployment and balance sheet resilience.

Financial Highlights

The company's financial foundation was strengthened, with a cash position of EUR 1.9 billion and a working capital ratio of minus 12.4%. The company's guidance for 2026 includes sales between EUR 8.2 billion and EUR 9 billion, and an EBITDA margin range of 8-11%. The company's upgraded midterm EBITDA margin ambition to 10-12% is driven by continued volume growth, operating leverage, and further margin improvement via efficiency measures. As Jose Luis Blanco mentioned, "we are committed to long-term investments in the market and have been successful in [GECA 4]."

Valuation Metrics

Nordex's current valuation metrics indicate a Price-to-Sales Ratio of 1.39, an EV/EBITDA of 20.4, and a Free Cash Flow Yield of 5.51%. The company's ROE stands at 10.65%, and the Net Debt to EBITDA ratio is -1.84, indicating a strong financial position. The current valuation multiples suggest that the market is pricing in a certain level of growth, with analysts estimating revenue growth at 7.5% for next year.

Outlook and Guidance

Nordex expects growth in production and installation in 2026, despite being cautious about selling and revenue margins. The company is well-positioned to take advantage of opportunities in Germany, with a strong market position and a favorable outlook for the market. The introduction of a shareholder return policy, targeting a minimum annual shareholder return of EUR 50 million, is a positive step towards returning value to shareholders.

Key Risks and Challenges

The company's guidance highlights potential risks, including substantial delays in order intake, delays due to customers or permits, and disruptions in the supply chain. The U.S. market is also seen as a potential risk, although the company is hopeful about growth. The company's ability to maintain its margin targets and achieve its growth ambitions will be crucial in driving shareholder value.

3. NewsRoom

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Nordex Group lands 80 MW contract in Spain

Apr -10

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Innergex Announces the Full Commissioning of the La Cense Wind Farm in the Oise Region of France

Apr -02

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Nordex Group receives 35 MW order for wind farm in the Sauerland region in Germany

Apr -01

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Is It Too Late To Consider Nordex (XTRA:NDX1) After Its 207% One Year Surge?

Mar -30

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Nordex Group receives order for 28 MW in Saxony-Anhalt, Germany

Mar -26

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Nordex Group receives new order from Serbia for 70 MW

Mar -23

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Nordex Group receives orders totalling 54 MW from Prowind in Germany

Mar -19

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Nordex Group receives new orders for 137 MW for repowering projects in Germany

Mar -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.20%)

6. Segments

Projects

Expected Growth: 4%

Nordex SE's 4% growth is driven by increasing demand for renewable energy, government incentives for wind power, and the company's strategic expansion into emerging markets. Additionally, Nordex's focus on research and development, cost reductions, and efficient project execution also contribute to its growth.

Service

Expected Growth: 6%

Nordex SE's 6% growth is driven by increasing demand for renewable energy, government incentives for wind power, and technological advancements in turbine efficiency. Additionally, the company's strategic expansion into emerging markets, such as Latin America and Asia, and its focus on service and maintenance contracts contribute to its growth momentum.

Consolidation

Expected Growth: 3%

Nordex SE's consolidation is driven by increasing demand for renewable energy, government incentives, and declining production costs. The company's expansion into emerging markets, strategic acquisitions, and innovative turbine designs have also contributed to its growth. Additionally, the trend towards wind-solar hybrid projects and corporate renewable power purchase agreements have fueled demand for Nordex's products and services.

Unallocated

Expected Growth: 2%

Nordex SE's unallocated segment growth is driven by increasing demand for wind turbines, favorable government policies and subsidies, and strategic expansion into high-growth markets. Additionally, the company's focus on research and development, cost reductions, and operational efficiencies also contribute to its growth.

7. Detailed Products

Wind Turbines

Nordex SE designs, manufactures, and installs wind turbines for onshore and offshore wind farms, with a focus on high efficiency and low maintenance costs.

N149/4.0-4.5 Turbine

A high-performance wind turbine with a rotor diameter of 149 meters, designed for medium to high wind speeds.

N133/4.8 Turbine

A high-performance wind turbine with a rotor diameter of 133 meters, designed for low to medium wind speeds.

Service and Maintenance

Nordex SE offers comprehensive service and maintenance packages for wind turbines, including predictive maintenance, repair, and spare parts supply.

Project Development

Nordex SE provides project development services, including site assessment, permitting, and construction management for wind farms.

8. Nordex SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Nordex SE is medium due to the presence of alternative energy sources such as solar and hydro power. However, wind energy remains a significant player in the renewable energy market.

Bargaining Power Of Customers

The bargaining power of customers is low for Nordex SE as the company primarily deals with large-scale industrial clients who have limited negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Nordex SE as the company relies on a few key suppliers for critical components. However, the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low for Nordex SE due to the high barriers to entry in the wind turbine manufacturing industry, including significant capital requirements and technical expertise.

Intensity Of Rivalry

The intensity of rivalry is high for Nordex SE due to the presence of several established players in the wind turbine manufacturing industry, including Vestas and Siemens Gamesa.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.51%
Debt Cost 12.63%
Equity Weight 74.49%
Equity Cost 12.63%
WACC 12.63%
Leverage 34.25%

11. Quality Control: Nordex SE passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Interroll

A-Score: 4.3/10

Value: 2.4

Growth: 4.7

Quality: 7.4

Yield: 2.5

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Beijer Ref

A-Score: 4.1/10

Value: 2.1

Growth: 8.6

Quality: 4.7

Yield: 1.2

Momentum: 2.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Melrose

A-Score: 4.1/10

Value: 5.0

Growth: 2.1

Quality: 6.0

Yield: 2.5

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Nordex

A-Score: 4.1/10

Value: 3.4

Growth: 5.1

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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FLSmidth

A-Score: 4.0/10

Value: 3.6

Growth: 2.7

Quality: 5.4

Yield: 2.5

Momentum: 5.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Marel

A-Score: 3.4/10

Value: 3.0

Growth: 4.0

Quality: 2.4

Yield: 0.6

Momentum: 5.5

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

45.08$

Current Price

45.08$

Potential

-0.00%

Expected Cash-Flows