Nordex Achieves Unprecedented Order Volume and Profit Growth in Robust End to 2025

Nordex Achieves Record Growth and Raises Profitability Targets for 2025

In 2025, Nordex set a new benchmark with unprecedented order volumes and a significant boost in profitability, leading the company to increase its medium-term EBITDA margin goal to a range of 10 to 12 percent.

The company, headquartered in Hamburg, concluded the year with an exceptional fourth quarter, meeting all financial and operational objectives. Nordex not only fulfilled its targets but also exceeded its previously announced mid-term profitability expectations, reflecting renewed strength in Europe’s wind energy market.

Financial Highlights

During the fourth quarter, Nordex reported sales of €2.5 billion, marking an increase of nearly 16 percent compared to the previous year. EBITDA soared to €307 million, a dramatic rise from just under €107 million a year earlier. This resulted in an EBITDA margin of 12.1 percent for the quarter, more than double the 4.9 percent achieved in Q4 2024.

For the entire year, revenue reached €7.6 billion, and EBITDA more than doubled to €631 million. The annual EBITDA margin climbed to 8.4 percent, comfortably surpassing the company’s earlier mid-term target of 8 percent. Net income for 2025 surged to €274 million, a remarkable improvement from less than €9 million the year before, highlighting a strong recovery in profitability after years of industry-wide margin pressure.

Cash Flow and Order Book Strength

Nordex delivered record free cash flow, generating €565 million in the fourth quarter and €863 million for the year. This performance was driven by robust operations and sustained order growth. By year-end, cash and cash equivalents stood at €1.93 billion, resulting in a net cash position of €1.62 billion—almost twice the previous year’s level. The company’s working capital ratio improved to minus 12.4 percent, outperforming its guidance.

Operational Performance and Market Position

In the last quarter alone, Nordex secured 3.2 GW of new orders, an increase of over 9 percent year-on-year. Total orders for the year reached a record €9.3 billion, equivalent to 10.2 GW. The project order backlog expanded to €10.1 billion, and the service backlog grew to €6.0 billion, bringing the total order book to €16.1 billion—up from €12.8 billion at the close of 2024.

Production also reflected strong demand, with turbine output rising 27 percent in Q4 to 3.2 GW. Installations reached 2.1 GW across 20 countries, with Europe accounting for 86 percent of the installed capacity. Service revenue, known for its stability and higher margins, increased 11 percent year-on-year to €863 million for the full year.

Outlook for 2026

Looking ahead, Nordex anticipates 2026 sales between €8.2 billion and €9.0 billion, with an EBITDA margin expected to range from 8 to 11 percent. This outlook reflects ongoing operational efficiency as higher-value orders are realized. Capital expenditure is forecasted at approximately €200 million, and the working capital ratio is projected to remain below minus 9 percent.

Strategic Shifts and Industry Trends

Management has raised its medium-term EBITDA margin target to 10–12 percent, citing stronger pricing strategies, an improved service portfolio, and enhanced cost management throughout the supply chain. This positions Nordex among the European turbine manufacturers benefiting from more favorable auction prices, reduced raw material volatility, and supportive EU renewable energy policies.

After a period marked by shrinking margins due to aggressive competition, rising input costs, and project delays, the European wind manufacturing sector is experiencing a financial rebound. Nordex’s 2025 performance indicates a return of pricing power, supported by a healthy order pipeline and increasing demand for larger onshore turbines in the 4–7 MW range.

Company Overview

Nordex, listed on Germany’s MDAX and TecDAX indices, has installed over 64 GW of wind capacity worldwide since its founding. The company employs more than 11,000 people across production sites in Europe, the United States, India, and Brazil.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com

• Woodside Warns LNG Glut Fears May Be Overstated
• Eni Set to Approve Two Gas Projects Offshore Indonesia
• Oil Prices Hit 7-Month High on U.S.-Iran Standoff

Stay Ahead with Oilprice Intelligence

Oilprice Intelligence delivers expert insights before they make headlines. Trusted by seasoned traders and policy advisors, this analysis keeps you informed about the market’s next moves. Subscribe for free, twice weekly, and gain a competitive edge.

Access exclusive geopolitical analysis, confidential inventory data, and market-moving intelligence—plus receive $389 in premium energy insights at no cost when you subscribe. Join a community of over 400,000 readers. Sign up now for immediate access.