The Nordex Group today announced better-than-expected results for the third quarter and an upward revision of its forecast for the EBITDA margin in the 2026 financial year. Following the release of the preliminary, unaudited results for the third quarter and the updated full-year forecast, the EBITDA margin is now expected to be in the range of 11.5 to 12.5 per cent, representing an increase on the previous forecast of 8.0 to 11.0 per cent. All other key figures in the forecast remain unchanged.
Preliminary, unaudited EBITDA for the third quarter of 2026 is expected to be around 278 million euros (third quarter of 2025: 136 million euros). This corresponds to an EBITDA margin of 12.7 per cent (third quarter of 2025: 8.0 per cent EBITDA margin).
Preliminary, unaudited turnover for the quarter is expected to be around 2,187 million euros (Q3 2025: 1,706 million euros).
The better-than-expected third-quarter results and the upward revision of the forecast are attributable to higher margins in the services business and a strong performance in the project business. Furthermore, the risks factored into the previous forecast for the project business have not materialised to the extent anticipated.
Preliminary cash and cash equivalents amounted to 2,327 million euros in the third quarter of 2026 (end of Q4 2025: 1,929 million euros). Free cash flow is expected to be 379 million euros in the third quarter of 2026 (third quarter of 2025: 149 million euros).
Nordex continues to expect positive free cash flow for the fourth quarter, supported by additional contributions to earnings, the sustained momentum in order intake and the continued improvement in working capital.
The remaining elements of the full-year forecast remain unchanged:
• Group turnover: €8.2 to €9.0 billion•
EBITDA margin: 11.5 to 12.5 per cent (previously: 8.0 to 11.0 per cent)
• Working capital ratio: below –9
per cent• Capital expenditure (CAPEX): around €200 million
José Luis Blanco, CEO of the Nordex Group, commented: “The third quarter demonstrates what our teams are capable of. Strong project execution and higher profitability in the services segment have put us in a very good position heading into the final quarter. We are raising our forecast for the 2026 EBITDA margin and remain focused on profitable growth.”
Nordex will publish its full results for the third quarter of 2026 on 5 November 2026.
