The Nordex Group (ISIN: DE000A0D6554) recorded a solid operating and financial performance in the second quarter of 2026.
Revenue was around €2.2 billion in the second quarter of 2026, up 16.3 percent year-on-year (Q2/2025: €1.9 billion).
Earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled to EUR 223.8 million in the second quarter of 2026 (Q2/2025: EUR 108.2 million), achieving a double-digit EBITDA margin of 10.3 percent (Q2/2025: 5.8 percent).
Net income rose significantly to EUR 111.5 million at the end of the second quarter of 2026, compared to EUR 31.0 million in the same quarter of the previous year.
“In the second quarter of 2026, we increased our order intake by 32 percent, achieved an EBITDA margin of 10.3 percent and generated solid, positive free cash flow. The results show the progress we have made in implementing our projects and improving our profitability. Against the backdrop of our order backlog totalling EUR 18.4 billion, we are confirming our forecast for the full year 2026. For the second half of the year, we will continue to focus on the consistent implementation of our business and the progress made towards our medium-term margin target,” explains José Luis Blanco, CEO of the Nordex Group.
Operating performance
In the second quarter of 2026, the Nordex Group generated an order intake of 3,054 MW in the Projects segment, an increase of 32.2 percent (Q2 2025: 2,310 MW). The total order value reached EUR 3.0 billion (Q2 2025: EUR 2.2 billion). The orders came from 10 different countries and included different turbine variants. The average sales price in euros per megawatt of capacity (ASP) remained stable at EUR 0.97 million/MW (Q2/2025: EUR 0.97 million/MW).
At the end of June 2026, the order backlog amounted to EUR 18.4 billion (June 2025: EUR 14.3 billion), of which EUR 11.6 billion was in the Projects segment (June 2025: EUR 8.9 billion) and EUR 6.8 billion in the Service segment (June 2025: EUR 5.5 billion).
Production figures
In the second quarter of 2026, Nordex produced wind turbines with a total capacity of 1,953 MW – an increase of 23.1 percent compared to the previous year (Q2 2025: 1,586 MW) and was thus in line with the project plan. Rotor blade production amounted to 1,343 units, which was on a par with the prior-year quarter (Q2/2025: 1,399 units). Of these, 367 rotor blades were produced in-house (Q2/2025: 466) and 976 (Q2/2025: 933) were purchased from external suppliers.
As expected, the Nordex Group installed 211 wind turbines in 15 countries with a total capacity of 1,168 MW in the second quarter of 2026. By comparison, in Q2/2025 there were 337 wind turbines in 16 countries with a total capacity of 1,959 MW. The lower installation capacity is mainly due to the regional mix, rotor blade-related shifts in Turkey and project scheduling. Of the installations carried out, 87 percent were in Europe, 8 percent in Latin America, 4 percent in North America and 1 percent in the Rest of the World region.
Segment reporting
Revenue in the Projects segment amounted to around EUR 2.0 billion in the second quarter of the year, an increase of 17.6 percent compared to the same quarter of the previous year (Q2/2025: EUR 1.7 billion). Revenue in the Service segment rose by 7.9 percent to EUR 223.3 million (Q2/2025: EUR 206.9 million).
Key financial figures
At the end of June 2026, total assets were stable at around EUR 7.1 billion and correspond to the level at the end of 2025 (December 31, 2025: EUR 6.8 billion). As of the reporting date, the Group’s cash and cash equivalents amounted to EUR 1,959.7 million (December 31, 2025: EUR 1,928.9 million), resulting in a solid net cash position of EUR 1,673.3 million (December 31, 2025: EUR 1,624.7 million). The equity ratio was 20.6 percent (December 31, 2025: 19.0 percent) and the working capital ratio as a percentage of consolidated sales was minus 8.3 percent (December 31, 2025: minus 12.4 percent). In the second quarter of 2026, the Nordex Group generated a positive free cash flow of EUR 164.6 million (Q2 2025: EUR 145.1 million), mainly due to the strong operating business.
Reporting Information
The complete interim financial report for the first half of 2026 is now available on the Nordex Group’s website in the Investor Relations section under “Publications” (ir.nordex-online.com). The interim management report and the condensed interim consolidated financial statements were not subject to an audit review.
