EQS-News: Nordex Group order intake rises 29.5% to 2.8 GW in the third quarter of 2026

Nordex’s Q3 order intake surged 29.5% to 2,810 MW, led by Türkiye and the US.

What the company is saying

Nordex SE is highlighting a strong operational performance in Q3 2026, with order intake in the Projects segment (excluding Service) rising 29.5% year-over-year to 2,810 MW. The company frames this as evidence of growing global diversification, emphasizing that Türkiye led with over 900 MW of orders and the US contributed more than 1.3 GW year to date. CEO José Luis Blanco asserts that international share is increasing and expects this trend to continue as the company converts its pipeline. The announcement stresses that pricing has remained stable, with the average sales price at EUR 0.90 million per MW in Q3 2026, down slightly from EUR 0.93 million per MW in Q3 2025, and EUR 0.93 million per MW for the first nine months. The company attributes the order growth primarily to project scope and regional mix effects, though these drivers are not quantified. The tone is confident, focusing on operational momentum and global reach, and supported by reference to a 7.6 billion euro sales figure in 2025 and a workforce of over 11,100 employees.

What the data suggests

The disclosed figures show clear operational momentum: Q3 2026 order intake in the Projects segment reached 2,810 MW, up 29.5% from 2,170 MW in Q3 2025. For the first nine months of 2026, order intake totaled 7,733 MW, a 16.1% increase over 6,661 MW in the same period of 2025. The average sales price per MW was EUR 0.90 million in Q3 2026 and EUR 0.93 million for the nine months, indicating a slight decline in Q3 but overall stability. 427 wind turbines were ordered for projects in 10 countries in Q3, with Türkiye accounting for more than 900 MW and the US for over 1.3 GW year to date. The company’s operational scale is reinforced by its commissioning of over 64 GW since 1985 and 2025 sales of EUR 7.6 billion. While the narrative attributes growth to project scope and regional mix, these factors are not broken out numerically. The data supports the claim of broad-based order growth, though profitability and margin impacts are not disclosed.

Analysis

The announcement is largely factual and supported by detailed operational data, including order intake growth (29.5% in Q3/2026, 16.1% for 9M/2026), average sales prices, and specific market performance. The only forward-looking statements are CEO comments about expected future international growth and continued order momentum, which are clearly separated from the realised, quantified results. There is no evidence of exaggerated or promotional language; the tone is proportionate to the operational improvements disclosed. No large capital outlay or long-dated, uncertain returns are discussed in this update, and the benefits of increased order intake are already being realised. The absence of profitability metrics (net income, EBITDA, etc.) means the signal cannot be strong_positive, but the operational momentum is clear and credible.

Risk flags

• ●Profitability and margin impacts are not disclosed, so it is unclear whether the increased order volume will translate into improved earnings or cash flow. Without net income, EBITDA, or margin data, investors cannot assess the quality of growth.
• ●The average sales price per MW declined from EUR 0.93 million in Q3 2025 to EUR 0.90 million in Q3 2026, which could signal pricing pressure or a shift to lower-value markets. If this trend continues, it may offset the benefits of higher volume.
• ●The company attributes growth to project scope and regional mix effects, but does not provide a granular breakdown by region or segment. This limits visibility into the sustainability and geographic concentration of the order pipeline.

Bottom line

Nordex SE’s Q3 and nine-month order intake figures show strong operational momentum, with a 29.5% year-over-year jump in Q3 and a 16.1% increase for the year to date. The largest contributions came from Türkiye and the US, supporting management’s claim of growing international diversification. While average sales prices per MW remain broadly stable, a slight Q3 decline could become a concern if it persists. The absence of profitability or margin data means investors cannot yet judge whether this order growth will drive earnings or cash flow improvements. The company’s operational scale and global reach are clear, but more detail on regional mix and financial outcomes would strengthen the investment case. The key takeaway is that Nordex is winning more business in more markets, but the financial payoff from this growth remains to be demonstrated.

Announcement summary

(LSE:0MEC) Nordex SE announced that its order intake in the Projects segment, excluding Service business, rose by 29.5% to 2,810 MW in the third quarter of 2026 compared to 2,170 MW in Q3/2025. For the first nine months of 2026, total order intake reached 7,733 MW, representing a 16.1% increase over the 6,661 MW recorded in the same period of 2025. The average sales price per megawatt of capacity (ASP) was EUR 0.90 million/MW in Q3/2026, compared to EUR 0.93 million/MW in Q3/2025, and EUR 0.93 million/MW for the first nine months of 2026 versus EUR 0.92 million/MW in 9M/2025. The company attributed the development primarily to project scope and regional mix effects, while noting that pricing remained stable. Between July and September 2026, Nordex customers ordered a total of 427 wind turbines for projects in 10 countries. The strongest individual markets in Q3/2026 were Türkiye, Germany, and the US. Türkiye led with more than 900 MW of orders, and in the US, Nordex booked more than 1.3 GW year to date. CEO José Luis Blanco stated that order intake is becoming more globally diversified and expects the international share to keep growing as the company converts its pipeline in the coming quarters, while order momentum in Europe and Germany remains strong. Nordex SE has commissioned more than 64 GW of wind power capacity in over 40 markets since 1985 and generated consolidated sales of around EUR 7.6 billion in 2025. The company currently employs more than 11,100 people and operates manufacturing facilities in Germany, Spain, Brazil, India, US, and Türkiye. Its product portfolio focuses on onshore turbines in the 4 to 7 MW+ classes, designed for markets with limited space and constrained grid capacity. Nordex SE is listed on the MDAX and TecDAX of the Frankfurt Stock Exchange (ISIN: DE000A0D6554).

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