EQS-News: Nordex Group reports strong preliminary Q3/2026 results and raises EBITDA margin guidance for full year 2026

Nordex posts strong Q3 results and raises full-year EBITDA margin outlook for 2026.

What the company is saying

Nordex SE is communicating a significant outperformance in its preliminary unaudited Q3/2026 results, emphasizing that both EBITDA and revenue have grown sharply year-over-year. The company highlights a new, higher full-year 2026 EBITDA margin guidance of 11.5% to 12.5%, up from the previous 8.0% to 11.0% range, and stresses that all other guidance elements remain unchanged. The narrative credits higher margins in the Service segment and strong project execution as the main drivers, while noting that previously anticipated risks in the Projects segment did not materialize. CEO José Luis Blanco frames the results as evidence of strong team execution and improved profitability, stating that the company is well positioned for the final quarter and remains focused on profitable growth. The tone is confident and forward-looking, with management pointing to continued positive free cash flow in Q4, supported by additional profits, order intake momentum, and working capital improvements. The announcement is structured to foreground the positive financial trajectory and operational discipline, while segment-level details and precise order intake figures are not disclosed.

What the data suggests

The disclosed figures show a marked improvement in profitability and liquidity. Q3/2026 preliminary unaudited EBITDA is EUR 278 million, up from EUR 136 million in Q3/2025, with the EBITDA margin rising to 12.7% from 8.0%. Preliminary unaudited revenues for Q3/2026 are EUR 2,187 million, compared to EUR 1,706 million in the prior year. Cash and cash equivalents at the end of Q3/2026 stand at EUR 2,327 million, up from EUR 1,929 million at the end of Q4/2025. Free cash flow for the quarter is EUR 379 million, more than doubling the EUR 149 million recorded in Q3/2025. The company reiterates full-year sales guidance of EUR 8.2–9.0 billion, a working capital ratio below -9%, and CAPEX of approximately EUR 200 million. The upward revision of the EBITDA margin guidance is supported by realised Q3 performance, but the lack of segment-level breakdowns means the stated drivers—Service segment margins and project execution—cannot be independently verified from the data provided. The announcement delivers clear headline financials and guidance, but omits granular operational or order intake data.

Analysis

The announcement is largely supported by concrete, preliminary unaudited financial results for Q3/2026, including EBITDA, revenue, cash, and free cash flow, all showing significant year-over-year improvement. The tone is positive, but the language is proportionate to the disclosed results, with only a modest amount of forward-looking statements (updated full-year guidance and Q4 free cash flow expectations). The majority of key claims are realised facts, not projections. The capital intensity flag is not triggered, as the disclosed CAPEX is moderate relative to the scale of operations and is paired with immediate improvements in profitability and cash flow. The only minor inflation comes from attributing improved results to specific segments without providing segment-level data, and from referencing performance 'above market expectations' without substantiating the benchmark. Overall, the narrative is well-supported by evidence, with minimal hype.

Risk flags

• ●The announcement relies on preliminary unaudited results, so there is a risk that final audited figures could differ, potentially impacting the credibility of the upgraded guidance.
• ●No segment-level financials or order intake data are disclosed, making it difficult to independently assess the sustainability of the stated drivers, such as higher Service margins and project execution.
• ●The guidance upgrade is attributed to risks in the Projects segment not materializing as anticipated, but the nature and likelihood of these risks in future quarters are not detailed, leaving some uncertainty about ongoing risk management.
• ●While free cash flow is currently strong, the announcement does not specify the impact of potential working capital swings or project timing on future cash generation, which could introduce volatility.

Bottom line

Nordex SE has delivered a strong set of preliminary Q3/2026 results, with EBITDA, revenue, and free cash flow all showing substantial year-over-year growth. The company has raised its full-year EBITDA margin guidance to 11.5%–12.5%, citing realised operational improvements and lower-than-expected project risks. While the headline numbers are robust and the guidance upgrade is credible based on disclosed Q3 performance, the absence of segment-level detail and order intake data means investors cannot fully validate the sustainability of these trends. The immediate outlook is positive, with continued cash generation expected into Q4/2026. Investors should watch for the full Q3/2026 results on November 5, 2026, which may provide more granularity on segment performance and order book strength. The most important takeaway is that Nordex is currently executing well and delivering on profitability, but further detail is needed to assess the durability of these gains.

Announcement summary

(LSE:0MEC) Nordex SE announced strong preliminary unaudited results for the third quarter of 2026, exceeding market expectations and raising its EBITDA margin guidance for the full year 2026. The company now expects a full-year EBITDA margin in the range of 11.5% to 12.5%, up from the previous guidance of 8.0% to 11.0%. Preliminary unaudited EBITDA for Q3/2026 is expected to be approximately EUR 278 million, compared to EUR 136 million in Q3/2025, resulting in an EBITDA margin of 12.7% versus 8.0% in the prior year period. Preliminary unaudited revenues for Q3/2026 are expected to be approximately EUR 2,187 million, up from EUR 1,706 million in Q3/2025. Third quarter preliminary cash and cash equivalents totaled EUR 2,327 million, compared with EUR 1,929 million at the end of Q4/2025. Free cash flow in Q3/2026 is expected to amount to EUR 379 million, compared to EUR 149 million in Q3/2025. The company expects free cash flow to remain positive in Q4, supported by additional profits, order intake momentum, and continued working capital improvement. All other elements of the full-year guidance remain unchanged, including sales guidance of EUR 8.2 to EUR 9.0 billion, a working capital ratio below -9%, and CAPEX of approximately EUR 200 million. The improved results and outlook are attributed to higher margins in the Service segment and strong project execution, while risks in the Projects segment did not materialize as previously anticipated. CEO José Luis Blanco stated that strong execution in Projects and higher profitability in Service have positioned the company well for the final quarter, and the company remains focused on profitable growth. Nordex SE will publish its full Q3/2026 results on November 5, 2026. The company has commissioned more than 67 GW of wind power capacity in over 40 markets since 1985 and generated consolidated sales of around EUR 7.6 billion in 2025. Nordex SE currently employs more than 11,100 people and operates manufacturing facilities in Germany, Spain, Brazil, and India. Its product portfolio focuses on onshore turbines in the 4 to 7 MW+ classes. Nordex SE is listed on the MDAX and TecDAX of the Frankfurt Stock Exchange (ISIN: DE000A0D6554).

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