Wind turbine manufacturer Nordex has released annual figures that significantly surpassed even the most optimistic market forecasts. The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2025 reached €631 million, a figure that exceeds the analyst consensus by a substantial 34% and more than doubles the prior year’s result. In a landmark announcement, management revealed plans to initiate capital returns to shareholders starting in 2027, a first for the company.
Unprecedented Quarterly Strength
The final quarter of 2025 proved to be the most robust in Nordex’s corporate history. Quarterly revenue climbed to approximately €2.54 billion, marking a 16% increase over the same period in 2024. The company achieved an EBITDA margin of 12.1%, while net income soared to €184 million—a tenfold improvement from the previous year’s fourth quarter.
Operational performance was equally striking. Free cash flow for the quarter amounted to €565 million. The firm’s turbine production output rose to 3,202 megawatts, representing a 27% gain compared to the fourth quarter of 2024.
Full-Year 2025: Record Margins and Cash Generation
For the full fiscal year 2025, Nordex reported revenue of roughly €7.6 billion, with an EBITDA margin of 8.4%, landing at the upper end of its recently upgraded guidance. A key highlight was the gross margin, which expanded significantly from 21% to 27%. Earnings before interest and tax (EBIT) nearly quadrupled, reaching €450 million.
The company generated a record €863 million in free cash flow. Its working capital ratio stood at -12.4%, comfortably outperforming internal targets. Nordex concluded the year with a strong liquidity position of €1.9 billion.
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Order Book Reaches New Heights
Nordex secured its second consecutive record order intake, with 10.2 gigawatts of capacity booked. In monetary terms, these new orders are valued at €9.3 billion. The combined order backlog now totals approximately €16 billion.
Looking ahead to 2026, management has provided revenue guidance in a range of €8.2 billion to €9.0 billion, anticipating an EBITDA margin between 8.0% and 11.0%. The company has also raised its medium-term margin target to a band of 10% to 12%.
Shareholder Returns on the Horizon
Chief Executive Officer José Luis Blanco announced a strategic shift: commencing in 2027, Nordex intends to return a minimum of €50 million annually to its shareholders. The capital will be distributed either through dividend payments or share buybacks, at the company’s discretion. The two-year delay is attributed to differences between IFRS and German commercial code (HGB) accounting standards.
Strategic Focus on North American Recovery
In an interview with Reuters, CEO Blanco expressed confidence in rebuilding the company’s presence in the United States market. Nordex’s former market share of 20% has contracted, with North America accounting for just 4% of installed capacity in 2025. However, Blanco identified substantial growth potential driven by rising energy demand from data centers, presenting a significant opportunity for expansion.
Market Reaction
Equity markets responded enthusiastically to the report. Nordex shares opened with a gain of over 13%, reaching their highest price level since June 2002. The stock has approximately tripled since the start of 2025. With a closing price of €41.46 on the reporting day, the year-to-date performance stands at nearly 38%.
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