Nordex Group, a leading wind turbine manufacturer, announced preliminary third-quarter 2026 results that exceeded market expectations and an upward revision of its EBITDA margin guidance for the full year 2026. The company now expects an EBITDA margin of 11.5 to 12.5%, up from the previous guidance of 8.0 to 11.0%. All other elements of the full-year guidance remain unchanged.
Preliminary unaudited EBITDA for Q3 2026 is expected to be approximately EUR 278 million, compared to EUR 136 million in Q3 2025, corresponding to an EBITDA margin of 12.7% versus 8.0% in the prior-year period. Revenues for the quarter are expected to reach approximately EUR 2,187 million, up from EUR 1,706 million in Q3 2025. The strong performance was driven by higher margins in the Service segment and robust project execution, while risks assumed in the Projects segment for the previous guidance did not materialize to the extent anticipated.
Nordex's 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 be EUR 379 million, a significant increase from 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.
"The third quarter shows what our teams can deliver," said Jose Luis Blanco, CEO of Nordex Group. "Strong execution in Projects and higher profitability in Service have put us in a very good position for the final quarter. We are raising our EBITDA margin guidance for 2026 and remain focused on profitable growth."
The revised guidance comes as a positive signal for investors and the renewable energy sector. Nordex's improved profitability suggests that the wind industry is overcoming supply chain challenges and cost pressures that have plagued the sector in recent years. Higher margins in the Service segment indicate a growing and profitable aftermarket business, which provides stable recurring revenue. Strong project execution demonstrates the company's ability to deliver on its backlog efficiently.
For the broader industry, Nordex's results could indicate a turning point for wind turbine manufacturers, who have faced fierce competition and thin margins. The company's success in improving cash flow and reducing project risks may encourage other players to focus on operational efficiency and service profitability. Additionally, the raised guidance may boost investor confidence in the renewable energy sector, which is critical for financing the global energy transition.
Nordex will publish its full results for the third quarter of 2026 on November 5, 2026. The preliminary figures are unaudited and subject to final review. Investors and analysts will be watching closely for further details on the drivers of the improved performance and the outlook for the remainder of the year.
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