The Nordex Group delivered a sharp rise in profitability in the third quarter of 2025, raising its full-year earnings guidance after reporting improved margins, strong cash generation and higher turbine orders.
Sales held steady at €1.7bn, while EBITDA surged 90.1% year on year to €135.9m, lifting the margin to 8.0% from 4.3%.
Net income climbed to €51.7m from €3.9m in the same period of 2024, with free cash flow of €149m.
“Our profitability reached a new level in Q3/2025, driven by strong execution in both our project and service businesses,” said chief executive José Luis Blanco.
“The significant free cash flow generation highlights our operational strength and disciplined working capital management. With solid order intake and improved visibility, we are confident in sustaining this trajectory and delivering on our upgraded full-year guidance,” Blanco said.
Nordex lifted its 2025 EBITDA margin forecast to 7.5–8.5% from 5.0–7.0%.
Order intake in the quarter reached 2,170MW, up 25.7% from 1,726MW a year earlier, worth €2bn across 16 countries, with an average selling price of €0.93m/MW.
The order book totalled €14.9bn at the end of September, up from €11.5bn a year earlier, comprising €9.3bn in projects and €5.6bn in service.
Nordex produced 2,541MW of turbines, up 22.9% on last year, though rotor blade output fell 24.7% to 1,122 units due to temporary supplier delays in Türkiye.
The company installed 420 turbines totalling 2,576MW across 20 countries, compared with 2,010MW in 2024.
Project sales were €1.5bn, unchanged year on year, while service revenue rose 9.2% to €219.2m.
Cash and equivalents increased to €1.38bn, resulting in net cash of €1.07bn. The equity ratio strengthened to 18.3%.