Nordex raises its 2026 margin guidance after a stronger-than-expected third quarter
Victoria Shinder2 min readThe Nordex Group said on 15 October 2026 that its third-quarter results came in above market expectations and that it is raising its EBITDA margin guidance for the full year 2026 to a range of 11.5% to 12.5%, up from the previous 8.0% to 11.0%. The figures are preliminary and unaudited; all other elements of the full-year guidance are unchanged. Full Q3 results are due on 5 November 2026.
The quarter's numbers. Preliminary unaudited EBITDA for Q3 is about EUR 278 million, against EUR 136 million a year earlier, for an EBITDA margin of 12.7% (Q3/2025: 8.0%). Preliminary revenue is about EUR 2,187 million (Q3/2025: EUR 1,706 million). Free cash flow in the quarter is put at about EUR 379 million (Q3/2025: EUR 149 million), and quarter-end cash and equivalents at about EUR 2,327 million, up from EUR 1,929 million at the end of Q4/2025. The company expects free cash flow to stay positive in Q4.
What drove it. Nordex attributes the beat to higher margins in its Service segment and strong project execution, and says risks it had assumed in the Projects segment for the earlier guidance "did not materialize to the extent anticipated". CEO José Luis Blanco said strong execution in Projects and higher Service profitability had put the company in a good position for the final quarter.
Context. The company says it has commissioned more than 67 GW of wind capacity in over 40 markets since 1985 and had consolidated 2025 sales of around EUR 7.6 billion, with more than 11,100 employees and factories in Germany, Spain, Brazil, India, the US and Türkiye. Its portfolio centres on onshore turbines in the 4 to 7 MW-plus classes. Nordex SE is listed on the MDAX and TecDAX in Frankfurt.
This is a preliminary release; the audited detail, and any revision, comes with the full results on 5 November. The margin raise and the Q3 figures are Nordex's own reported numbers.
Source: Nordex Group, "Nordex Group reports strong preliminary Q3/2026 results and raises EBITDA margin guidance for full year 2026" — https://www.nordex-online.com/en/2026/10/nordex-group-reports-strong-preliminary-q3-2026-results-and-raises-ebitda-margin-guidance-for-full-year-2026/