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Nordex Doubles Q2 EBITDA to €223.8 Million as Order Book Hits Record €18.4 Billion

German wind turbine maker Nordex more than doubled quarterly EBITDA and grew order intake 32 percent, confirming its full-year 2026 guidance.

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Overview

German wind turbine manufacturer Nordex SE more than doubled its second-quarter EBITDA and pushed its order book to a record high, according to a company press release published July 29, 2026. Earnings before interest, taxes, depreciation and amortization reached EUR 223.8 million in the quarter, up from EUR 108.2 million a year earlier, according to OilPrice.com.

What We Know

  • Sales rose 16.3 percent year over year to EUR 2,178.8 million, up from roughly EUR 1.87 billion in the second quarter of 2025, according to the Nordex press release and WindInsider.
  • The EBITDA margin climbed to 10.3 percent from 5.8 percent in the prior-year quarter, according to Energy-Pedia.
  • Net income jumped to EUR 111.5 million from EUR 31.0 million a year earlier, according to the Nordex press release.
  • Free cash flow was positive at EUR 164.6 million, up from EUR 145.1 million in the second quarter of 2025, according to Energy-Pedia.
  • Order intake in the Projects segment rose 32.2 percent to 3,054 megawatts, up from 2,310 megawatts a year earlier, worth a combined EUR 3.0 billion in new orders, according to Energy-Pedia and the Nordex press release. The average selling price held steady at EUR 0.97 million per megawatt, according to OilPrice.com.
  • The total order book reached EUR 18.4 billion as of June 30, 2026, up from EUR 14.3 billion a year earlier — EUR 11.6 billion in the Projects segment and EUR 6.8 billion in the Service segment, according to the Nordex press release and Energy-Pedia.
  • Turbine production rose 23.1 percent to 1,953 megawatts, while the company installed 211 turbines totaling 1,168 megawatts across 15 countries, down from 337 turbines and 1,959 megawatts across 16 countries a year earlier, according to the Nordex press release and Energy-Pedia. Blade production totaled 1,343 units, down slightly from 1,399 a year earlier, according to WindInsider and Energy-Pedia.
  • By region, Europe accounted for 87 percent of installed capacity, followed by Latin America at 8 percent, North America at 4 percent and the rest of the world at 1 percent, according to WindInsider.
  • Cash and cash equivalents stood at EUR 1,959.7 million and the net cash position at EUR 1,673.3 million as of June 30, 2026, both up from EUR 1,928.9 million and EUR 1,624.7 million, respectively, at the end of 2025, while the equity ratio improved to 20.6 percent from 19.0 percent, according to Energy-Pedia.
  • “In the second quarter of 2026, we increased our order intake by 32 percent, achieved an EBITDA margin of 10.3 percent and generated a positive free cash flow. These results reflect the continued progress in our operational execution and profitability. Supported by our total order book of EUR 18.4 billion, we confirm our guidance for the full year 2026,” said José Luis Blanco, Nordex’s Chief Executive Officer, according to the company press release.
  • Nordex, founded in 1985, is headquartered in Hamburg and is listed on the Frankfurt Stock Exchange’s TecDAX and MDAX indices, according to the company’s corporate profile.

What We Don’t Know

  • Nordex confirmed its full-year 2026 guidance in the release but did not restate the specific numeric sales or margin targets in that announcement, so this article does not repeat a figure that the company itself did not reiterate in the source material reviewed.
  • The release does not specify how much of the order book growth stems from new markets versus repeat customers in existing markets.

Analysis

The swing from a 5.8 percent to a 10.3 percent EBITDA margin, paired with a record order book, suggests Nordex’s push toward onshore-only focus and pricing discipline — reflected in the steady EUR 0.97 million per megawatt average selling price even as volumes grew — is translating into improved profitability rather than growth funded by discounting. The decline in installed megawatts year over year, even as production and order intake both rose, points to a backlog that is still being worked through rather than a slowdown in demand.