Nordex
Note: This is a daily stock update and the information stands true as of 27/04/26, 09:00 CET
Company Update:
Nordex's Q1 results were 3% ahead of the company-compiled consensus on sales, and 17% above them on EBITDA.
Sales in this quarter were €1.6bn, up 11% yoy due to higher installations and good growth in Service (Service revenues up by 11%). Group EBITDA came in at €131m, up 64% yoy and beat the consensus by 17% with higher margins in the project business and an improvement in the Service margin yoy as well as qoq. The group EBITDA margin, thus, expanded by 270bps to 8.2%.
Order intake was lower yoy and declined by 14% in the Projects segment (in MW) to 1.9GW. 97% of Q1 orders came from Europe with Germany, Türkiye, and Sweden being the key markets. The ASP was increased from €0.87m/MW in Q1 25 to €0.91m/MW due to geographical scope. The total order book stood at €17.0bn, up 26% yoy. Of these orders, €10.5bn came from projects.
CFO and FCF were negative due to higher investments into working capital but we expect it to wind down as the year progresses. The equity ratio increased to at 19.4% and Nordex had a net cash position of €1.5bn.
Outlook - In 2026, Nordex still expects sales of €8.2-9.0bn and an EBITDA margin of 8-11%.
The results are clearly positive on the headline numbers but in our view two factors could counter the upside. One, a confirmed outlook, which is unlikely to drive any meaningful consensus revisions and two, the possibility of lower order intake this year after last year's record level. Thus, we confirm our Reduce/Hold recommendation on the stock.
Expert Opinion:
The share price performance has been stellar (EUR11.3 in Jan 25 to c EUR45 currently). The demand for any energy source that is not oil-correlated is going through the roof.
We still believe wind is a sub optimal energy source and is very expensive when you add the redundancy needed to offset periods of Dunkelflaute (a period of cold, still, and overcast weather — when there is both little to no wind and minimal sunlight.) Yet demand is there and is likely to stay for the medium term. Nordex trades on a PE of 25.8x for 2026, 22.3x for 2027 and below 20x for 2027.
We have a Reduce rating as we see only limited upside (6%) to fair value and we don't believe there is a lot of room to significantly upgrade earnings estimates. We would stay away from the name at this stage.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
The share price performance has been stellar (EUR11.3 in Jan 25 to c EUR45 currently). The demand for any energy source that is not oil-correlated is going through the roof.
We still believe wind is a sub optimal energy source and is very expensive when you add the redundancy needed to offset periods of Dunkelflaute (a period of cold, still, and overcast weather — when there is both little to no wind and minimal sunlight.) Yet demand is there and is likely to stay for the medium term. Nordex trades on a PE of 25.8x for 2026, 22.3x for 2027 and below 20x for 2027.
We have a Reduce rating as we see only limited upside (6%) to fair value and we don't believe there is a lot of room to significantly upgrade earnings estimates. We would stay away from the name at this stage.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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