Germany's Nordex tops profit forecast on strong wind demand, shares jump
Nordex Reports Strong First-Quarter Earnings Amid Rising Wind Power Demand
By Danny Callaghan
April 27 (Reuters) - Nordex reported strong first-quarter core earnings on Monday, driven by continued demand for wind power in Europe, which sent the onshore wind turbine manufacturer's shares 10% higher in early trading.
Financial Performance and Market Position
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) rose 64% from a year ago to 131 million euros ($154 million), beating a company-provided analysts' consensus of 112 million euros.
Onshore Wind Market Share
Onshore wind accounted for around 90% of installed wind capacity in Europe last year. Nordex competes there with Vestas and Siemens Energy, with the three of them receiving around two-thirds of all European turbine orders in 2025, according to analysis by market research firm Mordor Intelligence.
CEO Statement and Outlook
"The continued demand in our core markets and an EBITDA margin exceeding 8% already in the first quarter confirm that we are on track to deliver on our guidance for 2026," Nordex CEO José Luis Blanco said in a statement.
Share Performance and Orders
Nordex's shares have gained around 60% in value since the start of the year, having reported record-high orders for 2025 in February and a first-quarter order intake of 1.87 GW in mid-April.
Impact of External Factors
Impact of Middle East Crisis
A company spokesperson told Reuters that the direct impact from the war in the Middle East had remained limited so far.
Diversified Supply Chain and Demand Outlook
"We operate with a diversified supply chain and have no exposure to the region," he said, adding Nordex continued to see solid medium- and long-term demand for onshore wind, particularly in Europe.
"Persistently higher or more volatile power prices tend to reinforce the case for energy independence and accelerated electrification, which structurally supports demand for renewables," the spokesperson added.
Sales and Regional Performance
Nordex reported sales of 1.59 billion euros for the first three months of the year, citing continued demand in its core markets, although it said it had faced temporary delays at a supplier factory in Turkey.
Germany, Turkey and Sweden are Nordex's strongest markets. It installed around 85% of its turbines in Europe during the first quarter.
($1 = 0.8529 euros)
(Reporting by Danny Callaghan in Gdansk; editing by Milla Nissi-Prussak)
