Nordex reported a positive start to 2026, with first-quarter revenue increasing by 10.6%. Turbine production increased by 23.5% to 1,494 MW. Blade production remained broadly stable at 1,172 units, despite temporary supplier delays in Türkiye. Installations reached 1,155 MW across 14 countries, up from 1,046 MW in 12 countries last year, with 86% of capacity installed in Europe.
Revenue in Q1 grew to around EUR 1.6 billion, compared to EUR 1.4 billion in the same period last year. Gross revenue remained in line year-on-year at EUR 1.6 billion.
EBITDA rose by 64.3% to EUR 130.7 million, resulting in an improved margin of 8.2%, up from 5.5% in Q1 2025.
In the Projects segment, order intake reached 1,869 MW, down from 2,182 MW a year earlier, with a total value of EUR 1.7 billion. Average selling prices increased slightly to EUR 0.91 million per MW, mainly due to project scope and regional mix. The total order book grew to EUR 17.0 billion at the end of March 2026, compared to EUR 13.5 billion a year earlier, including EUR 10.5 billion in Projects and EUR 6.5 billion in Service.
Segment revenue in Projects rose by 10.7% to around EUR 1.4 billion, while Service revenue increased by 10.6% to EUR 217.9 million. EBIT in the Projects segment grew by 58.5% to EUR 167.4 million, with a margin of 12.2%. In the Service segment, EBIT increased by 26.1% to EUR 41.8 million, with a margin of 19.2%.
Total assets remained stable at around EUR 6.9 billion. The equity ratio improved slightly to 19.4%. Cash and cash equivalents stood at EUR 1.83 billion, resulting in a net cash position of EUR 1.52 billion. Free cash flow was negative at EUR -98.1 million, mainly due to changes in working capital.
