Nordex Group delivers strong 3Q/2025 performance with significant margin expansion and robust free cash flow

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• Order intake of 2.2 GW, representing growth versus 3Q/2024
•  EBITDA of EUR 136 million, with an EBITDA margin of 8.0 percent, driven by strong execution in both the project and service segment
•  Net income of EUR 52 million, up from EUR 4 million in Q3/2024
•  Free cash flow generation of EUR 149 million in 3Q/2025
•  Full year EBITDA margin guidance raised to 7.5 to 8.5 percent

Hamburg, 04 November 2025. The Nordex Group (ISIN: DE000A0D6554) reported a strong business performance for the third quarter of 2025.

Sales reached around EUR 1.7 billion in 3Q/2025, in line with the previous year quarter (3Q/2024: EUR 1.7 billion).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter of 2025 substantially increased by 90.1 percent to EUR 135.9 million (3Q/2024: EUR 71.5 million) with an improved EBITDA margin of 8.0 percent (3Q/2024: 4.3 percent).

Net income increased significantly to EUR 51.7 million at the end of 3Q/2025 compared to EUR 3.9 million in the previous year quarter.

“Our profitability reached a new level in Q3/2025, driven by strong execution in both our project and service businesses. The significant free cash flow generation highlights our operational strength and disciplined working capital management. With solid order intake and improved visibility, we are confident in sustaining this trajectory and delivering on our upgraded full-year guidance,” explains José Luis Blanco, Chief Executive Officer (CEO) of the Nordex Group.

Operational performance

In Q3/2025, the Nordex Group recorded 2,170 MW of order intake in the Projects segment, a 25.7 percent increase compared to Q3/2024 (1,726 MW). The total value of new orders rose to EUR 2.0 billion (Q3/2024: EUR 1.6 billion), spanning 16 countries and various turbine variants. The average selling price (ASP) remained stable at EUR 0.93 million/MW (Q3/2024: EUR 0.92 million/MW.

As of 30 September 2025, the order book stood at EUR 14.9 billion (September 2024: EUR 11.5 billion), comprising EUR 9.3 billion in the Projects segment (September 2024: EUR 6.9 billion) and EUR 5.6 billion in the Service segment (September 2024: EUR 4.6 billion).

Production figures

In Q3/2025, Nordex produced 2,541 MW of turbines, a 22.9 percent increase versus Q3/2024 (2,067 MW). Rotor blade output declined by 24.7 percent to 1,122 units (3Q/2024: 1,490 units), due to temporary delays at a supplier factory in Türkiye. Of these, 366 rotor blades units were produced in-house (3Q/2024: 420 units), and 756 units (3Q/2024: 1,070 units) were externally sourced.

The Group installed 420 wind turbines across 20 countries, totalling 2,576 MW in the third quarter of 2025, compared to 352 wind turbines in 21 countries with 2,010 MW in 3Q/2024. Of the installed capacity 82 percent was in Europe, 10 percent in “Rest of the World”, 6 percent in North America and 2 percent in Latin America.

Segment reporting

Sales in the Projects segment were at around EUR 1.5 billion in the third quarter of the year, in line with the prior year (3Q/2024: EUR 1.5 billion), reflecting seasonal dynamics and temporary supplier related delays in Türkiye. The sales in Service segment grew by 9.2 percent to EUR 219.2 million (3Q/2024: EUR 200.7 million).

Financial position

As of the end of September 2025, total assets remained stable at approximately EUR 5.9 billion, consistent with year-end 2024. The equity ratio improved to 18.3 percent (31 December 2024; 17.7 percent). Cash and cash equivalents rose to EUR 1,378.1 million (31 December 2024: EUR 1,151.4 million), resulting in net cash position of EUR 1,073.0 million (31 December 2024: EUR 848.2 million). The working capital ratio stood at minus 8.2 percent (31 December 2024: minus 9.1 percent). In 3Q/2025, the Nordex Group generated positive free cash flow of EUR 149.0 million (3Q/2024: EUR 159.2 million), driven primarily by solid operational performance.

Nordex Guidance for 2025

Following a review of preliminary Q3/2025 results and an updated full-year forecast, Nordex has revised its EBITDA margin guidance upward to 7.5–8.5% (previously: 5.0–7.0%). The improved outlook reflects strong operational execution in both the projects and service segments, supported by a stable macroeconomic environment. All other financial parameters of the guidance remain unchanged.

Reporting information

The quarterly statement for the nine months of 2025 is now available on the Nordex Group’s website in the Investor Relations section under “Publications” (ir.nordex-online.com). The quarterly statement and the condensed consolidated interim financial statements were neither audited nor reviewed by an auditor.

Nordex Group key financials

(in EUR million)	3Q/2025	3Q/2024	Change (%)
Sales	1,705.6	1,670.7	2.1
thereof Project segment	1,504.8	1,474.4	2.1
thereof Service segment	219.2	200.7	9.2
Gross profit	477.2	361.0	32.2
EBITDA	135.9	71.5	90.1
EBITDA margin	8.0	4.3	3.7 PP
EBIT margin	5.5	1.6	4.0 PP
Net income	51.7	3.9	>100
Capital expenditure	33.7	39.9	(15.5)
Free cash flow	149.0	159.2	(6.4)
Order intake (Projects)	2,169.7	1,725.9	25.7
Order book (Projects)	9,323.5	6,852.5	36.1
Order book (Service)	5,587.8	4,641.9	20.4
(in EUR million)	30.9.2025	31.12.2024	Change (%)
Working capital ratio	-8.2 %	-9.1 %	0.8 PP
Cash and cash equivalents	1,378.1	1,151.4	19.7
Net cash position	1,073.0	848.2	26.5
Equity ratio	18.3 %	17.7 %	0.6 PP

About the Nordex Group

The Group has installed around 57 GW of wind power capacity in over 40 markets in its corporate history and generated consolidated sales of around EUR 7.3 billion in 2024. The Company currently has more than 10,400 employees with a manufacturing network that includes factories in Germany, Spain, Brazil, India and USA. Its product portfolio is focused on onshore turbines in the 4 to 7 MW+ classes which are designed to meet the market requirements of countries with limited available space and regions with constrained grid capacity.

Contact for press inquiries:

Nordex SE

Felix Losada

Phone: 040 / 300 30 – 1141

flosada@nordex-online.com

Contact for investor inquiries:
Nordex SE

Anja Siehler

Phone: +49 162 3515 334

asiehler@nordex-online.com

Nordex SE

Tobias Vossberg

Phone: +49 173 457 3633

tvossberg@nordex-online.com

Nordex SE

Rafaela Gunzburger

Phone: +49 152 041 43 62

rgunzburger@nordex-online.com