Nordex Posts Record Orders and Profit Surge in Strong 2025 Finish

Core Insights - Nordex achieved record order intake and significantly improved profitability in 2025, leading to an increase in its medium-term EBITDA margin target to 10–12 percent [1] Financial Performance - Q4 sales reached €2.5 billion, a nearly 16 percent increase year-on-year, with EBITDA rising to €307 million from just under €107 million the previous year, resulting in a Q4 EBITDA margin of 12.1 percent, more than double the 4.9 percent from Q4 2024 [2] - For the full year, revenue increased to €7.6 billion, with EBITDA more than doubling to €631 million, achieving an annual EBITDA margin of 8.4 percent, surpassing the previous mid-term target of 8 percent [3] - Net income for 2025 rose to €274 million, compared to less than €9 million the previous year, indicating a significant turnaround in profitability [3] Cash Flow and Financial Health - Nordex reported record free cash flow of €565 million in Q4 and €863 million for the year, supported by strong operating performance and sustained order momentum [4] - Cash and cash equivalents reached €1.93 billion at year-end, resulting in a net cash position of €1.62 billion, nearly double the prior year level [4] - The working capital ratio improved to minus 12.4 percent, exceeding the company's guidance [4] Order Intake and Production - In Q4, Nordex secured 3.2 GW of new orders, a year-on-year increase of over 9 percent, bringing the full-year order intake to a record €9.3 billion, equivalent to 10.2 GW [5] - The project order book expanded to €10.1 billion, while the service backlog reached €6.0 billion, lifting the total order book to €16.1 billion, up from €12.8 billion at the end of 2024 [5] - Turbine output rose 27 percent in Q4 to 3.2 GW, with installations increasing to 2.1 GW across 20 countries, where Europe accounted for 86 percent of installed capacity [6] Future Outlook - The company anticipates 2026 sales between €8.2 billion and €9.0 billion, with an EBITDA margin projected between 8 and 11 percent, indicating continued operational leverage [7] - Capital expenditure is expected to be around €200 million, with the working capital ratio projected to remain below minus 9 percent [7]