Highlights

• 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

The Nordex Group has 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.

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.

KeyFacts Energy Industry Directory: Nordex