German wind turbine manufacturer Nordex SE has announced an upward revision of its full-year 2025 earnings before interest, taxes, depreciation and amortisation (EBITDA) margin forecast. The company now expects a margin between 7.5% and 8.5%, compared to the initial range of 5% to 7%, following strong preliminary results for the third quarter.
Strengthened operational results across both segments
The group attributes the improved outlook to effective execution across its projects and services segments within a stable macroeconomic environment. Preliminary third-quarter EBITDA reached EUR136mn ($143.9mn), representing a margin of 8%, compared to EUR72mn ($76.2mn) and a 4.3% margin a year earlier. Revenue is expected at EUR1,706mn ($1,805mn), slightly higher than the previous year despite supplier-related delays in Türkiye.
Nordex ended the quarter with EUR1,378mn ($1,457mn) in cash, up from EUR1,151mn ($1,217mn) at the end of 2024. The company generated free cash flow of EUR298mn ($315mn) over the first nine months of 2025, compared to zero during the same period in 2024.
Other key indicators remain unchanged
All other elements of the annual forecast remain unchanged, including expected annual revenue of EUR7.4bn ($7.82bn) to EUR7.9bn ($8.34bn), a working capital ratio below -9%, and capital expenditures around EUR200mn ($211mn). Positive free cash flow generation is expected to continue into the fourth quarter, supported by profits, order intake momentum and improved working capital management.
José Luis Blanco, Chief Executive Officer of Nordex SE, stated that teams delivered “remarkable performance in the third quarter”, highlighting strong execution across both segments and confidence in the company’s ability to increase profitability over the full year.
BlackRock reduces its voting rights in the capital
In parallel with the guidance update, Nordex reported a reduction in the holding of institutional shareholder BlackRock, Inc. As of October 22, the US-based asset manager held 4.11% of voting rights in Nordex, down from 4.30%, distributed between direct shareholding and financial instruments.
Nordex will publish its full third-quarter results on November 4. A conference call for analysts and investors is scheduled for October 28 at 8:30 a.m. Central European Time.
