Nordex Opens Turkish Blade Factory as First-Quarter Earnings Leap, Yet Shares Remain Under Pressure

Nordex reports sharp jump in Q1 profit and confirms outlook, but shares dip 10% on profit-taking after 144% yearly gain. New rotor blade plant in Turkey to begin production in May 2026.

Nordex is firing on all cylinders operationally, but the market is hitting the brakes. The Hamburg-based wind turbine manufacturer reported a sharp jump in first-quarter profit and confirmed its full-year outlook, while simultaneously announcing the imminent start of production at a new rotor blade plant in Turkey. Despite the positive news flow, the stock has lost roughly a tenth of its value over the past month as profit-taking sets in after a spectacular 12-month run.

The Q1 figures underscore the company’s improving profitability. Revenue rose 10.6% year-on-year to €1.59 billion, while EBITDA climbed to €130.7 million, lifting the margin from 5.5% to 8.2%. Net profit surged to €53.6 million from just €7.9 million a year earlier. Production output also accelerated, with 1,494 megawatts of turbine capacity built — an increase of nearly a quarter — and 227 turbines installed across 14 countries. The order backlog swelled to €17.0 billion, compared with €13.5 billion at the same point last year.

The new manufacturing site in Menemen, near ?zmir, is set to begin operations in May 2026. Located in the ?zmir Free Trade Zone, the facility covers roughly 130,000 square metres, of which about 90,000 square metres is production space. At full capacity, operating four shifts, it will be able to produce up to 1,200 rotor blades a year and employ around 1,200 people. Initially, the plant will supply blades for the N163 and N175 turbine models — designed for medium to strong wind conditions — to domestic projects under the YEKA-4 and YEKA-5 tenders. Export to European wind farms is planned as a subsequent phase.

Nordex has been active in Turkey since 2009 and has held a market-leading position there with a share of roughly 34% since 2017. CEO José Luis Blanco described the production launch as “an important milestone in strengthening Nordex’s manufacturing footprint in Turkey”. The Menemen site joins existing facilities in Germany, Spain, Brazil, India and the United States. The group has installed more than 64 GW of wind energy capacity across over 40 markets since 1985 and posted revenue of around €7.6 billion in 2025.

At the stock exchange, however, the mood is more cautious. Shares of Nordex last changed hands at €42.74, roughly 6% below the 50-day moving average of €45.44 and about 14% off the 52-week high of €49.42. The relative strength index of 43 points to a neutral-to-slightly-weak technical stance. Zooming out, the picture brightens considerably: the stock has gained more than 42% since the start of the year and has nearly tripled from the 52-week low of €16.45. Over twelve months, the advance stands at almost 144%, making the recent pullback a routine bout of profit-taking after such a sustained rally.

One cloud in the Q1 report was free cash flow, which came in at minus €98.1 million. The company attributed the shortfall to a normalisation of working capital and stressed it does not signal a structural problem. The net cash position stood at a healthy €1.518 billion at the end of the quarter. With the annual guidance reaffirmed and the Menemen plant now adding capacity, investors will focus on the half-year results as the next potential catalyst. Whether the order intake can maintain the elevated level of the previous year will be a key influence on sentiment in the months ahead.