Nordex Prepares to Reward Shareholders with Inaugural Payout

Nordex to pay €50M annually from 2027 after 2025 profit soared ~3000%. Strategy shift follows strong orders and targets €8.2-9.0B revenue for 2026.

After an extended period of retaining all earnings, the wind turbine manufacturer Nordex is charting a new course by establishing its first-ever shareholder return policy. A significant strategic shift is underway, with two key corporate events on the near-term horizon set to provide further clarity to the market.

Financial Performance Paves the Way for Returns

The decision to initiate payouts is built upon a robust financial performance in 2025. The company reported revenue of €7.55 billion, alongside a staggering profit increase of approximately 3,000%. Furthermore, order intake climbed to 10,214 megawatts, representing a 22.5% year-over-year gain. Looking ahead to 2026, management is targeting group revenue in a range of €8.2 to €9.0 billion, with an anticipated EBITDA margin between 8.0% and 11.0%.

This strengthened financial foundation enables the newly announced capital allocation strategy. Commencing in 2027, Nordex plans to distribute a minimum of €50 million annually to its shareholders, either through dividends or share buybacks. The timing is due to a technical accounting requirement: distributable profits under German commercial law (HGB) will only be generated during the 2026 fiscal year. Investors will hear directly from the executive board regarding this plan at the Annual General Meeting in Hamburg on May 5.

Order Book Strengthened by Recent Project Wins

The company's operational momentum continues, evidenced by two recent contract announcements. In a repowering project in Germany, Nordex secured an order from NeXtWind for the 39.9 MW Lütau 2 site. The deal includes seven N149/5.X turbines and a 20-year premium service agreement, with commissioning scheduled for summer 2027.

Simultaneously, a major 120 MW order was received from Efor Holding for the R25-Balkesir-2 wind farm in Türkiye. This project involves 18 N175/6.X turbines in a cold-climate configuration and comes with a ten-year service contract. This marks the third collaborative venture between Nordex and Efor Holding.

Lofty Valuation Raises the Stakes for Upcoming Reports

Prior to the AGM, the market will scrutinize Nordex's Q1 2026 trading update, scheduled for release on April 27. The current status of the order book will likely be a primary focus for analysts. The equity currently trades at nearly 25 times expected 2026 earnings, an ambitious valuation following a 52-week high of €46.10 reached in mid-March. Given this premium pricing, any weakness in the first-quarter figures would likely be met with significant investor disappointment.