Nordex Puts New Turbine Technology Through Its Paces Ahead of Earnings

Nordex enters a pivotal week with certified 179m hybrid tower, new €4M converter test rig, and Q1 results testing its pricing-over-volume strategy amid falling orders but rising margins.

The German wind turbine manufacturer is entering a pivotal week with a flurry of technical advancements and a critical financial report due. Nordex has secured certification for a towering 179-meter hybrid turbine mast, commissioned a €4 million converter test rig in Rostock, and is set to release first-quarter results that will test whether its strategy of prioritizing pricing power over volume is paying off.

Towering Ambitions and Technical Milestones

At the WindEurope conference in Madrid on April 21, TÜV SÜD issued type approval for the 179-meter hybrid tower developed with partner Max Bögl, following German building authority DIBt guidelines. This gives Nordex two certified tower variants at that hub height, opening up projects in markets with strict height restrictions, particularly in Germany where maximum construction heights are capped at 250 meters.

The company is also pushing ahead with a 162.5-meter hybrid tower, which it expects to bring to type testing within the current quarter, with first deliveries slated for the second half of 2026. Meanwhile, a new power mode for the flagship N175/6.X turbine lifts its rated output to 7.3 MW, boosting annual energy yield by up to 1.7 percent without increasing noise emissions — a crucial advantage in Germany's noise-sensitive project approval process.

Test Rig Investment Sharpens Competitive Edge

Beyond turbine hardware, Nordex has quietly strengthened its grid integration capabilities. The company commissioned a new converter test rig at its Rostock facility, representing an investment of more than €4 million. The system can simulate grid faults, voltage fluctuations, and frequency deviations under realistic conditions without requiring field tests. As grid compliance becomes a mandatory regulatory requirement in more markets, this infrastructure gives Nordex a tangible development advantage over rivals, allowing faster certification of turbines for new territories.

Q1 Numbers Under the Microscope

Nordex publishes its full first-quarter results today, and the stakes are high. The company pre-released key order data showing a mixed picture: new orders fell to 1.87 GW from 2.18 GW in the same period last year, a decline of roughly 14 percent. However, the average selling price rose to €0.91 million per megawatt, up from €0.87 million — a clear signal that management is deliberately trading volume for margin.

Analysts expect first-quarter revenue of €1.53 billion, representing growth of around 6.7 percent year-on-year. The critical question is whether the pricing gains can offset the volume shortfall in the margin figures. For the full year, Nordex targets an EBITDA margin of 8.0 to 11.0 percent on revenue between €8.2 billion and €9.0 billion. The company's 2025 results provided a solid foundation: revenue reached €7.55 billion, EBITDA hit €631 million, and net profit surged to €274 million.

The competitive landscape is intensifying. Rival Enercon recently announced large orders for its 7 MW model totaling more than 580 MW in Canada and Turkey, underscoring the pressure on Nordex to maintain its market position while improving profitability.

Stock Near Decade Highs

Nordex shares closed at €44.80 on Friday, roughly 3 percent below the 10-year high of €46.30 reached in mid-April. The stock has gained nearly 49 percent since the start of the year and trades well above its 200-day moving average of €30.18. The relative strength index of 61.9 suggests the rally has room to run without being overbought.

Today's earnings report will be decisive. If management confirms the margin trajectory for 2026, the April record high comes back into reach. The company's annual general meeting on May 5 will then test shareholder sentiment on proposed structural changes and capital measures. For now, all eyes are on whether the first-quarter numbers can validate a strategy that has already pushed the stock to levels not seen in a decade.