Nordex Shares Approach Historic Peak on Strong Order Momentum

Nordex shares near 20-year high as record 2025 orders and a strategic shift to high-margin service contracts drive profitability, with a new dividend policy announced for 2027.

The wind turbine manufacturer Nordex is demonstrating that its record performance in 2025 was no anomaly, propelled by a significant wave of new orders. The company's share price is currently trading near €43, hovering close to its highest level in more than two decades.

A Surge in Orders and a Strategic Shift to Services

This positive momentum was underscored by three major contract announcements from Germany within a short timeframe. Long-standing customer wpd initiated the series with an order for 40 turbines, destined for nine projects across multiple states including Mecklenburg-Western Pomerania, North Rhine-Westphalia, Hesse, and Lower Saxony. The total capacity of this order stands at 279.2 MW.

Shortly thereafter, Nordex secured a contract to supply seven N175/6.X turbines for the Heek-Strönfeld community wind farm in North Rhine-Westphalia. With a hub height of 179 meters and a combined output of 49 MW, the project is scheduled for commissioning in the third quarter of 2027. A notable aspect of this deal is the accompanying 25-year premium service agreement.

Such long-term service contracts represent a core strategic pillar for Nordex, not merely an add-on. The company now maintains nearly 14,000 turbines with a total capacity of 48.3 GW under service contracts, which have an average duration of 13 years. This segment provides predictable revenue streams with higher margins than the more volatile project business, thereby creating a more resilient business model capable of weathering cyclical industry fluctuations.

Financial Targets Exceeded and New Goals Set

The operational foundation supporting this order influx is robust. For the full year 2025, Nordex reported a 22.5% increase in order intake, reaching 10.21 GW. Crucially, the company's EBITDA margin doubled to 8.4%, achieving a medium-term target one year ahead of the original schedule.

Looking forward, management has set revenue guidance between €8.2 billion and €9.0 billion for 2026, with a target margin now established at 10% to 12%. In a significant development for investors, Nordex has also announced a new dividend policy. Starting in 2027, the company plans to return a minimum of €50 million annually to shareholders. The one-year delay is due to German Commercial Code (HGB) regulations, which dictate that distributable profits in the Nordex SE individual financial statements will only be available from 2026.

Market Analysts Take Note of Improved Profitability

The improved profitability has drawn reactions from market analysts. Berenberg Bank recently raised its price target for Nordex shares and reaffirmed its "Buy" recommendation. Meanwhile, Bernstein Research initiated coverage with a neutral "Market Perform" rating. On a twelve-month view, the stock has advanced approximately 153%, leaving it just shy of its current 52-week high of €43.94 by less than two percent.

Investors will gain further insight into the company's ongoing operational momentum when Nordex releases its first-quarter 2026 results on April 27. This report will indicate whether the strong performance from the final quarter of 2025 has carried into the new year and if the company remains on track to meet its full-year margin forecast.