Nordex Shares Cool Off as Operational Milestones Pile Up, BlackRock Tweaks Its Position

Nordex shares plunge 10% in May, trading at €41.56 with RSI 28. Despite solid Q1 earnings, €17B orders, and BlackRock increasing direct equity, profit-taking weighs. Analysts see 40% upside.

When a stock rallies 39 percent year-to-date only to shed ten percent in a single month, the market is sending a split verdict. Nordex’s first-quarter earnings landed solidly, its order book swelled past €17 billion, and the company christened a new rotor-blade factory in Turkey. Yet the shares trade at €41.56, roughly 16 percent below their 52-week high of €49.42, and the relative strength index has dipped to 28 — firmly in oversold territory.

Investors appear to be taking profits after a blistering run, but the underlying narrative is more nuanced. BlackRock, the world’s largest asset manager, nudged its position in Nordex just ahead of the May 28 threshold notification. The filing shows the firm now controls 3.001 percent of voting rights from shares, up from 2.96 percent on May 26, alongside derivatives and securities-lending instruments that bring the total economic exposure to 4.77 percent. The shift amounts to roughly 93,000 additional share votes, offset by a nearly identical reduction in loaned securities. While the aggregate position barely budged, the composition change suggests a modest preference for direct equity over synthetic exposure.

Operationally, Nordex delivered a solid opening quarter. Revenue climbed to €1.59 billion from €1.44 billion in the prior-year period, while EBITDA margin reached 8.2 percent. The order backlog stood at roughly €17 billion as of March 31, underpinned by project orders totalling 1,869 megawatts. Average selling prices edged up to €0.91 million per megawatt, with Germany, Turkey and Sweden leading demand. The strong order book offers multi-year visibility, yet the stock has not benefited from the momentum — at least not in the short term.

The company has been busy on multiple fronts. A new environmental product declaration for the N175/6.X turbine gives Nordex a compliance edge ahead of the EU’s EmpCo directive, which from September will ban unsubstantiated green claims. The declaration provides a full life-cycle assessment for the model. Just days earlier, Nordex hosted over 120 suppliers at Hamburg’s Elbphilharmonie for its annual Supplier Day, focused on supply-chain optimisation. In Turkey, the group inaugurated a rotor-blade production facility on May 22 and simultaneously bagged a 16-turbine order for the Bal?kesir-3 project, complete with a ten-year service contract. The Turkish expansion dovetails with the country’s growing role as a core market.

Analysts remain constructive. Deutsche Bank reiterated a “Buy” rating with a €59 price target, implying roughly 40 percent upside from current levels. Market capitalisation stands at around €10 billion. Insider activity also signals confidence: board member Dr. Ilya Hartmann made share purchases last year. The annual general meeting took place in May 2026, where investors sought clarity on dividend policy and strategy for the second half.

The technical picture is stretched, with the RSI at 28.2 signalling a potential bounce, but the broader question is whether the 130 percent gain of the prior year needs a longer digestion period. For now, the fundamental trajectory — rising margins, a bulging order book, and geographic diversification — appears intact. The market simply seems to be catching its breath.