Nordex Shares Surge on Record Orders and Strategic Momentum

Nordex secures a 279 MW turbine order with long-term service contracts, as record 2025 results and strong political tailwinds fuel its operational turnaround.

The German wind turbine manufacturer Nordex has secured another major domestic contract, sending its share price trading near a 52-week peak. This latest deal is part of a broader operational upswing, positioning the company in what appears to be its strongest phase to date.

Operational Strength and a Key Contract

Nordex announced it will supply 40 turbines with a combined capacity of 279.2 MW to its existing customer wpd. The order spans nine projects across four German states: Mecklenburg-Western Pomerania, North Rhine-Westphalia, Hessen, and Lower Saxony. Installation and delivery are scheduled for 2027. A significant aspect of the agreement is the inclusion of a 15-year service contract for each turbine, a feature that is becoming increasingly vital for the firm's valuation.

This repeat business from wpd, which also placed an order for approximately 126 MW in September 2025, underscores a vote of confidence in Nordex's technology. The contract will see the first deployment of the N175/6.X turbine model, mounted on hybrid towers with a hub height of 179 meters.

Recurring Revenue and Record Financials

Long-term service agreements are a core strategic pillar for Nordex, not merely an add-on. They provide predictable, recurring revenue streams that help stabilize the cyclical nature of the project business.

The company's operational performance has been robust. For the full year 2025, order intake surged by 22.5% to reach 10.21 GW, setting a new record. Its EBITDA margin doubled from 4.1% to 8.4%, allowing Nordex to hit its medium-term margin target a year ahead of schedule. In response, management has set a new target range of 10% to 12%. For the 2026 fiscal year, the company anticipates revenues between €8.2 billion and €9.0 billion.

Share Performance and Analyst Caution

The equity market has reflected this positive trajectory. Since its low in April 2025, the stock has more than tripled in value, and it has gained approximately 44% since the start of the year. Recently trading at €43.26, it sits just below its 52-week high.

This valuation level is where some analysts express caution. Bernstein Research has initiated coverage on Nordex with a "Market-Perform" rating and a price target of €40. The analysts contend that the current share price already factors in the operational turnaround, the more ambitious medium-term goals, and the recently announced dividend policy.

Political support provides a favorable backdrop. The German federal government has reaffirmed its target of adding 10 GW of onshore wind capacity annually, a pace that would position Germany as the world's third-largest wind market in the medium term.

Investors will gain further insight into the company's progress toward its annual goals when Nordex releases its Q1 report on April 27. This update will likely clarify whether the operational momentum can continue to justify the present market valuation.