Nordex Rides Turkish Order Wave as RBC Stays on the Sidelines

Nordex shares closed at EUR 35.66, up 3.8%, as the wind turbine maker announced orders in Turkey, Europe and Austria. RBC keeps Underperform.

Nordex shares finished the week on a firm footing, adding 3.8% on Friday to close at EUR 35.66. No single company-specific catalyst explained the gain, yet the move extends a stretch in which the Hamburg-based wind turbine manufacturer has stacked up a string of fresh contracts across Europe.

The most substantial of those came midweek, when Nordex unveiled Turkish orders totaling 389 megawatts. The package covers 56 turbines from the Delta4000 platform, with delivery and installation scheduled across 2027 and 2028. Multi-year service and maintenance agreements ride alongside the hardware, though the company withheld the names of the customers and the precise project locations.

That announcement landed just a day after Nordex disclosed contracts worth 228 megawatts spanning Southern, Central and Eastern Europe. Those orders involve 35 turbines and carry service terms stretching as far as 25 years — a structure that underpins recurring revenue in the higher-margin service business.

Austrian repowering adds to the pipeline

Earlier in the month, on October 1, Nordex signed a 56-megawatt deal with WEB Windenergie AG for a repowering project in Auersthal, Lower Austria. Eight N175/6.X turbines are earmarked for the site, with commissioning targeted for 2028, and a 25-year service agreement attached. Late September had already brought 175 megawatts of orders from France, Portugal and Spain.

The order momentum stands in contrast to the share price trajectory of recent weeks. Roughly a fortnight ago Nordex secured a large-scale project in Brandenburg, and since then the stock has shed 10.6%.

Investors will get a clearer picture of the quarter's true order intake at the start of the new trading week, when the company's tally for the period is expected to show how the recent flurry of signings feeds into the broader backlog.

RBC keeps its distance ahead of results

Not everyone is cheering. RBC Capital Markets left its rating on Nordex at "Underperform" on Friday, with a price target of EUR 36. Analyst Mark Fielding argued that while revenue momentum across the capital goods sector is improving despite lingering economic risks, the upside for the shares at current levels looks limited.

Friday's close leaves the stock just shy of RBC's target. The paper also trades 7.9% below its 50-day moving average of EUR 38.73.

The decisive test arrives on October 30, when Nordex publishes detailed results for the third quarter of 2026. Market participants will be watching closely to gauge how profitably the company converts its swelling order book into earnings during the second half of the year.