Nordex Wins Twin Analyst Backing as Cash Flow Surges Past Guidance

Nordex closed Friday's session up 4.3%, and the gain had two catalysts behind it: a quarterly report that more than doubled operating profit, and a pair of broker notes that landed the same morning. Jefferies reiterated its Buy rating with a EUR 63 target, while Deutsche Bank Research kept its own Buy call and a EUR 59 target. Both had been waiting on the detailed third-quarter figures published Thursday.

The headline number doing the heavy lifting is the EBITDA jump. Nordex booked EUR 278.2 million in the third quarter of 2026, against EUR 135.9 million a year earlier — more than double. That translated into a 12.7% EBITDA margin. Revenue climbed 28.2% to EUR 2.2 billion (Deutsche Bank's note cites EUR 2.19 billion), and net profit came in at EUR 147.1 million. Free cash flow reached EUR 379 million, a figure that gives the quarter its real weight.

Two Desks, One Verdict

Jefferies analyst Constantin Hesse pointed to better execution, operating leverage and order momentum as the pillars of his call, tying the positive view to both the operating progress and the order intake. Deutsche Bank's John Kim was equally taken with the quarter and said the guidance commentary for the closing three months inspired confidence — a read that covered the published results and management's outlook for the rest of the year alike.

The guidance itself is where the quarter's most consequential change sits. Nordex lifted its full-year 2026 EBITDA margin forecast to a range of 11.5% to 12.5%, up from the 8.0% to 11.0% band it had previously put forward. The raise was explicitly linked to the strength of the quarter.

Order Book and New Business

Commercial momentum matched the earnings picture. Order intake in the Projects segment hit 2,810 MW, 29.5% above the prior-year level, and the order backlog stood at EUR 19.3 billion as of September 30.

Two October announcements round out the picture. On October 22, Nordex reported its entry into the New Zealand market with an order from Mercury covering 192 MW of turbines for a wind farm in Otago, bundled with a 30-year service agreement. Roughly two weeks earlier, DenkerWulf ordered nine N149/5.X turbines totaling 51.3 MW for the Bredenbek wind farm in Schleswig-Holstein, a deal that carries 20 years of premium service.

The combination of a doubled EBITDA, a raised margin outlook and a backlog near EUR 19.3 billion gives both brokerages the same thing to point at: a company whose operating leverage is finally showing up in the numbers.