Nordex Sets Landmark Dividend Policy on Back of Record Performance

Nordex plans €50M annual payout from 2027 after record sales & profit. New turbine order & analyst upgrades signal strong momentum for the wind manufacturer.

The German wind turbine manufacturer Nordex SE is charting a new course for capital allocation, announcing its first-ever shareholder return policy. After years of reinvesting all profits, the company now plans to distribute a minimum of €50 million annually starting in 2027, either as a dividend or through share buybacks. This strategic pivot underscores a significant transformation in the company's financial profile and maturity.

This confidence stems directly from a record-breaking 2025. Group sales climbed to €7.55 billion, while EBITDA more than doubled to €631 million. The corresponding margin jumped from 4.1% to 8.4%, reaching an impressive 12.1% in the final quarter alone. Order intake also surged, rising 22.5% to over 10,200 megawatts. Building on this momentum, management has set ambitious targets for 2026, guiding for revenues between €8.2 and €9.0 billion with an EBITDA margin of 8.0% to 11.0%.

The company's operational strength was recently highlighted by a major new order. In early April, Nordex secured a contract in Spain for 80 MW, with an option to expand to 120 MW. An undisclosed customer ordered 13 units of the N175/6.X model, the most powerful series turbine in Nordex's portfolio. Designed for low-wind sites, the turbines will be installed on 112-meter steel tubular towers, with construction and commissioning slated for 2027. The deal includes a 20-year service agreement. This marks only the second order for this new turbine platform, following a 21 MW project in Germany secured in March, signaling growing market acceptance.

Analysts are taking note of the improved fundamentals. Jefferies raised its price target on Nordex shares from €50 to €54, reiterating a "Buy" rating. Analyst Constantin Hesse cited improved profitability, favorable regulation, and tailwinds from the ongoing energy crisis as key drivers. Deutsche Bank also maintains a "Buy" recommendation with a €58 price target. Both houses expect a seasonally normal first quarter, with attention focused on whether strong order activity from Germany will begin to visibly impact the financials.

Investors now face two key dates. Nordex will report its first-quarter 2026 figures on April 27. Shortly after, on May 5, the company will hold its Annual General Meeting. The stock is currently trading near its 52-week high of €46.18, commanding a valuation of approximately 25 times expected 2026 earnings. The upcoming quarterly report will be scrutinized for evidence that the company's operational performance can justify this premium valuation as it transitions toward rewarding its shareholders.