Nordex Shares Approach a Pivotal Earnings Report Amid Investor Reshuffle

Nordex stock nears highs ahead of Q1 2026 report. Key drivers: record 2025 orders, a new €50M annual payout policy from 2027, and major investor rotation including Goldman Sachs.

The wind turbine manufacturer Nordex SE finds itself at a critical juncture. With its stock trading near a 52-week high of €46.18, the company is set to report first-quarter 2026 figures on April 27. This update arrives against a backdrop of significant institutional investor activity and a market pricing in continued strong execution.

Recent regulatory filings reveal a dynamic shareholder base. DWS Investment GmbH has newly crossed the reporting threshold, acquiring a 3.31% stake. Meanwhile, BlackRock has trimmed its position to 4.49% after a previous increase. This rotation follows Goldman Sachs's move in February to nearly double its holding to 8.08%. The shifting stakes reflect investor positioning ahead of Nordex's strategic evolution from pure growth to incorporating shareholder returns.

The foundation for this investor interest is a robust full-year 2025 performance. Revenue climbed to €7.55 billion, while the EBITDA margin more than doubled from 4.1% to 8.4%, reaching 12.1% in the final quarter. Order intake surged by 22.5% year-over-year to 10,214 megawatts, filling a record order book. In its domestic German onshore market, which hit record permitting levels in 2025, Nordex was responsible for approximately 32% of newly installed turbine capacity.

A key catalyst for recent trading is the firm's new capital return policy. Starting in 2027, Nordex plans an annual minimum distribution of €50 million, to be executed either as a dividend or share buybacks. The 2027 start date is technical, as distributable profits under German commercial law will only be generated during the 2026 financial year. The upcoming Annual General Meeting on May 5 in Hamburg is expected to lay the groundwork for these future distributions and will also vote on expanding the supervisory board with representatives from major shareholder Acciona.

Analyst sentiment remains bullish, adding to the high expectations. Jefferies recently raised its price target from €50 to €54, reiterating a "Buy" rating based on strong onshore segment dynamics. Deutsche Bank also maintains a "Buy" with a €58 target, citing sustained demand for energy independence and geopolitical tailwinds for energy prices. The stock's performance underscores this optimism, having gained roughly 200% over the past twelve months to trade at €45.82, with minor Friday declines viewed as technical profit-taking.

Operational momentum continues, illustrated by a new order confirmed on April 10. Nordex will supply 13 N175/6.X turbines for an 80 MW project in Spain, scheduled for construction in spring 2027. The contract includes an option for an additional 40 MW, potentially expanding the project to 120 MW, and is backed by a 20-year premium service agreement.

For the current year, management targets revenue between €8.2 and €9.0 billion with an EBITDA margin of 8.0% to 11.0%. However, with the stock valued at about 25 times expected 2026 earnings, the upcoming Q1 report is seen as a major test. Any sign of weakness in order dynamics or profitability could pressure the richly valued shares, while strong results may justify the premium and sustain the rally.