Nordex Shares Surge as Record-Breaking Turbine Order Highlights Growth Trajectory

Nordex secures landmark German order for 199m hub height turbines, targets €8.2-9.0B revenue for 2026 and plans capital returns from 2027.

The German wind turbine manufacturer Nordex SE has secured a landmark domestic order, showcasing its technological edge in the onshore wind sector. A project in North Rhine-Westphalia will feature turbines with a record hub height of 199 meters, setting a new benchmark for the industry.

Operational Momentum and Financial Targets

This technical milestone comes amid robust operational and financial momentum for the company. Nordex's order backlog, inclusive of service contracts, now stands at approximately €16 billion. For the 2026 fiscal year, management is targeting revenue in a range of €8.2 to €9.0 billion, with an EBITDA margin forecast between 8.0% and 11.0%. The company's medium-term margin goal was recently raised to 10.0-12.0%. Furthermore, Nordex has announced a capital return policy, planning a minimum annual distribution of €50 million starting in 2027, to be executed either as a dividend or through share buybacks.

A New Record for Onshore Wind in Germany

The Westfälisch-Niedersächsische Energie GmbH & Co. KG has placed an order for three N175/6.X turbines for the Marienmünster-Altenbergen wind park. Each unit boasts a capacity of up to 7 MW. With the 199-meter hub height, the tip of the rotor blade will reach over 286 meters into the sky. This significant elevation allows the turbines to access more consistent wind flows, enabling earlier and more stable electricity generation—particularly during periods of low national feed-in and correspondingly high power prices in Germany.

The towers will utilize Nordex's proprietary hybrid system, constructed from both concrete and steel. This in-house design has already been deployed in more than 2,500 installations worldwide. Site preparation is scheduled to commence in September 2026, with commissioning planned for the summer of 2027.

Expanding Global Footprint and Market Reaction

Shortly before announcing the German project, Nordex reported an order from Serbia for eleven turbines of the same model. The 70 MW Jasikovo wind park in the eastern part of the country also includes a 30-year service agreement. This deal brings Nordex's total sales volume in Serbia to 425 MW.

The company's operational progress is being mirrored in its equity performance. Nordex shares have gained roughly 52% since the start of the year, a period during which the MDAX index has notably declined. Trading at €45.58, the stock is hovering just below its 52-week high of €46.18, which also marks its highest level since 2002. The current price sits more than 65% above its 200-day moving average, underscoring the strength of this year's rally.

The North Rhine-Westphalia contract demonstrates Nordex's ability to rapidly translate technological advancements into commercial projects. Whether the equity can sustainably break through the €46 threshold is likely to depend on the pace of follow-on orders for this new record-setting turbine configuration.