Nordex Analysts Split Down the Middle After a Quarter That Doubled Earnings
Published on 11/09/2026 at 07:02 | Editorial boerse-global.de
Nordex closed Friday's session at €42.50, up 4.3%, as two of Europe's most closely watched research desks staked out opposite corners on the wind turbine maker. Jefferies reiterated its buy call with a €63 target, while RBC Capital Markets held firm to "underperform" and a €36 price target — a spread of €27 that leaves little room for indifference.
The bull case rests on what lies ahead. Jefferies analyst Constantin Hesse pointed to favorable conditions building for 2027, according to media accounts of the note. RBC's Colin Moody took the opposite view on the quarter just reported: the final figures held no surprises once the headline numbers were already out.
A quarter that more than doubled profitability
Those headline numbers were striking. Revenue for the third quarter of 2026 came in at roughly €2.2 billion, a 28.2% increase over the same period in 2025. EBITDA more than doubled to €278.2 million, producing a margin of 12.7%.
Net income reached €147 million. On the strength of that performance, Nordex raised its full-year EBITDA margin guidance to 11.5–12.5%, up from the previous 8.0–11.0% range.
Should investors sell immediately? Or is it worth buying Nordex?
Order intake in the projects segment climbed to 2,810 MW, or 2.8 GW — 29.5% more than a year earlier. The order backlog stood at €19.3 billion.
New Zealand entry pairs with installation headaches
On October 20, Nordex announced a 192 MW order from Mercury, marking the company's first foray into the New Zealand market. The deal adds a fresh geography to a pipeline already running hot.
Execution on the ground has proven less smooth. Installation work in the third quarter was held back by customer delays and pending transport permits, according to Reuters. Rotor blade production problems in Turkey added further friction to the installation schedule.
Nordex at a turning point? This analysis reveals what investors need to know now.
Investors will get their next update on November 24, 2026.
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