Nordex Wins the Quarter, Not Yet the Argument
Published on 11/07/2026 at 17:23 | Editorial boerse-global.de
Nordex shareholders had a good Thursday-to-Friday run: the stock added 4.3% as the market digested quarterly figures and a raised full-year outlook. What the rally did not settle is the more interesting question — how much of that operational improvement is already baked into the price. Two research houses answered it in opposite ways this week, and the gap between them frames the whole debate.
Two Verdicts, One Set of Numbers
Jefferies reiterated its Buy rating with a EUR 63 price target. Analyst Constantin Hesse pointed to better execution, operating leverage and healthy order momentum. ODDO BHF, by contrast, lifted its target from EUR 41.50 to EUR 44 but kept its rating at Neutral, according to media reports. The house concedes more value in the business while staying on the sidelines — a combination that reads less like contradiction than calibration.
That spread between EUR 44 and EUR 63 is the valuation argument in miniature. Anyone convinced the operational gains will last can justify the higher end. Anyone wanting further proof will lean cautious. Both positions rest on the same underlying figures.
The Profit Engine Doubled
Those figures are striking. Third-quarter 2026 EBITDA came in at EUR 278.2 million, against EUR 135.9 million a year earlier — more than double. Revenue for the period reached EUR 2.2 billion, with a net profit of EUR 147.1 million and an EBITDA margin of 12.7%.
Should investors sell immediately? Or is it worth buying Nordex?
For the full year, Nordex now expects a margin of 11.5% to 12.5%, having raised the range. That upgraded guidance doubles as a yardstick: the company has set its own bar higher, and execution now matters more than commentary. Investors would do well to weight the next set of operating results more heavily than any additional analyst enthusiasm.
Orders Only Count Once They Ship
The other half of the story is the pipeline. Order intake in the Projects segment climbed 29.5% year on year in the third quarter, reaching 2,810 MW. As of September 30, 2026, the backlog stood at EUR 19.3 billion.
A backlog of that size is a foundation, not a result. The thesis holds only if Nordex converts those projects at the profitability the quarter just demonstrated. Growth in volume commands attention; growth in earnings is what pays for it. Jefferies' emphasis on order momentum and ODDO BHF's insistence on patience converge on precisely this point — the order book and the margin have to hold up together.
Nordex at a turning point? This analysis reveals what investors need to know now.
Jefferies sees good preconditions for 2027. Whether that view carries depends on one condition neither house disputes: Nordex must work through its project stock with the earning power these quarterly figures have put on display.
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