Nordex SE

Q2 2026 revenue increased 16% year over year to almost EUR 2.2 billion. Gross margin improved to 26.9% from 24.8% in Q2 2025, EBITDA more than doubled to EUR 224 million, and EBITDA margin was 10.3% versus 10% threshold commentary from management. Net profit was EUR 111 million, up EUR 80 million year over year. Free cash flow was EUR 165 million, working capital was minus 8.3%, net cash was EUR 1.7 billion, and cash on the balance sheet was approximately EUR 2 billion. For the full year 2026, Nordex reiterated revenue growth of 9% to 11%, EBITDA margin of 8% to 11% with midpoint plus as the most likely outcome, and another good year for free cash flow.

José Luis Blanco said the quarter showed continued positive momentum across the business, with stronger revenue, a double-digit EBITDA margin, healthy free cash flow, and a strong balance sheet. He emphasized disciplined execution, profitable growth, and confirmation that the company remains on track for full-year guidance. He also highlighted U.S. re-entry, stable pricing in Germany, and a cautiously positive view on the German EEG/grid package because it could support more auction volume and reduce uncertainty.

Ilya Hartmann said sales rose 16% to almost EUR 2.2 billion, gross margin improved to 26.9%, EBITDA reached EUR 224 million, and net profit was EUR 111 million. He pointed to cash of about EUR 2 billion, net cash of EUR 1.7 billion, and working capital of minus EUR 663 million, or minus 8.3%. He also highlighted the new EUR 2.5 billion multi-guarantee facility, saying it nearly doubled the prior facility size, extended tenor to 5 years, and materially lowered financing costs; for 2026 he suggested total interest costs of EUR 60 million to EUR 70 million would be a safe modeling range, likely closer to EUR 60 million.

Analysts focused on U.S. margins and the economics of the Iowa ramp, with management saying U.S. order profitability is broadly similar to Germany and that local operating costs are not a major burden. Questions also centered on why inventories did not rise despite production outpacing installations; Ilya Hartmann explained revenue is recognized largely cost-to-cost and the output was mostly under existing contracts, so customers are effectively paying along the way. Other notable topics were Germany’s EEG/grid package, with management arguing that higher auction volume and clearer curtailment rules could support more bankable projects but that final outcomes remain uncertain.