Nordex SE

Q2 2026 revenue rose 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%, up 450 basis points year over year. Net profit was EUR 111 million, up EUR 80 million versus last year’s quarter. Free cash flow was EUR 165 million, working capital was minus 8.3%, and net cash stood at EUR 1.7 billion. For the first half, management said EBITDA margin reached 9.4%. Full-year 2026 guidance was reaffirmed: top-line growth of 9% to 11%, EBITDA margin of 8% to 11% with midpoint-plus most likely, and another good year for free cash flow generation.

José Luis Blanco described the quarter as evidence of continued positive momentum, emphasizing revenue growth, double-digit EBITDA margin, strong free cash flow, and a strong balance sheet. He highlighted a 3.1 GW order intake, a combined order book above EUR 18 billion, progress in the U.S. with around 800 MW of year-to-date orders, and the ramp-up of the Iowa facility. His tone was constructive but measured: he repeatedly pointed to execution discipline, stable pricing, and a need for caution given geopolitical and operational uncertainty in the second half.

Ilya Hartmann walked through the financial upside in the quarter: sales up 16%, gross margin at 26.9%, EBITDA at EUR 224 million, and net profit at EUR 111 million. He also pointed to a strong balance sheet, with approximately EUR 2 billion of cash, net cash of EUR 1.7 billion, equity ratio of 20.6%, and working capital at minus EUR 663 million, or minus 8.3% of sales. He emphasized the new EUR 2.5 billion multi-guarantee facility as a major financing improvement versus the prior EUR 1.3 billion facility, with a 5-year term and materially lower costs, and said Q2 free cash flow was EUR 165 million while full-year FCF should remain solid.

Analysts focused on U.S. order margins, Germany pricing, service backlog growth, installation timing, trade receivable impairments, and the financial impact of the new guarantee facility. Management said U.S. orders are broadly similar in profitability to Germany and that the Iowa ramp does not require major additional CapEx, while also stressing that the recent U.S. order momentum was not driven by one single deadline. On Germany, they argued that stable turbine pricing and higher auction volumes could support healthy margins, though they acknowledged uncertainty around the final grid package and curtailment rules. They also said the service business is growing backlog faster than revenue because longer contract tenors extend visibility rather than near-term sales, and that receivable impairments were not due to customer distress.