Nordex Group reports 10.3% EBITDA margin and 32% order intake growth in Q2 2026

Nordex Group more than doubled its EBITDA in the second quarter of 2026, reaching EUR 224 million ($257.6 million) and a 10.3 percent margin—up from 5.8 percent a year earlier. Net income climbed to EUR 111.5 million ($128.2 million), free cash flow came in at EUR 165 million ($189.8 million), and order intake grew 32 percent year-on-year to 3,054 MW.

The wind turbine manufacturer also confirmed its full-year 2026 guidance, backed by an order book that now stands at EUR 18.4 billion ($21.2 billion).

Q2 2026 financial highlights

Sales hit roughly EUR 2.2 billion ($2.5 billion) in Q2 2026—a 16.3 percent jump from EUR 1.9 billion ($2.2 billion) in the same quarter last year. That top-line growth set the stage for even sharper gains further down the income statement.

Breaking into double-digit territory matters for a capital-intensive manufacturer navigating supply chain pressures and the chronic complexity of project scheduling.

EBITDA more than doubled, rising from EUR 108.2 million ($124.4 million) in Q2 2025 to EUR 223.8 million ($257.4 million) and pushing the margin from 5.8 percent to 10.3 percent. Breaking into double-digit territory matters for a capital-intensive manufacturer navigating supply chain pressures and the chronic complexity of project scheduling.

Net income told a similar story—EUR 111.5 million ($128.2 million) for the quarter versus EUR 31.0 million ($35.7 million) a year earlier, more than three times as much. Free cash flow came in at EUR 164.6 million ($189.3 million), up from EUR 145.1 million ($166.9 million) in Q2 2025, driven mainly by strong operational performance.

Order intake and order book expansion

Nordex locked in 3,054 MW of new orders in the projects segment during Q2 2026—a 32.2 percent jump from 2,310 MW in Q2 2025. In value terms, new orders totaled EUR 3.0 billion ($3.5 billion), up from EUR 2.2 billion ($2.5 billion) the year before.

Those orders came from 10 countries and covered a range of turbine variants. The average selling price held steady at EUR 0.97 million ($1.12 million) per MW—same as Q2 2025—which points to pricing discipline rather than volume-driven discounting.

The total order book reached EUR 18.4 billion ($21.2 billion) as of June 30, 2026, compared to EUR 14.3 billion ($16.4 billion) a year earlier. That backlog breaks down into EUR 11.6 billion ($13.3 billion) in projects and EUR 6.8 billion ($7.8 billion) in service, with both segments up meaningfully year-on-year.

Production and installation activity

Turbine production reached 1,953 MW in Q2 2026, a 23.1 percent increase from 1,586 MW in the same quarter last year. That ramp-up tracks with project scheduling and reflects growing demand moving through the manufacturing pipeline.

Installation activity went the other direction. Nordex installed 211 turbines across 15 countries for a total of 1,168 MW—well below the 337 turbines and 1,959 MW installed in Q2 2025. Blade-related postponements in Türkiye, regional mix effects, and project scheduling shifts were cited as contributing factors.

Europe dominated the geographic breakdown of installed capacity at 87 percent of the total. Latin America contributed 8 percent, North America 4 percent, and the rest of the world 1 percent. The lower installation count was described as in line with expectations.

Balance sheet and financial position

Nordex Group‘s balance sheet stayed solid heading into the second half of the year. Total assets stood at roughly EUR 7.1 billion ($8.2 billion) as of June 30, 2026—slightly above the EUR 6.8 billion ($7.8 billion) recorded at year-end 2025.

Cash and cash equivalents came in at EUR 1.959.7 million ($2.253.7 million), up from EUR 1.928.9 million at December 31, 2025, translating into a net cash position of EUR 1.673.3 million ($1.924.3 million) versus EUR 1.624.7 million at year-end. The equity ratio improved to 20.6 percent from 19.0 percent—modest progress, but directionally right. Projects sales grew 17.6 percent to roughly EUR 2.0 billion ($2.3 billion), while the service segment posted 7.9 percent growth to EUR 223.3 million.

Full-year 2026 guidance confirmed

CEO José Luis Blanco confirmed the company’s full-year 2026 guidance after the Q2 results. He pointed to the EUR 18.4 billion ($21.2 billion) order book as the foundation for that confidence while signaling that the second half will stay focused on execution discipline and progress toward medium-term margin targets.

Nordex is a Hamburg-based wind turbine manufacturer operating across Europe, Latin America, North America, and other markets. Its service segment provides long-term maintenance contracts that feed recurring revenue into the backlog—a structural advantage that becomes more visible as the order book grows.

To recap the key numbers: Q2 2026 sales hit EUR 2.2 billion ($2.5 billion) (+16.3%), EBITDA reached EUR 223.8 million at a 10.3% margin, net income came in at EUR 111.5 million ($128.2 million), and free cash flow was EUR 164.6 million ($128.2 million). Order intake grew 32 percent to 3,054 MW, and the total order book expanded to EUR 18.4 billion ($21.2 billion). Turbine production rose 23 percent, though installations declined due to scheduling and supply factors. The full H1 2026 interim financial report is available on the Nordex investor relations website and was not reviewed by an external auditor.

Kelly Lippke

Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.