Nordex SE (NRDXF) Q4 2025 Earnings Call Highlights: Record Order Intake and Strategic Growth …

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Thu, February 26, 2026 at 4:02 AM GMT+9 3 min read

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Release Date: February 25, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Nordex SE (NRDXF) achieved record order intake of 10.2 gigawatts in 2025, demonstrating strong market demand.

The company exceeded its medium-term EBITA margin target, reaching 8.4% in 2025, showcasing improved profitability.

Nordex SE (NRDXF) generated a positive free cash flow of 863 million euros, strengthening its financial position.

The company maintained its #2 global market position and achieved a leadership position in Europe for the fourth consecutive year.

Nordex SE (NRDXF) introduced its first shareholder return policy, targeting a minimum annual return of 50 million euros, indicating a commitment to shareholder value.

Negative Points

The company faces potential risks from supply chain disruptions, which could impact production and delivery schedules.

There is uncertainty regarding the timing of permits in the US market, which could affect project execution and order intake.

Nordex SE (NRDXF) may need to negotiate turbine prices down in Germany due to changes in the support scheme for renewables, potentially impacting margins.

The company is exposed to market dynamics and needs to secure significant order intake in 2026 to meet its guidance.

Despite strong financial performance, Nordex SE (NRDXF) has not yet provided formal guidance on free cash flow for 2026, creating some uncertainty for investors.

Q & A Highlights

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Q: Can you provide insights on capacity expansion and any potential supply chain pinch points? A: (CEO, Jose Luis Blanco) We have allocated 200 million in capital expenditure to support volume growth, even at the upper end of our guidance. We plan to maintain and grow our operations in Europe, India, China, and the US, ensuring flexibility to shift volumes between regions if necessary. We do not anticipate major supply chain disruptions.

Q: Could you update us on the situation in Turkey regarding blade supply? A: (CEO, Jose Luis Blanco) We have made significant progress in mitigating risks in Turkey and are currently ramping up blade production. We are committed to long-term investments in the market and are working to meet our commitments to customers and the government.

Q: Why did you choose a 50 million minimum for the new capital return policy? A: (CEO, Jose Luis Blanco) Our priority is to maintain a strong balance sheet to handle market cycles and seize opportunities. We aim to deploy capital effectively to support customer projects and grow the company. (CFO, Dr. Ilya Hardtmann) The 50 million is a minimum, and we will decide annually if a different amount is appropriate, considering our balance sheet and market conditions.

Story Continues  

Q: What are your expectations for installations in 2026 given the strong order intake? A: (CEO, Jose Luis Blanco) While we expect growth in production and installation in 2026, we prefer to guide based on revenue and margin rather than specific operational figures. The year is still young, and we need to secure more sales to meet our 2026 guidance.

Q: How might changes in Germany’s renewable support scheme impact turbine pricing? A: (CEO, Jose Luis Blanco) We view the German market positively, expecting it to deliver 10 gigawatts annually. While changes could introduce uncertainty, we believe onshore wind remains the most cost-effective energy solution for Central Europe. We aim to support our customers and adapt to any new system without compromising margins.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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