Nordex Breaks Out on 60% EBITDA Surge, Local Approvals and Brussels Backdrop Add to Momentum
22.05.2026 - 00:42:17 | boerse-global.de
Nordex delivered its strongest quarterly margin in recent history Thursday, sending shares nearly 3% higher to €44.08 as the wind turbine maker notched a 60% leap in first-quarter EBITDA alongside a clutch of political and project-specific tailwinds. The stock now sits roughly 46% above its start-of-year level, though still about 11% below its 52-week peak of €49.42.
Group revenue rose 10% to roughly €1.6 billion for the three months through March, while EBITDA climbed to €130.7 million -- lifting the margin from 5.5% a year ago to 8.4%. The improvement reflects more efficient project execution and a growing contribution from higher-margin turbine sales, underpinned by an order backlog of €17 billion that provides multi-year planning visibility.
Parallel to the earnings release, Nordex announced a fresh order for 12 turbines with a combined capacity of 82 megawatts across three projects in North Rhine-Westphalia. The buyer is Westfälisch-Niedersächsische Energie GmbH, a regional utility. On the same day in Lower Saxony, the municipal council of Bockhorn cleared the way for the Grabstederfeld wind farm, approving six N133-series turbines expected to produce roughly 29 MW. Despite local protests, the developer now anticipates final permitting from the Friesland district authority, with commissioning targeted around the turn of 2028/2029. The host community stands to gain millions of euros in annual business tax revenue.
Should investors sell immediately? Or is it worth buying Nordex?
The dual developments come as political support for onshore wind intensifies. EU Commission Vice-President Teresa Ribera visited Nordex's Hamburg headquarters the day before the earnings release, underscoring the strategic role of domestic wind capacity in Europe's energy sovereignty push. Meanwhile, the energy ministers' conference that opened Thursday on Norderney saw North Rhine-Westphalia and Lower Saxony jointly call for a faster buildout, with discussions focused on reforming the EEG and aligning generation capacity with grid expansion through a new network package.
Of the analysts covering Nordex, five currently rate the stock a buy, including Deutsche Bank, Goldman Sachs, and Jefferies. RBC stands as the lone underperform rating. The average 12-month price target comes in at €58.60, implying roughly 33% upside from current levels. Several analysts have flagged the prospect of a maiden dividend -- €0.15 per share for 2026, rising to €0.38 for 2027 -- signaling that Nordex is beginning to transition from a pure growth story to one that rewards shareholders directly.
On the technical side, the stock's sustained distance above its 200-day moving average points to a firmly intact uptrend. The next resistance level hovers just below the €50 mark, a threshold that could come into play if the political and operational catalysts continue to align. Whether a repeat of the quarterly beat can close the gap to the 52-week high will depend on how quickly the policy momentum translates into tangible orders -- and whether local planning hurdles can be cleared at the pace Bockhorn's vote suggests is possible.
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