Nordex Ramps Up Turkish Blade Factory as First-Quarter Earnings Beat Fails to Lift Stock

Nordex has fired up serial production at its sprawling new rotor blade factory in Menemen, near Izmir, just as a 64% leap in first-quarter earnings and a high-profile visit from a European Commission vice-president underscore the company’s growing strategic heft. Yet the shares remain stuck in a short-term downtrend, trading 17% below a May peak.

The Izmir facility, one of the largest in Nordex’s global manufacturing network, spans roughly 130,000 square metres and can churn out up to 1,200 blades a year when running four shifts. Chief executive José Luis Blanco described the start of production as “another milestone” for the group. The plant will produce blades for the N163 and N175 turbine models, designed for moderate to strong wind conditions, and will employ around 1,200 people across production and administration.

Nordex has been active in Turkey since 2009 and has held a market share of about 34% there since 2017, making it the clear leader. The new factory is initially geared toward supplying projects awarded under the YEKA-4 and YEKA-5 renewable energy auctions, while also fully meeting the local content requirements of the YEKA-2025 specification. Crucially, the site is also being positioned as an export hub for European wind farms – a dual-purpose approach that reduces regional dependency.

Should investors sell immediately? Or is it worth buying Nordex?

The operational push comes against a backdrop of strong financial momentum. In the first quarter of 2026, revenue rose 11% to €1.59bn, beating analyst expectations by 6%. Earnings before interest, tax, depreciation and amortisation jumped 64% to €131m, lifting the EBITDA margin from 5.5% to 8.2%. Net profit per share climbed from €0.034 to €0.23 – a 35% beat on consensus. The project order backlog swelled 27% to €10.5bn, while service order intake surged 74% to €683m. Management reaffirmed its full-year guidance: revenue of €8.2bn to €9.0bn and EBITDA margin of 8% to 11%. Analysts, on average, forecast revenue of €8.62bn.

That strong underlying performance has been reinforced by political backing. On 21 May, European Commission Executive Vice-President Teresa Ribera visited Nordex’s Hamburg headquarters, highlighting the wind turbine maker’s role in the EU’s energy sovereignty and industrial competitiveness agenda. Days later, the company appeared at Deutsche Bank’s European Champions Conference in Frankfurt, with the Q1 numbers as the talking point.

Despite these tailwinds, the stock ended last week at €41.16 – down roughly 11% over the past month and almost 17% below the 52-week high of €49.42 hit in early May. The relative strength index has slipped to 28, deep in oversold territory. On a longer view the picture remains far healthier: the shares are still up about 37% year-to-date and have gained 128% over 12 months. Technicians say a move back above the 50-day moving average of €45.24 would be needed to brighten the short-term outlook.

The next concrete milestone for investors will be the second-quarter results, due on 29 July. Until then, the steady flow of new orders – partly fuelled by the fresh capacity in Izmir – will determine whether the share price can close the gap with the improving fundamentals.

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