Shares of Nordex SE surged 9.2% to €39.54 on October 16 after the German onshore wind turbine manufacturer posted preliminary third-quarter results that blew past Wall Street expectations and raised its full-year profitability forecast by a wide margin.

  • Profits Roughly Doubled, Beating Consensus by 15%

Preliminary EBITDA rose to about €278 million from €136 million a year earlier, roughly doubling and beating a company-compiled consensus by 15%.

That figure surpassed the estimated €237.2 million.

Revenue climbed to about €2.19 billion from €1.71 billion, and free cash flow rose to €379 million from €149 million. For shareholders, the cash flow figure matters most: it means Nordex is not just booking accounting profits but actually generating real cash it can use to invest or reduce debt.

  • The New Margin Target Tells a Bigger Story

Nordex now expects a full-year EBITDA margin — the share of revenue left after operating costs — of 11.5% to 12.5%, up from the previous guidance of 8.0% to 11.0%.

The consensus estimate had been just 10.6%. That means the floor of the new range sits above where most analysts expected the company to land. The improvement was driven by higher margins in the Service segment and strong project execution, while risks assumed in the Projects segment did not materialize to the extent anticipated. In plain terms: maintenance contracts are increasingly lucrative, and construction projects came in under budget.

  • A Booming Order Book Feeds the Pipeline

Q3 order intake rose 29.5% to 2.8 GW.

The nine-month total reached 7.7 GW, up 16.1%, driven mainly by Türkiye, Germany, and the U.S.

The total order book exceeds €18 billion. That backlog provides revenue visibility well into 2027 and beyond, a crucial cushion if order momentum ever slows.

  • The Open Question: Can These Margins Hold?

Full-year 2025 EBITDA margin was 8.4%. Nordex is now guiding to roughly 12% at the midpoint for 2026 — a jump of over 350 basis points (3.5 percentage points) in a single year. Wind turbine manufacturing has historically been a razor-thin-margin business plagued by warranty costs and supply-chain shocks. Nordex's cash position ended Q3 at €2.33 billion, up from €1.93 billion at year-end 2025 , providing a buffer. But sustaining double-digit profitability will require continued pricing discipline and flawless execution on a growing installation pipeline. Full results are due November 5. That report will show whether today's euphoria is warranted — or premature.