Nordex Group has revised its full-year 2025 earnings outlook upward, increasing its expected EBITDA margin to between 7.5 and 8.5%, compared to the previous range of 5.0 to 7.0%. The adjustment follows a review of preliminary third-quarter financial results and an updated forecast for the remainder of the year.
The improved outlook reflects strong operational performance in both the projects and service segments, supported by a stable macroeconomic environment. Preliminary figures for the third quarter of 2025 show EBITDA of € 136 million with a margin of 8.0%, up from € 72 million and 4.3% in the same period last year. Revenues for the quarter are expected to reach about € 1,706 million, broadly in line with Q3 2024, when Nordex recorded € 1,671 million. The results reflect seasonal patterns and temporary supplier-related delays in Türkiye.
At the end of the third quarter, Nordex reported cash holdings of € 1,378 million, compared with € 1,151 million at the end of 2024, resulting in free cash flow of € 298 million for the first nine months of 2025. The company expects to maintain positive cash flow in the final quarter, supported by improved profitability, continued order momentum and further reductions in working capital.
Nordex continues to target full-year sales of between € 7.4 and € 7.9 billion, a working capital ratio below minus 9%, and capital expenditure of around € 200 million.
