It is difficult to discuss wind energy without encountering Nordex. Founded in Denmark in 1985, the company established itself as a sector pioneer from the outset: just two years after its launch, it was already installing the world's largest mass-produced wind turbine. Now based in Germany, the company also has Spanish roots through Acciona group, which holds a 47% stake.
Nordex has emerged as a global manufacturer. For its most recent models, the company controls the bulk of the value chain: it produces rotors, hubs, blades and nacelles in-house, while developing its own software solutions. Conversely, the group generally outsources the manufacturing of towers, gearboxes, and generators to specialists such as Flender, Eickhoff and ZF Wind Power.
About 89% of its revenue is derived from system sales, with the remainder generated by maintenance services. Its geographical footprint remains heavily influenced by its origins, with nearly 80% of its revenue generated in Europe.
A Significant Re-rating
In recent months, Nordex shares have risen sharply, driven by solid results and its remarkable execution that has won over investors. In just over a year, between February 2025 and April 2026, with wind really in its sales, the share price has more than quadrupled.
This spectacular surge is far from artificial. Since its low in 2022, revenue and operating income surged to peaks in 2025. A sign of this recovery: the operating margin, which was still negative in 2023, now stands at 7.3%. This trajectory reflects disciplined management, driven by a successful operational and structural transformation.
Added to these internal factors is a market environment that is once again favorable for green energy. The post-Covid slump has been digested, and project cancellations from the Trump era have been priced in. Exponential growth in energy demand, relating to data centers and sovereignty imperatives, has brought fossil fuel alternatives back into favor.
A Robust First Quarter
Q1 results have confirmed the trend. EBITDA came in 15% above expectations, while its order book stands at €17bn, up 11% y-o-y. Revenue has followed suit, also rising 11%. Regarding profitability, previously a weak point in the results, the EBITDA margin rose by 270bp y-o-y and this momentum shows no signs of running out of steam.
Management describes the market environment as "favorable", and operations do not appear to be impacted by the Middle East crisis (for now). Jefferies analysts remain confident regarding the 2026 fiscal year, noting that "supply chain diversification should mitigate the shock, and any inflationary impact will be more relevant for 2027 than for 2026".
What Levers for the Future?
However, the stock's upside potential is more limited than in the past. This is not a question of the company's financial health, but rather that the market has already largely priced in the growth catalysts. Management adopted a cautious tone during the conference call, which led to some legitimate profit-taking.
The restructuring has now borne fruit, and the bulk of the turnaround is complete. Consequently, internal growth levers are becoming scarcer. The strategic challenge is shifting: the priority is no longer restoring profitability, but stimulating sales volume.
Nordex trades at a 2026 P/E of 23.8x, close to the levels of its peers such as Denmark's Vestas (23.2x) and India's Inox Wind (25.8x). The investment case now depends more on exogenous factors than internal dynamics, now that rationalization has been achieved. From this perspective, Nordex is carried by the underlying momentum in the energy sector, which remains one of the most supportive themes at present.
