Nordex SE is one of Europe's largest onshore wind turbine manufacturers, headquartered in Hamburg, Germany. The company was founded in 1985 in Norderstedt and has grown, through organic expansion and a transformative 2016 merger with Acciona Windpower, into a global onshore wind OEM with installations across more than 40 countries. Nordex is a pure-play onshore manufacturer; it does not compete in the offshore segment, which distinguishes it from Vestas, Siemens Gamesa, and GE Vernova and gives it a tighter operational focus.
The 2016 acquisition of Acciona Windpower was the defining event in Nordex's modern history. Acciona, the Spanish infrastructure and energy conglomerate, contributed a well-regarded turbine platform, significant manufacturing capacity in Spain and India, and a strong position in Latin American markets — particularly Brazil. In exchange, Acciona became Nordex's largest shareholder and remains so today, holding approximately 47% of the company. This ownership structure gives Nordex both strategic stability and a built-in customer relationship, as Acciona Energía continues to be a significant buyer of Nordex turbines for its own wind development projects.
Nordex's primary product family is the Delta4000 series, covering turbines in the 4 to 6+ MW range with rotor diameters from 133 to 175 meters. The platform is designed to optimize annual energy production across a wide range of wind conditions, from high-wind European coastal sites to low-wind interior markets. Europe accounts for roughly 79% of order intake, with North America at approximately 12% and the remainder spread across Latin America, Africa, and select Asian markets.
The project business covers the design, manufacture, sale, and installation of wind turbines. Nordex's Delta4000 series spans the N133/4.8, N149/4.0–5.7, N163/5.8–6.8, and N175/6.X platforms, providing broad coverage across wind classes and tower height requirements. The flagship N175/6.X pairs a 175-meter rotor with up to 6.22 MW of nameplate capacity and targets high-energy-yield sites. The N163/6.X, with a 163-meter rotor and 6.8 MW rating, extends the platform to lower-wind sites where swept area is particularly valuable. Nordex manufactures blades, nacelles, and towers across facilities in Germany, Spain, Brazil, India, and the United States. Average selling prices have risen meaningfully since 2022, reaching €0.90 million per MW in 2024, which is the primary driver of the company's margin recovery.
The service segment provides long-term operations and maintenance contracts, spare parts supply, and technical upgrades for the installed fleet. As Nordex's cumulative installed base has grown (now spanning tens of gigawatts across more than 40 countries), the service business has become an increasingly important source of recurring, higher-margin revenue. Service contracts typically run 5 to 25 years and are anchored to the turbine sale, providing revenue visibility that the project business cannot match. The €5.0 billion service backlog as of end-2024 represents roughly 39% of total backlog, and management has consistently highlighted service margin expansion as a strategic priority.
Nordex reported FY2024 revenue of €7.3 billion, up 12.5% from €6.5 billion in FY2023. EBITDA reached €296 million at a 4.1% margin, a dramatic improvement from near-zero profitability in 2023 and deep losses in 2022, when the company was caught holding fixed-price contracts against surging steel, logistics, and component costs. Net income turned positive at approximately €9 million, a directional marker after a €303 million net loss the prior year.
The recovery is primarily price-driven. Nordex's average selling price per megawatt rose from approximately €0.84 million in 2023 to €0.90 million in 2024, a roughly 7% increase, as the company repriced its order book away from the loss-making vintages of 2020–2021 and toward contracts signed at post-inflation market rates. Order intake reached a record 8.3 GW (€7.5 billion) in 2024, up 13% year-over-year, pushing the total backlog to €12.8 billion. Management's guidance for 2025 called for EBITDA margins of 5–7%, implying further recovery as higher-priced orders flow through to revenue recognition.
Nordex's stock has responded sharply to the turnaround narrative. From early 2025 to early 2026, shares roughly doubled, bringing market capitalization to approximately €11 billion. The rerating reflects both the improving fundamental picture and broader enthusiasm for European wind energy companies as the energy transition advances and policy support remains strong across EU member states.
Nordex's strategy is deliberately narrow: be the leading onshore wind turbine manufacturer in Europe and selectively expand in the Americas. The company has pulled back from Southeast Asia and other geographically dispersed markets where it lacked scale advantages, concentrating resources on Europe — where it holds approximately 32% of German onshore installations by MW, the highest market share of any single OEM — and on growing its North American footprint through its manufacturing facility in West Branch, Iowa.
The Delta4000 series is the product platform carrying this strategy. Nordex has not announced a next-generation platform to replace it in the near term; instead, the company is extending the Delta4000 envelope through incremental rotor and rating increases — the N163/6.X and N175/6.X — rather than launching a clean-sheet design. This is partly a cost discipline choice and partly a reflection of the onshore market reality: unlike offshore, onshore customers generally do not need or want the largest possible turbine, and the 5–7 MW range represents a practical ceiling for most onshore permitting and logistics environments.
Nordex has also made a small strategic investment in Renercycle, a blade recycling company, signaling awareness of the end-of-life problem that will become more pressing as the large cohort of early-2000s turbines reaches decommissioning age. This is early-stage, but the direction is consistent with where EU policy and customer sustainability requirements are heading.
Nordex's pure-play onshore focus is both its competitive strength and its primary constraint. Onshore wind is a mature, cost-competitive technology with shorter project cycles and lower capital intensity than offshore — qualities that make Nordex's business more predictable than peers with offshore exposure. But it also means Nordex is entirely exposed to onshore permitting environments, which remain highly variable across European markets. Germany in particular has struggled with permitting backlogs despite its policy ambitions, and any sustained slowdown in onshore approvals would flow directly to Nordex's order intake.
The Acciona relationship is a structural feature worth understanding. Acciona's ~47% ownership stake creates alignment but also a degree of dependency: Acciona Energía is both a major Nordex customer and its controlling shareholder, which creates potential conflicts of interest around pricing and contract terms. Nordex's ability to maintain arms-length commercial relationships with independent developers is the relevant test — one that the market has generally accepted, but which warrants ongoing scrutiny.
On the competitive side, Nordex faces Chinese OEM expansion primarily in emerging markets, not in its European core. German and broader EU procurement processes remain largely closed to Chinese turbines for political reasons, which provides a degree of near-term competitive insulation that may not persist indefinitely. In the U.S., the Iowa manufacturing presence helps on local content requirements, though the broader U.S. policy environment for wind energy has become less predictable under the current administration.
This profile was compiled from publicly available information including:
Nordex Investor Relations — FY2024 annual report, earnings releases, and order announcements.
Nordex corporate website — Product specifications, Delta4000 platform documentation, and company overview.
FY2024 full-year results release (March 2025) and record order intake announcement (January 2025).
This profile is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security.