Q2 looks positive to in-line, upside risk for the full-year

研报英文原文证据摘录

Q2 looks positive to in-line, upside risk for the full-year

Deutsche Bank

Research

Rating Company Date

Buy Nordex 30 June 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 29 Jun 2026 (EUR) 44.54

NDXG.DE NDX1 GR GER NDXG

Price Target (EUR) 61.00

Capital Goods

52-week range (EUR) 50.00 - 16.80

Engineering

Q2 looks positive to in-line, upside risk

Valuation & Risks for the full-year

John Kim

Nordex reports Q2 results on July 29th. We expect a 5% beat on the Q2 Project

Research Analyst

order intake, a +2% beat on Q2 group revenues and a +5% beat on adj EBITDA vs +44-20-754-18699

consensus. Positives in the quarter include the 1st sizable set of US orders in a

while and good weather and supply chain--positive for installations and margins. Gael de-Bray, CFA

Service remains a bright spot as Nordex has largely avoided the issues faced by

+33-1-4495-6562

other OEMs with no offshore exposure in the business model. Should Q2 deliver,

it puts Nordex in position to raise full-year guidance which we wouldn’t expect

Key changes

until Q3 (like last year) as H2 remains critical for execution and project delivery

TP 59.00 to 61.00 ↑ 3.4%

due to seasonality. DB full-year estimates are slightly ahead of consensus at this

DB EPS (EUR) 2.00 to 2.21 ↑ 10.4%

point. We maintain our BUY rating and adjust our target price to €61.

Revenue (EURm) 8,803 to 9,024 ↑ 2.5%

Source: Deutsche Bank

Thoughts on the order intake so far

In Project, we forecast 2.6GW in Q2 order intake or €2.3bn in order value (ASP Price/price relative

0.89m/MW) putting us +5% ahead of consensus at this point. Announced orders for 75

Q2 total to c1.6GW with Q2 unannounced orders averaging to c840MW since 2020. 50

Holding this pattern constant, we effectively have cover vs consensus expectations