Q2 Preview: Solid Execution and Order Momentum

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Q2 Preview: Solid Execution and Order Momentum

Germany | Renewable Energy

Nordex EquityJulyResearch2, 2026

TARGET | ESTIMATE CHANGEQ2 Preview: Solid Execution and Order

RATING BUYMomentum

PRICE €46.50^

We expect Q2 to demonstrate continued execution strength, with higher

delivery volumes driving sequential margin improvement. Order intake PRICE TARGET | % TO PT €58.00 (€57.00) | +25%

should rebound meaningfully versus Q1, led by recent US wins and 52W HIGH-LOW €51.70 - €17.27

sustained European demand. While Germany’s grid package remains an FLOAT (%) | ADV MM (USD) 53.0% | 34.16

overhang, robust auction activity and improving US momentum reinforce MARKET CAP €11.0B | $12.5B

confidence in Nordex’s medium-term growth outlook. Reiterate Buy. TICKER NDX1 GR ^Prior trading day's closing price unless otherwise

noted.

We expect Nordex to reiterate a positive outlook at Q2, underpinned by resilient European onshore

wind demand and emerging signs of stronger US momentum. While visibility on the US market

FY (Dec) CHANGE TO JEFe JEF vs CONS

remains limited, the recent announcement of c800MW of orders provides greater confidence that

2026 2027 2026 2027

activity could accelerate in 2026, particularly in light of the potential growth in power demand and

REV NM NM -1% +2%

rising power prices. In Germany, fundamentals remain robust, evidenced by the May auction being

materially oversubscribed, although uncertainty surrounding the proposed grid package continues EPS +6% +2% -6% -5%

to weigh on sentiment ahead of a potential update in July. As we see it, Germany is committed

to 10GW of auctions per annum, with the potential addition of a further 12GW in the next couple 2026 (€) Q1 Q2 Q3 Q4 FY

of years.