Nordex widens its onshore wind order book as Turkey and the US drive third-quarter intake
Shares in Nordex rose 3.5% in the first minutes of trading after the German turbine maker published its third-quarter order figures. The gain eased to 2% by mid-morning.
The company booked orders totalling 2,810 megawatts in the third quarter of 2026, up 29.5% year on year and ahead of analyst consensus. Cumulative orders over the first nine months reached 7.7 gigawatts, an increase of 16.1%.
Pricing held broadly as investors expected. The average selling price was 0.90 million euros per megawatt in the third quarter and 0.93 million euros over nine months, against 0.92 million euros in the first nine months of 2025. The price was stable, shaped by the geographic mix of orders.
Turkey and the US lead the intake
Orders came mainly from Turkey and the US. Investors had been cautious about Nordex's growth plans in the US and about historical problems in Turkey, linked to the supply chain, local manufacturing standards and local legal disputes.
Chief executive José Luis Blanco said the order book is gaining global diversity. Turkey led demand with more than 900 megawatts, and the US has registered more than 1.3 gigawatts so far this year.
Rivals take a different line
The intake contrasts with the cautious message from Siemens Energy in its fourth-quarter indicators. In onshore wind, Siemens Gamesa remains selective and service-oriented rather than volume-driven. It maintains its target of reaching breakeven in the fourth quarter. It also acknowledged that new offshore orders were lower than expected, though it expects them to concentrate in the early quarters of 2027.
Vestas has not yet published third-quarter orders. Operating leverage in the US has been decisive for its Power Solutions division in earlier quarters, with higher US sales covering fixed and variable costs at its American plants.
On 21 September Vestas launched the V182-7.2 MW, an upgrade of the V172. It can produce 6% more annual energy at medium wind speeds and improves the capacity factor by 2%, with a specific power of 277 W per square metre. Nordex's N193, also presented in September, has a 193-metre rotor against 182 metres for the Vestas model. Both are built on modular production platforms, EnVentus for Vestas and Delta 4000 for Nordex.
What the order mix suggests
The quarter suggests that Nordex is converting geographic diversification into volume without conceding price. A stable average price of 0.90 million euros per megawatt, in a mix led by Turkey and the US, points to disciplined commercial terms. Investors who had discounted the Turkish and US risks may now reassess that caution, although the shares' retreat from 3.5% to 2% shows the market is not treating the result as decisive.
The contrast with Siemens Gamesa is instructive for capital allocation. One manufacturer is pursuing volume and the other margin structure and services. Both strategies carry execution risk, and the Siemens Gamesa breakeven target for the fourth quarter will be an early test of the more selective approach.
Product competition in onshore wind
The V182 and N193 launches point to differentiation by site conditions rather than headline power alone. The Vestas model targets stable production profiles and grid-injection quality, while the Nordex model targets low-wind sites and projects with height and grid-connection constraints. For developers and operators, this may mean turbine choice increasingly follows grid and permitting limits.
It will be worth watching whether the Vestas third-quarter order data confirm the US operating-leverage effect that has supported its margins. If they do, the US could become the main arena where the German and Danish manufacturers compete on both volume and profitability. Nordex will also need to show that the Turkish supply-chain and local-standards issues stay contained as orders grow there.