Berenberg: Nordex to Post 'Modest Beat' in Q2; Forecasts Up

Berenberg raised its earnings forecasts for Nordex (NDX1.F) ahead of its second quarter results, with analysts expecting the German wind turbine company to deliver a "modest beat" for the three months ended June 30. In a Friday note, the research firm said it forecasts second-quarter revenue of 2.2 billion euros, up 19% year over year and 6% above the Bloomberg consensus, along with an EBITDA of 207 million euros, up 91% annually and 5% ahead of consensus. "The company's project execution remains solid, and we model a stronger second half for the company than the first, aligned with historical seasonality. We also remain positive about Nordex in the medium term. The strong Q2 project awards of 3.1GW confirms the growing order momentum, along with stable average selling prices (ASPs) and a re-entry in the US market. The growing order backlog is now translating into a greater revenue and EBITDA outlook," the note said. Subsequently, Berenberg increased its sales, EBIT, and EPS forecasts from 2026 to 2028. The stock's buy rating was maintained, with a price target of 57 euros.