This is about the only good news, since in the fiscal year just ended the value of new orders fell by 20%, while the company posted a loss of half a billion euros - an all-time record.

It is true that the European Union intends to commission 23GW of new capacity in offshore wind energy, but this investment program extends over twenty-five years and is subject to change.

Nordex's two main markets, Germany and Brazil, both have significant potential. However, the former is waking up from its renewable dream with a hangover, while the latter is struggling to emerge from the economic and political chaos in which it has long been immersed.

Beware of the value of the global order book: its 10% growth over the year is a direct reflection of inflation. As for the services business, which is recurrent and more profitable than turbine construction, it represents only 10% of revenues: no salvation is to be expected there.

In truth, Nordex is not doing well in the long term. Apart from the fairy tale of wind energy, it is hard to understand what could seduce investors, as the company has all the characteristics of a value destroyer.

Its share price at twenty years attests better than any speech. It is furiously reminiscent of the precedent of gas turbine manufacturers, who also had a bright future until the sector collapsed completely.

Nordex's sales have quintupled over the past decade, admittedly ter, but the group has not made any money since 2017. Worse, its losses have been growing at an alarming rate: for example, sales doubled over the last five years, but this time it's losses that are quintupling.

The good story is a good one, and Nordex has been telling it with abandon - as if by chance - since its difficulties began. The company, in fact, has been raising capital every year since 2018, contributing to further diluting its historical shareholders.

Another positive point, however: the deleveraging now fully completed.