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EQS-News: Nordex SE / Key word(s): Quarter Results
Nordex Group starts the year with solid sales growth and an EBITDA margin of 3.3%; Full year guidance confirmed
2024-05-14 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
Nordex Group starts the year with solid sales growth and an EBITDA margin of 3.3%; Full year guidance confirmed
. Strong order intake of 2.1 GW
. 29% growth in sales year over year
. First quarter EBITDA reaches EUR 52 million
. Working capital ratio at minus 7.0 percent
Hamburg, 14 May 2024. The Nordex Group (ISIN: DE000A0D6554) generated sales of EUR 1,574 million, which corresponds to
a growth of 29 percent (Q1/2023: EUR 1,217 million).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter amounted to EUR 52.1
million (Q1/2023: minus EUR 114.9 million), resulting in an EBITDA margin of 3.3 percent (Q1/2023: minus 9.4 percent).
Operating performance
The Nordex Group erected 227 wind turbines in 13 countries with an aggregate output of 1,103 MW in the first quarter of
2024. In the prior-year quarter, 276 wind turbines with an aggregate output of 1,319 MW were installed in 19 countries.
In terms of installed capacity (in MW), 71 percent was attributable to Europe, 19 percent to Latin America, 10 percent
to the rest of the world. As a result of an improving orderbook, sales in the Projects segment rose by 32.3 percent to
EUR 1,413 million in the reporting period (Q1/2023: EUR 1,068 million). The Service segment also continued its positive
trend with an increase in sales of 9.3 percent to EUR 166 million (Q1/2023: EUR 152 million).
Production output in turbine assembly was 199 turbines (Q1/2023: 217 units) with a nominal output of 1,171 MW (Q1/2023:
1,078 MW). The Company produced 313 rotor blades (Q1/2023: 233 units) with external suppliers manufacturing an
additional 726 rotor blades (Q1/2023: 888 rotor blades).
Order intake (excluding the Service segment) grew to EUR 1,765 million (Q1/2023: EUR 917 million), with total nominal
output increasing to 2,086 MW (Q1/2023: 1,021 MW). This order volume was entirely attributable to eleven countries,
with Germany, South Africa and Lithuania as the largest individual markets. The order book in the Projects segment grew
to EUR 7.3 billion by the end of the quarter (Q1/2023: EUR 6.5 billion). The order book in the Service segment
increased by 13.6 percent, from EUR 3.4 billion to EUR 3.8 billion. The total order book for both segments thus came to
EUR 11.1 billion (Q1/2023: EUR 9.9 billion).

Key financial figures at a glance
As of the end of March 2024, the Nordex Group had cash and cash equivalents of EUR 661 million (31 December 2023: EUR
926 million) and a net cash position of EUR 359 million (31 December 2023: EUR 631 million). The working capital ratio
as a percentage of consolidated sales was minus 7.0 percent (31 December 2023: minus 11.5 percent). Compared with the
end of the previous year, total assets fell slightly by 4.3 percent to EUR 5.2 billion as of 31 March 2024 (31 December
2023: EUR 5.4 billion). The equity ratio increased to 18.6 percent (31 December 2023: 18.0 percent).
Overall, we have made a strong start on our path towards improving our margins and achieving more stable results. We
have executed projects with higher profitability and found a stable cost environment, meaning that we have
significantly improved our performance compared to the previous year. After several years of high volatility and
fluctuations, we now expect a more stable earnings and margin trend over the course of the year," says José Luis
Blanco, CEO of the Nordex Group.

The quarterly statement for the first quarter of 2024 is now available for download on the Nordex Group's website in
the Investor Relations section under "Publications" (ir.nordex-online.com).
Nordex Group key financials

(in EUR million)              31.3.2024 31.3.2023 Change (%) 
Sales                           1,574.2   1,217.1       29.3 
thereof Service segment           165.9     151.8        9.3 
EBITDA                             52.1    -114.9        n/a 
EBITDA margin                       3.3      -9.4    12.7 PP 
EBIT margin                        0.4%    -13.6%    14.0 PP 
Consolidated net profit/loss      -13.1    -214.8        n/a 
Capital expenditure                33.9      24.9       36.1 
Free cash flow                   -253.7    -114.8     -121.2 
Order intake (Projects)         1,764.9     917.3       92.4 
Order intake (Service)            308.9     250.4       23.3 
Order book (Projects)           7,333.3   6,458.1       13.6 
Order book (Service)            3,791.3   3,405.1       11.3 
(in EUR million)           31.3.2024 31.12.2023 Change (%) 
Working capital ratio          -7.0%     -11.5%    -4.5 PP 
Cash and cash equivalents      661.1      925.9      -28.6 
Net cash position              359.0      631.4      -43.1 
Equity ratio                   18.6%      18.0%     0.6 PP 

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Contact for press inquiries: Nordex SE Felix Losada Phone: 040 / 300 30 - 1141 flosada@nordex-online.com

Contact for investor inquiries: Nordex SE Anja Siehler Phone: +49 162 3515 334 asiehler@nordex-online.com

Tobias Vossberg Phone: +49 173 457 3633 tvossberg@nordex-online.com Torben Rennemeier Phone: +49 152 3461 7954 trennemeier@nordex-online.com

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2024-05-14 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

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Language:     English 
Company:      Nordex SE 

Erich-Schlesinger-Straße 50
18059 Rostock
Germany

Phone:        +49 381 6663 3300 
Fax:          +49 381 6663 3339 
E-mail:       investor-relations@nordex-online.com 
Internet:     www.nordex-online.com 
ISIN:         DE000A0D6554 
WKN:          A0D655 
Indices:      MDAX, TecDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 

Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1901829

End of News EQS News Service
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1901829 2024-05-14 CET/CEST

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May 14, 2024 01:00 ET (05:00 GMT)