- 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 |
| 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 |
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
