• 2024 order intake grew by 20% to a record EUR 7.5 bn
• Sales increased by 12.5 percent to EUR 7.3 billion
• Full year EBITDA margin of 4.1 percent slightly exceeding the top end of the guidance range
• Q4/2024 EBITDA margin further improved to 4.9 percent
• Free cash flow reaches EUR 271 million, driven by operating business
• Positive net profit of EUR 9 million

Hamburg, 27 February 2025. The Nordex Group (ISIN: DE000A0D6554) today published its annual financial statements for the full year 2024. The Group achieved a solid financial performance, meeting all targets set for the financial year. Group sales increased by 12.5 percent to EUR 7.3 billion (2023: EUR 6.5 billion). Total performance, including inventory changes, rose by 7 percent to EUR 7.0 billion (2023: EUR 6.5 billion).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) significantly improved to EUR 296 million in the reporting year 2024 (FY 2023: EUR 2 million). This development corresponds to a margin of 4.1 percent (2023: 0 percent) slightly exceeding the upper end of the guidance range for 2024. Throughout 2024, the EBITDA margin improved sequentially, culminating in a fourth-quarter margin of 4.9% (Q4/2023: 3.4%) and an absolute EBITDA of EUR 107 million (Q4/2023: EUR 69 million).

“Last year, we fully delivered on all our operational and financial promises, taking another significant step towards our medium-term profitability target. We achieved a record order intake in 2024, resulting in a very high order book. This success was driven by strong momentum in our service and project business,” says José Luis Blanco, CEO of the Nordex Group. “We have made substantial progress in our financial performance, continuously enhancing our absolute EBITDA and EBITDA margin throughout the year. The figures we present today clearly underline that we have achieved our goal to strengthen our financial position and are able to deliver a robust positive free cash flow,” adds Ilya Hartmann, CFO of the Nordex Group. “Looking ahead, we aim to further strengthen our market position, and we are on track to continuously improving our profitability, further increasing the company’s long-term value”, concludes José Luis Blanco.

Operational and segment performance

In the Projects segment, order intake totaled 8.3 GW for the reporting year, 13 percent up compared to 7.4 GW in the previous year. This corresponds to a total value of new orders reaching EUR 7.5 billion (FY 2023: EUR 6.2 billion), up 20 percent. The orders in the past year were received from 24 different countries and span across various turbine types.

In the Service segment, the Nordex Group increased its order intake by 114% to EUR 1,981 million compared to EUR 924 million one year before. This includes both service contracts for new turbines and extensions for expired contracts.

As of the end of 2024, the Nordex Group’s order book stood at EUR 12.8 billion, compared to EUR 10.5 billion at the year-end 2023. This consists of EUR 7.8 billion (FY 2023: EUR 6.9 billion) in the Projects segment and around EUR 5.0 billion (FY 2023: EUR 3.6 billion) in the Service segment.

In the reporting year 2024, turbine assembly production reached 7,609 MW compared to the 7,985 MW in 2023. Rotor blade production rose to 5,421 units, up by 17 percent compared to 4,635 units in the year before. Of these, around 28 percent were produced in-house (FY 2023: 25 percent), while around 72 percent (FY 2023: 75 percent) were sourced from external suppliers.

The Nordex Group successfully installed 1,227 wind turbines across 25 countries, totaling 6.6 GW in the reporting year, in line with the internal planning. This corresponds to 1,429 wind turbines with a total output of 7.3 GW in the year 2023. Of the installations carried out in the period under review (in MW), 71 percent were attributable to Europe, 16 percent to Latin America, 7 percent to the region “Rest of the World” and 6 percent to North America.

Sales in the Projects segment rose by around 12 percent to EUR 6.5 billion in the reporting year, up from EUR 5.8 billion in 2023. The Service segment also experienced growth, with sales increasing by 14 percent to EUR 777 million compared to EUR 679 million in the year before.

Key financial figures at a glance

Free cash flow reached EUR 271million in the reporting year (FY 2023: EUR 20 million), supported by strong free cash flow generation in the last quarter primarily due to strong operational performance.

Total assets amounted to approximately EUR 5.6 billion, slightly higher compared to the EUR 5.4 billion at the end of 2023. The equity ratio reached 17.7 percent, comparable to 18.0 percent as of 31 December 2023. As of the reporting date, the Group cash and cash equivalents stood at a robust level of EUR 1,151 million (31 December 2023: EUR 926 million), resulting in a healthy net cash position of EUR 848 million (31 December 2023: EUR 631 million). The working capital ratio as a percentage of consolidated sales was minus 9.1 percent (31 December 2023: minus 11.5 percent).

Guidance for 2025 and reiteration of mid-term EBITDA margin target

For the current year, the Nordex Group expects consolidated sales between EUR 7.4 to 7.9 billion with an EBITDA margin between 5.0 to 7.0 percent. The company expects a slightly stronger second half in terms of sales and profitability. By the end of 2025, the Nordex Group projects the working capital ratio in relation to consolidated sales to be below minus 9 percent. Approximately EUR 200 million is planned for investments. Given the strong performance in 2024, the Company is reiterating its 8% EBITDA margin medium-term target.

First integrated Annual Report including sustainability statement published

For the first time, the Nordex Group has published an integrated report, including a sustainability statement in accordance with CSRD, and reviewed by auditing firm KPMG. The sustainability statement outlines the Group’s sustainability strategy, recent developments, activities, key figures and contains the non-financial Group report.

The Nordex Group integrated Annual Report is now available in the Investor Relations section of the company’s website under “Publications” (ir.nordex-online.com).

The Nordex Group will announce its results for the first quarter of 2025 on 30 April 2025.

Nordex Group key financials: