Nordex SE

Investor Presentation • Feb 27, 2025

Nordex Group

Nordex SE - Financial figures FY 2024

27th February 2025

Disclaimer

All financial figures within this presentation are unaudited.
This presentation was produced in February 2025 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction.

• This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such "aim", "anticipate", "believe", "estimate", "expect", "forecast", "guidance", "intend", "objective", "plan", "predict", "project", and "will be" and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forward-looking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate.

Agenda

Introduction	José Luis Blanco
Markets and orders	José Luis Blanco
Operations and technology	José Luis Blanco
Financials	Dr. Ilya Hartmann
Sustainability	Dr. Ilya Hartmann
Guidance and Outlook	José Luis Blanco
Q\&As	All
Key takeaways	José Luis Blanco

We are delivering as promised: Laying the foundation for further profitable growth

Our path to profitable growth - communicated in 2022

2024 results: delivered on all targets and guidance

Growing
order book

• Turbine order intake in MW grew by $12 \%$
• Turbine order book grew by $13 \%$
  

Expanding

Service

• Service order book grew by $37 \%$
• Revenues grew by $14 \%$
• EBIT margin grew by 94 bp
  

Improving

profitability

Generating

cash

• Revenue grew by $12.5 \%$
• EBITDA of $€ 296 \mathrm{~m}$ at the top end of the guidance range
• EBITDA Margin grew by 410 bp

Re-iterating our mid-term EBITDA margin target of 8\%

6 | Introduction

Nordex rises to #2 globally for order intake in 2024 (ex China)

■ Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Others

Agenda

Introduction	José Luis Blanco
Markets and orders	José Luis Blanco
Operations and technology	José Luis Blanco
Financials	Dr. Ilya Hartmann
Sustainability	Dr. Ilya Hartmann
Guidance and Outlook	José Luis Blanco
Q\&As	All
Key takeaways	José Luis Blanco

Record high order intake in FY 2024

Order intake turbine* (in MW)

Order intake value increased by $20 \%$ to $€ 7,461 \mathrm{~m}$ in FY 2024 (FY 2023 €6,211 m)

Q4 order intake significantly rose by around $32 \%$ to 3,253 MW compared to the same quarter last year

Order intake turbine* by regions (in MW in \%)

Europe $\square$ North America $\square$ Latin America $\square$ RoW

• Orders received from 24 different countries with stable ASP of $€ 0.90 \mathrm{~m} / \mathrm{MW}$ in FY 2024 ( $€ 0.84 \mathrm{~m} / \mathrm{MW}$ in FY 2023)
• Strongest single markets were Germany, Türkiye, Canada, France, Spain and South Africa in FY 2024

Order book further strengthened - total order book of $€ 12.8$ bn

Order book turbines ( $€$ m)

Very healthy growth of the order book to around $€ 7.8$ bn in 2024 compared to $€ 6.9$ bn in 2023

Geographical distribution of the order book in FY 2024 as follows: Europe (83\%), North America (9\%), Rest of World (5\%) and Latin America (3\%)

Order book service ( $€$ m)

12,757 wind turbines under service agreement corresponding to over 41.3 GW at the end of FY 2024

• Order book increase largely a reflection of the strong turbine order intake momentum across different regions in the last two years

Service EBIT margin on track to return to former profitability levels

Agenda

Introduction	José Luis Blanco
Markets and orders	José Luis Blanco
Operations and technology	José Luis Blanco
Financials	Dr. Ilya Hartmann
Sustainability	Dr. Ilya Hartmann
Guidance and Outlook	José Luis Blanco
Q\&As	All
Key takeaways	José Luis Blanco

Operational performance in FY 2024

Installations (MW)

Total installations of 1,227 WTGs in 25 countries in FY 2024 (FY 2023: 1,429 WTGs)
Installations of 6,641 MW on a normalized run rate in FY 2024

• Geographical split (MW) in FY 2024: 71\% Europe, 16\% LatAm, 7\% RoW and 6\% NA

Production

Turbine assembly output totaled 1,312 units in FY 2024: 482 in Germany, 361 in China, 298 in India, 150 in Spain and 21 in Brazil
Total blade production splits into in-house production of $28 \%$ and outsourced blade production of $72 \%$

Agenda

Introduction	José Luis Blanco
Markets and orders	José Luis Blanco
Operations and technology	José Luis Blanco
Financials	Dr. Ilya Hartmann
Sustainability	Dr. Ilya Hartmann
Guidance and Outlook	José Luis Blanco
Q\&As	All
Key takeaways	José Luis Blanco

Income statement FY 2024

in $€$ m*	FY 2023	FY 2024	abs. change	$\Delta$ in \%
Sales	6,489	7,299	810	12.5
Total revenues	6,551	7,001	450	6.9
Cost of materials	$-5,566$	$-5,466$	100	$-1.8$
Gross profit	985	1,535	550	55.9
Personnel costs	$-630$	$-727$	$-98$	15.5
Other operating (expenses)/income	$-353$	$-511$	$-158$	44.8
EBITDA	2	296	294	$>100$
Depreciation/amortization	$-188$	$-181$	8	$-4.0$
EBIT	$-186$	115	302	n/a
Net profit	$-303$	9	312	n/a
Gross margin**	$15.2 \%$	$21.0 \%$
EBITDA margin	$0.0 \%$	$4.1 \%$
EBIT margin	$-2.9 \%$	$1.6 \%$

Comments

Sales increased by $12.5 \%$ to $€ 7.3$ bn reflecting higher ASPs, higher activity levels and growth in service revenues
Another strong gross margin of $23.0 \%$ recorded in Q4/2024, up from $18.6 \%$ in Q4/2023

Q4/2024 EBITDA margin improved to 4.9\% (Q4/2023: $3.4 \%$ ) reflecting further normalized business
Positive net profit in FY 2024

Balance sheet FY 2024

in $€ \mathrm{~m}^{*}$	31.12 .23	31.12 .24	abs. change
Current assets	3,553	3,602	50
Non-current assets	1,869	2,029	160
Total assets	5,422	5,631	209
Current liabilities	3,673	3,609	$-64$
Non-current liabilities	771	1,026	255
Equity	978	997	19
Equity and total liabilities	5,422	5,631	209
Net cash**	631	848
Working capital ratio ${ }^{ * }$	$-11.5 \%$	$-9.1 \%$
Equity ratio	$18.0 \%$	$17.7 \%$

Comments

• Robust liquidity levels of over $\sim € 1.2 b n$ including cash facility under the MGF at the end of FY 2024
• Equity ratio on a similar level primarily due to an increase in total assets that outpaced equity growth
• Working capital ratio developed as expected with a significant shift occurring in the fourth quarter

Working capital ratio improved towards year-end 2024

Working capital ratio (in \% of sales)*

W/C ratio in Q4/2024 improved to minus $9.1 \%$ in line with the guidance range for 2024

Working capital development (in $€ \mathrm{~m}$ )*

Higher activity levels combined with prepayments on the basis of a strong order intake momentum led to further improvement towards year-end

Cash flow statement FY 2024

in $€$ m*	FY 2023	FY 2024
Cash flow from operating activities before net working capital	$-6$	512
Cash flow from changes in working capital	167	$-82$
Cash flow from operating activities	161	430
Cash flow from investing activities	$-141$	$-159$
Free cash flow**	20	271
Cash flow from financing activities	286	$-38$
Change in cash and cash equivalents	306	233

Comments

• Cash flow from operating activities before net working capital driven by strong operational performance
• Cash flow from investing activities in line with our investment plans slightly below guidance
• Strong free cash flow in Q4, leading to a strong full year positive free cash flow of $€ 271 \mathrm{~m}$

Total investments in FY 2024 below guided figure

CAPEX (in $€ \mathrm{~m}$ )

Property, plant, equipment
Intangible assets

Comments

• CAPEX spending slightly below expectations:
• Investments in blade and nacelle production facilities, moulds and tooling
• Investments in installation and transport tooling and equipment for projects
• Re-opening of mothballed lowa facility and the new US turbine variant

Solid capital structure in FY 2024

(Net debt)/net cash (in $€$ m)*

Q4/	Q1/	Q2/	Q3/	Q4/
2023	2024	2024	2024	$\mathbf{2 0 2 4}$

As expected, net cash levels further increased towards the end of Q4/2024

Equity ratio (in \%)

Q4/	Q1/	Q2/	Q3/	Q4/
2023	2024	2024	2024	$\mathbf{2 0 2 4}$

Equity ratio on a similar level compared to the previous year primarily due to higher asset base compared to equity increase

Agenda

Introduction	José Luis Blanco
Markets and orders	José Luis Blanco
Operations and technology	José Luis Blanco
Financials	Dr. Ilya Hartmann
Sustainability	Dr. Ilya Hartmann
Guidance and Outlook	José Luis Blanco
Q\&As	All
Key takeaways	José Luis Blanco

Sustainability - FY 2024: Our path to net zero is defined and externally recognized

Our sustainability highlights 2024

• GHG emissions avoided amount to 81.0 Mt CO2e (17\% compared to a year ago)
• We have received SBTi approval for our emission reduction targets:
• Short-term target: Nordex commits to reducing absolute Scope 1 and 2 emissions by $42 \%$ and absolute Scope 3 emissions by $25 \%$ by 2030 compared to the 2022 base year
• Long-term target: Nordex commits to reducing absolute Scope 1, 2 and 3 emissions by $90 \%$ by 2050 compared to the 2022 base year
• LTIF ratio of 1.45, more than halved compared to baseline in 2021
• We have joined the UN Global Compact

Our ESG rating performance

Agenda

Introduction	José Luis Blanco
Markets and orders	José Luis Blanco
Operations and technology	José Luis Blanco
Financials	Dr. Ilya Hartmann
Sustainability	Dr. Ilya Hartmann
Guidance and Outlook	José Luis Blanco
Q\&As	All
Key takeaways	José Luis Blanco

FY 2024 targets fully achieved

EBITDA Increase and W/C development led to a positive free cash flow of $€ 271 \mathrm{~m}$ in FY 2024

Wind energy demand expected to remain strong

Onshore wind will be key in the growing decarbonization wave

Growing electricity demand... ${ }^{1}$

...with onshore wind being the most competitive technology
Market-level levelized cost of electricity, 2024
(ex Mainland China) ${ }^{2}$
\$ per megawatt-hour (nominal)

(1) Spurred by the electrification of transport and data center demand, the need for electricity is surging
(2) Onshore wind together with PV remains one of the most competitive technologies
(3) Poor economics - not just policy - underpin the phase out of coal and gas generation in Europe

[^0]
[^0]: ${ }^{1}$ BloombergNEF New Energy Outlook 2024.
${ }^{2}$ BloombergNEF Levelized Cost of Electricity update 2025 dated 6 Feb 2025; All calculations are on unsubsidized basis.
Note - BNEF analysis pre-dates new assumptions re data center demand which point to $16 \%$ US electricity demand growth over the next five years; outlook remains fluid.

Demand expected to remain strong despite near-term uncertainties

Nordex and order intake

Source: WoodMar. 2024, Global Wind Power Market Outlook Update Q4, December.
US forecast from BloombergNEP. 2024, 2H 2024 Global Wind Market Outlook, November - Conservative scenario assuming repeal of IRA.
*US forecast from BNEF, IRA repeal scenario.

Guidance for FY 2025: Solid profitable growth expected

Please note the guidance is based on the assumptions of a stable supply chain.

Clear path to increase profitability to sustainable levels

Time for your questions

Answers

Questions

Key takeaways

(1)

Lower LCoE and higher energy demand across our core markets underpin the sustainable case for the wind industry in the mid- to long-term

(2)

Achieved all 2024 commitments with steadily increasing EBITDA margins, highlighting significant profitability enhancements

Substantial order intake pipeline for Nordex with stability in selling prices, supply chain and cost base

Focus on generating consistent positive and sustainable free cash flows

Margin outlook improved for 2025, building confidence in mid-term margin target achievement

Appendix

Quarterly order intake and installations
Quarterly order book development
Quarterly income statement
Quarterly balance sheet development
Quarterly cash flow development

Quarterly order intake and installations

Order intake development in MW

Quarterly order book development

Order book development in $€ \mathrm{~m}$

Quarterly income statement development

in $€ \mathrm{~m}^{*}$	Q1/ 2023	Q2/ 2023	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024
Sales	1,217	1,536	1,724	2,012	1,574	1,860	1,671	2,194
Total revenues	1,243	1,556	1,625	2,127	1,458	1,796	1,593	2,153
Cost of materials	$-1,135$	$-1,371$	$-1,308$	$-1,752$	$-1,149$	$-1,437$	1,232	$-1,648$
Gross profit	108	186	316	375	309	360	361	505
Personnel costs	$-147$	$-151$	$-161$	$-170$	$-167$	$-171$	$-176$	$-213$
Other operating (expenses)/income	$-76$	$-34$	$-107$	$-137$	$-90$	$-123$	$-114$	$-185$
EBITDA	$-115$	1	48	69	52	66	72	107
Depreciation/amortization	$-51$	$-42$	$-46$	$-50$	$-45$	$-44$	$-46$	$-47$
EBIT	$-166$	$-41$	2	19	7	22	26	60
Net profit	$-215$	$-84$	$-35$	31	$-13$	1	4	18
Gross margin **	8.9\%	12.1\%	18.3\%	18.6\%	19.6\%	19.3\%	21.6\%	23.0\%
EBITDA margin	$-9.4 \%$	0.0\%	2.8\%	3.4\%	3.3\%	3.5\%	4.3\%	4.9\%
EBIT margin	$-13.6 \%$	$-2.7 \%$	0.1\%	0.9\%	0.4\%	1.2\%	1.6\%	2.7\%

Quarterly balance sheet development

in $€ \mathrm{~m}^{*}$	31.03.23	30.06.23	30.09.23	31.12.23	31.03.24	30.06.24	30.09.24	31.12.24
Current assets	2,758	3,025	3,242	3,553	3,273	3,410	3,355	3,602
Non-current assets	1,788	1,771	1,758	1,869	1,915	2,038	1,954	2,029
Total assets	4,546	4,796	5,000	5,422	5,188	5,448	5,309	5,631
Current liabilities	3,453	3,145	3,369	3,673	3,392	3,456	3,408	3,609
Non-current liabilities	413	659	692	771	832	1,019	921	1,026
Equity	680	992	939	978	964	974	980	997
Equity and total liabilities	4,546	4,796	5,000	5,422	5,188	5,448	5,309	5,631
Net cash**	104	360	344	631	359	446	583	848
Working capital ratio****	$-10.6 \%$	$-9.6 \%$	$-10.2 \%$	$-11.5 \%$	$-7.0 \%$	$-7.4 \%$	$-7.3 \%$	$-9.1 \%$
Equity ratio	$15.0 \%$	$20.7 \%$	$18.8 \%$	$18.0 \%$	$18.6 \%$	$17.9 \%$	$18.5 \%$	$17.7 \%$

Quarterly cash flow statement development

in $€ \mathrm{~m}^{*}$	Q1/ 2023	Q2/ 2023	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024
Cash flow from operating activities before net working capital	$-133$	$-112$	$-6$	244	65	79	193	176
Cash flow from changes in working capital	57	$-31$	35	106	$-267$	51	$-9$	142
Cash flow from operating activities	$-76$	$-143$	29	350	$-203$	130	184	318
Cash flow from investing activities	$-39$	$-24$	$-31$	$-47$	$-51$	$-36$	$-25$	$-47$
Free cash flow**	$-115$	$-167$	$-2$	303	$-254$	94	159	271
Cash flow from financing activities	3	305	$-8$	$-14$	$-8$	$-9$	$-16$	$-5$
Change in cash and cash equivalents	$-112$	138	$-10$	289	$-262$	85	144	266

Segment results

in $€ \mathrm{~m}^{*}$	FY 2021			FY 2022			FY 2023			FY 2024			Q4 2023			Q4 2024
	Projects	Service	not allocated + consolidation	Projects	Service	not allocated + consolidation	Projects	Service	not allocated + consolidation	Project	Service	not allocated + consolidation	Project	Service	not allocated consolidation	Project	Service	not allocated
Sales	4,987	468	$-11$	5,122	574	$-3$	5,828	679	$-18$	6,543	777	$-21$	1,824	196	$-9$	1,968	233	$-7$
EBIT	$-21$	86	$-173$	$-231$	96	$-292$	10	101	$-297$	318	123	$-326$	95	34	$-111$	112	39	$-91$
EBITmargin	$-0.4 \%$	$18.4 \%$	-	$-4.5 \%$	$16.7 \%$	-	$0.2 \%$	$14.9 \%$	-	$4.9 \%$	$15.8 \%$	-	$5.2 \%$	$17.4 \%$	-	$5.7 \%$	$16.6 \%$	-

Key financial metrics - annual base

in € m *	FY 2021	FY 2022	FY 2023	FY 2024
Sales	5,444	5,694	6,489	7,298
Total revenues	5,052	5,991	6,551	7,000
Cost of materials	$-4,225$	$-5,505$	$-5,566$	$-5,465$
Gross profit	827	486	985	1,535
Personnel costs	$-474$	$-588$	$-630$	$-727$
Other operating (expenses)/income	$-301$	$-143$	$-353$	$-511$
EBITDA	53	$-244$	2	296
Depreciation/amortization	$-160$	$-182$	$-189$	$-181$
EBIT	$-107$	$-427$	$-187$	115
Net profit	$-230$	$-498$	$-303$	9
Gross margin**	$15.2 \%$	$8.5 \%$	$15.2 \%$	$21.0 \%$
EBITDA margin	$1.0 \%$	$-4.3 \%$	$0 \%$	$4.1 \%$
EBIT margin	$-1.8 \%$	$-7.4 \%$	$-2.9 \%$	$1.6 \%$
Net cash	424	244	631	848
Working Capital	$-10.2 \%$	$-10.2 \%$	$-11.5 \%$	$-9.1 \%$
Equity ratio	$25.9 \%$	$18.5 \%$	$18.0 \%$	$17.7 \%$
Free cash flow	$-25$	$-514$	20	271

Abbreviations

• FCF - Free Cash Flow
• YoY - Year over Year
• QoQ - Quarter over Quarter
• m - millions
• bn - billions
• GW - Gigawatts
• MGF - Multi Guarantee Facility
• MW - Megawatts
• FY - Financial Year ending December
• ASP - Average Selling Price (Calculated as price/MW)
• W/C ratio - Working Capital ratio
• WIP - Work in progress
• EMEA - Europe, Middle East and Africa
• RoW - Rest of the World

Nordex publication dates \& events in 2025

Contact details

IF YOU HAVE ANY QUESTIONS PLEASE CONTACT:

Anja Siehler
Head of Investor Relations
phone: +49 (0)1623515334
email: asiehler@nordex-online.com
Tobias Vossberg
Director Investor Relations
phone: +49 (0)1734573633
email: tvossberg@nordex-online.com

Nordex SE

Langenhorner Chaussee 600
22419 Hamburg / Germany
www.nordex-online.com