Nordex SE

Investor Presentation • Nov 4, 2025

Nordex Group

Accelerated performance in Q3/2025

November 4, 2025

Disclaimer

• › All financial figures within this presentation are unaudited and rounded, numbers may not add.
• › This presentation was produced in November 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.

Introduction	José Luis Blanco
Markets and Operations	José Luis Blanco
Financials	Dr. Ilya Hartmann
Guidance and Outlook	José Luis Blanco
Q&A	All
Key takeaways	José Luis Blanco

Delivering on our promise: Strong nine-month performance drives margin upgrade

• 1 Steady increase in profitability levels with increased EBITDA margins
• 2 Strong execution in the project business
• 3 Faster than planned improvement of the service business
• 4 Consistent operational strength over the past quarters has resulted in ongoing positive free cash flow generation

Upgraded FY guidance: strong Q3/2025 performance with higher margins and continuous FCF generation

Growing order book1 1 2

• Turbine order book in € grew by 36% YoY
• Service order book in € grew by 20% YoY

€15 bn

Combined order book

Strong profitability1

• EBITDA of €136 m, up 90% YoY
• Strong growth in EBITDA margin YoY
• Further increase of Service EBIT margin to 18.6%

8.0%

EBITDA margin

Generating cash1 3

• Increase in positive FCF to €149 m
• Increased net income to €52 m (vs €4 m in Q3/2024)

>€1.0 bn

in net cash

4

Mid-term target within reach

• Strong execution in the project business and service drives margin guidance upgrade for FY 2025
• Mid-term goal of 8% EBITDA margin is well within reach

7.5-8.5%

NEW margin guidance 2025

Markets and Operations José Luis Blanco

Guidance and Outlook José Luis Blanco

Q&A All

Introduction José Luis Blanco

Financials Dr. Ilya Hartmann

Key takeaways José Luis Blanco

Solid delivery in Q3: Order intake of €2.0 bn, up 27%

Order intake turbine1 (MW)

Order intake turbine1 by regions (MW in %)

• › Order intake in value increased by around 27% to €2,012 m in Q3/2025 (Q3/2024: €1,583 m)
• › Orders received from 16 different countries with ASP of €0.93 m/MW in Q3/2025 (Q3/2024: €0.92 m/MW)
• › Slight increase in ASP driven by scope and regional mix effects, overall pricing remained stable
• › Strongest single markets in Q3/2025 were Germany and Canada

Order book further strengthened: Combined order book of around €15 bn

Order book turbines1 (€m)

Geographical distribution of the turbine order book (€m, Q3/2025)

• › Turbines order book rose to over €9.3 bn in Q3/2025, corresponding to an increase of 36% YoY
• › 13,808 wind turbines under service agreement corresponding to 47.6 GW at the end of Q3/2025
• › Service order book increase due to sustained strong order intake for turbines from various regions in recent quarters

Service EBIT margin on a steady path back to previous highs

Sales (€m)

EBIT/EBIT Margin (€m;%)

• › Share of service sales amounted to around 13% of total group sales in Q3/2025
• › Another increase in the Service EBIT margin to 18.6% - this continuous improvement is already reflected in recent quarters
• › 97% average availability of WTGs under service in the Q3/2025
• › Average tenor of the service contracts of around 13 years

Operational performance in line with expectations

• › Strong increase in installations to 420 WTGs in 20 countries (352 turbines in Q3/2024)
• › Q3 turbine production increased in line with project scheduling to a total of 428 turbines in Q3/2025 (334 turbine in Q3/2024)
• › Blade production in Q3 was lower compared to previous year quarter due to temporary delays at a supplier factory in Türkiye

Agenda

Markets and Operations José Luis Blanco

Guidance and Outlook José Luis Blanco

Q&A All

Key takeaways José Luis Blanco

Introduction José Luis Blanco

Financials Dr. Ilya Hartmann

Income statement Q3/2025

in € m1	Q3/2025	Q3/2024	abs. change	Δ in %
Sales	1,706	1,671	35	2.1
Total revenues	1,803	1,593	209	13.1
Cost of materials	-1,325	-1,232	-93	7.6
Gross profit	477	361	116	32.2
Personnel costs	-209	-176	-33	18.6
Other operating (expenses)/income	-133	-114	-19	16.8
EBITDA	136	72	64	90.1
Depreciation/amortization	-42	-45	4	-8.2
EBIT	94	26	68	>100
Financial result2	-13	-21	8	-36.9
Net income	52	4	48	>100
Gross margin3	28.0%	21.6%		6.4 PP
EBITDA margin	8.0%	4.3%		3.7 PP
EBIT margin	5.5%	1.6%		4 PP

• › Sales at a similar level YoY; driven by seasonal mix and supplier related delays in Türkiye
• › Further increase in gross margin to 28.0%
• › Increased EBITDA margin of 8.0%, driven by strong execution in projects and service
• › Positive net income growing to €52 m, after €31 m in Q2/2025 and €4 m in Q3/2024

¹ May not add due to rounded figures

² Consists mainly of bank bond fees, convertible bond interests, leasing and factoring

³ Gross profit in relation to sales

Balance sheet Q3/2025

in € m1	30.09. 2025	31.12. 2024	abs. change	Δ in %
Current assets	3,822	3,602	220	6.1
Non-current assets	2,067	2,029	38	1.9
Total assets	5,889	5,631	258	4.6
Current liabilities	3,675	3,609	66	1.8
Non-current liabilities	1,138	1,026	112	10.9
Equity	1,076	997	79	8.0
Equity and total liabilities	5,889	5,631	258	4.6
Net cash2	1,073	848	225	26.5
ratio3 Working capital	-8.2%	-9.1%		0.8 PP
Equity ratio	18.3%	17.7%		0.6 PP

• › Robust cash level of ~€1.4bn at the end of September 2025
• › Equity ratio further increased compared to previous quarter, mainly driven by the positive development in net income

²Cash and cash equivalents less bank borrowings, bonds and shareholder loan 3Based on last twelve months sales

Solid balance sheet KPIs supporting the operating business

Net cash (debt)1 (€m) Equity ratio (%)

Q3/	Q4/	Q1/	Q2/	Q3/
2024	2024	2025	2025	2025

Working capital ratio3 (%)

• › Strong underlying business performance drives net cash growth
• › Equity ratio further increased to 18.3% at the end of Q3/2025
• › Working capital developing as expected, confirming the trajectory toward the FY 2025 working capital guidance WC development2 (€m)

Positive FCF generation based on strong operational performance

Free Cash Flow1 (€m)

	Q3/2025	Q3/2024
Cash flow from operating activities before net working capital	125	193
Cash flow from changes in working capital	55	-9
Cash flow from operating activities	180	184
Cash flow from investing activities	-31	-25
Free cash flow2	149	159
Cash flow from financing activities	-9	-16
Change in cash and cash equivalents	140	144

› Strong FCF generation continued in Q3/2025 as a result of ongoing strong operational performance

Capex (€m)

• › Investments in line with previous quarters: blade and nacelle production facilities, moulds and tooling as well as investments in installation and transport tooling
• › CAPEX spendings is expected to accelerate towards the year-end

² Operating cash flow minus investing activities

Markets and Operations José Luis Blanco

Guidance and Outlook José Luis Blanco

Q&A All

Key takeaways José Luis Blanco

Introduction José Luis Blanco

Financials Dr. Ilya Hartmann

Guidance for FY 2025 upgraded

	2024	9M/2025	Old guidance
Sales:	€7.3 bn	€5.0 bn	€7.4 – 7.9 bn
EBITDA margin:	4.1%	6.5%	5.0% to 7.0%
Working capital ratio:	-9.1%	-8.2%	below -9%
CAPEX:	€153 m	€97 m	approx. ~€200 m

New 2025 guidance

€7.4 – 7.9 bn

7.5% to 8.5%

below -9%

approx. ~€200 m

Mid term target of 8% EBITDA margin within reach

Time for your questions

Key takeaways

1

Strong third quarter in terms of order intake - confident in our ability to sustain this positive trajectory

2

Strong execution in projects and service lead to guidance upgrade

3

Positive free cash flow generation to continue driven by additional profits and continued working capital improvement

On track to achieve mid-term EBITDA margin target of 8%

Appendix

• › Order intake and installations
• › Order book development
• › Key financial KPIs development
• › Income statement development
• › Balance sheet development
• › Cash flow development
• › Segment results development
• › Working capital development
• › Net cash development

Quarterly order intake and installations

Order intake development in MW

Installations in MW

Quarterly order book development

Order book development in € m

Key financial KPIs development

EBITDA (€m)

Margins (%)

Net cash (debt)2 (€m)

WC ratio3 (%)

Equity ratio (%)

¹ Gross profit in relation to sales

² Cash and cash equivalents less bank borrowings, bonds and shareholder loan

³ Based on last twelve months sales

Quarterly income statement development

in € m1	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025	Q3/ 2025
Sales	1,724	2,012	1,574	1,860	1,671	2,194	1,435	1,874	1,706
Total revenues	1,625	2,127	1,458	1,796	1,593	2,153	1,555	1,853	1,803
Cost of materials	-1,308	-1,752	-1,149	-1,437	1,232	-1,648	-1,164	-1,388	1,325
Gross profit	316	375	309	360	361	505	391	465	477
Personnel costs	-161	-170	-167	-171	-176	-213	-196	-188	-209
Other operating (expenses)/income	-107	-137	-90	-123	-114	-185	-115	-169	-133
EBITDA	48	69	52	66	72	107	80	108	136
Depreciation/amortization	-46	-50	-45	-44	-46	-47	-44	-42	-42
EBIT	2	19	7	22	26	60	35	66	94
Net income	-35	31	-13	1	4	18	8	31	52
Gross margin2	18.3%	18.6%	19.6%	19.3%	21.6%	23.0%	27.3%	24.8%	28.0%
EBITDA margin	2.8%	3.4%	3.3%	3.5%	4.3%	4.9%	5.5%	5.8%	8.0%
EBIT margin	0.1%	0.9%	0.4%	1.2%	1.6%	2.7%	2.4%	3.5%	5.5%

Quarterly balance sheet development

in € m1	30.09.23	31.12.23	31.03.24	30.06.24	30.09.24	31.12.24	31.03.25	30.06.25	30.09.25
Current assets	3,242	3,553	3,273	3,410	3,355	3,602	3,609	3,616	3,822
Non-current assets	1,758	1,869	1,915	2,038	1,954	2,029	2,026	2,052	2,067
Total assets	5,000	5,422	5,188	5,448	5,309	5,631	5,635	5,668	5,889
Current liabilities	3,369	3,673	3,392	3,456	3,408	3,609	3,600	3,566	3,675
Non-current liabilities	692	771	832	1,019	921	1,026	1,041	1,084	1,138
Equity	939	978	964	974	980	997	994	1,018	1,076
Equity and total liabilities	5,000	5,422	5,188	5,448	5,309	5,631	5,635	5,668	5,889
Net cash2	344	631	359	446	583	848	824	942	1,073
ratio3 Working capital	-10.2%	-11.5%	-7.0%	-7.4%	-7.3%	-9.1%	-8.3%	-7.5%	-8.2%
Equity ratio	18.8%	18.0%	18.6%	17.9%	18.5%	17.7%	17.6%	18.0%	18.3%

¹May not add due to rounded figures.

²Cash and cash equivalents less bank borrowings, bonds and shareholder loan. 3Based on actual sales figures.

Quarterly cash flow statement development

in € m1	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025	Q3/ 2025
Cash flow from operating activities before net working capital	-6	244	65	79	193	176	97	232	125
Cash flow from changes in working capital	35	106	-267	51	-9	142	-71	-54	55
Cash flow from operating activities	29	350	-203	130	184	318	26	179	180
Cash flow from investing activities	-31	-47	-51	-36	-25	-47	-22	-33	-31
Free cash flow2	-2	303	-254	94	159	271	4	145	149
Cash flow from financing activities	-8	-14	-8	-9	-16	-5	-10	-14	-9
Change in cash and cash equivalents	-10	289	-262	85	144	266	-6	131	140

Quarterly segment results development

in € m1	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025	Q3/ 2025
Projects sales	1,551	1,824	1,413	1,688	1,474	1,968	1,245	1,670	1,505
Service sales	178	196	166	177	201	233	197	207	219
Not allocated + consolidation sales	-5	-9	-5	-5	-4	-7	-6	-3	-18
Total sales	1,724	2,012	1,574	1,860	1,671	2,194	1,435	1,874	1,706
Projects EBIT	54	95	55	68	83	112	106	102	167
Service EBIT	27	34	25	27	32	39	33	37	41
Not allocated + consolidation EBIT	-79	-111	-73	-73	-89	-91	-104	-73	-114
Total EBIT	2	19	7	22	26	60	35	66	94
Project EBIT Margin	3.5%	5.2%	3.9%	4.0%	5.6%	5.7%	8.5%	6.1%	11.1%
Service EBIT Margin	15.1%	17.4%	15.1%	15.4%	16.0%	16.6%	16.8%	17.7%	18.6%
Total EBIT Margin	0.1%	0.9%	0.4%	1.2%	1.6%	2.7%	2.4%	3.5%	5.5%

Quarterly working capital development

in € m1	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025	Q3/ 2025
Trade receivables	185	197	140	171	195	241	259	315	218
Contract assets from projects	753	780	935	1,027	796	838	809	774	931
Inventories	1,245	1,266	1,114	1,022	1,102	909	982	910	985
Trade payables	-1,573	-1,669	-1,418	-1,710	-1,654	-1,657	-1,482	-1,372	-1,574
Contract liabilities from projects	-1,250	-1,320	-1,251	-1,040	-960	-995	-1,161	-1,167	-1.154
Working Capital	-639	-746	-479	-529	-521	-663	-593	-539	-594
/ Sales (12-month value)	6,297	6,489	6,846	7,170	7,117	7,299	7,160	7,173	7,208
Working Capital Ratio2	-10.2%	-11.5%	-7.0%	-7.4%	-7.3%	-9.1%	-8.3%	-7.5%	-8.2%

Quarterly net cash development

in € m1	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025	Q3/ 2025
Current liabilities to banks	-39	-37	-39	-39	-31	-38	-44	-36	-34
Non-current liabilities to banks	-7	-7	-7	-7	-7	-7	0	0	0
Convertible bond	-249	-248	-254	-253	-259	-258	-265	-264	-271
Employee bond	-3	-3	-3	-3	-3	0	0	0	0
Shareholder loan	0	0	0	0	0	0	0	0	0
Cash and cash equivalents	642	926	661	747	882	1,151	1,132	1,242	1,378
Net Cash (Debt)	344	631	359	446	583	848	824	942	1,073

Key financial metrics – annual base

in € m1	FY 2022	FY 2023	FY 2024	9M/2025
Sales	5,694	6,489	7,298	5,014
Total revenues	5,991	6,551	7,000	5,211
Cost of materials	-5,505	-5,566	-5,465	-3,877
Gross profit	486	985	1,535	1,333
Personnel costs	-588	-630	-727	-593
Other operating (expenses)/income	-143	-353	-511	-417
EBITDA	-244	2	296	324
Depreciation/amortization	-182	-189	-181	-129
EBIT	-427	-187	115	195
Net income	-498	-303	9	90.5
Gross margin2	8.5%	15.2%	21.0%	26.6%
EBITDA margin	-4.3%	0%	4.1%	6.5%
EBIT margin	-7.4%	-2.9%	1.6%	3.9%
Net cash	244	631	848	1,073
Working Capital	-10.2%	-11.5%	-9.1%	-8.2%
Equity ratio	18.5%	18.0%	17.7%	18.3%
Free cash flow	-514	20	271	298

Abbreviations

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

Nordex publication dates & events in 2025 and 2026

Contact details

IF YOU HAVE ANY QUESTIONS PLEASE CONTACT:

Anja K. Siehler Head of Investor Relations

phone: +49 (0)162 351 53 34

email: asiehler@nordex-online.com

Tobias Vossberg Director Investor Relations

phone: +49 (0)173 4573 63 3

email: tvossberg@nordex-online.com

Rafaela Gunzburger Manager Investor Relations

phone: +49 (0)152 041 43 62

email: rgunzburger@nordex-online.com