Nordex Group Nordex SE – Financial figures Q1/2024

14th May 2024

Financial figures Q1/2024 | 14 May 2024

› All financial figures within this presentation are unaudited.

› This presentation was produced in May 2024 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 is confidential. Any reproduction or distribution of this presentation, in whole or in part, without Nordex SE's prior written consent is expressly prohibited.
› 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 orders	Patxi Landa
Financials	Dr Ilya Hartmann
Operations and technology	José Luis Blanco
Guidance and Outlook	José Luis Blanco
Q&As	All
Key takeaways	José Luis Blanco

Executive summary Q1/2024

Q1/2024 Results	Commentary
Sales: EUR 1.6bn	› Order intake of 2.1 GW (Q1/2023: 1 GW) shows a strong start into the year with stable ASP of EUR 0.85m/MW (Q4/2023: ASP of 0.84m). First US order of 148 MW booked in 2024. › Sales increased by around 30% to EUR 1,574m compared to previous year quarter of EUR 1,217m. › Gross margins improved to 19.6%, showing continuous improvement quarter over quarter as well as year over year.
EBITDA margin: 3.3%	› EBITDA margin of 3.3% in Q1/2024 (Q1/2023: -9.4%) shows material improvement, mainly on account of better project mix, stable gross margins and better execution. › Installations of 1.1 GW in Q1/2024, slightly lower than our internal planning. We expect the run rate to steadily improve in the coming quarters to catch up on all delays. › Healthy liquidity levels of EUR 741m, with equity ratio stable at 18.6%.
Working capital ratio: -7%	› Temporary increase in the working capital ratio to -7% in preparation for higher activity levels expected in the coming quarters. › 2024 guidance maintained; mid term EBITDA target of 8% still intact.

Nordex continues to grow its market share (ex China) based on order intake and installations

| 6 Markets & orders

› Order intake totaled to EUR 1,765m in Q1/2024 (EUR 917m in Q1/2023)
› ASP** of EUR 0.85m/MW in Q1/2024 (Q1/2023: 0.90m/MW), slightly better than our ASP reported for 2023 and Q4 2023

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

› Orders received from eleven different countries in Q1/2024
› Largest single markets were South Africa, Germany Lithuania and Turkey

Growth in service business Q1/2024

Service revenues (EUR m) and EBIT margin Comments

+9% › Share of service sales amounted to around 11% of group sales in Q1/2024
- › Service EBIT margin of 15.1% in the first three months 2024, reflects a slight uptick in the margins year over year
- › 97% average availability of WTGs under service in Q1/2024
- › Service order book increased year over year from EUR 3.4bn to around EUR 3.8bn at the end of Q1/2024

| 8 Markets & orders

Combined order book of over EUR 11bn at the end of Q1/2024

Order book turbines (EUR m) Order book service (EUR m)

› Solid growth of order book by around 14% to around EUR 7.3bn at the end of Q1/2024
› Geographical distribution of the order book in Q1/2024: Europe (80%), Latin America (8%), North America (2%) and Rest of World (9%)

› 11,700 wind turbines under service agreement corresponding to 36 GW at the end of Q1/2024

Income statement Q1/2024

in EUR m (rounded figures)	Q1/2024	Q1/2023	abs. change
Sales	1,574	1,217	357
Total revenues	1,458	1,243	215
Cost of materials	-1,149	-1,135	-14
Gross profit	309	108	201
Personnel costs	-167	-147	-20
Other operating (expenses)/income	-90	-76	-14
EBITDA	52	-115	167
Depreciation/amortization	-45	-51	6
EBIT	7	-166	173
Net profit	-13	-215	202
Gross margin*	19.6%	8.9%
EBITDA margin	3.3%	-9.4%
EBIT margin w/o PPA	0.5%	-13.5%

Comments

› Growth of ~29% recorded in sales at the end of Q1/2024 compared to previous year quarter
› Gross margins continue to uptick partly on account of better project mix and better execution in the quarter
› EBITDA margin materially improved partly as high operational costs of last year have largely receded and partly due to improving margin profile of orders

Balance sheet Q1/2024

in EUR m (rounded figures)	31.03.24	31.12.23	abs. change	Δ in %
Non-current assets	1,915	1,869	46	2.4
Current assets	3,273	3,553	-280	-7.9
Total assets	5,188	5,422	-234	-4.3
Equity	964	978	-14	-1.4
Non-current liabilities	832	771	62	8.0
Current liabilities	3,392	3,673	-282	-7.7
Equity and total liabilities	5,188	5,422	-234	-4.3
Net cash*	359	631
Working capital ratio**	-7.0%	-11.5%
Equity ratio	18.6%	18.0%

Comments

› Solid liquidity levels of around EUR 741m at the end of Q1/2024
› Lower net cash levels primarily driven by higher working capital investments

*Cash and cash equivalents less bank borrowings, bond and shareholder loan. **Based on actual sales figures.

| 11 Financials

Working capital development Q1/2024

› Lower working capital in Q1 to prepare for higher activity levels materializing later in the year
› Working capital ratio likely to normalize in line with guidance within the year

Working capital ratio (in % of sales)* Working capital development (in EUR m)*

› Lower operational performance in Q1/2024 after strong Q4 led to increase in payables

Cash flow statement Q1/2024

in EUR m	Q1/2024	Q1/2023
Cash flow from operating activities before net working capital	65	-133
Cash flow from changes in working capital	-267	57
Cash flow from operating activities	-203	-76
Cash flow from investing activities	-51	-39
Free cash flow	-254	-115
Cash flow from financing activities	-8	3
Change in cash and cash equivalents*	-262	-112

Comments

› Cash flow from operating activities before net working capital positive as operational performance normalized
› This is partially offset by higher working capital investment
› Cash flow from investing activities reflects expected investments in Q1/2024 and EUR 17m investment into our hydrogen activities
› Marginal impact through cash flow from financing activities

CAPEX (in EUR m) Comments

› Key investment priorities in Q1/2024 mainly include the following:
- Investments in blade and nacelle production facilities, moulds and tooling
- Investments in installation and transport tooling and equipment for projects

| 14 Financials

Capital structure Q1/2024

(Net debt)/net cash* Equity ratio (in %)

› Lower cash levels mainly reflecting the working capital investments that should reverse later in the year

› Equity ratio at a comparable level to previous year end as operations stabilise and margins further improve

Installations (MW) Production

› Total installations of 227 WTGs in 13 countries in Q1/2024 (276 WTGs in Q1/2023)
› Installations of 1,103 MW in Q1/2024; run rate slightly lower than our plan, but expected to improve during the next quarters
› Geographical split (MW) in Q1/2024: 71% Europe, 19% Latin America and 10% RoW

› Output turbines totaled 199 units in Q1/2024: 95 GER, 48 ESP and 33 CHN and 23 IND
› Inhouse blade production of 313 units in Q1/2024: 235 IND and 78 ESP
› Outsourced blade production of 726 units in Q1/2024