Nordex SE

Annual Report • Apr 30, 2025

Key figures at a glance

Nordex Group key figures

		2024	2023	Change in %
Earnings
Sales	EUR million	7,298.8	6,489.1	12.5
Gross revenue	EUR million	7,000.5	6,550.9	6.9
EBITDA	EUR million	296.4	2.0	n.a.
EBIT	EUR million	115.4	-186.5	n.a.
Net income	EUR million	8.8	-302.8	n.a.
Free cash flow	EUR million	270.7	19.7	n.a.
Capital expenditure	EUR million	152.6	131.0	16.5
Earnings per share1	EUR	0.04	-1.33	n.a.
EBITDA margin	%	4.1	0.0	4.1
Working capital ratio	%	-9.1	-11.5	2.4
Statement of financial position (31.12.)
Net liquidity	EUR million	848.2	631.4	34.3
Total assets	EUR million	5,631.2	5,422.0	3.9
Equity	EUR million	996.6	978.1	1.9
Equity ratio	%	17.7	18.0	-0.3
Employees
Employees (31.12.)	Number	10,405	10,133	2.7
Staff costs	EUR million	727.3	629.8	15.5
Staff cost ratio	%	10.0	9.7	0.3
Company-specific performance indicators
Order intake, Projects segment	EUR million	7,461.5	6,211.3	20.1
Order book project segment	EUR million	7,803.9	6,911.2	12.9
Installed capacity	MW	6,641.4	7,253.2	-8.4
Order intake service segment	EUR million	1,981.2	923.8	114.5
Order book service segment	EUR million	4,974.1	3,626.2	37.2
Turbine availability	%	97	97
Non financial KPIs
CO2 emissions avoided (Mt CO2e)		81.01	69.12	17.2
Lost Time Injury Frequency (LTIF)2		1.45	1.20	20.8

1 Earnings per share = basic, based on average weighted shares for 2024: 236.450 million shares (2023: 227.924 million shares ²Total = Employees and Non-employees

Nordex is delivering as promised in 2022: On track to profitable growth

Dynamic sales growth (in €bn) Increasing order intake (in €bn)

Sustainable recovery in EBITDA (in €m) Generation of positive free cash flow (in €m)

Contents

Key figures at a glance Nordex Group at a glance

To our Shareholders

Letter to shareholders	5
The Management Board	7
Report of the Supervisory Board	8
Our share	15

Combined Group management report

Fundamentals of the Group	20
Economic report	32
Overall business development	35
Business performance of the Nordex Group	39
Risks and opportunities report	48
Report on post-balance sheet date events	68
Outlook	69
Overall statement on the business performance and situation of the Group	75
Business performance of the Group company Nordex SE	76
Corporate governance statement of Nordex SE	77
Concluding declaration by the Management Board and takeover-related disclosures	87
Sustainability Statement 92
General disclosures	92
Environment	118

Social																174
Governance																211

Corporate Governance

Remuneration report	222

Consolidated financial statements

Notes

Notes to the consolidated financial statements	250
General information	250
Accounting policies	250
Financial risk management	262
Group segment reporting	269
Notes to the statement of financial position	271
Notes to the income statement	292
Related party disclosures	298
Consolidated cash flow statement	300
Events after the reporting date	303
Corporate Governance Code declaration pursuant to Section 161 of the German Stock
Corporation Act (AktG)	303
Utilization of practical expedients	303
Auditor's fee	305
Statement of changes in property, plant and equipment and intangible assets	306

Statement of changes in property, plant and
equipment and intangible assets	308
List of shareholdings	310

Additional information

Independent auditor's report	319
Responsibility statement	330
List of abbreviations	331
Financial calendar, publishing information and contact	333

Letter to shareholders

Dear Shareholders, business partners and friends of the Company,

2024 has been a year of remarkable progress for the Nordex Group. Despite the ongoing challenges in the global economic landscape and recently increasing uncertainty on geopolitical levels, we made a significant step closer towards achieving our mediumterm profitability target of 8% EBITDA margin. 2024 was a year in which we fully delivered on all our operational and financial promises.

2024 - a year of transition to an era of profitable growth

The past few years have been anything but easy for us and the industry as a whole. We faced a very volatile period in 2021 and 2022, with significant supply chain disruptions, soaring inflation and, for us, a challenging cyber incident. This period of volatility was followed by a period of stabilization. With relevant milestones achieved, our 2024 results now mark the successful transition to an era of profitable growth.

First, we had a record order intake in 2024, resulting in a record high order book of EUR 12.8 billion. This remarkable achievement was driven by strong momentum in both our service and project businesses. Consequently, I am pleased to announce that Nordex is now the second largest onshore player worldwide in terms of order intake, excluding China. In EMEA, we remain number one for the third time in a row. In the Americas, we have also improved our market share, mainly driven by the Canadian orders. These achievements reflect the solid and consistent performance of our sales and project teams, and we plan to build on this and to continually improve our position.

Second, our service business continues to grow stronger, with higher sales and improved EBIT margins. This growth underscores the robustness of our service offerings and our ability to meet customer needs effectively.

Third, we have also made significantly progress in our financial performance. We have consistently improved both our absolute EBITDA and EBITDA margin throughout the year and we ended the year with a total of 4.1% in EBITDA margin, with a robust free cash flow of EUR 271 million and a net cash position of €848 million. These figures underline the strength of our financial position and our ability to generate cash in an efficient manner.

Fourth, looking at our fleet updates, 2024 also marked some important milestones that further improved the scope and competitiveness of our portfolio, supporting continuous further growth in both, the European and the North American market:

In March, Nordex received TÜV SÜD's type approval certificate for its 179-meter hybrid tower, and already in late autumn, the first N175/6.X turbine on this 179-meter hybrid tower was installed in Germany – where this turbine variant, enhancing energy production at low-wind locations will play a particular important role. At the same time, Nordex focused on its North American business and is currently in the process of reentering the market.

And finally, last year, we were able to achieve some important milestones in implementing our sustainability strategy such as receiving the Science Based Targets initiative validation for our near- and long-term greenhouse gas reduction targets and meeting our goal of continuously reducing the frequency of lost time injuries (LTIF), reaching an LTIF ratio of 1.45 for the full year 2024.

2025 and beyond: Looking ahead with optimism

We remain optimistic about the future – for many reasons. Despite the current geopolitical noise and uncertainty on energy and globalization, we expect electricity demand across Europe, the Americas and the Rest of the World will continue to grow, driven by the wave of decarbonization, the surging electricity needs of data centers, and the electrification of transport. According to the latest IEA report, electricity consumption is expected to increase by 4% annually between 2025 and 2027, with renewables, including wind power, accounting for about 95% of this additional growth.

Onshore wind will play a crucial role in meeting this increased demand: It is one of the most cost-effective options in most regions. It can be built faster than other alternatives. It is flexible and scalable. And finally, wind energy contributes to energy independence a highly sensitive issue given the focus on national security and self-sufficiency.

Our strategic initiatives are well aligned with the global shift towards renewable energy, and we are confident in our ability to capitalize on emerging opportunities such as in North America, Germany and other attractive markets like Australia.

In 2025, we aim to further strengthen our market position, to expand our global presence and to further improve our profitability. It remains our goal to continue to increase the value of the company for you, our shareholders, in a steady, lasting and sustainable manner. Thank you for your placing your trust in Nordex and Team Nordex. We hope you will continue your journey with us – as shareholders, as business partners and as friends.

Kind regards,

José Luis Blanco, Chief Executive Officer

Hamburg, February 2025

The Management Board

Managers and wind energy experts

The senior management team of Nordex brings extensive international experience in the energy industry, with a specialized focus on wind power.

José Luis Blanco Chief Executive Officer (CEO)

Mr. Blanco, born on 17 July 1970, is a Spanish citizen. He began his professional career in 1993 at Industrias Ferri. In 1997 he joined Gamesa, where he held various executive positions and roles in the Management Board until 2012. His roles included Managing Director at Gamesa Eolica USA, COO at Gamesa USA, and Engineering Director, CEO and Offshore Director at Gamesa Solar. In 2011, he was appointed Chief Customer Officer and Member of the Management Board of Gamesa.

José Luis Blanco joined the Management Board of Acciona Windpower in 2012. Following Nordex SE's acquisition of Acciona Windpower in April 2016, he became a member of Nordex's Management Board, initially as COO.

On 17 March 2017, he was appointed Chief Executive Officer. His current term runs until 31 December 2025.

• PADE Senior Management Program, IESE Business School, Madrid, Spain
• Management Program in Strategy & Operations Management, Caixavigo Business School, Vigo, Spain
• Degree in Mechanical Engineering and Master of Science (MSc), Vigo University, Spain

Dr. Ilya Hartmann Chief Financial Officer (CFO)

Dr. Hartmann, born on 22 January 1973, is a German citizen. He began his career as a lawyer, working for law firms in Frankfurt and Berlin. Before joining the OEM side of the wind energy sector, he worked for Acciona Energy for several years. In 2007, he became Managing Director for Germany before moving to Spain as Director Europe in 2009. In 2012, he became CEO of Acciona Energy North America. In 2017, Dr. Hartmann moved to Hamburg with his family to join the Nordex Group, initially as Head of People & Culture. In March 2018, he was appointed CEO of the [Division Europe]. Dr. Hartmann has been a member of the Management Board of Nordex SE since 1 January 2021, and Chief Financial Officer since 1 March 2021. His current appointment runs until 30 June 2028.

• Legal studies in Freiburg, Seville, Bonn and Berlin
• PhD in Law

Report of the Supervisory Board

Report of the Supervisory Board

The 2024 financial year marked a period of stabilization for the Nordex Group, following a transitional year 2023. The Company navigated fewer national and international challenges, overall benefiting from a more stable macroeconomic environment. This stability, characterized by easing inflationary pressures and the absence of major shocks, provided a good foundation for a solid operational and financial performance.

Nordex was able to improve its earnings quarter by quarter, both in absolute EBITDA terms as well as in EBITDA margin percentage points. The Company started the year with a strong order intake, the pace of which slowed slightly before culminating in a very strong fourth quarter, resulting in one of the highest total order intake volume in Nordex's history. Major contributors to this strong order intake were Germany with 2.6 GW, North America (primarily Canada) with 1.1 GW, Türkiye with 1.0 GW and Spain with 500 MW.

Nordex delivered on both its operational and financial promises with a substantial increase in profitability as well as a stronger balance sheet. Healthy cash levels of EUR 1,151 million at the end of 2024 reflect a stable business environment. This progress is crucial for our medium-term EBITDA margin target of 8%, demonstrating that Nordex is well on track.

The demand for independent, clean, and cost-efficient energy production has increased, particularly due to geopolitical conflicts and pricing discussions. This trend is reflected in the industrial and energy policies of many countries, which are continuing to accelerate the expansion of renewable energy sources. Nordex's strong market positioning and competitive product portfolio ensure it remains well-positioned to capitalize on this ongoing trend in the long term.

Reflecting on this successful year, I extend my heartfelt thanks to the Management Board and all our employees for their unwavering commitment, flexibility and perseverance.

The Supervisory Board of Nordex SE performed its duties in accordance with applicable law, the Articles of Incorporation and the Supervisory Board's Rules of Procedure during the reporting period. As required by law, the Supervisory Board advised and monitored the Management Board in its management of the Company. The Supervisory Board was therefore directly involved in all decisions of fundamental importance for the Company and maintained an ongoing exchange with the Management Board. Supervisory Board members are provided with comprehensive written and oral reports about the financial condition, business development and all significant transactions of Nordex SE and its affiliated companies on a regular basis and in a timely manner.

Changes to the Supervisory Board and Management Board

There were no changes in the composition of the Supervisory Board during the reporting year. With effect from 22 January 2025, Patxi Landa resigned from his position as Chief Sales Officer of Nordex SE to take on a new role with the Nordex Group as Head of Nordex Capital. In his new position, Patxi Landa will focus on supporting to select customers with their project development across Nordex's key markets with a view to generating additional turbine sales opportunities.

Report of the Supervisory Board

Committees

During the 2024 financial year, the Supervisory Board committees of Nordex SE comprised the following members:

Executive Committee (Personnel and Nomination Committee):

• Dr.-Ing. Wolfgang Ziebart (Chair)
• Jan Klatten
• Juan Muro-Lara

Audit Committee:

• Martin Rey (Chair)
• Isabel Blanco
• Juan Muro-Lara

Strategy and Technology Committee:

• Jan Klatten (Chair)
• María Cordón
• Dr.-Ing. Wolfgang Ziebart

Supervisory Board meetings and content

During the 2024 financial year, the Supervisory Board held a total of seven meetings. The Executive Committee met four times in the context of ordinary Supervisory Board meetings. The Executive Committee also held two extraordinary meetings via video conference. The Audit Committee and the Strategy and Technology Committee met three times in the context of ordinary Supervisory Board meetings. The ordinary Supervisory Board meetings were held on 19 and 20 February 2024, 23 April 2024, 16 and 17 September 2024 and 4 and 5 December 2024. There were also two extraordinary Supervisory Board meetings in the reporting year; one resolution was adopted by written circular.

Of the four ordinary meetings held by the Supervisory Board and its committees during the year under review, three were face-to-face and one was a hybrid meeting, which meant that Supervisory Board members could participate either in person or by video conference. The two extraordinary Supervisory Board meetings were held as video conferences.

The members of the Supervisory Board attended the meetings of the Supervisory Board and the committees of which they were members as follows:

Attendance of Supervisory Board members at Supervisory Board and committee meetings in 2024

		Attendance rate,			Strategy and
Supervisory Board members	Supervisory Board	Supervisory Board	Executive Committee	Audit Committee	Technology Committee
Dr.-Ing. Wolfgang Ziebart	7/7	100%	6/6		3/3
Juan Muro-Lara	7/7	100%	6/6	3/3
Jan Klatten	7/7	100%	6/6		3/3
Isabel Blanco	7/7	100%		3/3
Martin Rey	7/7	100%		3/3
María Cordón	7/7	100%			3/3
Attendance rate	100%	100%	100%	100%	100%

Accordingly, during the 2024 financial year, all Supervisory Board members attended more than half of the meetings of the Supervisory Board and the committees to which they belong.

Report of the Supervisory Board

In addition to auditing the annual and consolidated financial statements of Nordex SE for the 2023 financial year, the non-financial report and the dependent company report at its financial statements approval meeting on 19 and 20 February 2024, meetings focused on the following key issues on an ongoing basis during the year under review: (i) current business performance reviewing order intake development and markets, as well as operational and financial performance; (ii) Management Board matters, and in particular, deciding on the achievement of targets for the past financial year ahead of the financial statements approval meeting; (iii) internal audit and risk management reports; (iv) information and discussion on quality, occupational health and safety and environmental protection; and (v) compliance issues, key projects and important staff changes.

Additional topics included regular strategic financing considerations and discussing the reports received from each of the committees.

At its extraordinary meeting on 13 February 2024, the Supervisory Board approved the increase of the uncommitted guarantee facility utilization agreement concluded with Acciona, S.A. to a total volume of up to EUR 1.3 billion. Adopting a resolution by written circular, on 13 February 2024 the Supervisory Board also decided on the achievement of targets by members of the Management Board for the past financial year.

At its financial statements approval meeting on 19 and 20 February 2024, the Supervisory Board decided on the remuneration report for the 2023 financial year prepared by the Management Board and Supervisory Board prepared in accordance with section 162 German Stock Corporation Act (AktG) during the year under review. The Supervisory Board also dealt with sustainability-related topics such as the status of implementation of the sustainability strategy as well as the measures required by the German Supply Chain Act, and approved the Management Board's resolution to conduct the 2024 Annual General Meeting as a virtual meeting. Also in that meeting, the Supervisory Board also considered and approved the submission of the declaration of conformity with the German Corporate Governance Code.

At its ordinary meeting on 23 April 2024, the Supervisory Board resolved to adjust the distribution of responsibilities among the members of the the Management Board.

In two video conferences that took place on 5 July and 7 August 2024, the Executive Committee discussed and considered proposals for a revision of the remuneration system for the members of the Management Board which is to be re-submitted to the 2025 Annual General Meeting for approval.

At its ordinary meeting on 16 and 17 September 2024, the Supervisory Board held a special session on the requirements arising from the Corporate Sustainability Reporting Directive (CSRD).

At its extraordinary meeting on 15 November 2024, the Supervisory Board approved the new remuneration system for the members of the Management Board to be submitted to the 2025 Annual General Meeting for approval. In that same meeting, the Supervisory Board also approved the issuing of the fourth tranche of the stock option program for Nordex Group employees of 2021. In addition, the Supervisory Board extended Dr. Ilya Hartmann's term of office as a member of the Management Board until 30 June 2028.

At its ordinary meeting on 4 and 5 December 2024, the Supervisory Board addressed issues such as the appointment of the auditor to audit the 2024 annual financial statements and the Sustainability Report. The Supervisory Board also approved the targets for the proportion of women on the Management Board (25%) and Supervisory Board (33%) to be achieved by the end of 2029.

Report of the Supervisory Board

Training and continuing professional development activities of Supervisory Board members

Members of the Supervisory Board independently carry out most of the training and professional development activities required for their role on subjects such as changes to the regulatory framework and new forward-looking technology, and they receive support to do this from the Company as required. For example, changes to the regulatory framework are presented and explained during Supervisory Board meetings to help provide targeted training.

Any new members of the Supervisory Board meet members of the Management Board and heads of department to discuss fundamental and current issues, enabling them to obtain an overview of topics that are relevant to the Company ("onboarding").

Corporate governance

Potential conflicts of interest are also reported at this point in accordance with Recommendation E.1 sentence 2 of the German Corporate Governance Code as amended on 28 April 2022. Supervisory Board members of Nordex SE should disclose conflicts of interest to the Supervisory Board chairman, particularly those that may arise due to an advisory or board role for customers, suppliers or lenders of Nordex SE.

In this context, it must be noted that Supervisory Board members Juan Muro-Lara and María Cordón abstained from voting on Supervisory Board resolutions concerning transactions with Acciona S.A. or its affiliated companies as a precautionary measure.

There were no other indications of conflicts of interest during the 2024 financial year.

In principle, the Supervisory Board follows the recommendations of the Government Commission on the German Corporate Governance Code as amended on 28 April 2022 (GCGC 2022). The most recent declaration of compliance in accordance with Section 161 of the German Stock Corporation Act (AktG) was submitted by the Supervisory Board and Management Board on 25 February 2025 (https://ir.nordex-online.com/websites/ Nordex/English/6100/declaration-of-conformity.html). Further details on this topic can be found in the corporate governance statement that is included in the management report.

Annual and consolidated financial statements and audit, dependent company report and non-financial Group statement

The annual financial statements of Nordex SE and consolidated financial statements as at 31 December 2024, as well as the combined management report of Nordex SE and the Group for the 2024 financial year, together with the accounting system, were audited and each issued with an unqualified audit report by the auditing firm KPMG AG, Wirtschaftspruefungsgesellschaft, Hamburg, appointed by the Annual General Meeting on 23 April 2024 and engaged by the Supervisory Board to audit the annual and consolidated financial statements. The audit reports were signed jointly by the auditors Andreas Modder and Michael Göbel. Due to the change of auditor, both Andreas Modder and Michael Göbel signed the audit reports for both the annual and consolidated financial statements for the first time.

In the auditor's report on the annual financial statements, the auditor confirmed that the members of the Management Board took steps to set up a suitable risk early detection system required in accordance with Section 91 (2) German Stock Corporation Act (AktG) and that the risk early detection system is suitable for detecting developments posing a going concern risk at an early stage.

In addition to the statutory audit, KPMG AG, Wirtschaftspruefungsgesellschaft, Hamburg, also performed a limited assurance engagement with regard to the Sustainability Report (non-financial statement) (integrated into the Annual Report as part of the management report) of the Nordex Group on behalf of the Supervisory Board and, on this basis, did not raise any objections to the non-financial reporting and compliance with the applicable statutory requirements. KPMG AG's report on the limited assurance engagement for the non-financial (Group) report is included in the Sustainability Report. KPMG AG, Wirtschaftspruefungsgesellschaft, Hamburg, also performed a formal audit of the remuneration report of Nordex SE in accordance with Section 162 (3) German Stock Corporation Act (AktG) on behalf of the Management Board and did not raise any objections to the reporting and compliance with the imposed statutory requirements. KPMG AG's report on the audit of the remuneration report will be published together with the 2024 Annual Report and can be inspected therein.

Report of the Supervisory

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

Board

The following unqualified audit report was issued by the statutory auditor for the report on relations with affiliated companies pursuant to Section 312 of the German Stock Corporation Act (AktG) prepared by the Management Board and audited by the statutory auditor:

"In our opinion and in accordance with our statutory audit, we certify that

1. the factual disclosures provided in the report are correct,

2. the Company's consideration concerning legal transactions referred to in the report was not unduly high."

The annual financial statements, consolidated financial statements and combined management report for Nordex SE and the Group, the auditor's report, dependent company report and the auditor's audit report on the dependent company report, the Sustainability Report including the report from KPMG AG on the limited assurance engagement for the Sustainability Report, the remuneration report and the report of KPMG AG on the remuneration report as well as the draft of the Supervisory Board's report were provided to all Supervisory Board members ahead of the financial statements approval meeting. The Audit Committee and Supervisory Board discussed these documents in detail; the Audit Committee prepared the examination by the full Supervisory Board and reported on this preparation in the financial statements approval meeting on 26 February 2025 in the presence of the auditor, who was also available to answer questions. Following intensive discussions, the Supervisory Board and the Audit Committee approved the conclusions of the audit conducted by the auditor.

In accordance with the final conclusions of this audit by the Audit Committee and its own audit, the Supervisory Board determined that there were no grounds for objections and approved the annual and consolidated financial statements for the financial year ended 31 December 2024 prepared by the Management Board as well as the combined management report. The 2024 Annual Report of Nordex SE has therefore been adopted.

The Supervisory Board also noted and approved the dependent company report and the auditor's audit report on the dependent company report. The Supervisory Board declares that, in accordance with the final conclusions of its review, there were no grounds for objections to the Management Board's declaration on this report in accordance with Section 312 of the German Stock Corporation Act (AktG).

The Audit Committee and Supervisory Board also addressed the Sustainability Report (integrated into the Annual Report) prepared by the Management Board as at 31 December 2024. The Management Board and the representatives of KPMG AG explained the documents in detail in the meetings and answered additional questions from Supervisory Board members. The Supervisory Board had no objections after carrying out its audit.

Supervisory Board acknowledgments

I would like to thank the members of the Management Board in office and specifically Patxi Landa, as well as all of our employees around the world for their tremendous personal commitment.

Hamburg, February 2025

Dr.-Ing. Wolfgang Ziebart Chairman of the Supervisory Board Supervisory Board composition and structure

Supervisory Board composition and structure

The Supervisory Board

Dr.-Ing. Wolfgang Ziebart, Starnberg/ Germany

Chairman of the Supervisory Board, Chairman of the Executive Committee and member of the Strategy and Technology Committee

Juan Muro-Lara, Madrid/Spain

Vice chairman of the Supervisory Board, member of the Executive Committee and member of the Audit Committee Chief Strategy & Corporate Development Officer of Acciona S.A.

Jan Klatten, Munich/Germany

Member of the Executive Committee, Chairman of the Strategy and Technology Committee; Managing Owner of momentum Beteiligungsgesellschaft mbH

Maria Isabel Blanco Alvarez, London/Great Britain

Member of the Audit Committee, Head of Impact at the European Bank for Reconstruction and Development, and Visiting Fellow at the London School of Economics

Martin Rey, Traunstein/ Germany

Chairman of the Audit Committee; Lawyer and Managing Shareholder of Maroban GmbH

María Cordón, Madrid/Spain

Member of the Strategy and Technology Committee of the Supervisory Board; head of the CEO Office at Acciona, S.A.

See full biographies of the Supervisory Board members

Annual Integrated Report 2024

composition and structure

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

Supervisory Board characteristics for a solid governance

Supervisory Board

• Competence profile
• Broad international expertise and composition

Composition

• The Supervisory Board of Nordex consists of 6 members: 6 shareholder representatives

Committees

• Executive Committee
• Audit Committee
• Strategy and Technology Committee

Diversity

• 1/3 of the members of the Supervisory Board are women

Compensation

• Fixed components
• No performance-related remuneration or attendance fees

Committee membership

• See Annual Report (cluster committee to names)

Our share

Nordex share up 8.8% in 2024 financial year

Significant outperformance of relevant indices and most competitors

Increase in analyst coverage in 2024

The stock market in 2024 was influenced by a weak global economy and affected by the war in Ukraine and the escalation of violence in the Middle East. As a result, uncertainties remained as a consequence of geopolitical risks. The US presidential election in November also contributed to the uncertainties in the run-up to the election. However, the stock markets received a further tailwind after the election because hopes for extensive market deregulation in the United States were linked to Donald Trump's election victory. In economic terms, the capital markets in 2024 were driven in particular by the slowdown in inflation and interest rate cuts by leading central banks. The European Central Bank (ECB) initiated its monetary policy turnaround in June by cutting its main refinancing rate by 25 basis points to 4.25%. Three further steps followed by the end of the year, with the result that the rate was cut to 3.15% in December. The US Federal Reserve stuck to its restrictive course for longer due to the robust US economy, but cut the Fed Funds Rate in three steps from mid-September by a total of 100 basis points to 4.25 – 4.50%.

The German leading index DAX started the 2024 stock market year at 16,617 points. After an initially subdued start in the first few days of trading, during which it reached its annual low (17 January 2024: 16,432 points), the index started its first steep rally of the 2024 calendar year from mid-January onwards, leading the DAX to an interim high of 18,739 points by mid-May. By the end of July, the index had consolidated within a range of 18,000 and 18,750 points. As a result of recession fears in the US and geopolitical tensions in the Middle East, equities came under severe pressure for a short period over the summer, with the DAX sliding to 17,339 points by 5 August 2024. The interest rate turnaround in the US and a new economic stimulus package in China boosted stock markets worldwide from September onwards. In the wake of this, Germany's leading index began a new and extremely steep rise, setting numerous new records in the process. This rally carried the DAX to its 2024 year-end high of 20,426 points on 12 December 2024. At the same time, the index reached a new all-time high, ending a record 2024 for blue-chip stocks at 19,909 points, a strong performance of around +20%.

Our share

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

By contrast, the benchmark indices relevant to the Nordex stock performed worse during the 2024 trading year. The TecDAX ended 2024 at 3,417 points (+5.8%) while the MDAX moved sideways amid fluctuations, achieving a loss of 2.2% (closing level: 25,589 points).

Positive performance of Nordex shares narrowed by political fears

Nordex shares started 2024 at EUR 9.97 before reaching their annual low of EUR 8.98 on 22 January. Over the course of the year, the focus shifted to numerous positive company announcements regarding good order intake, strong sales growth and, above all, the visible stabilization of our operating turnaround (EBITDA in the black). On 14 May, the stock reached an interim high of EUR 15.12. Nordex shares corrected to EUR 11.44 by 28 June before climbing to their annual high of EUR 15.43 on 23 September, additionally spurred on by the positive mood on the stock markets. However, in the runup to the looming collapse of the governing coalition in Germany and in anticipation of Donald Trump's election victory in the United States, Nordex shares lost a substantial portion of the gains they had previously made in the last few months of 2024, bucking the market trend. In particular, fears that the expansion of renewable energy generation would be pursued less ambitiously in Germany in the future and possibly even noticeably impeded or even curbed in the United States weighed on the stock. Nordex shares ended the 2024 trading year at a closing price of EUR 11.27, resulting in an annual share price performance of +13.1%.

Nordex Group dividend policy

Nordex Group management has set itself the goal of enabling its shareholders to participate in the Company's success. One major prerequisite for this is to generate sustainable positive net profits and free cash flow (a cash surplus) to enable an appropriate dividend to be distributed to Nordex Group shareholders.

At this point it should be noted that the distribution of any dividend is dependent on both the Company's strategic development and the achievement of its medium-term goals as well as the future sector environment. Future investments in research and development also play a significant role, as the Nordex Group is keen to continue offering its customers competitive and high-performance wind turbines. Due to the current profit and cash flow situation as well as the expected outlook for 2025, the Nordex Group is not yet able to distribute a dividend according to the Company's definition. As a result, a dividend distribution proposal will not be submitted to the Annual General Meeting in 2025.

Active, transparent dialog with capital markets

The Nordex Group's investor relations team continued its open and ongoing dialogue with the capital market in the 2024 reporting year. Transparent communication with private shareholders, national and international investors and analysts remains a top priority for Nordex.

The financials, Group strategy and operating performance in the turbine and service business were explained in numerous discussions. The Company's news flow was the focus of many talks well into the autumn, as Nordex reached new milestones by unveiling new turbine types such as the N175/6.X and gaining important approvals. The Company's plans to strengthen the US business were also of great interest. The implementation of our strategy, which has now visibly led to a steady improvement in profitability, was of paramount importance in all discussions. As a result of domestic political developments in Germany (break-up of the governing coalition) and the US (election of Donald Trump as the next US President), fears arose that the conditions for the further expansion of wind energy could deteriorate.

Management and the Investor Relations team sought direct dialogue with current and potential investors at numerous investor and capital market conferences as well as in one-on-one meetings while management presented the latest developments and quarterly figures on regular conference calls.

All of the Company's annual and interim reports, presentations and audio recordings of conference calls from the reporting year are available on the Nordex Group's Investor Relations website (ir.nordex-online.com).

Analyst coverage remains at a high level

The number of domestic and foreign brokerage houses regularly covering and analyzing the Nordex stock remains at a high level and has increased by two analyst compared to the previous year. In 2024, Barclays and Bank Pekao initiated coverage of Nordex. coverage.

The vast majority of the current total of 16 financial analysts who regularly cover Nordex stock in the form of their own studies, reports and commentaries give a positive rating (buy or overweight). Only one analyst has a neutral recommendation (hold or neutral), while one analyst has issued a negative recommendation (sell or underweight) as of 31 December 2024.

Based on relevant analyst valuations, the average price target of all 16 researchers was EUR 17.38 (as of 31 December 2024), which is 54% above the 2024 year-end closing price.

Nordex shares key data

Class of shares	No-par-value ordinary bearer shares
Market segment	Prime Standard / Regulated Market
Indices	TecDAX, MDAX, ÖkoDAX, HASPAX, RENIX X
ISIN	DE000A0D6554
WKN (German securities identification number)	A0D655
Ticker symbol	NDX1

Nordex shares key figures

		2024	2023
Total number of shares as at 31 December	Units	236,450,364	236,450,364
Share capital as at 31 December	EUR	236,450,364.00	236,450,364.00
Opening price for the year¹	EUR	9.97	13.21
Year-end closing price¹	EUR	11.27	10.40
High¹	EUR	15.43	15.43
Low¹	EUR	8.98	9.48
Market capitalization as at 31 December¹	EUR million	2.664,8	2,459.1
Earnings per share	EUR	0.04	-1.33

1 Frankfurt Stock Exchange, Xetra

Nordex share price performance in % (indexed, 31.12.2023 = 0)

Combined Group management report contents

Fundamentals of the Group	20
Business model	20
Corporate strategy and management	27
Corporate responsibility	30
Research and development	31
Economic report	32
Macroeconomic environment	32
Political, legal and regulatory environment	33
Industry-specific environment	33
Overall business development	35
Significant events during the reporting period	35
Comparison of actual business results with forecast results	36
Management assessment of the Company's economic performance	38
Business performance of the Nordex Group	39
Operative figures	39
Segment performance	42
Results of operations, financial position and net assets	42
Financial position and net assets	44
Risks and opportunities report	48

Significant characteristics of the internal control, risk management and compliance management system and statement on the appropriateness and effectiveness of this system	48
Description of the main risk areas and individual risks	54
Opportunities	65
Report on post-balance sheet date events	68
Outlook	69
Global economy and industry outlook	69
Industry-specific environment	72
Guidance of the Nordex Group for 2025	73
Overall statement on the business performance and situation of the Group	75
Business performance of the Group company Nordex SE	76
Corporate governance statement of Nordex SE .	77
Including the Company's corporate governance report	77
Corporate governance statement by Nordex SE pursuant to Section 289f and Section 315d HGB	77
Concluding declaration by the Management Board and takeover-related disclosures	87

Concluding declaration by the Management Board on the report on relations with affiliated companies	87
Disclosures in accordance with Sections 289A (1), 315A (1) of the German Commercial Code (HGB) and explanatory notes in accordance with Section 176 (1) sentence 1 part 2 of the German Stock Corporation Act (AktG)	87
Sustainability Statement	92
General disclosures	93
Environment	120
Social	176
Governance	211

Group management report

of the Nordex Group and management report of Nordex SE for the 2024 financial year.

We have made slight adjustments to the structure of this year's Annual Report to enhance clarity and readability. These changes aim to provide a more streamlined presentation of our financial and operational performance. We remain committed to maintaining transparency and accuracy in all our disclosures.

Fundamentals of the Group Business model

Leading onshore wind turbine manufacturer focused on 4 – 6 MW+ class; number one in Europe

Strong service business with more than 41.3 GW under service and high single-digit growth

Customer-centric and sustainable approach ensuring highest possible profitability

Operating activities

Nordex specializes in designing, building and marketing onshore wind turbine systems globally. As an integrated supplier, Nordex offers a range of services, from delivering wind turbines to providing complete installation or turnkey construction of entire wind farms. The Nordex Group's extensive network of service units across key markets ensures comprehensive support for wind turbines throughout their operational lifespan.

In certain markets, Nordex enhances its core turbine sales business by also acting as a project developer. In addition to agreements still in place across a number of global markets, Nordex has recently begun exploring co-development opportunities. This initiative establishes an additional channel of turbine sales and ultimately adds value for the customer. The initiative aims to foster closer relationships with customers and secure turbine sales early in project development.

Since 2022, Nordex has embarked on strategic initiatives in the green hydrogen market to complement its core business and leverage its experience in the renewables sector. In a partnership with Acciona, a Joint Venture, the focus in on developing green hydrogen projects in areas with extensive onshore wind resources. The second initiative, "Nordex Electrolyzers," aims to develop, manufacture, and market electrolyzers using proprietary technology. This is done with partner Sodena but fully consolidated as Nordex has 85% ownership.

Since its foundation in 1985, Nordex has installed wind turbines with a total nominal output of around 57 gigawatts (GW) in more than 40 countries. The Company's service business maintains over 12,800 wind turbines worldwide, with a combined nominal output of 41 GW, mainly through long-term maintenance agreements. This makes Nordex a significant contributor to environmentally and climate-friendly power generation.

The Nordex Group is a leading player in the global onshore wind market, operating strategically in key regions worldwide such as Europe, North America, Australia and Latin America but excluding China and India, where the markets are dominated by Asian suppliers. By specializing in onshore wind, Nordex consolidates its expertise and resources, forming a solid foundation for future growth while minimizing higher-risk areas such as offshore wind, and contributing significantly to the global renewable energy transition.

The Nordex Group's product portfolio includes innovative and efficient wind turbines designed for high, medium, and low-wind onshore locations. The Delta4000 platform, featuring a modular design, is tailored to meet specific market needs, offering variable outputs from 4 to over 6 MW and rotor diameters up to 175 meters and hub heights up to 200 meters. Nordex manages the entire design and manufacturing process for turbines, including the assembly of nacelles and hubs. Rotor blades are both selfproduced and sourced from specialist manufacturers, while towers are primarily erected on-site and are typically sourced locally. Nordex operates multiple production sites across Europe, the Americas and Asia to balance flexibility and cost benefits. Technically, Nordex focuses on enhancing onshore wind turbine efficiency, providing operators with the means to generate environmentally-friendly electricity at the lowest possible cost (Cost of Energy – COE) or maximizing energy output, which is essential for meeting renewable energy targets and reducing carbon emissions.

Business model

Project development Nordex is expanding its

core business in selected markets to take on the role of project developer and is also exploring global opportunities for joint project development with customers.

backbone of our operational excellence. With state-of-the-art manufacturing facilities and stringent quality standards, we produce key turbine components, ensuring seamless integration and top performance. Our global assembly network enables efficient, flexible and timely delivery to project sites, supporting our mission to deliver reliable and sustainable energy solutions worldwide.

Production & assembly At Nordex, production and assembly of wind turbines form the

Installation &

commissioning Nordex is a leader in onshore wind power with over 35 years of experience. Based on our in-house development of onshore wind turbines, we provide customized solutions for our customers. We manage all steps – from site analysis, production and construction to installation and commissioning – working closely with our partners along the way.

agreements.

Legal and organizational structure

Nordex SE is a publicly listed European stock corporation with shares listed on the Regulated Market of the Frankfurt Stock Exchange, in the Prime Standard segment. As of the reporting date, its shares were included in the TecDAX and MDAX indices.

Together with its German and foreign subsidiaries, it forms the Nordex Group. The governing bodies of the Company are the Management Board, composed of two individuals¹ , and the Supervisory Board, comprising six individuals. The Company has its registered office in Rostock; its headquarters are located in Hamburg.

The Management Board manages the Group via Nordex SE as the strategic management holding company. Additional administrative services in the areas of accounting and controlling, finance, IT, internal audit, investor relations, communications, human resources, legal matters and tax are also performed by Nordex SE. The Nordex Group's operating business comprises three divisions – International, Europe and North America – as well as global lead functions.

Organizational structure of the Nordex Group (simplified presentation as of 31 December 2024)¹

1 With effect from 22 January 2025, Patxi Landa resigned from his position as Chief Sales Officer (CSO) of Nordex SE to take on a new role with the Nordex Group as Head of Nordex Capital. Since then, José Luis Blanco has taken over the responsibilities of the CSO.

The chairman of the Management Board (Chief Executive Officer – CEO), José Luis Blanco, is in charge of global lead functions for the operating business relating to rotor blade and nacelle production, Global Sourcing and global project management (Global PM/EPC) as well as engineering and the worldwide service business. He is also responsible for the Quality, Health, Safety & Environment (QHSE), Operations Transformation and Performance, Concrete Tower, Global Shipping, Industry & Planning, Operations Strategy & Projects, IT, Global Service, Product Strategy & Sales Support and Strategy & Transversal Projects functions as well as the North America division.

As of the reporting date, the previous Chief Sales Officer (CSO), Patxi Landa, was in charge of the International and Europe operating divisions with responsibility for sales, project management and service as well as all overarching customer-related functions such as Global Sales, Global Key Account Management, Public Affairs and Project Development. With effect from 22 January 2025, Patxi Landa resigned from his Management Board position as Chief Sales Officer (CSO) of Nordex SE to take on a new role with the Nordex Group as Head of Nordex Capital. Since then, José Luis Blanco has also taken over the responsibilities of the previous CSO.

Legal structure of the Nordex Group (simplified presentation)

The Chief Financial Officer (CFO), Dr. Ilya Hartmann, is responsible for People & Culture, Accounting & Controlling, Finance, Internal Audit, Compliance, Investor Relations, Communication, Legal & Insurance, Tax, Sustainability, Information Security and the Finance Operations and Global Planning global lead functions.

The operating divisions manage the legally independent national companies. Specifically, they are responsible for customer relationship management, sales, project management as well as project development in selected markets.

The Nordex Group operates two main segments: Projects and Service. The Projects segment covers all activities related to the development, production, assembly and commissioning of wind turbines, including project development. The Service segment provides services and products for turbines after they are handed over to customers, such as maintenance, remote monitoring of wind farms, repairs and technical enhancements for existing turbines. For more details, refer to the "Segment performance" section.

The representation is based solely on the "Projects" and "Service" segments and does not take any unallocated costs into account.

The competitive and environmental advantages of wind energy

Wind energy offers numerous advantages, making it a pivotal component in the transition to renewable energy sources. It is a clean and renewable source of power, generating electricity without emitting greenhouse gases or other pollutants, significantly reducing the carbon footprint. As an inexhaustible resource, wind ensures a continuous supply of energy without depleting natural resources.

Economically, wind power is one of the most cost-effective sources of electricity, particularly in regions with strong wind resources. Its lower and competitive cost, especially in windy regions, drives global demand for wind turbines, significantly undercutting the cost of new conventional energy production. Stricter carbon emission taxes further incentivize the expansion of renewable energy, including wind power.

By diversifying the energy mix, wind energy reduces reliance on imported fossil fuels, enhancing energy security. It also helps stabilize energy prices, as it is not subject to the volatility of fossil fuel markets.

Additionally, many pioneering wind energy countries in Europe and North America are now reaching a point where onshore wind farms that have been in existence for many years would have to be replaced after the permissible operating time of the turbines has been reached. Upgrading these older turbines with newer, more efficient models (repowering) enhances energy output and extends the lifespan of wind farms.

Key markets of the Nordex Group

Since its foundation, Nordex has installed wind turbine systems in over 40 countries, positioning itself strongly in the world's most attractive wind markets. The Company focuses on onshore wind turbine systems globally, excluding China and India, and maintains its own sales and service organizations in all key regional markets, particularly those in Europe, North America and Latin America. Nordex leverages its market presence to unlock further growth potential with customers.

Additionally, Nordex operates in Australia and South Africa and uses India as a manufacturing center for production. In China, Nordex has had modules for nacelles produced by partner companies since 2022. The central sales organization identifies opportunities in new, untapped markets, with targeted regional expansion being a key strategy.

Nordex's main competitors are primarily European and American suppliers, many of whom have emerged through industry consolidation in recent years. In the Company's key markets these are mainly Vestas, Enercon, Siemens Energy and General Electric.

Locations, products and services

The Nordex Group's head office is located in Hamburg, housing the Group's core functions, including development, procurement, project management, services and sales. The Rostock site focuses on the development and production of nacelles. In Spain, Nordex has a branch in Madrid as well as a location in Pamplona for central tasks, project management and development. Additionally, there are facilities for nacelle assembly in Barásoain and a rotor blade production in Lumbier. In Asia, nacelles and blades are produced in China and India for international markets, either through Nordex's own locations or partner-operated plants. In Brazil, Nordex produces nacelles and concrete towers for the local market. Previously, rotor blades were produced in Matamoros, Mexico, in a partnership with US manufacturer TPI until June 2024, when the collaboration ended as planned. The Company is currently considering its next steps based on the development of regional demand and competitive sourcing. [In June 2025, the Company plans to restart activities at its Iowa (West Branch), US facility to produce nacelles primarily for US projects.] Subcontractors also produce concrete towers for Nordex in other countries.

Nordex's ability to offer competitive wind turbines in all of its target markets is built on its factory setup, supplier network and supply chain. The Nordex Group aims to continuously enhance this infrastructure, adapting it flexibly to meet evolving market demands. The Company aims to reliably and cost-effectively serve customers in European and international markets through its network of wholly-owned production sites and partners in Europe, America and, increasingly, Asia. This approach is essential for entering attractive new markets and achieving sustainable, profitable growth.

Nordex Delta4000 series wind turbines

The Nordex Group provides technically and financially suitable onshore wind turbines for every wind strength and most climate zones worldwide. Its product portfolio offers solutions for markets with both limited grid availability, such as Latin America and the US, and limited land availability, such as Europe. As an integrated full-service provider, Nordex offers extensive project management and various service contracts, including comprehensive service support.

The Nordex Group's core product is the efficient Delta4000 platform, featuring turbine variants in the 4 MW, 5 MW and 6 MW+ classes. Turbines based on this platform are supplied to all relevant markets and are already operational in Europe, North and Latin America and Australia.

In addition to offering a low cost of energy, the nine different turbine types are characterized by their ability to flexibly address location-specific requirements. Depending on customer needs, the turbines can be equipped with Nordex's proprietary rotor blade anti-icing system, the cold climate variant or on-demand obstruction lighting. For projects and markets where the Delta4000 turbines are not suitable due to their output, the portfolio is complemented by 3 MW class turbines.

The Nordex Group develops, tests and certifies the rotor blades of its wind turbines, producing some in-house and others with external partners according to its specifications. These rotor blades are characterized by particularly low noise emissions across the entire range. Nordex offers several tower variants including steel tube towers, concrete towers and hybrid towers made from steel and concrete, with hub heights of up to 200 meters to maximize energy yields in all wind markets.

Service

The Nordex Group's service unit aims to ensure reliable and cost-effective operation of its powerful wind power systems for customers. Nordex operates more than 460 service points worldwide for this purpose. The Company uses this network of locations to provide on-site services at wind farms after they are installed and handed over to the customer. The corresponding service contracts allow Nordex customers to maintain electricity production yields and optimize them by boosting availability and output. Nordex offers customers a wide range of different services, including all-in solutions containing services such as 24/7 remote monitoring, preventive maintenance and customer training, and full modernization of wind power systems.

The Nordex Group offers standardized service contracts with different levels of service. Customers usually sign up for long-term contracts, in some cases for up to 35 years. Customers can essentially choose between three contract models. The Premium service contract includes maintenance and repair services, remote monitoring and a time-based availability warranty. The Premium Plus contract includes these service entitlements and adds a production-based availability warranty, while repair services and the replacement of certain large wind turbine components are subject to a separate fee in the Premium Light contract.

Customers and value chain

The Nordex Group has a diverse customer base, including large, international utility companies, independent power producers (IPP), medium-sized project developers, public utility companies, civil wind farms and energy cooperatives. The Group's customers also increasingly include captive producers from industry, trade and the IT sector as well as financial investors such as insurance companies and pension funds. In 2024, the ten largest individual customers accounted for around 42%% of order intake (in EUR million). These customers are among the world's largest and most important operators and project developers in the renewables sector. A key account manager is assigned to all major customers to ensure a close working relationship and successful project completion. The value chain starts with the development of the wind turbines, which the Nordex Group's sales unit markets to customers globally. New wind farm projects are predominantly awarded through auctions. The Nordex Group supports its customers in the early stages of these auctions, developing tailored solutions to successful bids.

Once the contract is awarded, the next step is in-house production, which typically includes nacelle and hub assembly, as well as the production of some rotor blades. Additional rotor blades are manufactured by independent blade producers according to Nordex designs and specifications. In selected markets, the Nordex Group also produces concrete towers, offering logistical benefits and ensuring high-quality, cost-effective towers that contribute to local added value and employment. Most turbine components, particularly gearboxes, converters and generators, are supplied and purchased through a global procurement network.

Construction of a wind farm typically takes 12 to 18 months, depending on the size of the farm, its specific location and various other factors. In exceptional cases, individual projects can be completed in just nine months, while others may require a time frame of one to two years or longer.

The Nordex Group manages all activities, from installation to turnkey handover and commissioning of wind farms, utilizing its own teams and third-party providers as needed. As is customary in plant engineering, the Nordex Group receives an advance payment upon the awarding of a contract due to the long period of time from the awarding of a contract to turbine handover. Additional payments are based on costs incurred throughout the project.

The final step in the value chain is the servicing of installed wind turbines. The Group provides extensive technical support for their ongoing operation. Service contracts are typically long-term agreements, playing a crucial role in customer retention. Unlike the project business, which is more susceptible to fluctuations, service revenue streams are characteristically stable and regular.

Corporate strategy and management

Mission and vision

Climate change is one of the greatest challenges of our time, with fossil fuel use the largest contributor. Transitioning from a fossil fuel-based economy to a renewable energy-based economy is crucial to mitigating climate change.

Wind energy is a key technology for carbon-neutral, climate-friendly power generation. Unlike conventional energy sources, wind is abundant and can generate emission-free electricity.

The Nordex Group is a leading global player in the wind industry, actively shaping the transition to sustainable power generation. Our vision is that:

"Our products and services empower people around the world and create a cleaner and more peaceful planet."

(José Luis Blanco)

Since our founding in 1985, Nordex colleagues have focused on advancing wind power technology and delivering high-performance, cost-competitive wind farms. We have worked tirelessly to make wind energy more affordable and widespread. Today, onshore wind is next to solar energy among the cheapest sources of bulk electricity generation in most major global markets, clearly cheaper than conventional fossil alternatives and, in many places, more cost competitive even than other renewables. Creating value for our customers and empowering them to provide clean, affordable energy to the world has always been our mission. To sum it up in one sentence:

"Our mission is to develop and deliver clean power plants that make 100% renewable energy for the world a reality."

Corporate strategy

The Nordex Group is a leader in developing, manufacturing and maintaining wind turbines. With a clear focus on onshore wind energy and accessing technology-driven, profitable global markets, the Company provides a robust business model that supports sustainable growth.

By combining its global presence with the culture of a medium-sized company, Nordex can respond flexibly and efficiently to changing market conditions. This strategic agility is reinforced by diversification across different markets, offering stability and mitigating regional fluctuations. As a result, the Company minimizes risks while optimizing market opportunities.

Nordex's strategy is built on a detailed analysis of internal and external factors. Political and regulatory developments, market trends and economic conditions are continuously monitored to strengthen its competitive position. Challenges such as new subsidy mechanisms, trade barriers, rising raw material prices and global events such as the COVID-19 pandemic or the war in Ukraine have significantly impacted the industry. Despite these challenges, Nordex has made progress thanks to its strategic flexibility and operational resilience.

The Management Board is re-affirming the corporate strategy based on the already communicated mid-term goals:

• Strengthen the Company's global leadership position in the wind energy sector
• Achieve an EBITDA margin of 8%

These objectives reflect Nordex's commitment to continuous improvement and sustainable growth.

The strategy focuses on four key areas to ensure the Company's future viability:

1. Competitive product portfolio:

We are continually enhancing the Delta4000 platform, featuring nine turbine models tailored to international market needs, to unlock new market opportunities and reinforce competitiveness.

2. Supply chain optimization:

Nordex's global expansion requires efficient production and supply chain structures. The Company uses strategic supplier selection and risk-optimized contracts to reduce costs and mitigate risks, ensuring long-term competitiveness.

3. Improving internal processes:

Our targeted process optimization projects aim to enhance product and service quality. These initiatives boost efficiency in project execution and service delivery, securing longterm profitability.

4. Expanding the service business:

As a core element of our growth strategy, the service business focuses on bundling global expertise and optimizing workflows for sustainable profitability. Strategic projects and operational measures further strengthen the Company's position in the service market.

The Nordex Group focuses on these four key strategic pillars to capitalize on market opportunities while sustainably increasing revenue and profitability. This clear direction not only supports the achievement of mid-term corporate goals but also lays the foundation for a long-term profitable organization.

A crucial aspect of our strategy is to align our economic objectives with sustainability principles. The Nordex Group views sustainability as an integral part of our business operations and a critical factor for future success. A detailed review of the Nordex Group's sustainability strategy and efforts is available in the in the suchapter "Sustainability Statement" of this report.

Strategy monitoring and implementation

The success of Nordex's strategy relies on well-defined initiatives that are regularly reviewed and adjusted as needed. We continue and complete existing projects while launching new ones to proactively address current and future challenges. Each strategic initiative is assigned to one of the strategic pillars and managed by a member of the Nordex leadership team. This has been instrumental in major initiatives such as those relating to the ongoing US turnaround (resulting in the reactivation of the West Branch manufacturing facility in Iowa) as well as supporting operational improvements in Service and other areas of the business more broadly. Following an intensive internal strategy process in 2024, a number of new strategic projects were launched, including a targeted restart of the project development business.

Our senior management team monitors progress by conducting regular reviews. We measure performance using a comprehensive set of financial and non-financial indicators which also form the basis for management's performance-based compensation. Nordex introduced a stock option program in 2021 to boost leadership engagement. This fouryear program is designed to reward success and encourage long-term commitment from key leaders.

Financial strategy

Nordex's financial management focuses on ensuring financial stability and flexibility; in other words, it prioritizes maintaining a healthy balance sheet and ensuring access to liquidity. Working capital, defined as the sum of trade receivables, contract assets from projects and inventories less trade payables and contract liabilities from projects, is the key control parameter.

Given the Company's growth and dynamic environment, effective financial management has become increasingly crucial. Subsidiaries are provided with liquidity through in-house banking and funding, centrally managed from the Group's head office to mitigate counterparty and currency risks. The Company generally aims to finance ongoing investments in property, plant and equipment from its operating cash flow. As of the end of 2024, cash and cash equivalents stood at EUR 1,151 million.

Overall, the Nordex Group strives to continuously strengthen its capital structure, increase and stabilize its operating cash flow, and enhance its available liquidity. These measures not only secure the funding of strategic initiatives but also provide a strong foundation for ongoing improvements in efficiency and profitability.

Value management and control system

To achieve our strategic goals, we measure the outcomes of our activities using a number of financial and non-financial key performance indicators (KPIs). These KPIs serve as the foundation for reporting to management, the Management Board, the Supervisory Board and shareholders, and in some cases are integral to the incentivebased remuneration system.

In a narrower sense, we have defined indicators that accurately reflect our financial performance. The most important indicator of our financial performance (and thus Nordex's main key performance indicator) is EBITDA (earnings before interest, taxes, depreciation and amortization). In this context, we also consider the EBITDA margin, which represents the ratio of EBITDA to sales, thus reflecting the profitability of our operating business. We also consider other financial performance ratios, such as working capital ratio and capital expenditure (CAPEX) as company-specific leading indicators to assess the Company's performance.

Working capital ratio is defined as the sum of trade receivables, contract assets from projects and inventories less trade payables and contract liabilities from projects in relation to the last 12 months of sales.

In a broader sense, we also use other financial and non-financial performance indicators. Free cash flow is defined as operating cash flow minus investing activities. This metric is crucial for our ability to generate funds from our operating business while at the same time investing in our future growth.

Other non-financial indicators include order intake and order book as well as KPIs employed in production (turbine production and rotor blade output), project management (installed capacity), and service (turbine availability). These indicators help the Management Board and senior managers to oversee the Company and assess its current performance, and form part of our broader control system

Order intake refers to the total volume of orders received for wind turbines and related services in a financial year, typically measured in gigawatts (GW) and euros (EUR million). The order book represents the total value of orders received but not yet fulfilled, encompassing both the Projects segment (new wind turbine installations) and the Service segment, with each tracked individually. Installed capacity refers to the total cumulative capacity of wind turbines that Nordex has installed and commissioned during a financial year. This metric is typically measured in gigawatts (GW) and represents the total power output capacity of all the wind turbines Nordex has deployed globally.

In the Service segment, availability refers to the percentage of time that a wind turbine is operational and capable of generating electricity. This metric is crucial for assessing the reliability and efficiency of wind turbines. It is typically calculated as dividing the operational time by the total time, and then multiplying the result by 100 to get a percentage. Operational time includes periods when the turbine is running and producing power, while total time encompasses all hours in a given period, including downtime for maintenance or repairs.

Some performance indicators are recorded only at Group level, as segment-specific reporting is either inappropriate or lacks relevance for comparability. Collectively, these indicators facilitate a thorough assessment of the Group's current and future performance, offering a comprehensive overview of its capital requirements.

The management of the Nordex Group in terms of ensuring sustainable business performance is summarized in the suchapter entitled "Sustainability Statement".

Corporate responsibility

The Nordex Group is driven by its mission to support the sustainable transition to renewable energy by producing efficient wind turbines. This commitment to combating climate change is the cornerstone of our business model. Our management has aligned the Company's development with sustainability principles, as outlined in our sustainability strategy.

We report on our Environmental, Social, and Governance (ESG) related activities and progress in a dedicated Sustainability Statement, which is a suchapter of this integrated report.

In our sustainability strategy, we have defined the following focus areas:

• Sustainable Products: Innovation in product design to enhance efficiency and sustainability and to address the challenges in the transition to a circular economy.
• Environment: Initiatives addressing climate change, decarbonization, and environmental protection.
• Social Matters: Commitment to being a fair and attractive employer and focus on occupational health and safety.
• Governance: Responsible sourcing, business ethics, compliance, and integrity.

Research and development

One of the global wind energy industry's strengths is a capacity for innovation that drives steady technological progress. Around the world, wind energy now successfully competes with other energy technologies, largely without government support. This means that wind energy must not only offer environmental benefits but must also be profitable and reliable. Energy production from onshore wind turbines has now become one of the cheapest sources in many countries globally, being one of the main pillars to combat climate change. High-quality wind turbines that enable cost-competitive power production for their entire operational lifecycle of up to 30 years are therefore key to the competitive strength of Nordex. As a result, development activities are centered around customer requirements and improving the business case throughout the entire lifecycle of the wind asset. As global markets are constantly changing, Nordex continuously monitors market and regulatory requirements to offer a compliant and optimized product portfolio. The latest trends in this regard are rapid changes in grid code requirements and increasing requirements for cyber security in the Group's target markets. The Nordex Group has developed a mature technology concept based on extensive validation and field performance, the centerpiece of which is the successfully established Delta4000 series. This turbine platform, which can be installed and operated anywhere in the world and can be adjusted to specific requirements, enables power generation in the 4 MW, 5 MW and 6 MW+ classes. In individual cases Nordex also develops project-specific solutions and setups.

The Group's R&D activities also include innovating its production, logistics, installation and service processes. In 2023 the Group successfully installed the first wind farm featuring its in-house hybrid concrete-steel tower with a 168m hub height. This lays the foundation for even higher towers of up to 200m hub height in markets with low wind speeds.

Organization and key R&D indicators

At the end of 2024, the Nordex Group had 774 employees in the Engineering segment (2023: 713 employees). The Company's main research and development activities are located in Rostock and Hamburg (Germany), Pamplona (Spain), Chennai (India) and Shanghai (China). The increase in the number of employees was focused primarily on sites in Germany and Spain.

The development expenses recognized in the balance sheet amounted to EUR 184.8 million as at 31 December 2024 (31 December 2023: EUR 169.8 million). In the 2024 financial year, development expenses of EUR 51.0 million were newly capitalized (2023: EUR 46.4 million). The additions mainly included further and new development of the Delta generation of wind turbines. The external services capitalized in the 2024 financial year amount to EUR 57 million and were mainly driven by subcontracting and special services such as specific testing and consulting. Other development expenses incurred during the reporting year amounting to EUR 36.0 million (2023: EUR 36.6 million) do not meet the criteria for capitalization and were therefore expensed. The capitalization ratio for the year under review amounts to 58.7% (2023: 55.9%). Amortization of capitalized development expenses amounted to EUR 35.3 million in the 2024 financial year (2023: EUR 38.1 million). (Link to notes if represented)

Product development

The Group's development activities during the 2024 financial year continued to focus on enhancing the Delta4000 series. This included the successful installation of two prototypes of the N175/6.X turbine and the start of series production.

The N169/5.X turbine specifically targeted to the US market was also introduced based on the Delta4000 platform's proven N163/5.X variant. With an especially high capacity factor, this turbine is designed to bolster the Nordex product portfolio for grid constraint projects in central US states.

The Group's new and ongoing development activities generally involve developing and testing new materials in blade production and developing new tower variants. The Nordex Group also continually strives to implement measures aimed at reducing the carbon footprint of our activities and products.

Economic report

Economic report

Geopolitical tensions and weak economic growth rates as inflation eases

Continued political and regulatory support for wind

German auctions reach highest volumes in years

Macroeconomic environment

Macroeconomic environment in 2024 – largely sluggish economy despite interest rate turnaround

In 2024, the global economy experienced sluggish growth despite shifts in interest rates. The growth gap between the dominant economic regions – the US, China and Europe – was particularly pronounced in 2024. Despite low inflationary pressure and central bank policy shifts, the global economy grew only modestly under numerous burdens. The geopolitical environment in particular caused great uncertainty. Geopolitical tensions, including the escalation of the Middle East conflict and Russia's continued war in Ukraine with North Korea's involvement, contributed to uncertainty. In addition, EU skeptics gained ground in European elections, weakening governments in key markets including France and Germany.

The International Monetary Fund (IMF) estimates that the global economy grew by 3.2% in 2024 (2023: +3.3%). This aligns closely with the forecast at the beginning of the year (IMF in January: +3.1%). China's moderate growth kept the expansion rate in emerging and developing countries at +4.2% (2023: +4.4%). Industrialized countries grew slightly overall at +1.7%, with the US experiencing a strong upturn, while Europe, especially Germany, remained in a weak phase.

Inflation weakened from its previous extremely high levels in 2024, prompting major central banks to adopt an expansive monetary policy and initiate interest rate cuts. In June, the European Central Bank (ECB) lowered its key interest rates for the first time in two years, followed by three further interest rate cuts by year-end, reducing the ECB's deposit rate by a total of 100 basis points to 3.00%. The US Federal Reserve maintained its course for longer due to a dynamic domestic economy, only beginning rate cuts in September. It continued on this path with two more reductions by year-end, lowering key interest rates by 100 basis points to a range of 4.25% to 4.50%. While most central banks lowered their interest rates to stimulate the economy, a few countries, including Türkiye, Brazil and Japan, raised their key rates in 2024. The euro's external value against the US dollar fell by 6.0% based on the year-end exchange rate of USD 1.0400, with the dollar gaining momentum in the final months following the US election.

Commodity prices showed uneven development in 2024 due to the weak but regionally heterogeneous global economy. Despite geopolitical crises, there were no raw material supply bottlenecks. According to the IMF, non-oil commodity prices rose by an average of 3.4% in 2024 (2023: -5.7%). Key raw materials for wind turbine manufacturing, such as steel, copper and aluminum, saw mixed price trends: steel prices fell by more than 10% (LME), while prices for aluminum (+7.2%) and copper (+7.7%) rose. Nordex secures raw material prices immediately after contract signing, but rapid short-term increases or major fluctuations can still impact earnings margins.

Economic report

The development of fossil fuels and country-specific electricity price levels can significantly influence investment decisions regarding new wind farms and the design of government frameworks. In the reporting year, oil prices fell slightly worldwide. According to the IMF, the average annual price per barrel of oil decreased by 1.9% in 2024.

In Germany, wholesale prices for base load electricity remained high, negatively impacting energy-intensive industries. The Epex Spot Germany index averaged EUR 79.6/MWh for the year (2023: EUR 95.2/MWh).

Political, legal and regulatory environment

Supporting the expansion of the wind energy sector

The Nordex Group's business is heavily influenced by the regulatory environment, which varies by region and country based on climate protection targets, national regulations and wind power expansion plans. Factors such as subsidies, tax breaks and legal requirements for renewable energy and emission reductions impact wind energy use. On a global level, UN climate targets guide efforts to reduce greenhouse gas emissions, with the energy sector being responsible for a significant portion of greenhouse gas emissions. As a result, expanding renewable energy systems is crucial for meeting these targets.

Russia's war in Ukraine has underscored the importance of clean and independent energy supplies, accelerating political initiatives for green energy. The EU Commission's RePowerEU/Wind Power Action Plan and the US's Inflation Reduction Act (IRA) are aimed to expand green energy use. These initiatives are expected to create the conditions for further expanding the onshore wind energy sector.

The European market is expected to continue growing to reach the goal of 480 GW by 2030, requiring installations well in excess of 30 GW per year. In 2024, this number was around 15 GW. Volume trends vary considerably across different markets.

In Germany, initiatives to promote renewable energy expansion are beginning to take effect, although the installed capacity still needs to almost double to 115 GW from just over 63 GW at the end of November 2024. In May 2023, the Federal Ministry for Economic Affairs and Climate Action unveiled a new strategy, which includes numerous initiatives to accelerate onshore wind energy expansion, aiming to increase capacity to 160 GW by 2035. At the start of 2023, the price ceiling for onshore wind tenders increased to 7.35 ct/kWh and will remain at this level in 2025, providing investment certainty and account for the current price environment. Approximately 11 GW was awarded across four auctions during 2024. Building permits rose significantly by 87% to just over 14 GW during the 2024 financial year (2023: 7.5 GW, 2022: 4.2 GW).

Industry-specific environment

Mixed global trends for new installations in the onshore wind market in 2024 – strong year in Germany

According to the latest projection by the market research institute WoodMackenzie (December 2024), the wind industry installed new wind turbines with a nominal capacity of 122.3 GW worldwide in 2024, including repowering (2023: 117.2 GW). The onshore segment remained dominant, accounting for 90.8% of all new installations globally. In the Nordex Group's markets (onshore worldwide excluding China and India), 31.7 GW of new installations, including repowering, were added in 2024, compared to 33.6 GW in the previous year (-5.9%). The weak global economy, high interest rates and political uncertainties in 2024 negatively impacted the market. However, trends varied across different regions and countries.

Economic report

According to data from Wood Mackenzie, new installations in the European onshore market including repowering totaled 13.5 GW in 2024, a fall of 8.9% from the previous year's level (2023: 14.8 GW). Scandinavia saw a significant decline (Finland -32.7%, Sweden -51.8%), while the UK (+13.4%), Italy (+24.4%), and Spain (+109.3% to 1.2 GW) experienced substantial growth. Türkiye also showed a positive trend in 2024 with an +11.9% increase in 2024. The German Wind Energy Association (BWE) reported that 2024 was a record year for German onshore wind energy, with approvals reaching high levels. Initiatives introduced by the German government, such as accelerated approval processes, had a positive impact. According to data from BWE, 635 onshore wind turbines with a total capacity of 3,251 MW were newly installed in Germany in 2024 (2023: 3,581 MW). This was a decline of 9.2%.

In Latin America, onshore wind installations decreased to 5.6 GW in 2024 (-5.7%). Brazil, the region's dominant market, saw a decline to 4.0 GW (-11.4%) after a strong increase the previous year. In Mexico, new installations remained virtually unchanged at 23 MW.

In the US, 5.7 GW of onshore wind capacity was added, which, although still high, was about 20% below the previous year's 7.1 GW. By contrast, Canada increased new installations by 25% to almost 1.8 GW, while Australia more than doubled its new onshore installations to 1.4 GW.

In 2024, the global grid portfolio of wind turbines grew by 11.4% to over 1.14 TW of nominal capacity. In the markets addressed by Nordex (onshore excluding China and India), the nominal capacity of the turbine portfolio increased by 6.0% to almost 532 GW. According to Wood Mackenzie, the core market of Europe accounted for 249.5 GW (+5.4%) and Germany for 66.3 GW (+5.5%).

Overall business development Significant events during the reporting period

2
N/ W/

Returning to profitability and on track to achieve our mid-term financial targets

EBITDA margin of 4.1% reaches the upper end of the guidance corridor

Strong free cash flow generated during the financial year

Despite ongoing uncertainty created by geopolitical conflicts and weak economic development, particularly in Germany, the expansion of renewable energy generation continued at a rapid pace. Many countries worldwide have set themselves the long-term goal of achieving zero emissions, marking an irreversible step towards the complete decarbonization of the economy. The long-term prospects for the industry remain positive, although full real economic implementation of the political guidelines and subsidy concepts will still take some time. Wind energy remains a fundamental component of the global energy transition and one of the cheapest sources of renewable energy.

In 2024, Nordex implemented significant measures to strengthen its portfolio and regional footprint. The following milestones were significant in our communications with the capital markets during the 2024 reporting year:

New development receives important seal of approval

In March 2024, Nordex achieved a milestone for its hybrid towers developed in-house to initially target the core German market, as TÜV SÜD issued the type approval certificate for the 179-meter hybrid tower in accordance with DIBt guidelines. This certification is crucial for obtaining planning permission to erect the N175/6.X turbine from the Delta4000 series on this tower in Germany. When combined with the hybrid tower, the N175/6.X turbine can increase energy production at onshore low-wind locations in particular.

In July 2024, Nordex installed the world's first N175/6.X turbine on a tubular steel tower with a hub height of 112 meters in Schleswig-Holstein, Germany. This was followed by another turbine with a hub height of 179 meters in late autumn.

In September 2024 TÜV SÜD also issued the provisional IECRE type certificate (Provisional Type Certificate P-TC according to IECRE) for the N175/6.X. This certification is vital for international marketing and is typically a prerequisite for tendering procedures in international wind energy projects. Project planners and wind farm operators across the globe rely on turbines certified to international standards.

Business performance of the Nordex Group

Package of measures to strengthen the US business

Having successfully consolidated its strong market position in Europe, Nordex is now focusing on its North American business. Several key measures were implemented to capitalize on expected future growth in the US and Canada and meet local requirements under the IRA (Inflation Reduction Act), including expanding local supply chains and developing a turbine specifically designed for US wind regions with low to medium wind speeds and without intense turbulence. The N169/5.X turbine was launched in July 2024.

On 1 June, Nordex appointed a highly experienced manager from within the Group as the new CEO of the North America Division to lead the expansion of the North American business.

Following an intensive review, the Management Board decided at the end of June 2024 to restart production at the West Branch (Iowa) manufacturing facility. Nacelles for the N163 turbine variant and the new N169/5.X will be produced and assembled there. Production will ramp up in line with order intake development. Production capacity in West Branch can be flexibly adjusted according to customer demand.

Tower portfolio further expanded

In September 2024, the Nordex Group expanded its range of towers for the N175/6.X turbine to include a hybrid tower with a hub height of 200 meters, the highest to date. This allows the rotor to operate in wind currents with significantly higher speeds and less turbulence, benefiting locations with lower wind speeds. The continuous expansion of product variants for this turbine is strategically important, enabling Nordex to offer developers and operators new solutions for inland turbines, particularly in Germany, Finland and Sweden.

Comparison of actual business results with forecast results

Nordex can look back on a successful business performance in the 2024 financial year, with the Company recording both top and bottom-line growth. On 29 February 2024, the Nordex Group published its forecast for the 2024 reporting year, outlining four key financial targets in the process. The Management Board projected consolidated sales in the range of EUR 7.0 to 7.7 billion, anticipating stronger sales growth in the second half of the year compared to the first six months. This expectation was supported by the order backlog. Nordex also forecasted an operating EBITDA margin of between 2.0% and 4.0%. This expectation was based on a more stable cost environment and the intake of more profitable orders, which are expected to result in a more even distribution of margins across the quarters, with a slight uptick in the second half of the year.

This margin forecast was based on the assumption of a generally improved cost situation, slightly rising prices, and adjusted customer contracts, all contributing to positive margin development. The Company also continued its earnings improvement program, focusing on increasing productivity, sustainably enhancing service margins, optimizing project management and improving the supply chain.

The third element of the forecast was a working capital ratio as a percentage of consolidated sales of below -9% at the end of the year. This ratio is significantly influenced by incoming orders and the level of activity.

Fourthly, Nordex planned investments of approximately EUR 175 million for its expansion and further development. With a more stable cost environment and improved margin profile of its orders, the Company's business development and underlying assumptions faced less uncertainty compared to previous years.

The Nordex Group started the 2024 financial year with a stronger balance sheet, robust order intake momentum and a year-on-year increase in sales. The first quarter also saw an expected improvement in the EBITDA margin. In the subsequent quarters, business development continued to align with expectations, with further enhancements in the operating margin and continued sales growth.

Business performance of the Nordex Group

Business performance remained in line with the Nordex Group's expectations in the remainder of the year. The cost situation remained stable, supported by a benign operating environment, steady prices and a largely reliable supply chain. This led to a significant year-on-year rise in consolidated sales, surpassing volumes from the first half of the year. The EBITDA margin improved from 3.3% in the first quarter to 3.5% in the second quarter, reflecting positive developments. With a more stabilized environment and better predictability, Nordex's management tightened the guidance to the upper end of the profitability range, meaning to 3% to 4%, with the half year results. As anticipated, the EBITDA margin further improved in the third quarter and further rose to 4.9% in the last quarter of the year. Order intake for projects in the second half of 2024 also increased, particularly in the fourth quarter, reaching 8.3 GW by year end 2024.

The Nordex Group's key financial data for 2024 fully aligns with the guidance released on 29 February 2024, including the tightened EBITDA guidance in the second quarter. Consolidated sales rose to EUR around 7.3 billion, driven by high levels of installation and production activities, as well as further growth in the Service segment. As expected, the EBITDA margin was at 4.1%, at the upper end of the guidance range and in line with Nordex's expectations.

The Group invested approximately EUR 153 million during the year under review, compared to roughly EUR 175 million originally planned. This variance was primarily due to project-related delays extending beyond the reporting date and stringent cost management. The working capital ratio as a percentage of consolidated sales was -9.1% at the end of the reporting year, almost in line with the original target of below -9.0%.

Overview of forecast and actual business performance in 2024

Key figure	Initial guidance March 2024	Adjusted guidance July 2024	2024 actual
Sales (EUR billion)	7.0-7.7	7.0-7.7	7.3
EBITDA margin (%)	2.0 to 4.0	3.0 to 4.0	4.1
Working capital ratio (%)	below -9	below -9	-9.1
Capital expenditure (EUR million)	approx. 175	approx. 175	153

Business performance of the Nordex Group

Management assessment of the Company's economic performance

The 2024 reporting year marked a period of stabilization for Nordex, following a transitional 2023. The Company navigated fewer national and international challenges, benefiting from a more stable macroeconomic environment. This stability, characterized by easing inflationary pressures and the absence of major shocks, provided a solid foundation for operational and financial performance.

The macroeconomic environment in 2024 was notably more stable, barring disruption in the Red Sea during the first quarter, with slight inflationary pressure but no significant disruptions. This stability extended to raw materials, shipping and approval procedures, resulting in a more reliable supply chain and improved cost situation. Nordex also capitalized on de-risking measures implemented over the past three years, such as changing the terms and conditions of customer contracts, back-to-back booking of components, stable shipping rates via long term charters or by keeping price adjustment clauses for key components during the bidding stage of projects.

Operationally, Nordex achieved a record high order intake of 8.3 GW and increased its market share in Europe and North America. Turbine installations were in line with expectations, reaching around 6.6 GW by year-end, normalizing compared to the previous year, which was impacted by significant catch-up effects on previous backlogs. Activities in Germany increased significantly year-on-year, despite ongoing challenges in obtaining permits to transport components by road using heavy goods vehicles.

Nordex recorded robust financial performance in 2024. Group sales increased by around 12% to EUR 7.3 billion compared to the previous year, falling within the guidance range of EUR 7.0 to 7.7 billion. The operating margin improved significantly, reaching 4.1% during the reporting year thanks to a stable price environment, improved supply chain, better conditions in customer contracts and a bigger proportion of higher-margin projects.

Nordex maintained healthy cash levels of EUR 1,151 million at the end of 2024. The Company's working capital ratio improved to -9.1%, reflecting a stable business environment. The equity ratio was almost on a par with the previous year's level at 17.7% (203: 18.0%), while the net cash position stood at EUR 848 million.

In summary, Nordex demonstrated significant operational and financial improvements in 2024. With strong order book visibility, we are confident in our ability to further accelerate EBITDA margins in 2025 and remain on track to achieve our medium-term target of an 8% EBITDA margin.

Nordex Group

Business performance of the Nordex Group Operative figures

Record order intake of 8.3 GW in 2024 financial year

EBITDA of EUR 296 million achieved, up from EUR 2 million in 2023

Free cash flow generation of EUR 271 million with EUR 848 million in net cash at year-end

Production

In the reporting year, Nordex's turbine production decreased slightly by 5% year-on-year (in MW). Germany remained the most important location, accounting for approximately 35% of total production, followed by China and India, which both increased their output compared to the previous year.

The Nordex Group produced a total of 1,312 turbines (2023: 1,520 turbines) during the year under review. The nominal output of assembled turbines decreased by 4.7% to 7,609 MW (2023: 7,985 MW). The higher production figure in 2023 was attributed to catch-up effects from supply chain delays in previous years.

Rotor blade production in Nordex's own plants increased by approximately 33% in 2024, totaling 1,537 rotor blades (2023: 1,159 blades), representing 28.4% of total blade production. Additionally, the Company sourced 3,884 rotor blades (2023: 3,476 blades) from external suppliers, accounting for 71.6% of total blade production. These blades were manufactured according to Nordex's design and specifications.

	Turbines (MW)		Rotor blades (units)
	2024	2023	2024	2023
Germany	2,665.0	3,400.6	12	—
Spain	893.0	1352.3	272	372
Brazil	120.0	621.6	—	—
India	1,653.0	1,608.0	1,127	787
Mexico	—	—	126	—
China	2,278.0	1002.9	—	—
Total	7,609.0	7985,4	1,537	1,159

Business performance of the Nordex Group

Installations

In 2024, Nordex installed a total of 1,227 wind turbines across 25 countries (2023: 1,429 turbines in 24 countries), with an installed nominal output of 6,641 MW. This represents a year-on-year decrease of 8.4%, as installation levels returned to more typical activity compared to 2023, which included significant catch-up effects from previous supply chain delays. On a MW basis, 71% of turbines were installed in Europe (2023: 63%), 16% in Latin America (2023: 24%), 7% in Australia as part of the Rest of the World reporting region (2023: 7%), and 6% in North America, remaining stable compared to the previous year.

Germany was the most important individual market, with 1,170 MW of installed capacity (2023: 922 MW), followed by Brazil with 804 MW (2023: 1,185 MW), Finland with 591 MW (2023: 749 MW), Türkiye with 532 MW (2023: 404 MW), and Lithuania with 444 MW (2023: 4.5 MW). Other key markets included France, Spain and Estonia. Outside Europe, Canada as well as Australia and Chile also played a relevant role.

In terms of the number of turbines installed, Germany was the leading market with 218 turbines (2023: 175 turbines), followed by Brazil with 141 turbines (2023: 208 turbines), Finland with 104 turbines (2023: 120 turbines), France with 95 turbines (2023: 109 turbines), and Türkiye with 84 turbines (2023: 80 turbines).

	Installed capacity (MW)
Country	2024	2023
Germany	1,170	922
Brazil	804	1,185
Finland	591	749
Türkiye	532	404
Lithuania	444	5
Australia	439	479
Canada	388	34
France	324	352
Chile	273	280
Spain	265	310
Estonia	255	—
Poland	198	488
Italy	194	159
Croatia	133	185
United Kingdom	128	115
Ireland	104	173
Serbia	94	106
Sweden	68	106
Netherlands	56	160
Greece	53	74
Belgium	40	153
Austria	32	29
Romania	30	—
Portugal	24	—
US	5	424
Peru	—	308
Ukraine	—	55
Total	6,641	7,253

Business performance of the Nordex Group

Strong order intake and order book in 2024

Projects Segment:

In 2024, the Nordex Group increased its order intake in the Projects segment (turbine business). The majority of demand was for turbines in the 5 and 6 MW classes, particularly for the N163 series. Regionally, most of the demand came from European markets.

The Nordex Group received orders from 24 countries totaling EUR 7.5 billion in the reporting period, compared to EUR 6.2 billion from 23 countries in the previous year. The number of turbines ordered increased by approximately 14% to 1,452 turbines (2023: 1,270 turbines).

Europe accounted for 81% of the order volume (in EUR) in 2024 (2023: 88%), followed by North America with 10% (2023: 3%), the Rest of the World region with 6% (2023: 2%), and Latin America with 2% (2023: 7%). The largest individual markets in Europe were Germany, Türkiye, France, Spain and Lithuania. North America (US, Canada) and South Africa were also significant.

In terms of nominal output, the Nordex Group increased its order intake by around 13% to around 8.3 GW in 2024, up from 7.4 GW in the previous year. The average turbine price per megawatt of output (average selling price, ASP) in the reporting year went up to EUR 0.90 million/MW (2023: EUR 0.84 million/MW).

The book-to-bill ratio in the Projects segment (i.e., the ratio of order intake to sales excluding the Service business) stood at 1.14 in 2024, indicating increasing demand (2023: 1.07).

The order book of confirmed orders in the Projects segment totaled EUR 7.8 billion at the end of 2024, representing an increase of nearly 13% compared to 2023 (EUR 6.9 billion). Geographically, the order book was distributed as follows: Europe accounted for 83% (2023: 84%), North America including Canada for 9% (2023: 4%), the Rest of the World region for 5% (2023: 2%), and Latin America for 3% (2023: 10%).

Service segment:

In the Service segment, the Nordex Group increased its order intake by 114.5% to EUR 1,981 million. This includes both service contracts for new turbines and extensions for expired contracts. The segment's order book grew by 37.2% to EUR 5.0 billion during the year under review (2023: EUR 3.6 billion). Newly delivered turbines are included in the order book approximately one year after the wind farm has been commissioned.

At the end of 2024, the Nordex Group's Service segment had 12,757 wind turbines with a nominal output of 41.3 GW under service worldwide (31 December 2023: 11,400 turbines with an output of 35.0 GW). The average system availability of the turbines serviced by the Nordex Group across all platforms and markets remained stable at 97%.

Order intake and order book in the Projects segment

Region / in EUR million	Order intake			Order book1
	2024	2023	2024	2023
Europe	6,074	5,492	6,495	5,796
North America	760	206	697	252
Latin America	145	409	250	702
Rest of world	482	105	362	161
Total	7,461	6,211	7,804	6,911

1 As of 31.12.

Business performance of the Nordex Group

Segment performance

The Nordex Group has reported on the Projects and Service segments since 2018. The Projects segment includes the new wind turbine business and wind farm development within the Nordex Development business. The Service segment encompasses all activities related to turbine support after commissioning. Sales, income and expenses that cannot be clearly allocated to these two segments are reported separately as "Not allocated".

In the 2024 reporting year, the Projects segment generated sales of EUR 6,543 million (2023: EUR 5,828 million), while the Service segment generated EUR 777 million (2023: EUR 679 million). Before unallocated sales and consolidation, the Projects segment contributed 89.6% and the Service segment 10.6% to Group sales.

		Projects	Service			Group
EUR million	2024	2023	2024	2023	2024	2023
Order intake	7,461.5	6,211.3	1,981.2	923.9	9,442,7.	7,135.2
Order book	7,803.9	6,911.2	4,974.1	3,626.2	12,778.0	10,537.4
Sales	6,543,1	5,827.7	776.6	678.9	7,298.8	6,489.1
EBIT	317.9	9.6	123.1	101.2	115.4	-186.5

Results of operations, financial position and net assets

Results of operations

EUR million	2024	2023	△ absolute	△ in %
Sales	7,298.8	6,489.1	809.7	12.5
Total revenues	7,000.5	6,550.9	449.6	6.9
Cost of materials	-5,465.6	-5,566.0	100.4	-1.8
Gross profit	1,535.0	984.8	550.2	55.9
Personnel costs	-727.3	-629.8	-97.5	15.5
Other operating (expenses)/ income	-511.3	-353.1	-158.2	44.8
EBITDA	296.4	2.0	294.4	>100
Depreciation/amortization	-181.0	-188.5	7.5	-4.0
EBIT	115.4	-186.5	301.9	>100
Net profit	8.8	-302.8	311.6	>100
Gross margin (%)	21.0	15.2
EBITDA margin (%)	4.1	0.0
EBIT margin (%)	1.6	-2.9

Sales

The Nordex Group's sales increased by 12.5% to EUR 7,299 million during the 2024 financial year (2023: EUR 6,489 million), reaching the middle of the forecasted range of EUR 7.0 – 7.7 billion. This strong increase in sales was driven by higher average selling prices (ASPs), higher activity levels and growth in service revenue.

Germany was the market with the highest sales, posting EUR 1,616 million (2023: EUR 1,096 million), followed by Türkiye with EUR 606 million (2023: EUR 414 million), France with EUR 526 million (2023: EUR 459 million) and the US with EUR 427 million (2023: EUR 299 million).

Business performance of the Nordex Group

Sales by region in 2024 in %

Structural costs

Structural costs (staff costs and net other operating expenses/income) increased by 26.0% to EUR 1,239 million (2023: EUR 983 million), primarily due to higher staff costs. In 2024, the Nordex Group further increased its headcount in response to its strong order book and the higher number of wind turbines under service agreements, leading to a 15.5% rise in staff costs to EUR 727 million. Additionally, net other operating expenses/income was at EUR -511 million (2023: EUR -353 million).

EUR million	2024	2023
Personnel costs	-727.3	-629.8
Other operating (expenses)/income	-511.3	-353.1
Total	-1,238.6	-982.8

Other operating income fell to EUR 81 million in the year under review (2023: EUR 273 million) primarily due to the reduced income from forward exchange transactions amounting to EUR 38 million (2023: EUR 88 million) and of currency translation gains of EUR 7 million (2023: EUR 149 million).

Gross profit

The Nordex Group's gross revenue rose by 6.9%% to EUR 7,001 million during the year under review (2023: EUR 6,551 million). This figure includes a reduction in inventories of EUR 298 million, compared to an inventory increase of EUR 62 million in the previous year. The cost of materials amounted to EUR 5,466 million in 2024 (2023: EUR 5,566 million) with the cost of materials ratio dropping to 78.1% (2023: 85.0%) This decline reflects higher sales prices and a decrease in the cost of raw materials and logistics costs. As a result, gross profit (gross revenue less cost of materials) improved considerably by 55.9% to EUR 1,535 million (2023: EUR 985 million). This represents an increase in gross margin from 15.2% in 2023 to 21.0% in 2024.

Other operating expenses amounted to EUR 593 million, down compared to the previous year (2023: EUR 626 million). Expenses for currency translation losses dropped to EUR 29 million (2023: EUR 157 million). Additionally, strict cost control measures led to a reduction in expenditure across various areas, including travel, leases, IT and telecommunications.

EBITDA and EBIT

The profitability of the Nordex Group continued to strengthen significantly during the 2024 financial year. EBITDA (earnings before interest, taxes, depreciation and amortization) improved to EUR 296 million, a substantial increase from the 2023 reporting year (2023: EUR 2 million) with an EBITDA margin of 4.1% (2023: 0.0%).

Business performance of the Nordex Group

Depreciation and amortization decreased by -4.0% to EUR 181 million during the past financial year (2023: EUR 188 million). Of this total, EUR 5.6 million (2023: EUR 5.0 million) related to the purchase price allocation (PPA) of Acciona Windpower in 2016.

This resulted in earnings before interest and taxes (EBIT) of EUR 115 million (2023: EUR -186 million) for the 2024 financial year, corresponding to a positive EBIT margin of 1.6% (2023: –2.9%).

Financial result

The financial result improved to EUR -94 million (2023: -124 million), due to higher interest income and lower interest expenses compared to the previous year, which was characterized by the debt to equity swap. Interest expenses fell by 18.1% to EUR 111 million (2023: EUR 135 million).

Net income and EPS

The net profit/loss from ordinary activities (EBT) reached EUR 22 million in the 2024 financial year, compared to EUR -311 million in the previous year. Tax expenses amounted to EUR -12.7 million (2023: EUR 7.8 million) as profits improved, resulting in a break-even on the bottom line with a small consolidated profit of EUR 8.8 million for the 2024 financial year (2023: consolidated loss of EUR -303 million). Earnings per share improved significantly to EUR 0.04, up from EUR -1.33 in the previous year.

Financial position and net assets

in EUR	31.12.2024	31.12.2023	△ absolute
Current assets	3,602.3	3,552.8	49.5
Non-current assets	2,028.9	1,869.3	159.6
Total assets	5,631.1	5,422.0	209.1
Current liabilities	3,608.7	3,673.2	-64.5
Non-current liabilities	1,025.8	770.8	255.1
Equity	996.6	978.1	18.5
Equity and total liabilities	5,631.1	5,422.0	209.1
Net cash1	848,2	631.4	216.8
Working capital ratio (%)2	-9.1	-11.5
Equity ratio (%)	17.7	18.0
1

Cash and cash equivalents less bank borrowings, bond and shareholder loan

2 Working Capital divided by sales

Capital structure

The Nordex Group's total assets rose by circa 4% to EUR 5,631 million as of 31 December 2024 (31 December 2023: EUR 5,422 million). On the assets side, this increase is primarily due to the 24.4% increase in cash and cash equivalents to EUR 1,151 million (31 December 2023: EUR 926 million). In contrast, inventories fell by 28.2% to EUR 909 million (31 December 2023: EUR 1,266 million) due to consistent working capital management, a slightly lower level of activities and some easing of raw material costs. Deferred tax assets increased by 39.1% to EUR 531 million and deferred income tax liabilities rose by 170.1% to EUR 204 million.

This development has two causes: firstly, the recognition of deferred tax assets primarily on unused tax losses and deductible temporary differences from different depreciation methods and non-tax deductible provisions, reflecting expected future tax benefits; and secondly, taxable temporary differences from valuation discrepancies of assets and liabilities, indicating future tax obligations.

Business performance of the Nordex Group

Non-current contract liabilities from Service increased by 15.2% to EUR 178 million while current contract liabilities from Projects dropped significantly to EUR 995 million (31 December 2023: EUR 1,320 million). Changes in those positions primarily relate to the timing difference between revenue recognition and advanced payments received. (link to notes 3 and 4).

The increase in other current and non-current provisions during the financial year is mainly driven by statutory warranties resulting from higher operational volumes, updated cost assumptions for quality improvement programs in particular, as well as some provisions for liquidated damages for delayed deliveries.

For further information on other financial obligations and contingent liabilities, please see the notes on "Other financial obligations and contingent liabilities" (LINK)

As of 31 December 2024, the Group reported a positive net liquidity position of EUR 848 million (2023: EUR 631 million). This figure represents cash and cash equivalents less interest-bearing liabilities, which include liabilities to banks, bonds, and employee bonds. The increase in net liquidity is attributable to improved profits and positive free cash flow. Additional details on trade payables, liabilities to banks and other financial liabilities are provided in the notes to the consolidated financial statements.

Nordex's equity totaled EUR 997 million as at 31 December 2024 (31 December 2023: EUR 978 million). The equity ratio at the end of the reporting year decreased slightly to 17.7% (31 December 2023: 18.0%), primarily due to a significant increase in total assets that outpaced equity growth.

Other disclosures regarding changes to individual equity items can be found in the consolidated statement of changes in equity and in the notes to the consolidated financial statements.

Asset structure

As of the reporting date, the Nordex Group's cash and cash equivalents totaled EUR 1,151 million (31 December 2023: EUR 926 million). This amount includes cash in hand, sight deposits and fixed-term deposits with an original term of up to three months.

Inventories were reduced to EUR 909 million at the end of 2024 (31 December 2023: EUR 1,266 million). Overall, current assets rose by 1.4% to EUR 3,602 million (31 December 2023: EUR 3,553 million).

Non-current assets increased by 8.5% year-on-year to EUR 2,029 million (31 December 2023: EUR 1,869 million). Property, plant and equipment slightly declined by 1.6% to EUR 545 million (31 December 2023: EUR 554 million). Goodwill remained stable at EUR 548 million (31 December 2023: EUR 548 million) while capitalized development expenses rose by 8.9% to EUR 185 million (31 December 2023: EUR 170 million).

Financial position and liquidity

Operating cash flow was positive at EUR 430 million in the 2024 financial year (2023: EUR 161 million). The change in working capital resulted in a negative cash flow of EUR -82 million, compared to a positive EUR 167 million in the previous year, reflecting the reduction in inventories. Additionally, cash flow from other operating activities improved to EUR 512 million (2023: EUR -5 million).

The working capital ratio was -9.1% as of the reporting date (31 December 2023: -11.5%), remaining within the forecast range of under -9%. The Group's active management and optimization of working capital proved beneficial in the current environment.

Business performance of the Nordex Group

Cash flow from investing activities, reflecting cash outflows for investments, increased to EUR -159 million (2023: EUR -141 million). This increase was primarily driven by normal business-relevant investments in blades and nacelle assembly facilities as well as crane infrastructure and molds, and strategic investments in expanding production in the US.

Despite higher investment outflows, the Nordex Group achieved a significant improvement in free cash flow – cash flow from operating activities less cash flow from investing activities – amounting to EUR 271 million in 2024 (2023: EUR 20 million).

Cash flow from financing activities amounted to EUR -38 million (2023: EUR 286 million), reflecting a normalized financial year without the need for capital measures. The net change in cash and cash equivalents was EUR 233 million (2023: EUR 306 million).

Syndicated multi-currency guarantee facility

Nordex SE also has a syndicated multi-currency guarantee facility currently totaling EUR 1,068 million (originally EUR 1,410 million) that runs until 9 April 2025 and in which the main Nordex Group companies hold joint and several liability. This multi-currency guarantee facility includes guaranteed cash credit lines amounting to EUR 100 million, of which EUR 10 million was extended to an Indian subsidiary during the 2022 financial year. The amount extended to the Indian subsidiary was increased to EUR 20 million during the 2023 financial year.

As of 31 December 2024, EUR 401 million (31 December 2023: EUR 1,013 million) of the syndicated multi-currency guarantee facility had been drawn down in the form of guarantees. Ancillary credit facilities have also been set up under the syndicated multicurrency guarantee facility. As of 31 December 2024, the cash drawdowns on these facilities recognized under current liabilities to banks amounted to EUR 19.115 million (31 December 2023: EUR 18.947 million).

The syndicated multi-currency guarantee facility is further subject to uniform and agreed financial covenants. The financial institutions may only terminate this multi-currency guarantee facility for good cause, such as non-compliance with the financial covenants. No covenants were breached as of 31 December 2024. There were no defaults or delays in payment regarding the cash drawings on the facility amounting to EUR 19.115 million.

Uncommitted Guarantee Facility Utilization Agreement

In 2023, Nordex SE entered into an uncommitted Guarantee Facility Utilization Agreement with Acciona, S.A. in which Acciona, S.A. offered, subject to certain terms and conditions, to make available to Nordex its uncommitted banking and surety guarantee facilities in the aggregate amount of up to EUR 1,300 million (originally EUR 600 million) under which guarantees may be issued by different financial entities to fulfil the needs of the Nordex Group. The facility is an alternative to the syndicated multicurrency guarantee facility to diversify the Company's total bond capacity.

As of 31 December 2024, EUR 1,175 million (31 December 2023: EUR 378 million) of the facility had been drawn down in the form of guarantees and the amount payable in relation to the guarantee fee recognized under current liabilities amounted to EUR 8.972 million (31 December 2023: EUR 2.275 million).

Convertible bond

In 2023, the Nordex Group successfully placed an unsubordinated and unsecured green convertible bond with a total nominal amount of EUR 333 million. The bond has a term of seven years and a coupon of 4.25% as well as a conversion price of EUR 15.73.

The conversion right within the convertible bonds constitute an equity instrument, which is included in equity in the amount of EUR 61.393 million. The liability component is classified as a financial liability at amortized cost. As of 31 December 2024, the liability including accrued costs and interest recognized under financial liabilities amounted to EUR 258 million (31 December 2023: EUR 248 million).

Business performance of the Nordex Group

Capital expenditure

Capital expenditure for the 2024 financial year amounted to EUR 152.6 million, representing a 16.5% increase from the previous year's EUR 131.0 million, but falling short of the forecasted EUR 175 million. This was primarily due to project-related delays extending beyond the reporting date and stringent cost management.

Capital expenditure primarily focused on blade and nacelle production facilities, molds and tooling and investments in installation and transport tooling and equipment for projects.

The Nordex Group defines capital expenditure as investments in property, plant, equipment and intangible assets, excluding right-of-use assets under IFRS 16. Intangible assets accounted for EUR 56.7 million of the total capital expenditure (2023: EUR 51.9 million). Capitalized development expenses constituted the majority of this figure, amounting to EUR 51.0 million (2023: EUR 46.4 million).

In 2024, investments in property, plant and equipment totaled EUR 95.9 million, up from EUR 79.1 million in 2023. The largest share was allocated to other factory and office equipment at EUR 44.9 million (2023:EUR 32.9 million), followed by investments related to technical equipment and machinery at EUR 24,4 million (2023: EUR 22.1 million). Prepayments and assets under construction amounted to EUR 24.1 million (2023: EUR 18.7 million), while investments in land and buildings amounted to EUR 2.5 million (2023: EUR 5.2 million).

Development and distribution of capital expenditure

EUR million	2024	2023
Property, plant and equipment (without use of rights)	95.9	79.1
Intangible assets	56.7	51.9
Total	152.6	131.0

Risks and opportunities report

Significant characteristics of the internal control, risk management and compliance management system and statement on the appropriateness and effectiveness of this system

At Nordex, our internal control and risk management system is integral to our decisionmaking process and corporate governance. It ensures the appropriateness and effectiveness of our business activities, proper accounting and compliance with relevant legal requirements, taking into account the complexity, size and scope of our operations. Our internal control and risk management system aims to detect risks, including environmental and social risks, at an early stage so they can be managed effectively. It provides a degree of assurance that our business objectives can be achieved as planned. While our complex business activities and challenging industry environment expose us to various uncertainties and risks, proactively identifying, managing and mitigating these risks offers market competitiveness and business stability. Our system is not designed to eliminate all risks at any cost but to understand, prioritize and control them so that we can better meet our business objectives.

Companies have been facing significantly higher risk management requirements in recent years. To meet these requirements, they need powerful and efficient organizational structures and processes that clearly define tasks, competencies and responsibilities in risk management. This is why the Nordex Group has implemented its three-line model.

The first line comprises all specialist departments that are responsible for Nordex's operating business that may be exposed to entrepreneurial risks. Their task is to detect, assess, manage and monitor risks in their operating business at an early stage in accordance with standards defined across the Group. They are also responsible for defining and implementing adequate and effective controls in their respective areas of responsibility.

The second line comprises specialized governance functions, in particular the Corporate Risk Management, Corporate Accounting & Controlling and Corporate Compliance central departments. Corporate Risk Management is responsible for the definition and methodology of risk management. Corporate Accounting & Controlling defines the internal control framework and is responsible for monitoring it. In addition, Corporate Compliance provides a mandatory framework for compliance with legal requirements and regulations by specifying codes of conduct (e.g. Code of Conduct, prevention of corruption and bribery, etc.).

The third line, Internal Audit, acts as an objective and independent auditing and advisory body for both the operating business (first line) and the monitoring bodies (second line), checking compliance with the legal framework and internal Group policies for the Nordex Group's risk management system and internal control system, in particular the design, compliance with and effectiveness of the controls defined as part of the internal control system. If necessary, appropriate measures are initiated in collaboration with Corporate Risk Management, Corporate Accounting & Controlling and Corporate Compliance as well as the relevant specialist department to eliminate the identified vulnerabilities as part of a defined process. Internal Audit regularly reports the results of its work to the Management Board and the Audit Committee of the Nordex Group.

The Management Board, Audit Committee and Supervisory Board of the Nordex Group are informed regularly and as required about the Company's risk position, potential significant control weaknesses and the adequacy and effectiveness of the controls in place. The Audit Committee and the Supervisory Board of the Nordex Group are responsible for monitoring the risk management system and the internal control system, including their adequacy and effectiveness.

As part of the audit of the consolidated financial statements, the external auditor assesses the risk management system and the internal control system and informs the Audit Committee and the Supervisory Board of any significant weaknesses identified as part of the audit.

Three-lines model

Our internal control, risk management and compliance management system comprises the following key elements:

Internal control system

Our internal control system is founded on internal guidelines, policies and procedures that define the values and expectations within each division or department. These documents include standardized approval procedures, organizational structures, various processes and measures. They ensure uniform and predefined procedures while enabling objective verification of compliance. The segregation of duties also ensures that executive, accounting and administrative activities within a corporate process are not in the hands of the same person, preventing misuse. This is further supported by IT systems with access restrictions, ensuring employees can only access the information necessary for their tasks.

In order to meet the requirements of the Group's growth in recent years, the multilayered process landscape and the associated regulatory requirements, Nordex is constantly developing its processes and systems. As part of the ongoing conversion of the ERP system to SAP4HANA, the existing role concepts are currently being redefined, in particular to ensure improved separation of duties and more comprehensive restrictions on access rights. At the same time, the integration of non-financial risk reporting into the existing risk management system is currently being implemented.

Compliance with internal policies, processes and principles is reviewed through independent controls within each process (four-eyes principle), inter-departmental crosschecks and regular process audits by Internal Audit. These controls help identify, assess and manage risks that could impact the Company's business objectives. The results of these controls, such as any process weaknesses identified, are reported to the responsible parties, including the Management Board or the Audit Committee, to ensure immediate corrective measures are taken, and the internal control system is continuously improved.

Accounting-related internal control system

Nordex Group takes several precautionary measures to ensure proper accounting for the purposes of the annual and consolidated financial statements. For example, the Nordex Group has a central accounting and financial statement structure which is implemented based on uniform accounting rules and instructions. This ensures that Group Accounting is reliable and orderly and that transactions are recorded in full and on a timely basis in accordance with the statutory requirements and the provisions of the Company's Articles of Incorporation. In addition, accounting rules and instructions are issued to ensure that stock-taking is completed correctly, and that the recognition, measurement and reporting of assets and liabilities is free of any material errors or omissions in the consolidated financial statements. Controlling activities include analyses of facts and trends based on performance indicators.

Transactions are recorded in the separate financial statements of the Group companies. For this purpose, a uniform chart of accounts is used throughout the Nordex Group. The consolidated financial statements of Nordex SE and its subsidiaries are prepared in accordance with Section 315e of the German Commercial Code (HGB) based on the International Financial Reporting Standards (IFRS) as adopted by the European Union. A structured process and predefined schedule are used when preparing the consolidated financial statements. If any non-accounting information is required to prepare the consolidated financial statements, this information is subject to careful analysis and plausibility checks prior to being used. The financial statements are consolidated at the level of Nordex SE.

Various other controls, such as approval and release processes, are applied to both payments and contracts.

Risk management system

As a company with international business activities, Nordex is exposed to various operational risks. To address this, the Nordex Group has implemented a comprehensive risk management system designed to detect potential negative deviations (risks) at an early stage. This enables us to take appropriate countermeasures in order to prevent harm to the Company and maintain its going-concern status. Positive deviations in the form of opportunities are not included in this system as they are tracked through other structures and processes, such as the "Cost of Energy" program.

The risk management process at Nordex consists of the following four steps: risk identification, risk evaluation, risk treatment, and risk monitoring and reporting.

Process steps in the Nordex risk management system

The risk management system includes numerous control mechanisms. A uniform, Group-wide management approach has been implemented for reporting corporate risks and related counteractions and financial safety positions. This approach safeguards the efficacy of risk management, permits the aggregation of risks and ensures transparent reporting.

The Nordex Group's risk management system addresses all strategic, operating, financial, legal and compliance risks along the value chain. Its aim is to detect, monitor and manage these risks at an early stage in accordance with the targeted risk profile. This process is supported by a risk management database.

The risk management policy adopted by the Management Board governs the approach to be taken when addressing risks within the Nordex Group and defines a uniform methodology applicable to all functions and business areas of the Nordex Group. This sets out responsibilities for the execution of risk management tasks as well as reporting

and monitoring functions. Group risk management bears central methodological and system responsibility for the separate Group-wide standardized risk management system and related reporting structures. It is responsible for regularly updating and implementing Nordex's risk management policy, in consultation with the Management Board. In addition, it oversees monitoring high and critical classified risks including the effects of their treatment efforts and Group-wide standardized risk reporting to the Management Board and Supervisory Board.

Risk owners are appointed across the entire Nordex Group (on a national, regional, divisional and Group level). Accordingly, risk management is implemented consistently at all levels and across all departments. Risks arising from the operating business are monitored and tracked continuously. The risk owners are responsible for identifying and evaluating risks arising from all main business activities on at least a quarterly basis by applying a consistent methodological approach and documenting the results in a central risk database. This is followed by a decision on the specific response (e.g., risk mitigation). The resulting treatment plan (including the costs of implementation) is evaluated, recorded, implemented and continuously monitored. All steps are repeated at recurring intervals and adjusted to reflect current trends and decisions.

Any risk potential identified is analyzed and assessed using quantitative parameters. Substantial risks to the Company's status as a going concern are reported on an immediate risk escalation basis. Risk management findings are regularly incorporated into planning and control analyses as well as forecasts for future business performance. The statutory auditor reviews the processes and procedures implemented as part of the early risk detection system and the appropriateness of the documentation on an annual basis.

Nordex is willing to take entrepreneurial risks, but only in so far as its business activities and any resulting additional income opportunities can be expected to make a reasonable contribution towards increasing the shareholder value of the Nordex Group.

First step: Risk identification

To identify risks as early as possible, the Group continuously monitors the macroeconomic environment, the competitive landscape for wind turbine manufacturers and all internal processes. Group risk management supports all risk owners with the regular identification and efficient categorization of risks using a risk catalog and the Group-wide risk manual.

Second step: Risk evaluation

Risks are classified as potential negative target deviations (downsides) which are measured according to their estimated probability of occurrence and impact (extent of risk) to determine which are most likely to pose a danger to the Nordex Group's goingconcern status. They are recorded as a gross figure (before planned treatments) and as a net figure (after planned treatments). The risk treatment effects and related costs are evaluated. The scales for measuring these two individual risk value criteria (when similar risks are grouped together) are set out in the following tables:

Risk classification – probability

Probability	Quantification	Risk frequency
Very unlikely	0 – 5%	Not more than once in 20 years
Possible	6 – 25%	More than once in 20 years / Not more than once every four years
Imaginable	26 – 50%	More than once in 4 years / Not more than once every 2 years
Likely	51 – 100%	More than once in 2 years

Based on this scale, Nordex defines a very unlikely risk as one which would arise only under extraordinary circumstances and a likely risk as one which is probable to occur within a defined period.

Risk classification – impact (over a period of three years)

Impact	Quantification	Brief description
Low	EUR 0.5 – 50 m	Minor negative impact on activities as well as on financial and earnings situation
Medium	> EUR 50 – 250 m	Appreciable negative impact on activities as well as on financial and earnings situation
High	> EUR 250 – 700 m	Strong negative impact on activities as well as on financial and earnings situation
Critical	> EUR 700 m	Critical negative impact on activities as well as on financial and earnings situation

Nordex classifies risks as "low", "medium", "high" or "critical" in accordance with their estimated probability and impact. This results in the following risk matrix:

Risk matrix

Impact				Risk
Critical	C	C	C	C
High	M	H	H	C
Medium	M	M	H	H
Low	L	L	M	M
Probability	0 – 5% Very unlikely	6 – 25% Possible	26 – 50% Imaginable	51 – 100% Likely

Risk class 1: C = Critical risk

Risk class 2: H = High risk

Risk class 3: M = Medium risk

Risk class 4: L = Low risk

Updating of risk documentation

Assessments of overall risk potential are updated based on the risk owners' input and are documented in a central database. The period under review consists of the remaining current year and the following two years. Group risk management coordinates the quarterly updating of risk and treatment documentation.

Third step: Risk treatment

Risks can be either mitigated by actively taking precautions or – under certain circumstances – accepted. Any necessary precautions are taken immediately, and their expected risk reduction effect is evaluated and recorded. Core risks such as market risks (e.g., fluctuations in demand) and risks from the development of new products in particular are borne by Nordex itself. Nordex intends to transfer to third parties all risks that are not part of its core activities (e.g., currency and property damage risks). For example, the Company uses selected derivative hedge instruments, among other measures, to reduce its exposure to currency fluctuations. Insurance is also taken out to cover risks where this is economically viable and possible.

Fourth step: Risk monitoring and reporting

The risk owners are responsible for continuously monitoring risks and the efficacy of the precautionary measures taken and are supported by their supervisors and managers. In addition, risks are monitored by the appropriate corporate bodies at the various management levels, which are composed of employees from various parts of the Company including the Management Board and the Supervisory Board. The employees responsible for the regional, divisional and Group level have permanent access to the details of the risks and mitigating measures documented in the central database. Risk owners at divisional and corporate Group level regularly discuss risks and mitigating measures with the Management Board and monitor the effects of the treatment efforts.

Risk management software supports risk reporting. Nordex can use this software to determine the most important risks for the Group; the integrated Monte Carlo simulation allows us to analyze the overall risk for the Group, creating the basis for a reliable review of sufficient risk coverage. The Management Board receives a quarterly report which, in addition to the overall risk situation and the effect on cash and equity, also shows individual risks that are classified as "high" or "critical" in severity based on the risk analysis. Substantial risks to the Company's status as a going concern are reported to the Management Board immediately, so that they can react as quickly as possible.

The quarterly risk management report combines a general description of the risks with a quantitative evaluation and their effects on the profit and loss account. All commercial risk information (expected risk values, treatment effects and costs, provisions and contingencies) is consolidated in an expected net risk forecast. This makes it clear to which extent the risks are covered by already reserved amounts and still to be implemented treatment measures. The Management Board also informs the Supervisory Board about the overall risk situation and any new or existing risks classified as "high" or "critical" on a quarterly basis.

Continuous review and refinement

Internal Audit reviews the proper functioning and efficacy of Nordex SE's risk management system at regular intervals. During such a review, risk reports are – among other audit objectives – checked on a sample basis for their plausibility and appropriateness via interviews conducted by Internal Audit with the business units and companies concerned.

The risk management system is constantly being optimized as part of the continuous review and improvement process. In this context, equal allowance is made for internal and external requirements. The purpose of review activities and improvements is to safeguard the efficacy of the risk management system.

Compliance Management System

The Nordex Group does not tolerate any form of corruption. Every employee is responsible for effectively preventing corruption, and Nordex expects the same from our business partners.

Our Compliance Management System is based on three pillars – prevention, detection and response – under a governance umbrella that includes a proper compliance organization and regular reporting to the Supervisory Board, the Management Board, the Business Ethics Committee and the German Works Council. The aim is to foster an ethical culture at all levels within the Company and set an appropriate tone both "at" and "from" the top. The Compliance Management System covers compliance risks related to corruption and corruptibility, bribery, conflict of interests and unethical conduct.

The prevention pillar includes the Nordex Code of Conduct for Employees – which is further developed in the governing policies and procedures for their respective scope of application – the Nordex Code of Conduct for Suppliers and Contractors, advice rendered by Corporate Compliance to the organization at all levels and worldwide, monitoring of changes to legal requirements, internal and external communications, and risk-based training. The compliance risk assessment and monitoring, third party diligence and regular audits undertaken by Corporate Compliance, as well as our "notify!" whistleblower system are designed to detect misconduct. Response measures include case management of whistleblower reports, investigations, follow-up and remediation measures. The Compliance Management System is continuously monitored and improved to reflect any lessons learned.

The Management Board is assisted in its duties relating to the internal control and risk management system by the following departments and committees:

Group Risk Management

Our Group Risk Management is responsible for the risk management system and related reporting structures. It is responsible for regularly updating and implementing internal guidelines and policies, in consultation with the Management Board. In addition, it oversees the monitoring of all risks classified as "high" and "critical", including their effects on risk mitigation efforts and Group-wide standardized risk reporting to the Management Board and Supervisory Board. Group Risk Management also coordinates the quarterly updating of risk and countermeasure documentation.

Internal Audit

Internal Audit reviews specific audit areas and topics of the Nordex Group and its affiliated companies based on annually defined audit plans approved by the Audit Committee. While carrying out its activities, Internal Audit follows the standards prescribed by the Institute of Internal Auditors (IIA) and reports regularly to the Management Board and Audit Committee, thus providing an overview of the main audit findings and further developments.

Legal and Corporate Compliance

The Legal team's responsibilities include implementing regulations and measures related to data protection law, competition law and anti-corruption law. Corporate Compliance operates the Compliance Management System described above and is in particular responsible for our Code of Conduct. The Compliance Officer reports regularly to the Management Board and Supervisory Board on significant topics and developments.

Ad-hoc Committee

To ensure the correct handling of inside information which, if made public, would likely have a significant effect on the (market) price of the Company's financial instruments, the Company has established an Ad-hoc Committee in addition to its Management Board. The Ad-hoc Committee is responsible for determining the qualification of inside information, announcing ad-hoc disclosures and deciding on the delay of disclosures in consultation with the Management Board.

Statement on the appropriateness and effectiveness of the internal control and risk management system

To consider the appropriateness and effectiveness of the internal control and risk management system, the Management Board has reviewed and assessed various information and documents, including the internal audit report, the quarterly risk management reports, the reports´ findings, and the assessment of the appropriateness and effectiveness of the internal control and risk management system rendered internally by the responsible process owners and department heads.

The Management Board has therefore reviewed whether control weaknesses – individually or cumulatively – could materially impair the achievement of the Company's business objectives. To the best of our knowledge and belief and in accordance with the information resulting from the review of our internal control and risk management system, as of 31 December 2024, Nordex has no indications of critical internal control weaknesses that could have a material impact on the Company's business. Nevertheless, the degree of maturity of the internal control system does not yet correspond to that of the rest of the Group-wide control system as a result of changes in regulatory requirements, growth-related process developments and the integration of non-financial risk reporting into the risk management system, which has not yet been completed.

Based on the results of our internal control and risk management system, we have not become aware of any circumstances that would lead us to conclude that our internal control and risk management system is not appropriate and effective as of 31 December 2024.

Description of the main risk areas and individual risks

Unless otherwise stated, the following descriptions and evaluation of individual risks apply to the period from 2025 to 2027. The risks identified, as well as possible effects on financial performance resulting from such risks, are calculated as a net risk figure. This includes risk counteractions that have been fully implemented and those which still need to be implemented. This relates to those counteractions which have not yet been started and are in the implementation phase.

Risk areas

We have assigned each of our risk areas to a risk class based on the assessed impact and probability. The development of the risk classes compared to the previous year is also shown with a trend arrow (risk class unchanged, decreased or increased).

Risk area	Impact	Probability	Risk class	Trend
Sales	Medium	Imaginable	2	→
Product development	Medium	Imaginable	2	↗
Sourcing	Medium	Imaginable	2	↗
Production	Low	Possible	4	↘
Project and assembly	Medium	Possible	3	↘
Technical	Medium	Possible	3	↘
Financial	Low	Possible	4	↘
Legal, tax and export control	Medium	Possible	3	↘
Environmental, social and governance	Low	Possible	4	→
People & culture	Low	Very unlikely	4	↘
IT	Medium	Possible	3	→
Other	No value	No value	No value	No value

Sales risks

Sales risks comprise general market risks, price risks and legislative risks.

General market risks – particularly the loss of market potential – may arise because of political or economic factors (e.g., falling electricity prices) or structural changes in the energy industry.

Changes in government policies constitute a general risk. Changes to support policies over the past few years have affected the wind industry, especially in European markets. Governments have shifted their financial incentive schemes for renewable energy sources, including wind energy, from primarily preferential or regulated feed-in tariffs to auction-based schemes. This change caused energy tariffs to decrease, resulting in reduced margins and returns for wind energy investors. This change has also created uncertainty in many markets and disrupted demand. Overall, markets now seem to have stabilized in the wake of this disruption, specifically in Europe with the publication of the European Windpower Act, where Nordex is observing a positive but slow recovery in the appetite for installations.

Nordex continues to address sales risks by diversifying sales, with the Group currently operating in more than 40 different markets across Europe, America, Asia, Africa and Australia. Nordex also continues to observe and evaluate opportunities in other markets. The Group was able to offset some of the price pressure of recent years by developing the successful Delta4000 platform and operating an in-house program that aims to continually reduce the cost of energy produced by its wind turbines. Aside from the already-known factors affecting the sector, European manufacturers may suffer specific challenges resulting from the aggressive price discipline, favorable terms and conditions for customers and available manufacturing capacity of our Chinese competitors, especially in those markets where there are no barriers to entry or where commercial relations already exist at government level, for instance with the "Belt and Road initiative".

With almost all markets having transitioned to auction-based systems, the main sales risks remaining are uncertainties about building permits, disruptive regulatory changes and further consolidation on the supply side. The boost to renewable energy sources generally anticipated as part of society's efforts to fight climate change, now further accelerated in the name of energy security, has yet to materialize.

Nordex Group addresses these risks by engaging with policymakers and public stakeholders through industry associations and direct dialogue, advocating wind energy and supporting developers in their permitting efforts, and diversifying the supply chain.

Aside from factors already known, the probability of sales risks is currently considered to be imaginable. If these risks were to occur, their impact on order intake and the Company's financial position would be medium.

Product development risks

As the wind turbine manufacturing industry is innovative and competitive, the ability to stay in the market depends heavily on designing, developing and marketing new and more cost-efficient wind turbine systems. In addition, the development of new and complementary technologies as well as digitalization could impact Nordex's business setup. However, the development of new, more efficient and higher-yielding turbine models as well as product modifications involve considerable investments in some cases. These capital expenditures must be recouped via successful sales across the entire product life cycle.

In particular, the key determinants for successful turbine engineering include the availability of time and financial resources, a structured and comprehensive development process, a secure transition from the prototype phase to series production, the issuing of the necessary operating certificates, and the date of market launch. Development risks arise if one or more of these factors are unexpectedly jeopardized and R&D expenses are higher than expected, or if additional costs are likely to be incurred during project execution or the service phase.

Nordex addresses these factors during development and prototyping by means of simultaneous engineering, including test procedures and scenarios for systems and at full scale in the prototype phase. The development of a new turbine is preceded by market analysis and preparation, with close cooperation between sales, product management and strategy and engineering. In addition, the platform strategy ensures that proven technology is used and specifically enhanced up until certification and the subsequent series production.

The wind power systems assembled by Nordex must comply with applicable local grid codes. Considerable resources are required to implement the growing number of national grid codes. If grid codes are not observed in a market, this expense cannot be recouped and market potential cannot be tapped. Nordex addresses this risk with organizational structures and a corresponding focus on engineering. We have also established overarching internal workgroups. This is supplemented by Nordex Group's activities within external bodies aimed at achieving maximum international grid-code harmonization.

The probability of development risks is perceived as imaginable with a medium impact on planned results.

Sourcing risks

The main purchasing risks include supply shortages on the part of suppliers, supplier default as a result of insolvency, unexpectedly high inventories, price risks, changes in source costs, availability of raw materials to our suppliers, timely delivery and quality risks and minimum local manufacturing content requirements.

Unexpected project delays may result in temporarily increased stockpiling at Nordex, thus impairing its liquidity. Nordex therefore endeavors to keep inventories as low as possible by means of just-in-time deliveries without sacrificing schedule compliance. If order intake falls substantially short of expectations this year, suppliers, some of whom have spent heavily on extending their capacity or have had a change of owner, could be lost for economic reasons, reducing the number of potential suppliers.

A surplus of demand could result in supply shortages for some components, particularly for the newer platforms that are being ramped up, leading to delays in the completion of projects. Nordex addresses the risk of supplier default in several ways, including by booking supplier capacity in good time and with appropriate agreements on the one hand, and by qualifying further suppliers to reduce single-sourcing risk on the other. This risk is also partially covered by insurance. Nordex purchases components from around the globe that are largely subject to price fluctuations in commodities and foreign exchange markets. As Nordex offers its customers turbines at prices that are fixed for specific projects, components are hedged and sourced as quickly as possible after the order intake, reducing the risk of price fluctuations on the purchasing side.

Nordex guarantees the quality of its turbines as well as certain performance and availability parameters. To avoid any penalties for failure to meet these performance guarantees, all components and the complete system undergo thorough certification during the design phase, as well as testing and quality inspections under the quality management system. Even so, it is not possible to completely exclude the risk of faulty components, e.g., externally sourced components, and this risk cannot be fully passed on to suppliers and sub-suppliers.

Local manufacturing content requirements are becoming increasingly important in new markets in emerging and developing countries. Failure to furnish proof of the Company's ability to meet these requirements may have an adverse effect on project finance and execution. Nordex addresses this risk by searching for local contractors at an early stage and by working closely with customers and authorities in the countries concerned.

Given the ongoing expansion of the supply chain to India and China and continuing uncertainty in various supply sectors, the probability of sourcing and purchasing risks is classed as imaginable and may have a medium impact on the Company's margins.

Production risks

Nordex uses line production for turbine assembly and partially automated processes for rotor blade production. As a result, the main production risk is a standstill at the production facilities. Standstills may arise when deliveries by upstream suppliers are delayed or fail to meet the agreed quality, the commencement of volume production of new types of turbines is delayed or key production resources such as cranes, assembly line systems or molds fail. The availability of competent personnel is another risk to sustained high-volume production.

A further specific risk relates to the ramp-up phases for new production sites, products and components, particularly new blade types or blade types, which are produced by external contractors and in new locations. In addition to training new employees in this field, it is necessary to ensure the necessary quality of the carbon-fiber-reinforced blades to avoid any unplanned cost overruns.

Nordex has established a global supply chain and sources systems, components and parts from different regions worldwide. There is a risk that supply chains will be delayed or stopped due to political events or global health situations, custom tariff changes and a changing regulative environment, with a potentially negative effect on production output. To manage this risk, Nordex has put dedicated local and global resources in place.

Nordex uses quality management to address production risks and has implemented appropriate processes as well as supply chain management, which covers the interfaces between procurement, production and project management.

The probability of production risks is classed as possible and may have a low impact on performance indicators, reflecting the expansion of production to Asia. The probability of these risks may also be occasionally by evolving regulatory changes taken independently by various governments in response to the COVID-19 pandemic. As a countermeasure, Nordex has established a flexible footprint to reduce its dependency on specific production factories and supply chains.

Project and assembly risks

Due to orography, weather downtime and sociological issues, among other factors, the Nordex team conducts comprehensive technical and commercial assessments prior to contracting, before the start of execution and during execution to limit risks when implementing projects.

We significantly enhanced our risk assessment processes throughout 2023. These improvements included making contingencies for events beyond Nordex's control, such as bunkering price increases, port congestion and vessel detentions. We also implemented a weekly control and update of the Company's operational planning, which includes the execution readiness of projects and an exhaustive risk assessment review prior to each financial forecast.

These measures from 2023 positively impacted our ability to control project timelines and mitigate extra costs throughout the 2024 financial year.

Another significant factor affecting site execution costs is client-related delays. In 2023, the entire PM community made substantial efforts to control and recover these costs through change orders to customers and claims to suppliers.

Over the past few years, we have faced costs associated with non-quality products in Project Execution and Service accounts. Nordex has focused on contingency planning, avoiding new quality issues, redefining processes and reinforcing quality controls. While legacy problems may persist, these measures are expected to reduce the occurrence of new issues and initiate a trend of improvement.

The Projects area, particularly assembly, remains the convergence point for cost overruns from previous processes in the value chain, directly impacting the Company's contribution margins. Given the current high order intake level for 2024, the probability of these risks is classed as possible with a medium impact on the Company's financial position.

Technical risks

Wind turbines are complex machines comprising a number of sophisticated systems, modules and individual components that need to operate in sync and largely autonomously in very diverse environments in order to perform reliably. As such, our wind turbines are subject to various technical risks over their lifecycle, exposure to which varies with the materials and technologies employed to manufacture these components and is highly dependent on the components meeting necessary design and quality standards for the product in question. Deviating from these standards may limit the use of wind turbines or render them inoperable and may require repairs, replacements or full reinstatement, which, in turn, could result in considerable additional expenses for us. These expenses are particularly high in cases of recurring defects affecting a sizeable number of products. Warranties in the sales contracts for new wind turbines typically have a duration of two years, with any replaced spare parts or components benefiting from up to a further two years of warranty cover from the date of repair or replacement within the warranty or defects notification period.

In addition, Nordex typically commits to providing operation and maintenance services for its wind turbines for extended terms beyond 25 years post-sale, which often includes an unlimited or at least extensive replace-or-repair obligation for any components that fail for reasons other than force majeure or owner intervention. As a result, our responsibility to take remedial action in the event of wind turbine failure often extends beyond the warranty period for many wind turbines. Additionally, Nordex typically warrants certain performance criteria of its wind turbines such as noise (emission) levels and power curve during the warranty period as well as the operational availability of the wind turbines or another measure of their ability to produce, usually in connection with the service contract. If the turbines fail to meet these performance criteria, the Group would have to compensate its customers for the diminished use of their wind turbines or lost production, which in turn may cause Nordex to incur very high unplanned expenses.

To deal with technical risks in addition to the insurance coverage and supplier recourse available, the Group has made provisions to cover potential costs not covered by service income and customer claims related to technical issues.

Technical risks are classed as possible and would have a medium impact on the financial position in case of occurrence.

Financial risks

With respect to financial risks, the Nordex Group is exposed to foreign currency risks, interest risks, credit risks, unplanned depreciation and amortization expenses, liquidity risks and the risk of limited possibilities to carry unused tax losses forward.

The Group's business is exposed to fluctuations in foreign currency exchange rates as a result of its international focus and the fact that not all transactions are executed on a euro-denominated basis. Currency translation risk arises when the results of operations and financial position in foreign subsidiaries are translated into euros at the applicable exchange rates for inclusion in the consolidated financial statements. These exchange rates may fluctuate significantly over time, affecting the comparability of the results between single periods. Currency transaction risk occurs when the Group enters into projects with a mismatch of inflow and outflow currencies. To avoid this risk, Nordex tries to create a natural hedge in these specific projects by entering into contracts with relevant customers that match the currency split of the contracts with suppliers. In addition, Nordex also enters into derivative hedge instruments where needed to reduce the remaining foreign currency risk.

The Group is not exposed to larger interest risks due to nearly all debt instruments having fixed-rate agreements. The last tranche of the promissory note carrying variable interest was due and hence fully repaid in April 2023.

To minimize credit risk, the Nordex Group only enters into business with third parties whose creditworthiness is monitored. All main new customers wishing to enter into business on credit terms undergo a credit check. As a matter of principle, credit risks or the risk of counterparties failing to comply with their payment obligations are addressed by means of a standardized approval procedure before an order is accepted. In particular, an order is not accepted unless project financing has been successfully concluded and proper payment securities have been arranged. In addition, the contracts stipulate that prepayments must be made when certain milestones are reached. Receivables are also monitored on an ongoing basis to avert all material credit risks.

Impairment losses constitute a further financial risk that may affect obsolete inventories and spare parts as well as the recoverability of receivables (bad debts) and intangible assets arising from research and development or project development. Nordex addresses this risk by increasingly adopting "just-in-time" sourcing and regularly reassessing its intangible assets. There is no pronounced clustering of credit risks within the Group. Receivables from construction contracts and trade receivables are additionally secured by means of sureties, guarantees, stand-by letters of credit or retained ownership rights.

Liquidity risk is the risk that the Group will not be able to meet current or future payment obligations due to a lack of funds. The Finance department therefore monitors, coordinates and forecasts Group liquidity on an ongoing and regular basis. The Finance department tracks payments made and received in light of the relevant settlement periods for financial investments and assets as well as expected payment flows from operating activities. The Group seeks to achieve a balance between current incoming and outgoing payments. Nordex uses cash pooling or other in-house financing mechanisms such as intercompany loans to enhance the efficiency of liquidity management within the Group. Any surplus liquidity is invested cautiously with domestic and non-domestic commercial banks.

Limits and counterparty risks are continuously monitored for this purpose. The Nordex Group is also financed by advance project payments made by customers. Payments for all wind farm projects in progress are invoiced in line with the progress of work on the basis of the agreed contractual schedule.

The Nordex Group's multi-currency guarantee facility currently amounts to EUR 1.06 billion with a maturity date of April 2025. The facility includes a commitment from selected lenders to establish ancillary cash credit lines totaling up to EUR 100 million if needed. In April 2023, the Company successfully concluded a convertible bond placement for net receivables of EUR 333 million. The net proceeds have been used to compensate the negative cash flow of 2023 and to further strengthen the Group's balance sheet. In 2023, Nordex's second shareholder loan with Acciona, S.A. was converted into equity to further support the Company's balance sheet structure.

The syndicated multi-currency guarantee facility is further subject to uniform and agreed financial covenants such as equity ratio, leverage and interest coverage, compliance with which as of the previous reporting date must be confirmed in quarterly reports to the respective financial institutions. The financial institutions may only terminate this multicurrency guarantee facility for good cause, such as non-compliance with the financial covenants mentioned above. Based on its operating performance, Nordex may face the risk that covenants cannot be met if the Company does not perform in line with its budget and/or mid-term planning. In 2022, Nordex successfully agreed an adjusted financial covenant concept with its lenders for the next several quarters which includes, inter alia, minimum liquid assets as a new additional financial covenant. All applicable covenants were met during the 2024 financial year.

In 2023, Nordex SE entered into an uncommitted Guarantee Facility Utilization Agreement with Acciona, S.A. As part of this agreement, Acciona, S.A. offered – subject to certain terms and conditions – to make its uncommitted banking and surety guarantee facilities available to Nordex in the aggregate amount of up to EUR 1,300 million, under which guarantees may be issued by different financial entities to fulfil the needs of the Nordex Group. The facility is an alternative to the syndicated multi-currency guarantee facility, enabling the Company to diversify its total bond capacity.

In the Project Development business, the Group develops and sells wind farm projects. Nordex's project development activities include conducting feasibility studies, securing permits, land rights and power purchase agreements, and arranging financing for the intended project. There are several risks associated with the broad scope of project development, such as failing to receive a building permit or being unsuccessful at auctions, while failing to receive power purchase agreements for a project can lead to the cancellation and write-off of the project.

Overall, the probability of financial risks is considered possible with a low impact in the results of the Group in case of occurrence. Nordex has set aside appropriate provisions for existing risks.

Legal, tax and export control risks

By operating in a multitude of jurisdictions through the sale of its products and services, Nordex Group is exposed to various product- and country-related regulations, laws or policies affecting the conduct of our business. Provisions are made for resulting legal and tax risks, inter alia, if and insofar as they are likely to be utilized and the amounts of the potential liabilities arising can reasonably be estimated.

Legal risks

The various technical risks wind turbines are exposed to over their lifecycle may lead to warranty or product liability claims under turbine supply contracts or agreements made for the service and maintenance of the wind turbines. The risk of disputes and litigation is therefore inherent to our operations, and Nordex is subject to risks from disputes and administrative, legal and arbitration proceedings, some of which may have an adverse outcome and could result in penalties, damages and loss of reputation. Nordex may be subject to claims from customers, suppliers, current and former employees, competitors and other third parties in the future, where related provisions may prove insufficient in the event of an adverse outcome. Significant expenses may be incurred for legal defense, and if the outcome of any legal proceedings is significantly different to our expectations, this could have a material adverse effect on our business activities, financial condition, cash flows and results of operations. Liabilities may also arise from conflicts with prevailing legislation, e.g., product liability, infringements of patents or industrial property rights, noncompliance with antitrust, anti-corruption or data protection provisions, and failure to fully observe certification requirements or other statutory

stipulations. Furthermore, laws in various jurisdictions regulate product safety and the environmental impact of wind turbines, including emission levels regarding noise and light effects as well as vicinity of wind turbines to residential areas. Compliance with any amendments to such health, safety and environmental laws and regulations may have an adverse impact on Nordex Group's business activities. Nordex monitors the political and regulatory framework in all our key markets to anticipate potential problem areas and maintains adequate organizational measures and processes to ensure compliance, such as adjusting our business activities and processes as may be required and mitigating potential risks or losses. However, there can be no certainty that internal controls, procedures, compliance and risk management systems will be able to identify all such potential conflicts or violations, or that they will be reported in a timely manner or correctly evaluated to take appropriate countermeasures and will be adequate for an enterprise of the Group's scale and complexity.

Data protection

The handling of personal data, especially that of Nordex's employees and customers, entails potential data protection risks in the event of data breaches. To mitigate these risks and ensure compliance with applicable data protection regulations, Nordex has implemented a data protection management system ('DPMS'). The DPMS consists of a global data protection organization including external data protection officers, guidelines, instructions, processes and documentation on data protection, awareness training for employees as well as regular audits and ad hoc checks and assessments. Should a data breach nevertheless occur, Nordex may be subject to fines by authorities and/or claims by affected individuals which may vary in significance depending on the circumstances of each individual case.

Tax and export control risks

Nordex SE and its subsidiaries operate in many countries worldwide and are therefore subject to numerous different statutory provisions and potentially tax audits. Due to the long-term nature of the Nordex Group's projects, there is a risk that a change in taxation, or the interpretation of tax laws, could have a material adverse impact on the Group's business and the profitability of the project. Any change in the tax regimes Nordex Group is subject to could have a material adverse effect on the Group's financial condition, cash flows and results of operations.

Although Nordex has established appropriate organizational structures to ensure compliance with relevant contractual and statutory obligations while carrying out its business activities, such liability risks and litigation risks can never be excluded. We take internal precautions and implement processes across the entire value chain to avert legal risks.

In addition, we need to generate sufficient taxable profit in future to be able to use our existing corporate tax loss carry forwards and tax credits.

The probability of legal and tax risks is classed as possible; the impact on the financial performance indicators is considered medium. Nordex has set aside appropriate provisions for known risks.

Environmental, social and governance risks

Risks and opportunities related to climate, environmental, social and governance-related topics were explicitly included in our double materiality assessment as described in detail in the suchapter"Sustainability Statement". All material risks identified in this process are fed into the central enterprise risk management tool and thus become part of the general risk management approach. Taking relevant countermeasures into account, there were no material net risks to the Company's business performance, position or financial result that would be likely to have a serious negative impact on these aspects. All relevant sustainability risks identified as part of our double materiality assessment are described in the respective sections of the suchapter "Sustainability Statement".

Overall, the probability of social and environmental risks is considered to be possible, and their impact is considered to be low.

People and culture risks

When developing and implementing its business strategies, Nordex is strongly dependent on its ability to recruit, retain and train highly qualified employees, particularly in areas requiring a solid technical background and knowledge of the particulars of wind turbine manufacturing. However, the Group's main human resources risks relate to shortages of skilled or management staff, inappropriate or insufficient qualifications, and staff and management fluctuation in key positions.

To reduce risks arising from a shortage of skilled or management staff, Nordex improved its recruitment processes and realigned its related activities during the period under review. Similarly, the courses offered by the Group's own training facilities, e.g., the Nordex Global Service Academy, have been extended to ensure that staff receive necessary qualifications on an ongoing basis. We have also introduced several leadership training courses for different levels have been implemented over time. To limit staff and management fluctuation, particularly in key positions, Nordex continues to improve internal career development prospects, identify potential talent at an early stage and prepare corresponding replacements, e.g., via the "Upwind" talent development program.

Overall, the probability of human resources risks is considered to be very unlikely, and their impact is considered to be low.

IT risks

As a turbine manufacturer, Nordex attaches top priority to matters pertaining to cyber security and its management, and in doing so, the Company observes all statutory requirements. Our information security policies, standards, processes and guidelines provide the foundation for the ISO 27001 certification we obtained for all of our German locations. In 2023, Nordex successfully passed the first periodic surveillance audit after recertification in 2022, and seeks to continuously improve its information security management system. Failing ISO 27001 certification at some time in the future would affect the requirements of our customers and result in a loss of reputation in the industry as well as a considerable potential loss of current and future business.

IT-based business processes are fundamentally exposed to risks arising from electronic information processing, particularly system failures, compromised data and data loss. As a result, Nordex constantly updates and monitors the security of information technology, which it uses to safeguard information confidentiality, availability and integrity. This is done by training staff as well as regularly carrying out internal and external audits of the IT system landscapes we use. Systems are kept up to date in accordance with vendors' specifications as well as IT, information security and data protection certification standard requirements and general security recommendations.

In terms of detection capabilities, Nordex has a comprehensive solution for endpoint detection and response, both on its premises and in the cloud, as well as a security operations center where alerts are monitored 24x7x365, and in the event that an incident is detected, specific playbooks are in place to handle it.

> Goals for wind farm cybersecurity

The Company strategy is aligned with the IEC 62443 standard, which includes elaborating on our documentation, defining and deploying hardening controls and improving our wind farm cyber incident response practices.

The development of a cybersecurity program integrated into the Company's internal processes and aligned with IEC 62443 demonstrates our proactive commitment to securing industrial automation and control systems. This approach ensures a structured lifecycle methodology encompassing risk assessment, implementation, maintenance and continuous improvement. By embedding cybersecurity practices within organizational workflows, the program supports compliance, lifecycle support and alignment with industry best practices.

The current network design includes a two-layer firewall configuration for remote access, enhancing our defense-in-depth strategy. This architecture provides an additional security boundary to mitigate unauthorized access and potential intrusion. Furthermore, systems supporting remote connections are effectively isolated from the core IT infrastructure, reducing the risk of lateral movement and ensuring segmentation. These measures collectively safeguard sensitive environments, ensuring that remote access

capabilities do not compromise the broader network. Continuous monitoring and periodic reviews are recommended to maintain and adapt these controls against evolving threats.

The systems could be subject to breaches of security. Such breaches of security may be caused by hackers using programs able to uncover login data or by carrying out denial-ofservice or ransomware attacks. While such breaches of security may not immediately affect the structural integrity and/or operational safety of our wind turbines, they may cause temporary suspensions in our ability to remotely monitor wind turbines. The operational safety of our wind turbines is guaranteed even without remote monitoring and control, as they can also adapt autonomously to ambient conditions. Remote monitoring is an essential part of our service offering.

> Business continuity

Beyond the preventive measures taken by the organization, Nordex is defining a Business Continuity Plan to ensure the continuity of our critical processes in the event of disruption. A project to identify where major risks fall within the organization is being carried out, with completion expected by the first quarter of 2025. To do this, the Company is carrying out in-depth analysis to identify probable risks, potential impacts and core processes in terms of impact in the event of disruption. For each one of these processes, a contingency plan in the event of disruption will be elaborated, with the intention of drafting a viable alternative plan in case of disaster.

Another important task for our organization is maintaining and enhancing our incident and crisis management processes to ensure a fast and efficient response to any potential incident that may impact Nordex. We are revisiting our current plan and incorporating lessons learned in previous years.

> New legislation in Information security

Nordex is preparing for NIS2 compliance and monitoring the transposition into applicable legislation. In the meantime, the Company assessed its security posture against anticipated requirements with satisfactory result, expressing the Company's adherence with best practices and international standards regarding information security.

Overall, the probability of cyber risks is considered to be possible with a medium impact on results in case of occurrence.

Other risks

Nordex is exposed to macroeconomic and geopolitical risks that could harm its ability to maintain or increase its commercial presence in certain markets or its ability to conduct business across borders. Nordex's business could be impacted by risk factors such as economic downturns, fluctuations in foreign exchange rates, economic inflation rates, increasing interest rates, disruptions to the global supply chain and trade barrier mechanisms which could affect the costs of serving certain markets compared to the current supply chain footprint developed by the Company.

Beyond the risks described above, there are additional factors or events that are challenging to predict or influence, such as citizens' protests against wind power, epidemics or pandemics, natural catastrophes, terror attacks and acts of war. Examples of these factors or events include the ongoing conflicts in the Middle East, which has impacted and continues to impact the Nordex Group's business performance, primarily due to associated impediments to established trade routes.

Increasing geopolitical tensions and political instability in key markets such as Germany, the US and France are likely to shape the investment climate and influence our customers' decision-making process. In addition, currently prevailing sanctions constraining global trade and the free movement of goods, along with economic warfare via tariffs or other trade barriers, are expected to persist. Nordex is constantly monitoring and assessing how these situations evolve and is initiating appropriate countermeasures to adapt to any changes impacting our business. However, the consequences of conflicts, sanctions or tariffs and associated measures are difficult to forecast in terms of scope, amount, length and impact on business performance. Any such events that materialize in a relevant manner would be liable to adversely affect the Nordex Group's business performance.

In addition, from a technological perspective, the renewable energy sector is characterized by rapid technological advancements and evolving market dynamics. Wind farms, while a proven and reliable source of clean energy, face potential substitution risks from other technologies such as solar power and emerging new innovations. These alternatives may offer competitive advantages in terms of cost, efficiency or scalability. As the landscape continues to evolve, Nordex continues to monitor these developments and assess their potential impact on our business model.

Significant risk changes compared to the previous year

The risks presented in the 2023 Annual Report that may affect the Nordex Group's business performance remained essentially unchanged in the 2024 financial year.

Overall risk

The Management Board regularly reviews the risks to which the Nordex Group is exposed. In the assessment of the Management Board, there are currently no significant individual risks that are liable to compromise the Nordex Group's going-concern status. The same is also true with respect to an overall consideration of all risks.

Opportunities

Definition, monitoring and management of opportunities

Opportunities may arise from future events and developments. The Nordex Group defines opportunities as potential positive deviations from corporate planning which may positively impact our results of operations, financial position and net assets. Opportunity management involves systematically and transparently monitoring, analyzing and evaluating opportunities and incorporating necessary measures and processes. It is an integral element of our strategy, planning, reporting and risk management processes, supporting the Nordex Group's goal of sustainably enhancing its enterprise value. The Management Board, together with all other managers and project-specific decisionmakers, is involved in opportunity management to ensure opportunities are reliably identified, evaluated and systematically exploited. Detailed explanations of our corporate strategy and management as well as risk management can be found in the relevant chapters of this management report.

The Nordex Group primarily differentiates between two clusters of opportunities depending on their relevance in terms of time.

Firstly, opportunities may arise from various influencing factors closely monitored as part of the Group's systematic risk management activities. These primarily relate to the shortterm time horizon for the respective current financial year or rolling planning for the next 12 months.

Opportunities may arise from macroeconomic or sector-specific developments, causing the Nordex Group's order situation to exceed expectations, either globally or in individual regions. In addition, factors such as shorter development or approval times may also create opportunities associated with product or project development. Opportunities may also arise in procurement and purchasing because of improved terms or changes in materials or suppliers, for example. Financial opportunities can also have a positive impact. For example, these include more favorable interest terms or opportunities to repay interest-bearing liabilities ahead of schedule, trends such as exchange rate fluctuations and, where appropriate, the upside potential of assets shown on the statement of financial position.

Secondly, medium-term trends as well as expected future developments and anticipated future events that deviate from existing planning may create additional business potential for the Nordex Group. Politics plays an important external role here. Elements of the Nordex Group's internal strategy, such as the structural reorganization of its supply chain, are also relevant. Any internal or external opportunities that may arise from these are closely monitored and incorporated into the Company's medium-term business and investment planning as well as its strategic direction.

Opportunities arising from more stringent climate policy

The urgency of climate change is more important than ever, driving global acceptance of comprehensive climate protection measures. This irreversible megatrend is creating significant opportunities for the renewable energy sector.

Despite political uncertainties, key initiatives such as the European Green Deal continue to provide a stable framework for future investments. In Germany, the federal government's commitment to climate protection and the transition to renewable energy, particularly onshore wind, remains strong. In the US, public support for climate action and financial incentives for clean energy projects persist and continue to drive market potential, even amid political changes. At the recent UN climate summit, nations reaffirmed their commitment to climate finance, although the conference faced significant challenges and criticisms. This global commitment underscores the ongoing transition away from fossil fuels and towards sustainable energy solutions.

The Nordex Group closely monitors global markets and developments. This proactive approach helps us identify and capitalize on new opportunities through thorough analysis and evaluation. Leveraging these opportunities is a key part of our corporate strategy.

Opportunities arising from increased sourcing in lower-cost markets

In recent years, China has made considerable technological progress in the wind industry and developed high-performance wind turbines. The Chinese government has continuously taken steps to promote the wind industry, including local production of important components. China has significant production capacity and well-developed infrastructure that offers the Nordex Group economies of scale and lower production costs. The Nordex Group plans to further expand its sourcing in this market in order to benefit from these advantages in the long term.

India also promotes the wind energy sector through various tax and financial incentives including customs duty reductions. In addition, India is increasingly focusing on larger wind turbines in order to increase efficiency and reduce installation costs. The Indian supplier industry is supporting this development, utilizing technological advances in wind turbine design, manufacturing and materials to increase efficiency and reduce costs. This offers the Nordex Group cost-effective production opportunities to reduce its costs and diversify its supply chains. The Nordex Group plans to further expand sourcing in this market in order to benefit from these advantages in the long term.

Opportunities arising from the realignment of Nordex's production network

In recent years, the Nordex Group has successfully strengthened its global production network by reorganizing its supply chain. The expansion of production and supply chain operations in India has proven to be a crucial step towards optimization, in line with our corporate strategy. Beyond India, Nordex has shifted its focus to China to capitalize on cost advantages and collaborate with partners with experience of Chinese OEMs. The aim of this strategic move is to enhance efficiency, increase volumes and achieve significant cost savings.

Due to a shift in requirements, Nordex has decided to close its production site at Matamoros, Mexico, which had been operated by US rotor blade manufacturer TPI since July 2021. We are now focusing our efforts on restarting our US production facility to leverage opportunities in the protected US market. Ensuring local content with our own production facility is key to this strategy. We expect this move to facilitate access to the North American market while also improving the flexibility and resilience of our supply chain.

Opportunities arising from repowering

To complement the Group's future sales growth, 'repowering' may become another element of our corporate strategy. Repowering involves fully dismantling existing old turbines at the end of their economic lifecycle and replacing them by building new modern and more efficient turbines. This effect might also play a role in established onshore wind markets in Europe and the US. Delivering these repowering projects more quickly and comprehensively could create further potential for the Nordex Group compared to current estimates, particularly for the successful Delta4000 platform. This could also provide an additional positive boost to the Company's sales and profitability.

Opportunities arising from research and development

Nordex's research and development efforts primarily focus on continuously enhancing the product portfolio. One focus area is reducing the cost of energy by either improving the performance capability of the turbines or lowering costs. The aim is to constantly offer customers more competitive and efficient wind turbines through innovation. The turbine models on the Delta4000 platform are tailored to the different market requirements of each region and can therefore be used globally. Another key element of the Group's R&D efforts is the enhancement of the Service business with initiatives such as optimizing maintenance and upgrading software to improve turbine performance. Product and service innovations may create opportunities for the Nordex Group by deviating positively from its underlying medium-term planning if the innovations in question achieve earlier or more significant market success than planned.

Opportunities in sales and distribution

One of the Group's main sales and distribution objectives is to serve core customers and markets to secure and expand business volumes. These activities are also designed to attract new customers and develop new markets for the Nordex Group. Global electricity producers are of particular significance for the Nordex Group in this respect. Nordex has established itself as a strategic supplier to some of these customers and continues working to expand its customer base by supporting them with their international prospects and opening up opportunities to win what are generally large projects. Developing specific individual markets creates additional potential. The Group's sales and services units continuously analyze new and established markets alike to evaluate opportunities and risks, potential project pipelines and opportunities for expansion. Without losing the focus on our core markets, these evaluations are then used to select markets for development together with our key customers and ensure that they are developed with maximum efficiency and minimal risk. As a result, there are multiple ways in which sales and distribution can leverage further business potential for the Company that could have a positive impact on the future development of orders, sales and profitability beyond existing planning.

Opportunities arising from in-house project development and services

Nordex enhances its core business of selling turbines by also acting as a project developer. In addition to legacy agreements still in place across a number of global markets, Nordex has recently begun exploring co-development opportunities. This initiative establishes an additional channel for turbine sales and ultimately adds value for the customer. Opportunities may arise from securing additional long-term service contracts and negotiating more advantageous service contract extensions. Additionally, project development generally offers higher margins. This business is set to expand gradually.

Significant opportunity changes compared to the previous year

The opportunities presented in the 2023 Annual Report that may affect the Nordex Group's business performance remained essentially unchanged in the 2024 financial year.

Overall assessment of opportunities

While our business activities are regularly exposed to risks, they also present recurring opportunities that are continually monitored and managed. The Nordex Group employs appropriate systems to ensure effective oversight. As a result, the Management Board of the Nordex Group believes that the Group is well positioned to capitalize on future opportunities, leveraging potential positive upside impacts on sales, profitability and liquidity.

The Nordex Group has defined specific measures and targets in its corporate strategy for 2025. Management activities are focused on implementing these targets within the operating business.

The clusters of opportunities outlined above may also create additional attractive potential for the Nordex Group that was not previously included in the specific planning calculations for this period or beyond.

In this context, the Management Board pays special attention to external opportunities that may arise from new climate policy targets and internal opportunities arising from improvements to the global production network, including the expansion of the supply chain to Asia, namely India and China. The Management Board believes that this significant potential to grow the global business from parts of Asia presents substantial opportunities for the Nordex Group.

Report on post-balance sheet date events

Changes in the Executive Board

Effective January 22, 2025, Patxi Landa stepped down from his position as Chief Sales Officer of Nordex SE to take on a new role as Head of Nordex Capital. In his new position, Patxi Landa will focus on supporting selected customers in project development within Nordex's key markets to generate additional sales opportunities for wind turbines.

Financing of the Nordex Group

As of 31 January 2025, lenders under the Syndicated multi-currency guarantee facility agreed to a one-year extension of the facility's maturity date to April 2026.

As of 24 February 2025, there have been no further significant events that would materially affect the financial position or performance of the Company.

Outlook

Installations expected to grow despite increased macroeconomic uncertainty

Business performance continues to improve due to our efforts in stabilizing operations and a stable market environment

Profitability expected to grow further in 2025 – Nordex on track to achieve its medium-term 8% EBITDA margin target

Outlook Global economy and industry outlook Anticipated macroeconomic environment:

Impending trade conflicts could put additional strain on the fragile global economy in 2025

Significant risks and uncertainties stand in the way of a global economic recovery in 2025. In addition to the smoldering conflict in Ukraine, there is a risk that new crises will erupt, for example in Asia (North Korea, China/Taiwan). There are also signs of further fragmentation in the world. The new US administration led by Donald Trump has announced the introduction of massive protective tariffs against China, Canada and Mexico, potentially leading to countermeasures from those countries. In addition, the opportunities for fiscal policy to stimulate the economy are very limited given the increased debt levels in many countries. According to the ifo Institute, the slowdown in inflation in industrialized countries and rising real incomes are supporting consumer demand and investments should be boosted by the gradual easing of monetary policy.

In its updated forecast, the International Monetary Fund (IMF) expects the global economy to grow by only 3.3% in 2025. The IMF is therefore somewhat more optimistic than in its last forecast of +3.2% (World Economic Outlook from October 2024). Developing and emerging countries are expected to grow by 4.2%. Economic output in industrialized countries is expected to remain sluggish and less dynamic at +1.9% in 2025. In the eurozone and Germany in particular, the recovery is expected to remain weak.

Geopolitical fragmentation, numerous conflicts and the global upheaval in the energy markets are increasingly changing the world's structural framework. Combined with the significant visibility of climate change and its serious consequences, decarbonization is being driven forward in all areas of the economy and life. Policymakers are setting binding targets and objectives to accelerate the expansion of renewable energy generation worldwide. More information on this can be found in the 'Political, legal and regulatory environment' section. These drivers are likely to increasingly dominate developments from 2025 onwards, regardless of the short-term economic environment.

Expected GDP growth in 2025 (selected countries and regions)

Outlook

in %	Sources	2023	2024	2025e
World	a	3.3	3.2	3.3
Industrialized countries	a	1.7	1.7	1.9
US	a	2.9	2.8	2.7
Canada	a	1.5	1.3	2.0
Eurozone	a, b	0.4	0.8	1.0
Germany	a, c	-0.3	-0.2	0.3
Spain	a	2.7	3.1	2.3
Developing / emerging countries	a	4.4	4.2	4.2
India	a	8.2	6.5	6.5
Türkiye	d	5.1	2.8	2.6
Latin America	a	2.4	2.4	2.5
Brazil	a	3.2	3.7	2.2

Sources: a) IMF, b) Eurostat, c) Bundesbank/Destatis, d) World Bank

Renowned economic research institutes expect the interest rate cycle in the emerging markets to gradually come to an end. Central banks in advanced industrialized countries, on the other hand, are likely to loosen their monetary policy further in 2025. However, with Donald Trump taking office, there are signs of significant changes in US economic policy. The Kiel Institute therefore expects inflation in the US to only slowly approach the central bank's target and monetary policy to be loosened less markedly than previously assumed. The situation is different in the eurozone, with the ECB likely to continue easing its monetary policy in 2025. As a result, the growth and interest rate differentials between the US dollar and the euro are likely to shift in favor of the greenback in 2025, meaning that the US dollar could appreciate further. This is also supported by the sharp rise in the dollar exchange rate since Trump's election as president.

However, other trends and events – e.g., an escalation of geopolitical conflicts, a trade war and volatile capital markets – may overshadow this, at least in the short term. The Nordex Group companies mainly conclude their contracts with customers and suppliers in either euros or US dollars. Split contracts are often agreed in which the currency is matched to the respective project value added or the supply chain. Remaining transaction currency risks are minimized as far as possible through hedging. Further information on this can be found in the 'Financial risk management' section of the Notes.

In the continuing weak global economic environment in 2025, the IMF expects commodity markets to calm down further despite the major geopolitical risks. While nonoil commodities are likely to increase just slightly on average in 2025 (+2.5%, 2024: +3.4%), the IMF assumes that oil prices will continue to fall. According to the current forecast, the price of a barrel of oil is likely to decline sharply by 11.7%.

Political, legal and regulatory environment

Sizeable onshore installations to continue

The global green transition is progressing in many regions, heavily influenced by political decision-makers in regulated energy markets. One element that remains vital in providing orientation is the 2015 Paris Climate Agreement, where participants agreed to limit global warming to +1.5°C against preindustrial levels. This target was reaffirmed and updated at subsequent UN climate summits in Glasgow in 2021 and Egypt in 2022. The two most recent UN Climate Change Conferences – COP28 in Dubai, UAE (2023) and COP29 in Baku, Azerbaijan (2024) contributed a succession of relevant agreements. In COP28, participants established a goal to, in principle, shift away from fossil fuels and triple renewable energy capacity by 2030. There was also a commitment to reducing greenhouse gases by 43% by 2030, 60% by 2035, and to zero from 2050 onwards. Delegates to COP29 agreed to triple funding to developing countries to USD 300 billion annually by 2035 while simultaneously working to scale up public and private financing to developing countries to USD 1.3 trillion by the same year. These efforts substantially underpin political efforts in the European Union, climate action proposals in the US and, ultimately, the expansion of volumes around the world, all of which are important for the Nordex Group. However, there is a risk that the USA may not consistently pursue their climate goals and agreements, which could undermine global efforts

Outlook

Throughout 2024, political, legal and regulatory developments shaped the near and midterm outlook for the wind industry around the world. Markets that constitute approximately two-thirds of Wood Mackenzie's global (excluding China) forecast onshore wind build from 2025 to 2030 held elections in 2024. In the United Kingdom, a political shift led to increased ambitions, policy momentum and financial backing for clean power and especially wind energy. Meanwhile, new headwinds emerged in the United States and the European Union, introducing downside risks for the Company. Right-leaning political groups captured 52% of seats in the European Parliament elections, potentially signaling a decreasing appetite for ambitious clean energy policy and an increased likelihood of watering down existing measures. In the United States, the return to power of President Donald Trump, coupled with Republican control of both houses of Congress, has seen the wind industry targeted and the erosion of US support for global governance as it relates to climate change. Executive Orders impacting permitting and the disbursement of subsidies were among President Trump's earliest acts upon returning to office. Nonetheless, the case for wind energy build in the United States is supported by strong economic fundamentals. Moreover, President Trump's focus on interest rates, the cost of capital, and easing permitting for energy projects could improve the development landscape for wind energy.

Despite Trump having expressed the intention to amend the Inflation Reduction Act program, the analysis by both Wood Mackenzie and BloombergNEF rates the risk of tax credits no longer being available as "very low". Overall, the Nordex Group considers this program to be very positive due to its long-term nature and the expected large-volume expansion.

The European Union has, even amid mixed political developments, continued its policy of promoting the expansion of renewables energy sources in 2024 and intends to massively expand the installed capacity of wind energy with the aim of generating 42.5% of all energy in the EU from renewable sources by 2030.

One market that is becoming increasingly relevant for the Nordex Group is Germany, where a series of measures have been implemented to push ahead with installation efforts to achieve the country's ambitious expansion targets. The German Federal Network Agency (BNetzA) has specified an annual tender volume of 10 GW from 2024 to 2028, divided equally into four auctions a year. After a serious of subdued years, German onshore wind installations are once again growing. Auctions in 2024 were largely oversubscribed, including in November when over 6 GW of applications were submitted for the 4 GW up for auction. A total of around 11 GW was awarded across four auctions during the year under review. In addition, the price ceiling for onshore wind tenders in 2025 will remain at 7.35 ct/kWh, even though inflation is declining and interest rates have stabilized. One particularly encouraging development is the number of building permits, which rose significantly by 87% to just over 14 GW during the 2024 financial year (c.f., 2023: 7.5 GW, 2022: 4.2 GW). Furthermore, the renovation of existing wind turbines that are coming to the end of their technical life or are no longer eligible for funding under the German Renewable Energy Sources Act (EEG) still offers considerable potential (this process is known as 'repowering'). Volumes and prices, combined with increasing the space available, play an important role in achieving the federal government's targets to expand the production capacity for renewable energy sources in Germany to 115 GW by 2030 and 160 GW by 2035. The impact of Germany's changing political circumstances remains to be seen.

The Nordex Group's product portfolio, market expertise and strong customer relationships mean it is in an excellent position within the German market to capitalize on its growth prospects.

However, it is important to note that future support mechanisms in Germany could change following the election in February 2025.

The market environment in Latin America was characterized by fierce competition in the onshore wind power segment as well as bilateral power purchase agreements (PPAs). Order intake fell sharply in 2024 due to extremely low electricity prices, particularly in Brazil, where international competition is becoming increasingly apparent. The outlook for this market remains muted for the near term.

Outlook

Similar policy uncertainty has risen in recent months in the US after the election and change in the government. Despite the short term hurdles, the Nordex Group believes onshore wind installations could remain sizeable over the next few years given long-term energy demand, energy security and the maturity of onshore wind technology.

Industry-specific environment

Nordex's core markets expected to see strong expansion in the coming years

Wind energy is crucial for the global transition to renewable energy, thanks to significant technological progress that has made it competitive even without subsidies. Many markets now operate without subsidies, with projects awarded through auctions or power purchase agreements (PPAs). Political support through stricter climate protection legislation is accelerating the expansion of wind energy to meet zero greenhouse gas emissions targets.

According to Wood Mackenzie's December forecast, wind energy is set for long-term growth. By 2033, annual global installations (offshore and onshore, including repowering) are expected to reach 200 GW (+64% from 2024), doubling cumulative capacity to 2.63 TW (2024: 1.14 TW). For Nordex's relevant markets (onshore excluding China and India), capacity additions are forecasted to more than double to 67 GW by 2033 (2024: 31.66 GW).

Europe remains a key market, with annual installations expected to peak at 25.6 GW in 2029 (Wood Mackenzie). Although installations will level off slightly from 2030, they are forecasted to stay above current levels until 2033. Scandinavia will return to growth, and France, Italy and Spain will maintain stable levels of over 4.0 GW per year, with Spain contributing half of this total. Germany's annual expansion is expected to peak at 9.3 GW by 2029. In the US, annual installations are forecasted at 8-9 GW from 2026. However, it remains to be seen how the prospects for the US market will change due to the shift in energy policy by President Trump. Canada is expected to see 2.5 GW and Latin America 3-5 GW annually by 2033.

In 2025, Wood Mackenzie expects 46.5 GW of new turbines to be installed in Nordex's market (onshore excluding China and India), a 46.7% increase from 2024. While Latin America is expected to realize almost a third fewer new installations in 2025 (of which Brazil -38%), the volume of new installations in the US market for onshore systems will jump by almost 61% to 9.1 GW, but this goal could be missed by the new US energy policy. Canada will see installations rise to 2.6 GW.

Europe will be a key growth driver with 19.6 GW of new onshore turbines, a 45% increase. The Scandinavian submarkets are recovering (+17%), while the UK and Türkiye are also expected to grow. In Spain (+70%), France (+33%) and Italy (+38%), growth rates are likely to be well into double figures. For Germany, the forecast for 2025 envisages growth of 43% to a new record of 5.7 GW.

The following table shows the quantification by MW and the corresponding short-term forecasts by Wood Mackenzie for the ten largest individual markets.

Wind power onshore market outlook for the top 10 countries by expected new installations in 2025

in MW (ranking based on 2025e)	2024e	2025e	2026e
World	111,102	133,752	124,097
China	75,240	82,302	63,445
US	5,699	9,147	13,505
Germany	4,008	5,735	6,129
India	4,200	5,000	5,500
Canada	1,777	2,572	2,571
Brazil	3,985	2,465	2,140
Spain	1,233	2,093	2,360
Australia	1,397	1,941	1,874
France	960	1,277	1,400
Finland	929	1,243	1,359

Source: Wood Mackenzie December 2024 Global Wind Power Market Outlook (Segment Onshore), Update Q4/2024

Guidance of the Nordex Group for 2025

In 2024, the Nordex Group experienced a recovery in margins, stabilization of operations and growth in market position. The Group reported a 12% increase in revenues and a significant improvement in its EBITDA margin from 0.0% in 2023 to 4.1% in 2024. Additionally, the Group generated a substantial free cash flow of EUR 271 million and achieved a record order intake of 8.3 GW. This outstanding performance reflects our industry-leading product portfolio and strong customer relationships in attractive markets.

Going forward, the Nordex Group is well positioned at the start of the 2025 financial year and expects another year of profitable growth based on the following drivers:

• 1. As onshore wind energy becomes competitive in many locations based on the cost of energy (CoE), we expect demand to keep growing in our core markets over the next few years. This would help our revenues to grow over the next three-year period.
• 1. The external pricing and demand environment remains stable, while margins in our order book continue to improve on the back of our constant efforts to reduce inefficiencies and risks in our operations.
• 1. The service business grew by around 14% in 2024 compared to the previous year, and we expect this to continue in 2025 with improved margins.
• 1. In addition, Nordex now boasts a strong balance sheet as indicated by our healthy equity ratio of 17.3% and net cash level of EUR 848 million.

In the short term, we expect markets to remain highly competitive, with some uncertainty due to regulatory policies. For example, the outlook for the onshore wind market in the US is uncertain following recent elections. In Germany, a change in government could result in heightened uncertainty for the period after 2026, as the Renewable Energy Act (EEG) is set to change and take effect in 2027.

Despite headwinds, Nordex anticipates stable production and installation figures, with improved order conditions positively impacting the Group's operating margin in 2025. However, this depends on stable supply chains and a stable political and economic environment without major upheavals.

Overall, the Nordex Group expects better business performance in 2025 compared to 2024. This is likely to be reflected in improved financial key performance indicators, especially profitability.

For the 2025 financial year, the Management Board of Nordex SE aims to generate consolidated sales of EUR 7.4 to 7.9 billion and an EBITDA margin of 5.0% to 7.0%. The Company expects capital expenditure of around EUR 200 million and predicts the working capital ratio will remain below 9% of consolidated sales by year-end.

As of year-end 2024, the Projects segment order book totaled EUR 7.8 billion, around 13% more compared to the end of 2023. This order book is crucial for our forecasts. Installation levels in 2025 are expected to see an increase in the low double-digit percentage range compared to 2024. We expect the main drivers of installations to be the markets with the strongest order intake in 2024: Europe, particularly Germany, Türkiye, Spain, and Sweden, followed by South Africa and Canada. Overall, Europe had the highest order intake, followed by North America and South Africa.

Outlook

After years of rising raw material and logistics costs, prices stabilized at a lower level in 2024, a trend that is expected to continue in 2025. While low-margin orders partially impacted 2024's overall margin, this effect is expected to lessen considerably in 2025. By December 2024, the order book covered around 80% of the Nordex Group's planned consolidated sales in the Projects segment for 2025, providing a robust basis for production and installations. The Service segment will also benefit from new installations.

The Company expects 2025 to follow a similar pattern to 2024, with a slightly stronger second half for sales and earnings (EBITDA). Consequently, we anticipate a softer start to 2025 due to seasonality effects. Nordex expects stable sale prices and supply chains, positively impacting the operating result and margin.

The Company's capital expenditure in 2025 is set to focus primarily on additional transport equipment to enable it to process the high number of planned installations efficiently. The Nordex Group also plans to invest in equipment associated with the N175/6.X turbine and the ramp-up of our production facility in the US, depending on market entry progress under the new government.

The Nordex Group anticipates robust demand for 2025, especially in its core markets, benefiting from a strong market position among key global customers and a diversified customer base in Europe. The Delta4000 platform offers efficient and competitive turbines in the 4 MW, 5 MW, and 6 MW+ classes, with a portfolio of nine different product types suitable for almost every region globally.

Nordex expects another year of strong order intake with a higher number of installations compared to 2024, which is likely to have a positive impact on the development of working capital during the current financial year.

Medium-term margin target confirmed

The Nordex Group set a strategic EBITDA margin target of 8%. The Company hereby reaffirms this margin target and expects to achieve it in the medium term.

Overall statement on the business performance and situation of the Group

Overall statement on the business performance and situation of the Group

In 2024, Nordex experienced stabilization following a transitional 2023, benefiting from a more stable macroeconomic environment with easing inflationary pressures and fewer shocks.

Despite slight inflationary pressures and disruption in the Red Sea, the overall environment was stable, improving the supply chain and cost situation. Nordex was able to capitalize on its de-risking measures implemented since the COVID pandemic and supply chain disruption, such as changing customer contract terms, back-to-back booking of components, stable shipping rates via long-term charters, and price adjustment clauses during bidding.

Operationally, Nordex achieved a record high order intake and increased its market share in Europe and North America. Turbine installations reached around 6.6 GW by year-end, normalizing compared to the previous year. Activities in Germany increased significantly, particularly with regard to the easing of permitting and higher auction volumes. We remain confident in Germany's market, despite the potential election of a new government and upcoming changes to the Renewable Energy Act (EEG) from 2027 onwards.

In summary, Nordex demonstrated significant operational and financial improvements in 2024, with strong order book visibility and confidence in accelerating EBITDA margins in 2025, aiming for an 8% medium-term target.

Looking ahead, the Company will continue to implement its earnings improvement program, focusing on productivity, service margins improvement, project management and supply chain optimization. This program will continue in 2025 to ensure long-term competitiveness. Nordex believes that potential for volume growth remains in Europe and other select markets such as North America, where the Company won more than 1 GW in orders in 2024, and others such as Australia or other smaller markets. Optimization of the supply chain remains a high priority and still offers room for improvement by relocating more production to Asian countries.

Given this flexible, global production footprint, Nordex expects to be well positioned to adjust to potential tariff threats or other politically-driven impacts. Depending on the further developments of the IRA program and the US's decision on how to support onshore wind, we will analyze our US footprint further and react accordingly.

In our Service segment, which is characterized by planning reliability and steady cash flows, we aim to increase sales by a high single-digit number in 2025 so that this segment contributes a higher proportion of consolidated sales. Margins are expected to increase further based on regional mix, optimization and efficiency programs. The Company aims to grow its Service margin further in 2025, leveraging data and crossborder experiences to enhance its maintenance offering.

In 2025, Nordex will focus on further improving profitability to continue its strong performance from 2024. This involves developing production and supply chains, pursuing cost reduction programs, adjusting customer contracts and setting disciplined prices. The primary goals for the product portfolio are to enhance turbine efficiency and adapt to market requirements.

Business performance of the Group company Nordex SE

In its function as the Group parent, Nordex SE is the holding company for the Nordex Group. One of Nordex SE's key tasks is to finance the Group companies by providing loans and guarantees. In addition to this, Nordex SE provides management services for various subsidiaries in the areas of controlling, finance, internal audit, IT, investor relations, communications, Group strategy, people & culture, legal matters and insurance. There are profit and loss transfer agreements in place for tax purposes with Nordex SE and Nordex Germany GmbH, Nordex Grundstücksverwaltung GmbH, Nordex International GmbH, Nordex Windpark Beteiligung GmbH and Nordex Manufacturing GmbH. Further information on the basis of consolidation can be found in the notes to the consolidated financial statements.

Sales of Nordex SE were up 101.9% to EUR 225.0 million in financial year 2024 (2023: EUR 111.5 million). This increase was due to higher Intragroup allocations for services and an increase in commissions for performance surety bonds. Staff costs rose to EUR 45.4 million (2023: EUR 37.7 million) Net operating income/expenses amounted to EUR –90.3 million (2023: EUR –45.3 million). Other operating income resulted primarily from income from currency translation and from the reversal of write-downs of trade receivables of affiliated consolidated companies. Other operating income mainly consisted of foreign currency translation expenses, legal and consulting costs, IT costs and impairments of trade receivables of affiliated consolidated companies. Income from profit transfer came to EUR 97.4 million (2023: EUR 1.5 million). Expenses from loss absorption increased to EUR 462.6 million (2023: EUR 440.4 million), resulting in lower earnings after taxes of EUR -285.2 million (2023: EUR -284.6 million).

In financial year 2024, Nordex SE posted a net loss for the year of EUR 285.2 million in accordance with the German Commercial Code (2023: net loss for the year of EUR 284.6 million). After withdrawal from reserves, net retained profits for financial year 2024 totaled EUR 0.0 million (2023: 0.0 million).

Due to the trend in earnings, Nordex SE's equity fell by 16.5% to EUR 1,425.1 million (31 December 2023: EUR 1,707.2 million).

Total assets decreased by 30.0% to EUR 3,446.2 million (31 December 2023: EUR 4,925.4 million). Due to permanent impairments of investments in subsidiaries, shares in affiliated companies decreased to EUR 1,471.2 million (31 December 2023: EUR 1,502.6 million), resulting in an equity ratio of 41.4% (31 December 2023: 34.7%).

Since Nordex SE is largely connected to the companies of the Nordex Group through financing and guarantee commitments as well as through direct and indirect investments in the subsidiaries, the risk and opportunity situation of Nordex SE is significantly dependent on the risk and opportunity situation of the Nordex Group. Therefore, the statements on the overall assessment of the risk and opportunity situation by the management also serve as a summary of the risk and opportunity situation of Nordex SE (see section 'Opportunities and Risk Report').

As the parent company of the Nordex Group, Nordex SE receives profit distributions and income or expenses from profit transfer agreements with its subsidiaries, as well as revenues from services provided to them. Consequently, the development of Nordex SE is largely determined by the business development of the Nordex Group. For the fiscal year 2025, Nordex SE is expected to achieve a significantly higher result than in the fiscal year 2024.

Corporate governance statement of Nordex SE

Including the Company's corporate governance report

The corporate governance statement to be published in accordance with Section 289f and 315d of the German Commercial Code (HGB) (including the corporate governance report in accordance with Principle 23 of the German Corporate Governance Code as published in the official section of the Federal Gazette on 28 April 2022) is a component of the combined management report. In accordance with Section 317 (2) sentence 6 HGB, the auditor's review of the disclosures made in accordance with Section 289f (2) and (5) and Section 315d HGB is restricted to the question of whether the disclosures have been made.

Corporate governance statement by Nordex SE pursuant to Section 289f and Section 315d HGB

1. Declaration of conformity by the Management Board and the Supervisory Board pursuant to Section 161 of the German Stock Corporation Act (AktG)

Under Section 161 of the German Stock Corporation Act, the Management Board and Supervisory Board of Nordex SE as a listed company are required to issue a declaration once a year confirming compliance with the recommendations of the Government Commission on the German Corporate Governance Code issued by the German Federal Ministry of Justice (BMJV) and published in the official part of the Federal Gazette (Bundesanzeiger) and stating which recommendations have not been implemented in the past and are currently not being implemented. This declaration must be made permanently available to the shareholders. The Company published its declarations of conformity for the past few years online at https://ir.nordex-online.com/websites/Nordex/ English/6000/corporate-governance.html.

The updated declaration of conformity dated 25 February 2025 is reproduced as follows:

Compliance Declaration by the Management Board and the Supervisory Board of Nordex SE pursuant to section 161 of the German Stock Corporation Act The Management Board and Supervisory Board of Nordex SE have updated their Compliance Declaration for 2024 dated 20 February 2024 and hereby declare as follows:

Since the last Compliance Declaration dated 20 February 2024, the Management Board and the Supervisory Board of Nordex SE (Company) have complied with the recommendations of the Government Commission on the German Corporate Governance Code published in the official part of the Federal Law Gazette (Bundesanzeiger) in its version as of 28 April 2022 (GCGC 2022), save for the deviations described hereinafter. This will also continue to be the case in the future, unless otherwise outlined below.

Article A.2 GCGC 2022 – Appointments to Management Positions (Diversity)

The Management Board does not comply with the recommendation in Article A.2 GCGC 2022 because appointments to management positions in the Company are made regardless of gender and are exclusively guided by the qualifications of the individuals available. For this reason, the target quota for women at the two management levels directly below the Management Board as determined by the Management Board of Nordex SE does not and for the foreseeable future will not amount to the 30% desired by law, but to a lower percentage.

Article B.1 GCGC 2022 – Composition of the Management Board (Diversity)

When determining the composition of the Management Board, the Supervisory Board of Nordex SE was guided solely by qualification for the position and not specifically by the gender of the relevant candidates. Irrespective of that, the Supervisory Board did consider the underrepresented gender in any of its appointments in the event of equal qualification. However, the Supervisory Board would like to expressly state that it does value and will strive for diversity. On 4 December 2024 the target quota for women on the Management Board to be achieved until 31 December 2029 was set at 25%.

Articles B.5 and C.2 GCGC 2022 – Age Limits for Management Board and Supervisory Board Members

Contrary to Articles B.5 and C.2 GCGC 2022, the Supervisory Board of Nordex SE has not determined fixed age limits for membership of the Management Board and the Supervisory Board. Age alone is not decisive for the capabilities, suitability and independence of a current or potential member of the Company's corporate bodies.

Hamburg, 25 February 2025

Nordex SE Management Board Supervisory Board To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information Corporate governance statement of

Nordex SE

2. Disclosures on corporate governance practices

In addition to complying with the recommendations of the German Corporate Governance Code to the extent set out in the declaration of conformity, the Management Board has adopted an updated Code of Conduct for employees of the Nordex Group with effect from 1 January 2023. Another Code, the updated version of which has been in force since 1 January 2024, is aimed at subcontractors and suppliers of the Nordex Group. These codes and various other regulations on corporate practices in the areas of quality, health, safety and environment (QHSE), diversity and inclusion, sustainability and corporate compliance are the guidelines for corporate governance practices relevant to the Nordex Group. They are available on the Nordex website under https://www.nordex-online.com/de/news-media/#publications.

Corporate compliance

Integrity is one of the Nordex Group's core corporate values and an important pillar of its corporate culture. Acting with integrity and, moreover, acting within the law, is the foundation of the Company's good reputation. This is an essential foundation for the trust placed in us by our customers, shareholders and business partners, as well as the public.

The Corporate Compliance Management System covers the prevention and detection and, if necessary, response to bribery, corruption and conflicts of interest within the Nordex Group as well as risk-adequate collaboration with our business partners in order to avoid or handle violations of laws and ethnic principles. The goal is to promote risk awareness and an ethical culture within the Nordex Group and to detect, stop and permanently prevent any violations of the law.

This compliance management system comprises central coordination and control through a structure and process organization including an annual action plan, and reporting. The compliance management system is designed to reflect the risks and includes elements of prevention (e.g., risk analysis, codes of conduct, policies, consulting, communication and training), detection (e.g., process controls, business partner reviews, provision of a whistleblower system) and response (e.g., following up on tips, investigations, and improvement and sanctioning measures).

Sustainability

The Nordex Group as a company is committed to the ecologically and economically responsible use of resources and respectful treatment of all people employed by Nordex or with whom the Company works as customers, suppliers, service providers or shareholders. The Nordex Group's sustainability management unit reports directly to the CFO. Detailed information on the underlying sustainability strategy of the Nordex Group is provided in the suchapter "Sustainability Statement".

3. Disclosures on working practices of the Management Board, Supervisory Board and committees

Working practices of the Management Board

The Management Board manages the Company – a strategic holding company, which also performs administrative service functions – at its own discretion with the aim of achieving sustained improvements in enterprise value and of attaining the agreed targets. It conducts the Company's business in accordance with statutory provisions and the provisions of the Company's Articles of Incorporation and Rules of Procedure for the Management Board. In addition, it works in a spirit of trust with the Company's other governing bodies.

The Management Board defines the long-term goals and strategies for the entire Nordex Group and determines the principles for the corporate policy derived from these. It coordinates and supervises all significant activities. It determines the range of products, develops and deploys executive staff, allocates resources and makes decisions on financial management and group reporting.

The members of the Management Board are jointly responsible for the entire management of the Company. Notwithstanding this joint responsibility, the individual members of the Management Board manage the business areas assigned to them at their own discretion in accordance with the resolutions passed. The allocation of duties to the members of the Management Board is recorded in a schedule of responsibilities, which is approved by the Supervisory Board.

The Management Board makes decisions on all matters of fundamental and material importance as well as in the cases prescribed by law or elsewhere.

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information Corporate governance statement of

Nordex SE

Shared responsibility

Meetings of the Management Board are held regularly. They are convened by the Chief Executive Officer. In addition, each member of the Management Board may request that a meeting be convened. Resolutions of the Management Board are passed with a simple majority of votes cast except where a unanimous vote is prescribed by law. In the event of an even vote, the chairman has the casting vote.

No changes were made to the organization of the Management Board during the 2024 reporting year.

In accordance with the Management Board's Rules of Procedure, the Chairman (Chief Executive Officer; CEO) is responsible for coordinating all of the Management Board's activities, reporting to the Supervisory Board and representing the Company and the Group vis-à-vis third parties. He is in charge of global lead functions for the operating business relating to rotor blade and nacelle production, Global Sourcing and global project management (Global PM/EPC) as well as engineering. He is also responsible for Quality, Health, Safety & Environment (QHSE), Operations Transformation and Performance, Concrete Tower, Global Shipping, Industry & Planning, Operations Strategy & Projects, IT, Global Service, Product Strategy & Sales Support, Strategy & Transversal Projects as well as the North America division.

As of the reporting date, the Chief Sales Officer (CSO), Patxi Landa, was in charge of the two International and Europe operating divisions, with responsibility for sales and project management as well as all overarching customer-related functions such as Global Sales, Global Key Account Management, Public Affairs and Project Development. With effect from 22 January 2025, Patxi Landa resigned from his position as Chief Sales Officer (CSO) of Nordex SE to take on a new role with the Nordex Group as Head of Nordex Capital. Since then, José Luis Blanco has also taken over the responsibilities of the previous CSO.

The Chief Financial Officer (CFO), Dr. Ilya Hartmann, is responsible for People & Culture, Accounting & Controlling, Finance, Internal Audit, Compliance, Investor Relations, Communication, Legal & Insurance, Tax, Sustainability, Information Security and the Finance Operations and Global Planning global lead functions.

The Management Board has not established any committees.

Supervisory Board: Monitoring and control activities

The Supervisory Board is responsible for monitoring and advising the Management Board. In accordance with the Articles of Incorporation, it comprises six members who are elected by the shareholders at the Annual General Meeting. The Supervisory Board is directly involved in all decisions of fundamental significance for the Company; it also consults with the Management Board on the Company's strategic orientation and regularly discusses with it the progress being made on implementing business strategy.

The Chairman of the Supervisory Board coordinates the Board's activities and presides over the meetings. The Supervisory Board is kept informed of the Company's business policy, corporate planning and strategy at all times via regular meetings with the Management Board. The Supervisory Board approves the budget and the annual financial statements of Nordex SE and the Nordex Group as well as the combined management report in the light of the statutory auditor's report.

The Supervisory Board and its committees regularly review the overall effectiveness of the Supervisory Board and how effectively its committees perform their tasks, either internally or with the involvement of external advisers.

Supervisory Board committees

The Supervisory Board currently has the following committees: the Executive Committee, the Audit Committee and the Strategy and Technology Committee.

Executive Committee:

This Supervisory Board committee has three members. It is chaired by Dr.-Ing. Wolfgang Ziebart; the other two members are Jan Klatten and Juan Muro-Lara. The Executive Committee has the function of a permanent personnel committee. It is also responsible for passing urgent resolutions on decisions made by the Management Board which require the Supervisory Board's approval in accordance with the German Stock Corporation Act (AktG), the provisions of the Company's Articles of Incorporation or the Rules of Procedure, unless a resolution passed by the entire Supervisory Board is required. In addition, it performs the task of a nomination committee and submits recommendations for suitable candidates to the Supervisory Board with respect to voting proposals for the Annual General Meeting.

Audit Committee:

The Audit Committee comprises three members; in the year under review, it was chaired by Martin Rey, while the other two members were Isabel Blanco and Juan MuroNordex SE

Lara. Like the other members of the Supervisory Board, all members of the Audit Committee are familiar with the sector in which the Company is active.

The Audit Committee is responsible for matters relating to accounting and risk management, the necessary independence of the statutory auditor, mandating the statutory auditor, determining the main aspects of the audit and the fee agreement with the statutory auditor. It also addresses matters relating to controlling and, in particular, decisions made by the Management Board which require the Supervisory Board's approval in accordance with the German Stock Corporation Act (AktG), the provisions of the Company's Articles of Incorporation or the Rules of Procedure. The Audit Committee is also responsible for monitoring the financial reporting process, the efficacy of the internal control system and corporate compliance, the internal control and risk management system and the internal auditing system.

According to Section 100 (5) of the German Stock Corporation Act (AktG), at least one member of the Supervisory Board must possess expertise in the area of accounting and at least one additional member must possess expertise in the area of auditing. Article D.3 of the German Corporate Governance Code (GCGC) 2022 states that the expertise in the field of accounting shall consist of special knowledge and experience in the application of accounting principles and internal control and risk management systems, and the expertise in the field of auditing shall consist of special knowledge and experience in the auditing of financial statements. Accounting and auditing also include sustainability reporting and its audit and assurance. The Chairman of the Audit Committee shall have appropriate expertise in at least one of the two areas.

The Audit Committee of Nordex SE meets these requirements. The Chairman of the Audit Committee, Mr. Martin Rey, has many years of experience as a member of the audit committee of Kommunalkredit Austria AG (not listed), as Chairman of the Supervisory Board of clearvise AG (listed) and as Chairman of the Audit Committee of the Company. As a result, he possesses specific knowledge of and experience in both accounting and auditing, including the sustainability reporting required by law, based on his own work. In Mr. Juan Muro-Lara, the Audit Committee also has at least one additional member with the required knowledge of and experience in both areas due to his experience as a member of the Board of Directors at various European companies (not listed) as well as many years of experience as a member of the Company's Audit Committee. Ms. Isabel Blanco, in her capacity as Head of Impact at the European Bank for Reconstruction and Development and due to her more than twenty years of leadership experience in renewable energy and climate change policy, has extensive sustainability expertise.

Strategy and Technology Committee:

This Supervisory Board committee comprised Jan Klatten (chairman), Dr.-Ing. Wolfgang Ziebart and Ms. María Cordón. It is responsible for technical and strategic matters of relevance for the Nordex Group.

Independence of the Chairman of the Supervisory Board and the Chairman of the Audit Committee, and of one other Supervisory Board member

Although Dr.-Ing. Ziebart, Mr. Martin Rey and Mr. Jan Klatten have been members of the Supervisory Board for more than twelve years, the Management Board and Supervisory Board consider them to be independent from the Company and the Management Board, as they do not have any personal or professional relationships with members of the Management Board or with the majority shareholder and its committee members (Article C.8 GCGC 2022) despite being long-serving Supervisory Board members. Specifically, this is due to the following factors, among others:

• Although they had been proposed for election to the Supervisory Board by shareholder groups that had long been departed or meanwhile greatly reduced in number, Dr.-Ing. Wolfgang Ziebart, Mr. Jan Klatten and Mr. Martin Rey were repeatedly proposed for re-election to the Supervisory Board. This demonstrates that the composition of the Supervisory Board has always been determined irrespective of close personal relationships with specific shareholder groups and was repeatedly approved by the shareholders.
• In addition, their remuneration as Supervisory Board members does not form a sufficiently material part of their total income that it would be likely to justify a dependency.
• In light of past changes to the Management Board and the relatively brief terms of office of the current Management Board members since 2016 and 2021, the longer terms of office of the three Supervisory Board members do not suggest any particularly close relationships with Management Board members who have been in their posts for a shorter period of time.
• There have also been regular changes to the Supervisory Board, thus eliminating the risk of any particularly close relationships between its members.

Corporate governance statement of Nordex SE

After review and careful consideration, the Management Board and Supervisory Board therefore come to the conclusion overall that Dr.-Ing. Wolfgang Ziebart, Martin Rey and Jan Klatten are independent of the Company and the Management Board, irrespective of their long-standing membership of the Supervisory Board.

4. Disclosures on the definition of the proportion of women

The targets of 25% for the Management Board and 33% for the Supervisory Board set in 2024 with respect to the proportion of women to be achieved by the end of 2029 in accordance with Section 111 (5) of the German Stock Corporation Act (AktG) were met with regard to the Supervisory Board and not (yet) met with regard to the Management Board.

The proportion of women in the workforce in Germany is currently 21% (2023: 21%). The Management Board in 2020 in accordance with Section 76 (4) of the AktG set a target for the proportion of women on the first two management levels below the Management Board of the German entities of the Nordex Group at 15% (previously 21%) to be achieved by 31 December 2025. The share of women in the first two management levels was 14% in the reporting year (2023: 14%).

5. Description of the diversity policy for the Management Board

The Supervisory Board, together with the Management Board as required, addresses long-term succession planning by appointing to the Management Board internal or external candidates who are best suited in terms of their qualification and personality. Selecting the most suitable internal candidates is based on the systematic human resources development of internal managers that comprises the following elements:

• Identifying suitable candidates with different specialties, nationalities and genders at an early stage of the search process.
• Systematically developing internal managers by enabling them to take on roles with increasing responsibility, preferably in different business areas, regions and functions. In this context, managers are fostered particularly through personalized measures such as coaching or systematic human resources development programs.
• Training of internal managers with regard to material company values to ensure that they act as a role model when upholding and implementing them.

This should enable the Supervisory Board to ensure sufficient diversity in terms of professional background and experience, cultural context, internationality, gender and age when appointing Management Board members. Irrespective of these individual criteria, the Supervisory Board is confident that only an all-encompassing assessment of individual candidates can ultimately determine appointments to the Management Board of Nordex SE. Overall, this is intended to ensure that the Management Board as a whole has the following basic desirable profile in terms of the diversity concept:

• Extensive management experience in technical and commercial areas of work
• International experience based on origin and/or professional activity
• Balanced age structure to ensure the continuity of the Management Board's work and enable smooth succession planning.

Irrespective of the target set by the Supervisory Board for the proportion of women on the Management Board (25%), the Supervisory Board will take the underrepresented gender into account when making each of its appointments if multiple candidates have the same qualifications.

Requirements profile for the Supervisory Board of Nordex SE (including diversity policy for the Supervisory Board)

In view of various regulations and recommendations regarding the composition of the Supervisory Board, the Supervisory Board on 28 March 2023 updated the requirements profile for its composition adopted on 20 November 2020. As well as addressing the fundamental statutory requirements and recommendations of the version of the German Corporate Governance Code (GCGC 2022) adopted on 28 April 2022 and officially published on 27 June 2022 regarding the composition of Supervisory Boards, this requirements profile includes composition targets, the skills profile for the overall Supervisory Board as set out in Article C.1 GCGC, and the diversity policy for the Supervisory Board in accordance with Section 289f (2) No. 6 of the German Commercial Code (HGB) together with Article 61 of the SE Regulation (SE-VO).

In accordance with Article C.1 of the GCGC 2022, the updated requirements profile now also requires expertise regarding sustainability issues relevant to the enterprise. In accordance with Section 100 (5) of the German Stock Corporation Act (AktG), at least one member of the Supervisory Board must now possess expertise in the area of accounting and one additional member must possess expertise in the area of auditing.

Corporate governance statement of Nordex SE

Objectives

The Supervisory Board strives for a composition that allows it to supervise and advise the Management Board in a qualified way at all times. The Supervisory Board believes that diversity aspects, in addition to professional and personal requirements, play an important role in enabling it to work effectively and thus support the sustainable development of the Company. Having different personalities, experiences and knowledge prevents groupthink, allows for all-encompassing perspectives and enriches the work of the Supervisory Board. With this in mind, the following objectives serve as guidelines for long-term succession planning and selecting suitable candidates, and create transparency with regard to important assessment criteria.

Requirements for individual members

(i) General requirements

Based on their personal and professional skills and experience, each Supervisory Board member should be able to perform the role of a Supervisory Board member within a global listed company and maintain the Nordex Group's public reputation. In view of this, every Supervisory Board member must meet the following requirements:

• Sufficient expertise, i.e., the ability to carry out the work typically associated with the Supervisory Board
• Commitment, integrity and personality
• General understanding of Nordex SE's business, including its market environment and customer requirements
• Experience of leading companies, associations or networks
• Compliance with mandate limits in accordance with Section 100 of the German Stock Corporation Act (AktG) together with Article 47 (2) Letter a) SE-VO, and in accordance with Articles C.4 and C.5 GCGC.

(ii) Availability

Every Supervisory Board member must ensure that they can devote the time required to properly fulfill their Supervisory Board mandate. In particular, they must bear in mind that there are at least four Supervisory Board meetings each year, each of which requires adequate preparation, particularly in the case of reviewing the annual and consolidated financial statements. Additional time is required to prepare for and participate in committee meetings, depending on the number of standing committee memberships each Supervisory Board member holds. Finally, the Supervisory Board and its committees may be required to hold additional extraordinary meetings to address special issues.

Requirements and objectives for the overall Supervisory Board

With regard to the composition of the overall body, and in the interest of diversity, the Supervisory Board strives for a composition in which its members' personal and professional backgrounds, experience and specialist knowledge complement each other so that the overall body can draw from the broadest possible spectrum of experience and expertise.

(i) General requirements

The Supervisory Board of Nordex SE must always be composed in such a way that its members have the collective knowledge, skills and professional experience required to perform the role of the Supervisory Board. In addition, members of the Supervisory Board must be collectively familiar with the renewable energy sector, ideally the wind energy industry. At least one member of the Supervisory Board must now possess expertise in the area of accounting and one additional member must possess expertise in the area of auditing.

(ii) Specific knowledge and experience

The Supervisory Board of Nordex SE as a whole should cover all areas of expertise required to effectively carry out its role. In particular, and in line with the Company's business model, this includes in-depth knowledge and experience in the following areas:

• Leading and monitoring a large international group, including the development and implementation of corporate strategies in particular
• Mechanical and plant engineering, including industrial production and research and development

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information Corporate governance statement of Nordex SE

• Sales, service and marketing of machinery and equipment
• Bookkeeping, accounting, controlling and risk management
• Human resources, particularly staff planning, management and development
• Law, compliance and corporate governance.

The Supervisory Board strives for a composition in which at least one member can act as a qualified point of contact for each of the aforementioned areas.

(iii) Independence and conflicts of interest

Taking into account Nordex SE's specific situation and ownership structure, the Supervisory Board should include at least one independent member in accordance with Article C.6 GCGC. At least one Supervisory Board member should be independent from the controlling shareholder. Where individual conflicts of interest arise, every Supervisory Board member should disclose them to the Chairman of the Supervisory Board without undue delay. The Supervisory Board should report any conflicts of interest that have occurred in its report to the Annual General Meeting and provide information on how these were addressed. Material and non-temporary conflicts of interest on the part of a member of the Supervisory Board shall result in the termination of their post. The Supervisory Board shall not include more than two former members of the Management Board. Members of the Supervisory Board shall not hold any executive or advisory roles with the Company's significant competitors and shall not have a personal relationship with a significant competitor.

Diversity

The Supervisory Board of Nordex SE has set its target for the share of men and women on the Supervisory Board to 33% in both cases. Among other things, the diversity of the Supervisory Board is also reflected in the individual professional backgrounds and fields of activity of its members as well as their differing spheres of experience (e.g., sector experience). In this regard and in the interests of diversity, the Supervisory Board strives for a composition in which its members' backgrounds, experience and specialist knowledge complement each other, and also strives to ensure that some of its members have international experience. Against this background, the Supervisory Board considers the following diversity criteria for its composition:

• More than 30% of members have international experience due to their origin or professional activity
• More than 50% of members have different training and professional experience
• At least one member is under 60 years of age.

(iv) Sustainability

The Supervisory Board of Nordex SE as a whole shall have expertise in all sustainability issues relevant to the Company. This includes, in particular, expertise in the following sustainability issues:

• Climate change and decarbonization
• Environmental protection
• Responsible business conduct

The Supervisory Board strives for a composition in which at least one member can act as a qualified point of contact for each of the aforementioned areas.

The Supervisory Board nominations presented to the Annual General Meeting should take this requirements profile into account while at the same time striving to meet the skills profile for the Supervisory Board as a whole.

Corporate governance statement of Nordex SE

Implementation status

The implementation status is detailed in the following skills matrix:

		Dr.-Ing. Wolfgang Ziebart	Juan Muro-Lara	Jan Klatten	Isabel Blanco	Martin Rey	María Cordón
Membership	Member since	2009	2016	2005	2022	2005	2021
Diversity	Nationality	German	Spanish	German	Spanish/ British	German	Spanish
	Date of birth	30.1.1950	4.9.1967	14.1.1955	12.4.1974	23.2.1957	29.9.1982
	At least one member is under 60 years of age
	Proportion of women of 33% (target quota)
	International experience
	Different training and professional experiences
General	Sufficient expertise
requirements	Commitment, integrity and personality
	General understanding of Nordex SE's business, including its market environment and customer requirements
	Experience of leading companies, associations and networks
	Compliance with mandate limits in accordance with Section 100 of the German Stock Corporation Act (AktG) together with Article 47 (2) Letter a) SEVO, and in accordance with Articles C.4 and C.5 GCGC 2022
	Availability

Corporate governance statement of Nordex SE

		Dr.-Ing. Wolfgang Ziebart	Juan Muro-Lara	Jan Klatten	Isabel Blanco	Martin Rey	María Cordón
Requirements and objectives for the overall supervisory board	General: Be familiar with the renewable energy sector, ideally the wind energy industry
	Two members: Possess expertise in the areas of accounting or auditing1
	Specific knowledge and experience:
	Leading and monitoring a large international group, including the development and implementation of corporate strategies in particular
	Mechanical and plant engineering, including industrial production and research and development
	Sales, service and marketing of machinery and equipment
	Bookkeeping, accounting, controlling and risk management
	Human resources, in particular personnel planning, management and development
	Law, compliance and corporate governance
	Sustainability topics
Independence	Independence from the controlling shareholder
	No more than two former members of the Management Board
	No executive or advisory roles with the Company's significant competitors and no personal relationship with competitors
	Independence from the Company and the Management Board
1

Pursuant to Section 100 (5) German Stock Corporation Act (AktG)

Not met/ applicable

In accordance with the recommendations of the German Corporate Governance Code, every Supervisory Board member must ensure that they can dedicate the time required to properly fulfill their mandate. Statutory restrictions and the recommendations of the German Corporate Governance Code must be observed when taking on additional mandates. However, the Supervisory Board has refrained from setting a fixed age limit for membership of the Management Board and Supervisory Board and a regular limit for the term of membership of the Supervisory Board.

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information Corporate governance statement of Nordex SE

Further corporate governance report

Remuneration system and benefits for Management Board members

On 19 March 2021, the Supervisory Board agreed a Management Board remuneration system that corresponds with Section 87a AktG and the version of the GCGC dated 16 December 2019. The remuneration system was approved by the 2021 Annual General Meeting by a majority of 99.37%.

The remuneration report is located in the section of the same name in this Annual Report in accordance with Section 162 AktG. The remuneration report, including the auditor's report, the applicable remuneration system and the most recent Annual General Meeting resolution concerning remuneration are made publicly available on the Nordex website at https://ir.nordex-online.com/websites/Nordex/English/6000/corporategovernance.html. Details of the remuneration system can also be found in the invitation to the 2021 Annual General Meeting.

Detailed reporting

To achieve the greatest possible transparency, Nordex SE keeps shareholders, financial analysts, shareholder groups, the media and the public at large regularly informed on a timely basis of the Company's position and main changes in its business. The Company's reporting is therefore in line with the principles of the German Corporate Governance Code: the Company informs its shareholders four times a year of its business performance, net assets, financial position and results of operations as well as its risk exposure.

In accordance with the statutory requirements, the members of the Company's Management Board confirm to the best of their knowledge that the annual financial statements, consolidated financial statements and combined management report provide a true and fair view of the Company's position. The annual financial statements of Nordex SE, the Nordex Group's consolidated financial statements and the combined management report are published within three months of the end of the year to which they relate. During the year, shareholders and third parties are informed of the Company's performance in the half-yearly report and, in the first and third quarters, in quarterly management statements.

In addition, the Company regularly publishes information, including at press and analyst conferences. It particularly also uses the Internet as a publication platform. The Nordex Group's website sets out the dates of the main events and publications such as the Annual Report, the half-yearly report and the interim management statements, and the date of the Annual General Meeting.

Any material new information is made available to the general public without delay.

In addition to regular reporting, Nordex SE discloses relevant inside information pursuant to Section 17 Market Abuse Regulation in the form of ad hoc releases.

Nordex SE, Rostock, 26 February 2025

José Luis Blanco, Chairman of the Management Board

Dr. Ilya Hartmann, member of the Management Board

Concluding declaration by the Management Board and takeover-related disclosures

Concluding declaration by the Management Board on the report on relations with affiliated companies

Given its current equity interest of approximately 47.08% and the average shareholder presence at the Annual General Meeting in the past, Acciona, S.A., even assuming the highest presence at the Annual General Meeting in the past, theoretically has a de facto simple – or possibly even a qualified – majority of votes, which establishes a relationship of control.

There is no control or profit transfer agreement between Nordex SE and Acciona, S.A. Accordingly, the Management Board of Nordex SE has prepared a dependent company report on the Company's relations with affiliated companies in accordance with Section 312 AktG. At the end of the report, the Management Board issued the following statement: "Based on the circumstances known to us at the time the transactions referred to in the Report on Relationships with Affiliated Companies for the reporting period from 1 January 2024 to 31 December 2024 were undertaken, our Company, Nordex SE, received appropriate consideration for each transaction. Since Patxi Landa resigned from his office on 22 January 2025, it was relinquished solely by the members of the Management Board in office at the time of making this declaration in February 2025.

No other measures were undertaken or omitted in the interest of or on the instructions of the controlling company or companies affiliated with it."

Disclosures in accordance with Sections 289A (1), 315A (1) of the German Commercial Code (HGB) and explanatory notes in accordance with Section 176 (1) sentence 1 part 2 of the German Stock Corporation Act (AktG)

The following disclosures are required in the management report pursuant to Sections 289a (1) and 315a (1) of the German Commercial Code (HGB):

Composition of subscribed capital

The Company's subscribed capital stood at EUR 236,450,364.00 as at the reporting date and is divided into 236,450,364 no-par-value bearer shares. One share equals EUR 1.00 of the Company's share capital. There are no restrictions on the exercise of voting rights or the transfer of shares. The same rights attach to all shares except for treasury shares for which no voting rights may be exercised. Each share equals one vote and, with the possible exception of recently-issued shares which are not dividend-entitled, represents the same share in the dividend distribution approved by the shareholders at the Annual General Meeting. The rights and obligations arising from the shares are governed by the applicable statutory provisions, particularly Sections 12, 53a ff, 118 ff and 186 of the German Stock Corporation Act (AktG). Nordex did not hold any treasury shares as at 31 December 2024.

Restrictions on the exercise of voting rights or the transfer of shares

No rights accrue to the Company from treasury shares. In the cases provided for in Section 136 of the German Stock Corporation Act (AktG), voting rights on treasury shares are excluded. Under the terms of their employment contracts, all members of the Management Board are obliged to purchase shares up to an amount corresponding to the value of their annual base salary (gross) and hold these shares for the duration of their appointment and for a further two years after their appointment comes to an end. An annual minimum investment amount equivalent to 25% of the respective net payout from the remuneration component with a short-term incentive applies until the full investment volume has been reached.

Direct or indirect shares in capital of more than 10% of the voting rights

As at the 2024 reporting date, the following companies directly or indirectly held more than 10% of the voting rights with respect to Nordex SE: Acciona, S.A. Madrid (Spain) stated that it held 111,328,881 shares and, hence, more than 47.08% of the voting rights.

Statutory provisions and provisions of the Articles of Incorporation on the appointment and dismissal of members of the Management Board and amendments to the Articles of Incorporation

The appointment and dismissal of members of the Management Board is governed by Sections 84 and 85 of the German Stock Corporation Act (AktG) and Article 46 of the Council Regulation on the Statute for a European company (SE). Under Article 7 of the Company's Articles of Incorporation, the Management Board has at least two members, who are appointed by the Supervisory Board, which also determines the number of members. Under Article 7 (3) of the Company's Articles of Incorporation, the members of the Management Board are appointed for a maximum period of five years.

In accordance with Section 179 of the German Stock Corporation Act (AktG), the Company's Articles of Incorporation may only be amended with a resolution passed at the Annual General Meeting. In accordance with Article 20 (4) Sentence 2 of the Articles of Incorporation in conjunction with Article 59 (1) and (2) of the Council Regulation on the Statute for a European company (SE), amendments to the Articles of Incorporation require a majority of two-thirds of the votes cast or, if at least half of the share capital is represented, a simple majority of the votes cast. In cases in which the German Stock Corporation Act (AktG) or the German Transformation Act (UmwG) stipulates a majority of three quarters of the votes cast, this also applies to Nordex SE in accordance with the reservation in Article 59 of Council Regulation on the Statute for a European company (SE). However, this is not based on the capital represented but on the number of votes cast. Article 26 of the Articles of Incorporation of Nordex SE in conjunction with Section 179 (1) sentence 2 of the German Stock Corporation Act (AktG) authorize the Supervisory Board to change the Articles of Incorporation.

Authorization of the Management Board to issue or buy back shares The following specific authorization has been granted:

Contingent Capital/Authorized Capital

At 31 December 2024, the Company had Authorized Capital I of EUR 23,645,036.00, equivalent to 23,645,036 shares (2023: EUR 21,194,622.00), Authorized Capital II of EUR 47,290,072.00, equivalent to 47,290,072 shares (2023: EUR 42,389,245.00), Authorized Capital III of EUR 6,358,387.00, equivalent to 6,358,387 shares (2023: EUR 6,358,387.00 equivalent to 6,358,387 shares), Contingent Capital I of EUR 21,194,623.00, equivalent to 21,194,623 shares (2023: EUR 21,194,623.00, equivalent to 21,194,623 shares), Contingent Capital II of EUR 3,500,000.00, equivalent to 3,500,000 shares (no change compared to the previous year) and Contingent Capital III of EUR 23,645,036.00, equivalent to 23,645,036 shares. Each share represents a notional share of EUR 1.00 in the Company's share capital.

Overall, only new shares accounting for up to 40% of the share capital as of the Annual General Meeting's resolution on 23 April 2024, i.e., 94,580,145 new shares, may be issued on the basis of all of the authorizations and capital available to the Company (including the authorization to issue convertible bonds and stock options to senior managers and experts of the Group).

Specifically:

In accordance with a resolution passed at the Annual General Meeting on 23 April 2024, the Management Board was authorized subject to the Supervisory Board's approval to utilize Authorized Capital I to increase the Company's share capital once or repeatedly on or before 22 April 2027 by up to EUR 23,645,036.00 in total, in return for cash or noncash capital contributions, by issuing new no-par-value bearer shares. The Management Board did not make use of this authorization.

In accordance with a resolution passed at the Annual General Meeting on 23 April 2024, the Management Board was authorized subject to the Supervisory Board's approval to utilize Authorized Capital II to increase the Company's share capital once or repeatedly on or before 22 April 2027 by up to EUR 47,290,072.00 in total, in return for cash capital contributions, by issuing new no-par-value bearer shares. The Management Board did not make use of this authorization.

In accordance with a resolution passed at the Annual General Meeting on 27 March 2023, the Management Board was authorized subject to the Supervisory Board's approval to utilize Authorized Capital III to increase the Company's share capital once or repeatedly on or before 26 March 2026 by up to EUR 6,358,387.00 in total, in return for cash or non-cash capital contributions, by issuing new no-par-value bearer shares. The Management Board did not make use of this authorization.

In accordance with a resolution passed at the Annual General Meeting on 27 March 2023, the Management Board was authorized subject to the Supervisory Board's approval to utilize Contingent Capital I to contingently increase the Company's share capital by up to EUR 21,194,623.00 by issuing up to 21,194,623 new no-par-value bearer shares. Contingent Capital I is used to grant no-par value bearer shares as of the exercise of conversion or option rights (or upon fulfillment of corresponding conversion obligations) or else as of the exercise of an option held by the Company, instead of paying the amount of money due, either in whole or in part, to grant no-par value shares of the Company to the holders of convertible bonds or bonds with warrants issued by the Company in return for a cash contribution and on the basis of the Annual General Meeting's authorizing resolution in the period from 27 March 2023 to the end of 26 March 2026. In 2023, the Company issued unsubordinated and unsecured green convertible bonds with a total nominal amount of EUR 333 million and a nominal amount of EUR 100,000 each, due on 14 April 2030. The shareholders' pre-emption rights were disapplied. The number of shares into which the convertible bonds are to be converted is determined by dividing the nominal amount by the conversion price. The conversion price was set at EUR 15.73 and is subject to customary market adjustment mechanisms. The initial conversion price of EUR 15.73 results in a conversion into an initial 21,169,739 shares in the Company, corresponding to just under 10% of the share capital at the time of the resolution and at the time the authorization is exercised.

Contingent Capital II is intended for the fulfillment of subscription rights granted from stock options of senior managers and experts of the Company and the other companies of the Nordex Group in Germany and other countries as well as the members of the management boards of Nordex Group companies which are granted on or before 4 May 2026, on the basis of the authorization provided by the Annual General Meeting on 5 May 2021. To date, 579,190 pre-emption rights have been granted to Nordex Group senior managers and experts in a first tranche in 2021, 768,284 pre-emption rights in a second tranche from 2022, 884,409 pre-emption rights in a third tranche in the 2023 and 950,260 in a fourth tranche in the reporting year.

In accordance with a resolution passed at the Annual General Meeting on 23 April 2024, the Management Board was authorized subject to the Supervisory Board's approval to utilize Contingent Capital III to contingently increase the Company's share capital by up to EUR 23,645,036.00 by issuing up to 23,645,036 new no-par-value bearer shares. Contingent Capital III is used to grant no-par value bearer shares as of the exercise of conversion or option rights (or upon fulfillment of corresponding conversion obligations) or else as of the exercise of an option held by the Company, instead of paying the amount of money due, either in whole or in part to grant no-par value shares of the Company to the holders of convertible bonds or bonds with warrants issued by the Company in return for a cash contribution and on the basis of the Annual General Meeting's authorizing resolution in the period from 23 April 2024 to the end of 22 April 2027. The Management Board did not yet make use of this authorization.

Treasury shares

Based on the resolution passed at the Annual General Meeting on 6 June 2023, the Management Board is authorized on or before 5 June 2028 subject to the approval of the Supervisory Board to purchase treasury shares up to an amount of 10% of the Company's share capital as of the Annual General Meeting's resolution and to use this for any purpose permitted by law. These shares may be used, among other things, for the purpose of mergers and acquisitions, they may be offered to senior managers and employees of the Company or affiliated companies as employee shares, and they may be used in fulfilling conversion rights or conversion obligations resulting from convertible bonds or employee option rights. The shareholders' pre-emption rights are disapplied in these cases. These treasury shares may also be called in or sold to shareholders or third parties – while disapplying the shareholders' pre-emption rights – for a cash price which is not significantly below the stock exchange price as of the sale.

No use was made of the authorization to purchase own shares in the reporting period.

Material agreements subject to a change-of-control provision

As of the reporting date, the Company entered into the following material agreements that contain clauses relating to a change of control which could occur as a result of a takeover offer:

Syndicated guarantee facility for EUR 1,410 million

The guarantee facility contains a provision that entitles the lenders to terminate the facility in the event that a person acquires more than 50% of the share capital or voting rights of Nordex SE. This does not apply to Acciona, S.A., Madrid (Spain).

Promissory note for EUR 25.5 million

The promissory note contains a provision that entitles the lenders to terminate the loan in the event that a person or a group of persons acting in concert gain direct or indirect control over more than 50% of the issued shares or voting rights of Nordex SE and/or Nordex Energy SE & Co. KG.

Green convertible bond (Green Bond) for EUR 333 million

The green convertible bonds include the bondholders' right to call in all or individual bonds that have not yet been converted or repaid in the event of a change of control. Such a change of control would occur, for example, if a third party were to directly or indirectly acquire 30% or more of the voting shares in Nordex SE. This does not apply to Acciona, S.A. and its affiliates.

Uncommitted guarantee facility of EUR 1,300 million

The guarantee facility agreed with Acciona, S.A. contains a provision that entitles the lenders to terminate the facility in the event that a person directly or indirectly acquires more than 30% of the share capital or voting rights of Nordex SE. This does not apply to Acciona, S.A. and its affiliates.

To our shareholders Corporate Governance Consolidated financial statements Notes Additional information Combined Group management report Sustainability Statement

Sustainability Statement General disclosures

General disclosures

This section represents the group sustainability statement of the Nordex SE (hereinafter also referred to as "sustainability report", "sustainability statement", "group non-financial statement" or "non-financial report"). It has been prepared to meet the requirements of Directive (EU) 2022/2464 of the European Parliament and of the Council of December 14, 2022 (Corporate Sustainability Reporting Directive, CSRD) and Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation) as well as Sections 315b and 315c of the German Commercial Code (HGB) for a group non-financial statement. The group nonfinancial statement relates to the period from January 1 to December 31, 2024.

In accordance with Section 289d of the HGB, the group non-financial statement was prepared on the basis of the European Sustainability Reporting Standards (ESRS) as framework.

This is the first time the Nordex Group is reporting in accordance with ESRS. The content of this sustainability statement is based on the results of a double materiality assessment (DMA) conducted in 2024 in accordance with the requirements set out in the CSRD and ESRS and contains disclosures on environmental matters, employee matters, social matters, respect for human rights, and anti-corruption and bribery matters. For details on the DMA, please refer to section Double materiality assessment methodology. We also comply with the disclosure requirements of the EU Taxonomy Regulation.

An overview of the disclosures required by Section 315c in conjunction with Section 289c to 289e of the HGB with links to the respective sections in this group sustainability statement are provided in the table below.

Mapping of HGB disclosures

Disclosures according to
Section 289c HGB	Corresponding report sections
Description of the business model	General Disclosures
Environmental matters	Climate Change, Pollution, Water and marine resources, Biodiversity and ecosystems, Resource use and circular economy
Employee matters	Own workforce, Workers in the value chain
Social matters	Affected communities
Respect for human rights	Own workforce, Workers in the value chain, Affected communities
Anticorruption and bribery matters	Business conduct

General basis for preparation

BP-1

This chapter explains how the Nordex Group has prepared the sustainability statement, detailing the scope of consolidation as well as upstream and downstream value chain information.

Reporting scope

2-BP-1-5-(e)

This sustainability statement has been prepared on a consolidated basis, following the same principles and scope as for the financial statements, thus, encompassing the parent company Nordex SE and all subsidiaries controlled by Nordex SE. Moreover, there are no subsidiary undertakings exempted from individual or consolidated sustainability reporting as per Articles 19a(9) or 29a(8) of Directive 2013/34/EU.

Sustainability Statement General disclosures

Our sustainability statement thoroughly covers the entire value chain of the Nordex Group, which includes own operations, upstream and downstream activities. Our own operations consist of turbine assembly and rotor blade production facilities located in Germany, Spain, Brazil, India, Mexico, and the United States, with our head office situated in Hamburg, Germany.

As a general principle, our policies, actions, and targets are applicable across the Nordex Group. In cases where a policy, action or target pertains only to a particular activity or business unit or where certain activities or business units are excluded, this is clearly outlined in the report.

Transitional provisions

In accordance with the ESRS phase-in regulations, we have utilized the transitional provisions available to gradually integrate comprehensive sustainability metrics into our reporting framework. As this is our first CSRD sustainability statement, it generally does not include previous year's data. The only exception is section E1, where we have included 2023 greenhouse gas (GHG) emission data to ensure transparency about the development of our GHG emissions over time. This data is not part of the audit scope and is clearly marked as "unaudited" in the sustainability statement.

Additionally, we have not included value chain data, as allowed under the phase-in provisions. For some data points in section S1, although phase-ins were available, we opted to disclose the data voluntarily where it was already available.

We have not opted to omit any specific information related to intellectual property, know-how, or results of innovation as outlined in ESRS 1 section 7.7.

Cross references

Links to information outside of the management report, the financial statements and notes represent additional information which is not part of the sustainability statement. These are indicated by square brackets and a light blue background. For example: [This is additional information.] We did not make use of the possibility to incorporate information by reference in this sustainability statement (ESRS 1, 9.1).

Approval by the Supervisory Board

The Supervisory Board is responsible for reviewing and approving the group sustainability statement. The group sustainability statement was presented and approved in a Supervisory Board meeting in February 2025 together with the combined management report.

External audit of the group sustainability statement

The contents of this sustainability statement were reviewed by the Nordex Group Supervisory Board in accordance with Section 171 (1) of the German Stock Corporation Act (Aktiengesetz, AktG). The sustainability statement was additionally audited by the independent auditing firm KPMG in accordance with the International Standard on Assurance Engagements 3000 (ISAE 3000, revised) in a limited assurance engagement. The auditor's Independent Practitioner's Report is provided in section Independent Auditor's Report. None of the metrics presented in this sustainability statement were additionally validated by another external party.

Disclosures in relation to specific circumstances

Time horizons

2-BP-2-9

The Nordex Group defines its time horizons for sustainability reporting as follows: shortterm refers to the current year, medium-term encompasses a period of 1 to 3 years, and long-term extends beyond 3 years. This classification is grounded in our established planning and management practices, where a three-year horizon is typically utilized for critical activities such as sales forecasting and risk management. By adopting this framework, we ensure that our sustainability initiatives are aligned with our operational strategies and market dynamics, allowing for a proactive approach to addressing potential challenges and opportunities. This structured timeline not only facilitates effective resource allocation but also enhances our ability to set measurable sustainability targets that are both ambitious and achievable, ultimately supporting our commitment to long-term value creation for all stakeholders. In the case of assessing climaterelated transition risks, the definition of "long-term" is differing: In this case, in line with the ESRS E1 standards, a risk is considered "long-term" if it is assessed for a time scope of more

General disclosures

than 10 years (see E1-ESRS 2 IRO-1-20). For the climate scenario analysis time horizons differ as they are based on the IPCC scenario horizons (see E1-ESRS 2 IRO-1-21).

Sources of estimation and outcome uncertainty

2-BP-2-10

In cases where value chain data is based on estimations based on indirect sources it is explained and highlighted as such in the relevant section. This applies particularly to value chain data provided in the chapter "Climate Change". There is no general approach for the basis of preparation; specific methodologies are detailed in the respective sections where estimations are applied. The resulting level of accuracy is also described in the relevant sections where such estimations are noted.

Changes in preparation or presentation of sustainability information 2-BP-2-13

In 2024, our approach to disclosing individual EU Taxonomy disclosures was changed as we reclassified our relevant economic activities. To reflect the methodological changes in the Taxonomy-eligibility assessment and allow for an adequate comparison with prior year figures, Taxonomy-eligible and -aligned turnover, CapEx and OpEx for reporting year 2023 were restated. For further details, see section Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation).

Sustainability governance

This chapter provides an overview about the composition and diversity of the Nordex Group's administrative, management, and supervisory bodies in relation to sustainability topics. It outlines their roles and responsibilities in overseeing the management of material impacts, risks, and opportunities and describes how management is kept informed about sustainability matters.

Composition and role of the Company's governing bodies GOV-1, ESRS G1 ESRS 2 GOV-1

The governing bodies of the Company are the Management Board, which was composed of three executive members in the reporting period, and the Supervisory Board, comprising six non-executive members. Employees and other workers are not represented on these boards, but the company remains dedicated to considering the perspectives and interests of the broader workforce through various other channels and initiatives.

Management Board

In the reporting period, the Management Board consisted of José Luis Blanco (Chief Executive Officer), Dr. Ilya Hartmann (Chief Financial Officer) and Patxi Landa (Chief Sales Officer) who all possess long-standing expertise in the wind and renewable energy industry. As all members of the Management Board are male, we do not yet meet our target of a 25% share of females for the Management Board which was set in 2024 with respect to the proportion of women to be achieved by the end of 2029 in accordance with Section 111 (5) of the AktG.

The Management Board follows the principle of shared responsibility in its working practice. This means that the members of the Management Board are jointly responsible for the entire management of the Company, with duties allocated according to a schedule of responsibilities. This principle of shared responsibility includes the oversight of material sustainability matters. which are implicitly covered within the organization. That is, while the Management Board is informed about these matters, the actual implementation of responsibilities is carried out by the respective departments. For example, the Health, Safety, and Environment (HSE) department is in charge of sustainability matters related to Health and Safety in Working Conditions of the Own Workforce and reports directly to the CEO. Topics not yet assigned to a specific department are covered by the Company's Sustainability Department, which is responsible for deriving future responsibilities and actions.

In the reporting year, Nordex conducted a mandatory training session on CSRD implementation and supply chain due diligence as part of the General Management Meeting (GMM) which was also attended by the three Management Board members.

Sustainability Statement General disclosures

This training addressed important aspects of governance and compliance, reinforcing our commitment to sustainability and responsible business practices.

With effect from 22 January 2025, Patxi Landa resigned from his position as Chief Sales Officer. Going forward, the Management Board of Nordex SE will comprise two board members.

Supervisory Board

The Supervisory Board consists of six members, four men and two women. With this composition, we meet our target of a 33% share of females for the Supervisory Board which was set in 2024 with respect to the proportion of women to be achieved by the end of 2029 in accordance with Section 111 (5) of the AktG.

All members of the Supervisory Board are independent from the controlling shareholder, the Company and the Management Board. They possess diverse expertise relevant to our industry, business model and our products. Regarding ESG topics, the Supervisory Board is also supported by Nordex employees, with key individuals attending Supervisory Board meetings upon request to provide input on selected sustainability matters and/or educate the Supervisory Board on these topics.

ESG integration across Supervisory Board Committees

Body of governance	Area of responsibility	Material issues addressed in 2024
Audit Committee	• CSRD-compliant reporting • Annual review and approval of double materiality assessment • Oversee the result of the limited assurance process of non-financial data points • Oversee the results of internal controls in relation to reporting	• Review and approval of double materiality assessment process and result for 2024 reporting • Review of result of limited assurance process on non financial data • Review and approval of 2024 annual report.
Strategy & Technology Committee	• Technical and strategic matters of relevance for the Nordex Group	• GHG emission reduction targets

Information provided to and sustainability matters addressed by the Company's governing bodies

GOV-2

Updates on sustainability-related activities and developments are provided to the Management Board of the Nordex Group on a quarterly basis and on an ad-hoc basis as needed by the Director Sustainability. The Supervisory Board also receives quarterly presentations on sustainability-related topics by the Director Sustainability. This includes communication regarding our annual reporting, impacts, risks and opportunities (IROs) identification from the DMA, and progress reports on our sustainability strategy.

Information on IROs is one of multiple input sources used by the Nordex Group's administrative, management, and supervisory bodies when developing, adjusting, and overseeing the company's strategy and making decisions on major transactions. Material risks identified during the DMA process are integrated into the Enterprise Risk Management (ERM) tool of the Nordex Group and thus become part of the quarterly risk assessment process.

During the reporting period, the administrative, management, and supervisory bodies of the Nordex Group did not explicitly address individual IROs identified during the DMA. However, material IROs were implicitly addressed through strategies, policies, and targets set for the various functions of the company in alignment with the corporate strategy, which was set and approved by the management and supervisory bodies of the Company.

Sustainability Statement General disclosures

Integration of sustainability-related performance in incentive schemes

GOV-3, E1 ESRS 2 GOV-3

The Remuneration System for the members of the Management Board is determined by the Supervisory Board in accordance with sections 87 (1), 87a (1), 107 (3) sentence 7 of the AktG. The Supervisory Board is supported in this by the Executive Committee, which as the Personnel and Nominations Committee draws up proposals and recommendations on the structure and further development of the Remuneration System. The current remuneration system, which was approved in 2021 with a 99.37% majority at the Annual General Meeting of Nordex SE, applies for all service contracts newly concluded or extended after 5 May 2021.

The remuneration of the Management Board comprises non-performance-related (fixed) and performance-related (variable) remuneration components. The variable remuneration components reflect the achievement of annual targets as well as the Company's longterm performance. The short-term variable remuneration (bonus) and the long-term variable remuneration in the form of a Performance Share Unit Plan (PSUP) incentivize the performance of the Management Board members from a variety of different perspectives, over assessment periods of varying duration and while taking various performance criteria into consideration.

The achievement of short-term operational targets is of primary significance for the selection of the performance criteria for the bonus. On the one hand, the PSUP focuses on the performance of Nordex SE shares by comparison with the capital market (weighting: 80%). Among other criteria, this evaluates the capital market's assessment of Nordex SE's strategic orientation and its implementation by the Management Board. Since the redesign of the service contracts, the PSUP has also been dependent on sustainability-related criteria. The ESG targets, which have a 20% weighting, include achieving a 25% proportion of women at management levels M1 to M4 and reducing Scope 1 and Scope 2 GHG emissions. These targets are derived from the goals of the Nordex Group's sustainability strategy. Incorporating these ESG targets aligns with the requirements of the current remuneration system. In addition, a non-financial bonus criterion applies to CEO José Luis Blanco's remuneration. This criterion, which has a 5% weighting, is related to occupational safety, health, and environmental protection.

Sustainability-related criteria on which variable remuneration was based in 2024

Performance criteria	Bonus	Performance Share Unit Plan	Strategic relevance
Occupational safety, health and environmental protection: Lost time incident frequency	x		Protecting and promoting employees by ensuring occupational safety
Proportion of women in management positions in the Nordex Group1		x	Achieve a minimum of 25% female representation at management levels M1 to M4 in line with the Nordex Group's sustainability strategy
Reduction of scope 1 and scope 2 (market-based) GHG emissions2		x	Reduction of (Scope 1 and Scope 2) GHG emissions in line with the Nordex Group's sustainability strategy

1 All management positions are evaluated with MERCER according to the IPE (International Position Evaluation) methodology

2 Derived from the targets submitted by the Company to the SBTi

Sustainability-related criteria for short-term variable remuneration (bonus)

Weighting of performance criteria	José Luis Blanco	Patxi Landa	Dr. Ilya Hartmann
Occupational safety, health and environmental
protection: Lost-time incident frequency	5%	–	–

A certain target amount is contractually stipulated for the short term incentive (STI). The specific amount of the STI depends on two equally weighted performance criteria, firstly (i) the achievement of a specific financial corporate target set for the whole Management Board and secondly (ii) the performance evaluation of the member of the Management Board based on specific individual performance criteria. The financial corporate target is based on the development of a profitability indicator, either EBITDA, EBIT or EBT, which is set by the Supervisory Board before the beginning of the financial year. The individual performance criteria include non-financial performance criteria linked to operational

Sustainability Statement General disclosures

management ratios, which also focus on the fundamentals of future corporate development (order intake margin, quality and product costs), and may also include targets from the areas of occupational safety and health or from the areas of environment, social issues and good corporate governance (ESG targets), insofar as these are not already used for the assessment of the long term incentive (LTI). In addition to the non-financial individual performance criteria, the individual performance criteria set for the members of the Management Board may also include supplementary financial targets for all or only for individual members of the Management Board related to key indicators of capital commitment (Working-Capital-ratio) and/or free cash flow.

[For further details, refer to the Remuneration Report in the Corporate Governance section.]

Statement on due diligence

GOV-4

We are committed to upholding rigorous due diligence processes to ensure responsible and ethical business practices. The following table provides a mapping of where in this document we address the necessary steps of due diligence as outlined in ESRS 1 Chapter 4. This mapping shall help stakeholders easily locate the relevant information on our due diligence efforts throughout the document.

Overview about core elements of due diligence in the Sustainability Statement

Sections in the Sustainability Statement
• GOV-1&2
• SBM-1
• SBM-2
• S1-2
• S1-3
• S2-2
• S2-3
• S3
• G1
• IRO-1
• SMB-3

Core elements of due diligence	Sections in the Sustainability Statement
(d) Taking action to address negative	• E1-3
impacts on people and the environment	• E2-2
	• E3-2
	• E4-3
	• E5-2
	• S1-4
	• S2-4
	• S3-4
(e) Tracking the effectiveness of these	• E1-4
efforts	• E1-5
	• E1-6
	• E2-3
	• E2-4
	• E2-5
	• E3-3
	• E3-4
	• E4-4
	• E4-5
	• E5-3
	• E5-4
	• E5-5
	• S1-5
	• S1-8
	• S1-9
	• S1-10
	• S1-11
	• S1-12
	• S1-13
	• S1-14
	• S1-15
	• S1-16
	• S1-17
	• G1-6

Sustainability Statement General disclosures

Risk management and internal controls over sustainability reporting

GOV-5

At Nordex SE, we recognize the critical importance of robust risk management and internal controls in ensuring the accuracy and reliability of our sustainability reporting. This section outlines our approach to managing risks and internal controls we have related to our sustainability reporting process.

Roles & responsibilities

2-GOV-5-36-(a)

Our sustainability reporting is overseen by the Sustainability Team, led by the Director Sustainability. The team is responsible for defining and driving the implementation of the sustainability strategy for the Nordex Group, monitoring compliance, and ensuring that sustainability risks are effectively managed. The Director Sustainability reports directly to the CFO.

The Sustainability team includes subject-matter experts and roles overseeing the reporting process. These roles cover areas such as climate, human rights, and technical sustainability aspects. The team collaborates with various departments within the organization, including QHSE, Sourcing, Compliance, Product Strategy, Engineering, and People & Culture, to gather the input needed for sustainability reporting and to implement the sustainability strategy.

We have established a cross-company Global Sustainability Network which has members from 18 functions, representing all key elements of the Nordex Group's organizational structure. This network meets in quarterly intervals for two-way information exchange. For our CSRD reporting, many network members participated in DMA workshops, and the entire network was involved in validating the outcome of the assessment, which was presented during one of the quarterly network meetings.

Decision-making within the Sustainability team is led by the Director Sustainability. The Management Board is informed about key decisions related to sustainability and sustainability reporting and provides their approval, for example when setting or updating our sustainability-related targets.

Risk management approach

2-GOV-5-36-(a), 2-GOV-5-36-(b)

In response to the requirements of the CSRD, Nordex SE has established processes to manage risks related to sustainability reporting. These processes include the following components:

• Scope and main features: Our processes cover all aspects of sustainability reporting, including data collection, validation, and reporting. They ensure that the sustainability report is complete, accurate, and relevant. These processes are designed to address the specific challenges and requirements of sustainability reporting, ensuring compliance with regulatory standards and stakeholder expectations.
• Risk identification and assessment: We identify and assess risks related to sustainability reporting through ongoing monitoring and communication within the team. When potential risks are noticed, such as data inaccuracies, regulatory changes, or resource constraints, they are discussed and addressed promptly. Risks are prioritized based on their potential impact on the reliability of the sustainability report. For example, we evaluate the risk of data inaccuracies by assessing the robustness of our data collection processes and the reliability of our data sources.

Internal controls

2-GOV-5-36-(a), 2-GOV-5-36-(c)

To ensure the integrity of our sustainability reporting, we have implemented a series of internal controls:

99 Nordex SE Annual Integrated Report 2024

• Data validation processes: We have established standardized processes for data collection and validation to ensure the accuracy and completeness of the data used in our sustainability report.
• IT infrastructure: We have invested in a robust disclosure management platform that supports the integrated sustainability reporting process. Additionally, we use a specialized environmental data management system to collect and manage environmental data from all our global production facilities and major offices. These tools facilitate data management, enhance information accuracy and completeness, and streamline the reporting workflow.
• Integrated approver roles: Our environmental data management tool includes integrated approver roles, ensuring that data is reviewed and approved at multiple levels before being finalized. This adds an additional layer of verification and accountability.
• Independent controls: We employ independent controls, such as the four-eyes principle, to verify the accuracy of the data and the report.
• Training and awareness: We provide regular training and awareness programs for employees involved in the sustainability reporting process. This ensures that all team members are knowledgeable about the reporting requirements and best practices for data accuracy and integrity.

Main risks identified and mitigation strategies

2-GOV-5-36-(c)

In our sustainability reporting process, we have identified the following key risks and implemented strategies to mitigate them, including related controls:

• Data accuracy: We have encountered issues with data accuracy in our sustainability reporting. To mitigate this risk, we followed up individually with data owners to understand the source and reason for any discrepancies and ensure that the inaccuracy is resolved. Furthermore, we have provided standardized templates for data collection for most of the KPIs, based on lessons learned from previous years' sustainability reporting.

• Regulatory changes: We see a risk of changes in sustainability reporting regulations which will have implications on the requirements we must meet. To mitigate this, we participate in industry bodies such as VDMA and WindEurope to stay up to date with requirements and their interpretation and maintain close communication with our auditors. This proactive approach helps us ensure compliance with new regulations.
• Resource constraints: Due to the extensive demands of the CSRD, we have faced severe resource constraints in our sustainability reporting process. To address this challenge, we have invested in additional staff which has helped us build a team capable of managing the reporting process effectively.
• Stakeholder engagement: As we have primarily used internal proxies to represent the perspective of external stakeholders during our double materiality assessment there is a risk of misrepresenting the perspectives of key external stakeholders. However, we have carefully selected our proxies and consider them to be wellinformed, so we consider this risk to be limited. Furthermore, we have validated the assessment of the proxies with additional resources wherever possible, e.g. in the case of our customers where the assessment of the Sales team who served as proxies was validated against our database of sustainability-related customer interactions.

Integration of risk assessment and internal controls into relevant internal functions and processes

2-GOV-5-36-(d)

The findings from our risk assessments and internal controls specifically related to the sustainability reporting process are integrated into relevant internal functions and processes. This ensures that any identified risks are addressed promptly and that the sustainability reporting process remains accurate and reliable.

Sustainability Statement

General disclosures

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

Annual Integrated Report 2024

This ensures that all departments involved in the reporting process are aware of the identified risks and can take appropriate actions to mitigate them.

• Action plans: Based on the risk assessment findings, the Sustainability Team collaborates with relevant departments to develop and implement measures to address identified risks. These measures may include additional data validation steps or enhanced training for data entry personnel.

• Communication of findings: The results of sustainability reporting risk assessments are communicated to the Sustainability Team and the input-providing departments.

• Monitoring and review: The implementation of these measures is monitored regularly to ensure that the identified risks are being managed effectively. This includes periodic reviews to assess the effectiveness of the measures taken and to make any necessary adjustments. For instance, the Sustainability Team may conduct reviews of the data validation processes for environmental data to ensure they are functioning as intended.

Continuous improvement

2-GOV-5-36-(e)

We are committed to continuously improving our sustainability reporting process. This includes the following:

• Team set-up: We have significantly enhanced the team dedicated to sustainability reporting, addressing resource constraints and ensuring that we have the necessary expertise to manage the reporting process effectively. This includes hiring additional staff and providing ongoing training to ensure that the team is well-equipped to handle the complexities of sustainability reporting.
• Regulatory environment: We continuously monitor the regulatory environment to stay updated on any changes that may affect our sustainability reporting. This includes addressing interpretation issues and ensuring compliance with new regulations. Our team regularly participates in industry forums and engages with regulatory bodies to stay informed about the latest developments.

• Periodic reporting: While the findings from our risk assessments and internal controls specific to the sustainability reporting process are not reported to the Management Board and Supervisory Board on a regular basis, we do ensure that significant issues are escalated as needed. The Sustainability Team conducts regular internal reviews and updates the relevant stakeholders (e.g. the CFO and/or the CEO) on the progress and any critical issues identified. If deemed necessary, these issues are also reported to the Supervisory Board as part of a regular sustainability update.

Strategy, business model and value chain

SBM-1

This chapter provides an overview of the key elements of the Nordex Group's general strategy that relate to or affect sustainability matters and the key elements of the Nordex Group's business model and value chain, in order to provide an understanding of its exposure to impacts, risks and opportunities and where they originate.

Our strategy related to sustainability matters

The Nordex Group is driven by the mission to support the sustainable transition to renewable energy through the production of efficient wind turbines. For details on our corporate strategy, mission and vision, see section Corporate Strategy and Management.

Given the nature of our business model, any strategic decision ultimately also pays into our overarching goal and our vision of empowering people around the world through our products and services and creating a cleaner and more peaceful planet. This commitment to combating climate change is the cornerstone of our business model and is directly linked to our material positive impact of enabling low- or zero-carbon electricity generation (cf. section E1 Climate Change).

Sustainability Statement

Specifically, the integration process includes the following steps:

General disclosures

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

Sustainability Statement General disclosures

Our sustainability strategy establishes the foundation for our corporate sustainability efforts. It was developed in 2021 through an integrative process involving key internal and external stakeholders and approved by the Management Board. As illustrated by the following graph, the strategy aligns with the ESG framework while placing sustainable products at the core of our strategic model.

Our sustainability strategy

Within the four dimensions, we focus on a number of key sustainability topics which are each addressed through specific targets and measures to ensure effective monitoring and implementation:

• Sustainable products: Innovation in product design to enhance efficiency and sustainability and address challenges related to the transition towards a circular economy
• Environment: Initiatives addressing climate change, decarbonization, and environmental protection
• Social matters: Commitment to being a fair and attractive employer and focus on occupational health and safety
• Governance: Responsible sourcing, business ethics, compliance, and integrity

Our sustainability strategy is globally valid but primarily focuses on Nordex's own operations. However, it also influences our upstream and downstream stakeholders. The Sustainability department is responsible for developing the strategy and driving its implementation. Overall accountability is held by the Management Board.

Topic-specific information on actions, targets and progress related to material sustainability matters addressed by our sustainability strategy is covered alongside the respective topical disclosures in the following sections.

Business model and value chain

We focus on the development, production and installation of complete wind turbine systems, including control software and key components. Turbine nacelles and hubs are assembled at our own facilities. We develop the rotor blades in-house, and a significant number of the required blades are manufactured at our own production plants, with the remainder manufactured by contractors according to Nordex Group specifications. We procure components such as gearboxes, generators and inverters from external suppliers, the majority of which are long-term partners. Towers are produced as steel or steel-concrete hybrid constructions by various suppliers. The Nordex Group also uses its own concrete tower design and related manufacturing technology, which enables it to deliver cost-competitive tower options. This manufacturing technology at the production sites is operated either by the Nordex Group itself or by our contractors.

Sustainability Statement General disclosures

The Nordex Group focuses on onshore wind turbine systems globally, excluding China and India, and maintains its own sales and service organizations in key regional markets, primarily in Europe, North America, and Latin America. Our Delta4000 product portfolio includes eight different product types in the 4 MW, 5 MW, and 6 MW+ classes, offering solutions for all wind conditions in Europe, North and Latin America, and Australia. In 2024, we expanded our N175/6.X turbine portfolio by introducing a hybrid tower with a hub height of 200 meters, enhancing performance in lower wind speed areas.

Having consolidated our strong market position in Europe, we are now focusing on North America, implementing measures to expand local supply chains and develop turbines specifically designed for US wind regions. The N169/5.X turbine was launched in July 2024. Additionally, we operate in Australia and South Africa and use India as a production hub. In China, a partner has been manufacturing nacelles for us since 2022. Our central sales organization identifies opportunities in new markets, with targeted regional expansion being a key strategy. In selected markets, we also operate as project developer for wind farms.

Our customers are primarily wind farm developers and operators. These include both large- and medium-sized, and often international, utility companies and independent power producers (IPP), as well as additional customer groups such as medium-sized project developers, municipal utility companies, and community wind farms or energy cooperatives. Our customer base also includes industrial captive producers and financial investors, such as insurance companies and pension funds, who invest in wind farms to cover the electricity demand or generate financial returns.

Since 2022, we have embarked on strategic initiatives in the green hydrogen market to complement our core business, leveraging our experience in the renewables sector. We have entered into two joint ventures: one for developing, manufacturing, and marketing electrolyzers, and another for developing large-scale green hydrogen assets globally.

At our active serial production sites in Brazil, Germany, India, Spain and the US, we produce nacelles, rotor blades, and concrete towers. We also over quality and production at supplier sites in China (assembling machine houses, rotor hubs and drivetrains), Brazil, China, India, Mexico and Türkiye (blade production), as well as Finland and Colombia (concrete towers).

The Nordex Group employs 10,405 employees in total. For more information on our headcount of employees by geographical areas, see section S1-6.

The following table provides an overview about the sales the Nordex Group has generated in the reporting year, broken down by segments.

2024 revenue by segment

Euro			Not
thousands	Projects	Service	allocated	Consolidation1	Total
Sales	6,543,146	776,598	3	-20,923	7,298,825

Intrasegment sales are solely attributable to the service segment.

Detailed information on the revenue of the Nordex Group can be found in the chapter Notes to the income statement – 29 Sales in this integrated annual report.

Inputs and approach to gathering, developing, and securing inputs

The Nordex Group utilizes a range of inputs to support its business model, including raw materials, fuel and energy products, and manufactured components. The approach to gathering these inputs involves strategic sourcing from key suppliers, ensuring quality and sustainability standards are met. Our in-house production capabilities, particularly for nacelles, hubs, and rotor blades, further secure these inputs. Our research and development efforts are focused on continuous improvement and innovation in wind turbine technology, ensuring effective utilization of inputs to produce high-quality, costcompetitive products.

Sustainability Statement General disclosures

Outputs and outcomes

The primary outputs of the Nordex Group are onshore wind turbines that enable operators to produce environmentally friendly electricity at the lowest possible cost of energy in their respective regions. These outputs provide significant benefits for customers, investors, and other stakeholders by contributing to sustainable energy production and reducing carbon emissions. The expected outcomes include enhanced customer satisfaction, increased investor confidence, and positive environmental impacts, aligning with the Group's commitment to sustainability and innovation.

Main features of our value chain

The main features of our value chain involve upstream activities such as mining and processing raw materials, sourcing essential materials for turbine production, and ensuring energy efficiency in production processes. It also includes manufacturing components in the supply chain by collaborating with key suppliers for blades and towers to produce high-quality components, and efficient logistics to transport materials and components to production sites.

In our own business segment, logistics involves managing the flow of materials and products, while administration oversees business operations and compliance. Project development, marketing, and financing focus on planning and securing funding for wind farm projects. Production and technical implementation cover the manufacturing and assembling of wind turbines, and installation and commissioning involve setting up and activating wind turbines on-site. Research and development is dedicated to innovating and improving wind turbine technology, and in-house production focuses on producing key components internally. Service provides maintenance and support for wind turbines, and wind farm system planning involves designing and planning efficient wind farm layouts.

Downstream, the focus is on managing the end-of-life phase, which involves the decommissioning and recycling of wind turbines. It further includes the wind farm operation/use phase that ensures optimal performance and maintenance of wind farms. This happens in dialogue and engagement with key customer segments, including utility companies, independent power producers, and project developers.

The Nordex Group's position in the value chain involves close collaboration with key suppliers and customers to ensure the efficient production, installation, and maintenance of wind turbines. This integrated approach supports our goal of delivering cost-effective, sustainable energy solutions.

Stakeholder engagement

SBM-2

This chapter provides information on how the interests and views of the stakeholders inform the Nordex Group's strategy and business model.

Our key stakeholders and the corresponding engagement channels are displayed in the table below.

Sustainability Statement General disclosures

Overview about our stakeholder engagement

Stakeholder Group	Engagement channels
Shareholders / investors / analysts	Conferences, calls, ongoing collaboration
Customers	Ongoing collaboration, fairs, calls
Suppliers	Ongoing collaboration, fairs, calls
Nordex employees	Internal website, news & actions days, e-Onboarding and Welcome Days, ongoing collaboration with internal experts / Global Sustainability Network
Nordex management	Monthly presentations, workshops
Regulatory bodies	Desktop analysis
Science / research	Participating in studies / ongoing partnerships
Associations	Engagement in working groups
Media	Desktop analysis, ongoing information requests

The purpose of our stakeholder engagement is to maintain open communication, identify risks and opportunities, and ensure that stakeholder interests and views inform our strategy and business model. The outcomes of these engagements are taken into account by incorporating feedback into our strategic planning and operational decisions, ensuring that we align our business practices with stakeholder expectations and needs.

We take the interests and views of our stakeholders into account in our strategy and business activities. As described in section IRO-1, interests of affected stakeholder groups were taken into account when assessing IROs as part of our DMA.

The Group Management Board and the Supervisory Board of the Nordex Group have been informed about the results of the double materiality assessment which also includes the perspective of affected stakeholders.

General disclosures

Double materiality assessment methodology

IRO-1

We conducted a DMA to identify material IROs arising from our business activities as well as the upstream and downstream value chain, material ESRS topics, sub-topics and sub-sub-topics, and relevant disclosure requirements. The assessment considered both the inside-out perspective (how our activities impact people and the environment) and the outside-in perspective (how sustainability issues affect our company financially). We used a 4-step approach as described below. Topic-specific procedures and tools for identifying and assessing IROs are presented in detail in the relevant sections of this report.

Step 1: Scoping & context definition

The scope of the DMA included all subsidiaries of the Nordex Group, even those not included in the consolidated financial statements. This comprehensive approach ensured that the DMA covered all actual and potential IROs related to the entire spectrum of our business activities. The assessment considered our own operations as well as the entire value chain, including upstream and downstream activities, considering short-, mediumand long-term time horizons (cf section BP-2).

Step 2: Pre-assessment

To ensure a wide range of potentially relevant IROs were considered, we used a hybrid approach of both bottom-up and top-down assessment: The Sustainability team created a long list based on previous sustainability reports, external stakeholder requests, media reports, policy documents, and scientific papers which was then mapped to the topics listed in ESRS 1 AR 16. The IROs feature on this initial draft list were pre-assessed by internal subject matter experts, i.e. persons capable of judging impact of and/or financial risk or opportunity for the Nordex group based on their expertise and role in the business (e.g. the Head of the Global HSE department for matters related to pollution or waste or a senior employee of the People & Culture department for matters related to our own workforce). Furthermore, we also incorporated the perspectives of key stakeholder groups through internal proxies, i.e. internal functions that were considered as capable of representing the view of the respective stakeholder group.

Overview about affected stakeholder groups and internal proxies in the DMA

Stakeholder groups	Internal proxy (department)	Qualification of internal proxy
Employees	People & Culture, Workers' Council	Regular exchange with individual employees
Investors and analysts	Investor Relations	Regular exchange through calls, meetings and conferences
Banks	Treasury	Regular exchange through calls, meetings and conferences
Customers	Global Sales	Regular exchange through calls, meetings and events
Suppliers	Global Sourcing	Regular exchange through calls, meetings and events
Workers in the value chain	Global Sourcing	Indirect interaction through interaction with suppliers
Industry bodies	Public Affairs	Regular participation in calls/meeting/ conferences, bilateral exchange with numerous representatives
Governments and regulatory bodies	Public Affairs	Regular participation in calls/meeting/ conferences, bilateral exchange with numerous representatives
General public	Communications	Indirect interaction through regular exchange with media representatives; regular screening of media coverage
Local communities	Global Sales	Indirect interaction through interaction with customers

Step 3: Actual assessment

The actual IRO assessment involved workshops and follow-up assessments with the internal subject matter experts and the proxies representing the key stakeholder groups. These workshops were structured by topical standards to facilitate comprehensive discussions and reviews of the long list of IROs. IROs identified as relevant during the workshops were subsequently assessed by the relevant internal subject-matter experts. In the case that IROs were assessed by more than one expert and assessments deviated, an average score was calculated.

Sustainability Statement General disclosures

Impact materiality assessment

The impact materiality assessment evaluated how the Nordex Group affects sustainability matters (inside-out perspective). Impacts are distinguished between actual and potential, both positive and negative, to determine the significance of their effects on a gross basis. We used a five-point scale to assess actual and potential impacts, considering scale, scope, and irremediable character:

• Actual impacts: Materiality is reached when the severity of the impact is greater or equal to the materiality threshold OR at least one of the factors scale, scope or irremediability is rated with the maximum value.
• Potential impacts: Materiality is reached when when the severity of the impact is greater or equal to the materiality threshold and the combination of scale and likelihood is material OR at least one of the factors scale, scope or irremediability is rated with the maximum value.

The five-point scale was chosen as it allowed for a nuanced understanding of responses and provides a balanced range of options from negative to positive with a neutral midpoint, enabling more precise measurement of opinions. The materiality threshold was set at 3.5 as it halves the spectrum of possible results, i.e. half of the potential results are below, and half are above this value.

Impact materiality assessment criteria and scales

	1	2	3	4	5
Scale	Very low	Low	Medium	High	Very high
Scope	Limited local	Local	Regional	National	Global
Irremediability	Simple	Moderate	Sophisticated	Very difficult	Impossible
Likelihood	Very unlikely	Unlikely	Possible	Probable	Very likely

Financial materiality assessment

The financial materiality assessment evaluated how sustainability matters affect the Nordex Group financially (outside-in perspective). We used a five-point scale for assessing risks and opportunities, similar to the impact materiality assessment. However, definitions for likelihood were slightly adjusted to ensure alignment with the Company's Enterprise Risk Management (ERM) approach. The financial materiality threshold was set at 1 mEUR, based on EBITDA impact (considering potential effects on performance, financial position, cash flows and access to finance including cost of capital). While we assessed likelihood for risks and opportunities, materiality was ultimately determined based on gross financial impact only, with a threshold set at 1.1 (i.e. a gross financial magnitude >1 mEUR).

Financial materiality assessment criteria and scales

	1	2	3	4	5
Financial impact	Low (<1mEUR)	Considerable (1 - <10 mEUR)	Substantial (10 - <50 mEUR)	Serious (50 - <100 mEUR)	Existential (100 mEUR +)
Likelihood	Unlikely	Possible	Concretely imaginable	Likely	Very likely

Risks and opportunities identified during the DMA were integrated into the ERM process to ensure they are considered in the Company's decision-making processes. Impacts are addressed on a subject matter basis, as described in the sections for the respective topical standards below.

Step 4: Consolidation & validation

The assessment results were consolidated and reviewed by the Sustainability team to ensure accuracy and completeness. The final materiality decisions were validated through a multi-step approach involving the Sustainability team, the Global Sustainability Network, and representatives of departments acting as internal proxies for key stakeholder groups. The Management Board and the Supervisory Board's Audit Committee reviewed, approved, and signed off the results.

Once material topics were identified at a detailed sub-sub-topic level, the associated material disclosure requirements were determined using the EFRAG data point list and evaluated according to the ESRS decision tree to decide which disclosures to include.

Sustainability Statement General disclosures

Material impacts, risks and opportunities

SBM-3

Based on our DMA, we have identified and assessed 166 material IROs across our own operations as well as our upstream and downstream value chain. Based on this, we have assessed all ESRS topics except for S4 Consumers and end-users as material for the Nordex Group and consequently cover them in this sustainability statement.

Overview about ESRS topics with material IROs

Topic	Negative impacts	Positive impacts	Risks	Opportunities
E1 Climate change	Climate change adaptation Climate change mitigation Energy	Climate change adaptation Climate change mitigation	Climate change adaptation Climate change mitigation Energy	Climate change adaptation Climate change mitigation
E2 Pollution	Pollution of air	—	Pollution of air Pollution of water Substances of concern Substances of very high concern	Pollution of air
E3 Water & marine resources	Water	—	Water	—
E4 Biodiversity & eco-systems	Direct drivers of biodiversity loss	—	Impacts and dependencies on ecosystem services	Direct drivers of biodiversity loss Impacts on the extent and condition of ecosystems
E5 Circular economy	Resource inflows Waste	Resource inflows	Resource inflows Resource outflows Waste	Resource outflows

Topic	Negative impacts	Positive impacts	Risks	Opportunities
S1 Own workforce	Working conditions Equal treatment and opportunities for all Other work related rights	Working conditions Equal treatment and opportunities for all	Working conditions Equal treatment and opportunities for all	Equal treatment and opportunities for all
S2 Workers in the value chain	Working conditions Other work related rights	—	Working conditions Equal treatment and opportunities for all Other work-related rights	Equal treatment and opportunities for all
S3 Affected communities	Communities' economic, social and cultural rights Rights of indigenous peoples	—	Communities' civil and political rights Rights of indigenous peoples	—
G1 Business conduct	Protection of whistle-blowers Corruption and bribery	Corporate Culture Protection of whistle-blowers Political engagement and lobbying activities	Management of relationships with suppliers including payment practices Corruption and bribery	—

A detailed description of the material IROs we have identified is presented under the topical descriptions in the following sections of this sustainability statement. This includes information on whether impacts are actual or potential, where in our business model the IROs are concentrated (own business, upstream value chain, downstream value chain) as well as the expected time horizons.

Sustainability Statement General disclosures

We have identified no material risks or opportunities that currently affect our financial position, financial performance, or cash flows, nor any that pose a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next annual reporting period.

Implications for our business model and strategy

The material IROs identified in our materiality assessment may have implications for our business model, value chain, strategy, and are considered in our decision-making processes.

Environmental: Providing products supporting the energy transition is the backbone of our business model, as our products and services directly contribute to the fight against global warming. In 2024, our installed total output of 57 GW worldwide avoided approximately 81.01 million tons of CO2e. This material positive impact underscores our commitment to designing, building and servicing sustainable, safe and high-quality wind turbines. However, we recognize the environmental impacts associated with our business activities, such as the ones stemming from the use of materials or GHG emissions from business travel and transportation. To mitigate negative impacts, we are implementing initiatives to enhance energy efficiency, reduce our carbon footprint, and promote resource circularity. The transition to renewable energy also presents significant opportunities for us. By investing in innovative technologies and leveraging supportive policy incentives, we can enhance our market position while contributing to the global green energy transition. Our efforts related to GHG emissions and energy are integrated into our sustainability strategy, guiding our actions to address environmental impacts and capitalize on opportunities in the green energy transition.

Social: Ensuring safe and secure employment is a priority for us, but we may face challenges related to potential negative impacts from inadequate working conditions in low-standard countries, potentially affecting our own workforce as well as workers in the value chain. This could lead to financial risks if strikes or other labor-related conflicts in our own operations or the value chain cause operational and financial burdens. To address such issues, we are committed to improving employee well-being, maintaining fair wages, and fostering a positive work environment. Our strategy includes comprehensive training programs, fair compensation practices, and initiatives to enhance employee satisfaction and retention. These measures are crucial for maintaining operational stability and attracting top talent. Furthermore, we seek to work with our suppliers and positively influence our value chain to uphold human rights. Promoting gender equality, offering training and skills development, and fostering an inclusive culture also represents opportunities for us as it can improve our reputation and the productivity of our workforce.

Governance: Our strong corporate governance framework, based on values of integrity, respect, collegiality, and ownership, positively influences our operations and value chain. However, we must manage risks related to supplier dependency, potential corruption, and bribery. To mitigate these risks, we have implemented robust governance policies, including a whistleblower system and pursue strict compliance with ethical standards. These actions reinforce our commitment to transparency and accountability, which are essential for maintaining stakeholder trust. Our pro-wind lobbying activities and membership in organizations like WindEurope further support the adoption of renewable energy sources, benefiting both our business and society.

Generally, the Nordex Group's strategy builds on a detailed analysis of internal and external factors. Political and regulatory developments, market trends and economic conditions are continuously monitored and reflected in our strategy. This robust strategy process ensures that our strategy and business model remain resilient and enable us to to address material impacts and risks while taking advantage of material opportunities. In 2024, we have conducted an intensive internal strategy process which led to a number of new strategic projects. For further details regarding our Corporate Strategy, see section Corporate Strategy and Management.

Sustainability Statement General disclosures

List of disclosure requirements

IRO-2

This section provides an overview about the disclosure requirements which are covered in this sustainability statement.

Content index

ESRS topic	Description	Page
ESRS 2	General Disclosure
ESRS 2 BP-1	General basis for preparation of the sustainability statement	93
ESRS 2 BP-2	Disclosures in relation to specific circumstances	94
ESRS 2 GOV-1	The role of the administrative, management and supervisory bodies	95
ESRS 2 GOV-2	Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	95
ESRS 2 GOV-3	Integration of sustainability-related performance in incentive schemes	96
ESRS 2 GOV-4	Statement on due diligence	97
ESRS 2 GOV-5	Risk management and internal controls over sustainability reporting	98
ESRS 2 SBM-1	Strategy, business model and value chain	102
ESRS 2 SBM-2	Interests and views of stakeholders	105
ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	108
ESRS 2 IRO-1	Description of the process to identify and assess material impacts, risks and opportunities	106
ESRS 2 IRO-2	Disclosure Requirements in ESRS covered by the undertaking's sustainability statement	110
ESRS E1- Climate Change
ESRS E1- ESRS 2 GOV-3	Integration of sustainability-related performance in incentive schemes	96

ESRS topic	Description	Page
ESRS E1- ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	121
ESRS E1- ESRS 2 IRO-1	Description of the processes to identify and assess material climate-related impacts, risks and opportunities	123
ESRS E1-1	Transition plan for climate change mitigation	130
ESRS E1-2	Policies related to climate change mitigation and adaptation	125
ESRS E1-3	Actions and resources in relation to climate change policies	126
ESRS E1-4	Targets related to climate change mitigation and adaptation	129
ESRS E1-5	Energy consumption and mix	131
ESRS E1-6	Gross Scopes 1, 2, 3 and Total GHG emissions	132
ESRS E1-7	GHG removals and GHG mitigation projects financed through carbon credits	137
ESRS E1-8	Internal carbon pricing	138
ESRS E2 Pollution
ESRS E2 ESRS 2 IRO-1	Description of the processes to identify and assess material pollution-related impacts, risks and opportunities	140
ESRS E-2-1	Policies related to pollution	140
ESRS E-2-2	Actions and resources related to pollution	141
ESRS E-2-3	Targets related to pollution	142
ESRS E-2-4	Pollution of air, water and soil	142
ESRS E-2-5	Substances of concern and substances of very high concern	144

ESRS topic	Description	Page
ESRS E3- Water and Marine Resources
ESRS E3 ESRS 2 IRO-1	Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities	146
ESRS E3-1	Policies related to water and marine sources	146
ESRS E3-2	Actions and resources related to water and marine resources	147
ESRS E3-3	Targets related to water and marine resources	148
ESRS E3-4	Water consumption	149
ESRS E4 Biodiversity and Ecosystems
ESRS E4 ESRS 2 IRO-1	Description of the processes to identify and assess material biodiversity and ecosystems-related impacts, risks and opportunities	151
ESRS E4-1	Transition plan and consideration of biodiversity and ecosystems in strategy and business model	151
ESRS E4-2	Policies related to biodiversity and ecosystems	152
ESRS E4-3	Actions and resources related to biodiversity and ecosystems	152
ESRS E4-4	Targets related to biodiversity and ecosystems	153
ESRS E4-5	Impact metrics related to biodiversity and ecosystem change	153
ESRS E5 Resource use and circular economy
ESRS E5 ESRS 2 IRO-1	Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	155
ESRS E5-1	Policies related to resource use and circular economy	155
ESRS E5-2	Actions and resources related to resource use and circular economy	155
ESRS E5-3	Targets related to resource use and circular economy	156
ESRS E5-4	Resource inflows	158
ESRS E5-5	Resource outflows	159
ESRS S1 – own workforce
ESRS S1 ESRS 2 SBM2	Interests and views of stakeholders	176

ESRS topic	Description	Page
ESRS S1 ESRS 2	Material impacts, risks and opportunities and their	177
SBM3	interaction with strategy and business model
ESRS S1-1	Policies related to own workforce	181
ESRS S1-2	Processes for engaging with own workforce and workers' representatives about impacts	183
ESRS S1-3	Processes to remediate negative impacts and channels for own workforce to raise concerns	184
ESRS S1-4	Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	185
ESRS S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	192
ESRS S1-6	Characteristics of the undertaking's employees	192
ESRS S1-7	Characteristics of non-employees in the undertaking's own workforce	194
ESRS S1-8	Collective bargaining coverage and social dialogue	194
ESRS S1-9	Diversity metrics	195
ESRS S1-10	Adequate wages	196
ESRS S1-11	Social protection	196
ESRS S1-12	Persons with disabilities	197
ESRS S1-13	Training and skills development metrics	197
ESRS S1-14	Health and safety metrics	197
ESRS S1-15	Work-life balance	199
ESRS S1-16	Remuneration metrics (pay gap and total remuneration)	200
ESRS S1-17	Incidents, complaints and severe human rights impacts	200
ESRS S2 – Workers in the Value Chain
ESRS S2 ESRS 2 SBM-2	Interests and views of stakeholders	203
ESRS S2 ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	203
ESRS S2-1	Policies related to value chain workers	204
ESRS S2-2	Processes for engaging with value chain workers about impacts	205

ESRS topic	Description	Page
ESRS S2-3	Processes to remediate negative impacts and channels for value chain workers to raise concerns	205
ESRS S2-4	Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of tho	206
ESRS S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	207
	ESRS S3 – Affected Communities
ESRS S3 ESRS 2 SBM-2	Interests and views of stakeholders	209
ESRS S3 ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	209
ESRS S3-1	Policies related to affected communities	209
ESRS S3-2	Processes for engaging with affected communities about impacts	210
ESRS S3-3	Processes to remediate negative impacts and channels for affected communities to raise concerns	210
ESRS S3-4	Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions	210

ESRS topic	Description	Page
ESRS S3-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	210
ESRS G1 – Business Conduct
ESRS G1 ESRS 2 GOV-1	The role of the administrative, management and supervisory bodies	95
ESRS G1 ESRS 2 IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	213
ESRS G1-1	Business conduct policies and corporate culture	213
ESRS G1-2	Management of relationships with suppliers	217
ESRS G1-3	Prevention and detection of corruption and bribery	218
ESRS G1-4	Incidents of corruption or bribery	219
ESRS G1-5	Political influence and lobbying activities	219
ESRS G1-6	Payment practices	220

General disclosures

List of data points in cross-cutting and topical standards that derive from other EU legislation

Disclosure Requirement and			Benchmark Regulation ( 25 )	EU Climate
related datapoint ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)	SFDR ( 23 ) reference Indicator number 13 of Table #1 of Annex 1	Pillar 3 ( 24 ) reference	reference Commission Delegated Regulation (EU) 2020/1816 ( 27 ), Annex II	Law ( 26 ) reference
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)			Delegated Regulation (EU) 2020/1816, Annex II
ESRS 2 GOV-4 Statement on due diligence paragraph 30	Indicator number 10 Table #3 of Annex 1
Not applicable: ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	Indicators number 4 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 ( 28 ) Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk	Delegated Regulation (EU) 2020/1816, Annex II
Not applicable: ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	Indicator number 9 Table #2 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II
Not applicable: ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii	Indicator number 14 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1818 ( 29 ) , Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II
Not applicable: ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv			Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14				Regulation (EU) 2021/1119, Article 2(1)
Not applicable, as no transition plan has been implemented yet: ESRS E1-1		Article 449a	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2

Disclosure Requirement and related datapoint	SFDR ( 23 ) reference	Pillar 3 ( 24 ) reference	Benchmark Regulation ( 25 ) reference	EU Climate Law ( 26 ) reference
Not applicable, as no transition plan has been implemented yet: Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity
ESRS E1-4 GHG emission reduction targets paragraph 34	Indicator number 4 Table #2 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1
ESRS E1-5 Energy consumption and mix paragraph 37	Indicator number 5 Table #1 of Annex 1
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #1 of Annex 1
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #1 of Annex 1	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	Indicators number 3 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)
ESRS E1-7 GHG removals and carbon credits paragraph 56				Regulation (EU) 2021/1119, Article 2(1)
Material, but phase-in disclosure: ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II

			Benchmark
Disclosure Requirement and related datapoint	SFDR ( 23 ) reference	Pillar 3 ( 24 ) reference	Regulation ( 25 ) reference	EU Climate Law ( 26 ) reference
Material, but phase-in disclosure: ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) Material, but phase-in disclosure: ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book – Climate change physical risk: Exposures subject to physical risk.
Material, but phase-in disclosure: ESRS E1-9 ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2: Banking book – Climate change transition risk: Loans collateralised by immovable property – Energy efficiency of the collateral
Material, but phase-in disclosure: ESRS E1-9 Degree of exposure of the portfolio to climate related opportunities paragraph 69			Delegated Regulation (EU) 2020/1818, Annex II
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1
ESRS E3-1 Water and marine resources paragraph 9	Indicator number 7 Table #2 of Annex 1
ESRS E3-1 Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1
ESRS E3-1 Sustainable oceans and seas paragraph 14	Indicator number 12 Table #2 of Annex 1
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	Indicator number 6.2 Table #2 of Annex 1
ESRS E3-4 Total water consumption in m³ per net revenue on own operations paragraph 29	Indicator number 6.1 Table #2 of Annex 1
ESRS 2- SBM 3 - E4 paragraph 16 (a) i	Indicator number 7 Table #1 of Annex 1
ESRS 2- SBM 3 - E4 paragraph 16 (b)	Indicator number 10 Table #2 of Annex 1
ESRS 2- SBM 3 - E4 paragraph 16 (c)	Indicator number 14 Table #2 of Annex 1
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #2 of Annex 1
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #2 of Annex 1

Disclosure Requirement and			Benchmark Regulation ( 25 )	EU Climate
related datapoint	SFDR ( 23 ) reference	Pillar 3 ( 24 ) reference	reference	Law ( 26 ) reference
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	Indicator number 15 Table #2 of Annex 1
ESRS E5-5 Non-recycled waste paragraph 37 (d)	Indicator number 13 Table #2 of Annex 1
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #1 of Annex 1
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)	Indicator number 13 Table #3 of Annex I
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)	Indicator number 12 Table #3 of Annex I
ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21			Delegated Regulation (EU) 2020/1816, Annex II
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #3 of Annex I
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #3 of Annex I
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)	Indicator number 5 Table #3 of Annex I
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)	Indicator number 2 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 €	Indicator number 3 Table #3 of Annex I
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #1 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	Indicator number 8 Table #3 of Annex I
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #3 of Annex I

			Benchmark
Disclosure Requirement and related datapoint	SFDR ( 23 ) reference	Pillar 3 ( 24 ) reference	Regulation ( 25 ) reference	EU Climate Law ( 26 ) reference
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a)	Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and n. 13 Table #3 of Annex I
ESRS S2-1 Human rights policy commitments paragraph 17	Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1
ESRS S2-1 Policies related to value chain workers paragraph 18	Indicator number 11 and n. 4 Table #3 of Annex 1
ESRS S2-1Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19			Delegated Regulation (EU) 2020/1816, Annex II
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	Indicator number 14 Table #3 of Annex 1
ESRS S3-1 Human rights policy commitments paragraph 16	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines paragraph 17	Indicator number 10 Table #1 Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)
ESRS S3-4 Human rights issues and incidents paragraph 36	Indicator number 14 Table #3 of Annex 1
Not material: ESRS S4-1 Policies related to consumers and end-users paragraph 16	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1
Not material: ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)

Disclosure Requirement and related datapoint	SFDR ( 23 ) reference	Pillar 3 ( 24 ) reference	Benchmark Regulation ( 25 ) reference	EU Climate Law ( 26 ) reference
Not material: ESRS S4-4 Human rights issues and incidents paragraph 35	Indicator number 14 Table #3 of Annex 1
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	Indicator number 15 Table #3 of Annex 1
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d)	Indicator number 6 Table #3 of Annex 1
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)	Indicator number 17 Table #3 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II)
ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b)	Indicator number 16 Table #3 of Annex 1

Sustainability Statement Environment

Environment

Environment

Sustainability Statement

E1 Climate Change

Category	Sub-Topic	IRO		Scope	Category	Sub-Topic	IRO		Scope
Positive Impacts	Climate change mitigation		• (P) Investing in joint ventures, Nordex potentially improves the availability of a wider range of sustainable energy through projects in green hydrogen and electrolyzer development		Risks	Climate change mitigation		• Increase costs for raw materials due to carbon taxes and higher production costs
	Climate change mitigation		• (A) Providing wind energy technologies, Nordex delivers a positive impact by enabling low-or zero-carbon electricity for communities in over 40 countries			Energy		• Uncertainties in political and regulatory support could decrease demand for renewable energy
	Climate change mitigation		• (P) Encouraging climate-conscious behavior, Nordex uses external climate policies to inspire stakeholders inside and outside the organization			Climate change mitigation / Climate change adaptation		• Disruptions in production, supply chain, and increase costs due to extreme weather events, rising mean temperatures and rising sea levels
Negative Impacts	Climate change mitigation		• (A) Investments, as well as the production, manufacturing, and transportation of purchased goods and services generate emissions			Climate change mitigation		• Higher insurance premiums due to climate risks with some regions without insurance availability
	Climate change mitigation		• (A) Commuting and business travel by employees represent a further actual negative impact through emissions			Climate change mitigation		• Changes in customer and regulatory requirements regarding sustainability aspects could decrease demand
	Climate change mitigation		• (A) Distribution of purchased products, extraction and transportation of fuels and energy in our value chain, and moving products to end consumers through distribution networks result in emissions		Opportu nities	Climate change adaptation		• Political regulations (e.g. CO2 limits, subsidies) and growing awareness for environmental pollution are driving demand for wind energy systems
	Climate change mitigation		• (A) Disposal, and the end-use of our products at the end of their lifecycle generate further emissions			Climate change mitigation		• Shift toward decentralized energy generation increases energy security
	Energy		• (A) Consumption of energy and treatment of waste result in direct and indirect emissions			Climate change mitigation/ Climate change adaptation		• Modernizing wind turbines and adaptability to changing climate and hybrid projects open new revenue streams
	Climate change adaptation		• (P) Potentially causing emissions, SF6 leaks from switchgear could arise, despite strict safety measures and efforts to transition to SF6 -free alternatives			Climate change mitigation		• Shift to low emissions technologies increases new markets through technology acceptance and improved political frameworks

(A) actual (P) potential

upstream own operations downstream short-term medium-term long-term

Sustainability Statement Environment

Relevance of the topic

Climate change affects every region of our planet, manifesting in extreme weather events and increased forest fires. The Nordex Group addresses this challenge by contributing to the 1.5°C target through the development, production, sale, and installation of wind turbines, which support the renewable energy transition and mitigate climate change. Our approach also involves the management of physical and transition risks and opportunities by adhering to recommendations of the Task Force on Climaterelated Financial Disclosures (TCFD), EU Taxonomy requirements, and monitoring regulations in our operating markets.

Resilience analysis to assess climate-related physical and transition risks

E1-ESRS 2 SBM-3-19, E1-ESRS 2 SBM-3-19-(a), E1-ESRS 2 SBM-3-19-(b), E1-ESRS 2 SBM-3-19-(b), E1-ESRS 2 SBM-3-19-(b) The Nordex Group derives the resilience of its strategy and business model in relation to climate change directly from a qualitative scenario analysis (cf. section of Double Materiality Assessment Methodology) as well as from high-level climate change adaptation strategies developed in response to a scenario analysis as described below. Both - the scenario and respectively the resilience analysis - are focusing on the Nordex Group's own operations covering all business activities of the Company, but are also considering the impact of our up- and downstream value chain on our performance by taking physical and transition risks into account. Due to the global scope of operations, the analyses refer to the functional levels and regional considerations. Individual locations were not analyzed due to the large amount (>500 sites).

The climate-related scenario analysis has been conducted in 2022 against an eight-year time horizon with 2030 as the target year, based on scenarios published by the International Energy Agency (IEA) and Intergovernmental Panel on Climate Change (IPCC). The resulting climate change adaptation plan has since then been reviewed on an annual basis and connects existing and planned corporate actions, e.g., investments in cooling systems, with the high-level climate change adaptation strategies in light of climate-related risks and opportunities.

As the current climate-related scenario analysis dates back to 2022, not all material aspects identified in the 2024 DMA have been fully considered. We plan to reassess the climate-related scenario analysis and the respective resilience assessment in 2025.

Overall, providing onshore wind turbines that play a crucial role in the energy transition, the Nordex Group deems its business model and strategy resilient in relation to climate change. However, we acknowledge that - especially in a high-emission scenario - acute and chronic climate-related risks such as extreme weather events may induce disruptions in production and supply chain as well as cost increases. In response to such risks, the Nordex Group follows a comprehensive adaptation approach including investing in protection systems, upgrading facilities to withstand extreme weather, and securing insurance for weather-related damages. Additionally, the company invests in climate-related market research and collaborates with landlords for combined solutions. These measures collectively strengthen the Nordex Group's ability to remain resilient to climate challenges.

In our resilience analysis, we also assessed the impact of transitioning to a lower-carbon economy on our business model and strategy. We assumed that an increased carbon tax would lead to higher production and raw material costs. This economic shift would necessitate adjustments in our operations and supply chain management. The Nordex Group maintains its resilience by aiming to include stricter sustainability criteria into our requests for proposal in the context of supplier selection.

Despite these challenges, we anticipate a significant rise in demand for sustainable and green energy supplies, such as onshore wind turbines. This demand is driven by changes in policies, technologies, and consumer preferences favoring renewable energy sources. Consequently, we are focusing on designing, building, and servicing more competitive wind turbines to meet this growing demand.

The Nordex Group's business outlook is significantly influenced by political actions: despite recent uncertainties in political and regulatory support potentially affecting the demand for renewable energy, we remain optimistic about the future. We are committed to investing in innovation, expanding our global presence, and enhancing our

Sustainability Statement Environment

customer-centric approach. We remain positive that supportive policies will facilitate the rapid development and deployment of low-carbon technologies, enabling us to cater to the increasing market for sustainable products. This includes advancements in wind turbine designs and energy storage systems. To capitalize on these opportunities, we are enhancing our products and technologies and expanding into new business activities, such as joint ventures in green hydrogen and electrolyzers.

From a customer and investor behavior perspective, we foresee an increased demand for sustainability-related requirements in a low-emission scenario. This will influence our product offerings and market strategies, making it crucial to meet these new requirements to maintain our competitive advantage and market share. Our efforts, which include conducting and publishing life cycle assessments (LCAs) and environmental product declarations (EPDs) for all relevant wind turbine types, as well as participating in research projects related to blade recycling (cf. section Actions and resources related to resource use and circular economy), ensure that we remain resilient towards a low carbon economy by continuously improving our sustainability practices and reducing our environmental impact (see also sections Actions and resources in relation to climate change policies and Actions and resources related to resource use and circular economy).

Financially, the anticipated effects of material climate-related risks and opportunities were assessed in financial ratios, either by use of a five-point scale aligning with gross financial magnitudes as defined by the Nordex Group's ERM or by referencing to respective shares of affected EBITDA and revenue (please also see Double Materiality Assessment Methodology), resulting in a wide bandwidth. At this stage, there are no directly attributable monetary amounts associated with the climate change adaptation plan, and no clear statement can be made regarding estimated financial effects. However, respective assessments are planned for the anticipated reassessment of the climate-related scenario analysis in 2025.

Impacts, risk and opportunity management

E1-ESRS 2 IRO-1-20-(a), E1-ESRS 2 IRO-1-20-(b), E1-ESRS 2 IRO-1-20-(c)

This section explains the process of the climate-related DMA and the identification and assessment of IROs. The general approach to the DMA is described in more detail in the section Double Materiality Assessment Methodology.

In the context of climate-related IROs, the existing Corporate Carbon Footprint (CCF) analysis was used as the primary foundation to identify and assess the impacts of our operations on climate change with a specific focus on GHG emissions. Additionally, corporate energy consumption and utilized energy sources were taken into account to elaborate on potential energy-related IROs. The CCF analysis was used in the preparation of the long list prior to the workshops to identify Scope 1, Scope 2, and Scope 3 emissions, and evaluate the sources of these emissions within our operations and value chain.

Furthermore, the existing climate-related physical and transition risks, which had been analyzed as part of a scenario analysis based on the recommendations of the TCFD (please see details in the following paragraph of Scenario analysis), were analyzed prior to the expert workshops with a specific focus on the DMA approach. The results of the analysis were then incorporated into the long list and discussed and evaluated in the workshop with the experts with particular consideration of the value chain. The chronic and acute climate-related hazards and their expected extent in high emission climate scenarios were taken into account and evaluated in terms of how our assets and business activities may be exposed and sensitive to these hazards, creating gross physical risks. This included evaluating potential impacts of hazards related to temperature, wind, water and soil mass on natural resources, ecosystems, and communities, and understanding how these dependencies could affect business continuity and resilience.

Likewise, climate-related transition risks and opportunities were analyzed in the context of transition events, considering the results of a climate-related scenario analysis in line with limiting global warming to 1.5°C with no or limited overshoot. The Nordex Group assessed how its assets, such as production sites and offices, and business activities may be exposed to these events, creating gross transition risks or opportunities connected to policy and legal requirements, technological changes, market development and reputational impacts.

Identified risks and opportunities were integrated into the ERM process to ensure they are given appropriate weight and consideration in decision-making processes.

Scenario analysis

E1-ESRS 2 IRO-1-21

As indicated in the previous section, in the context of the Nordex Group's first climaterelated risk and opportunity analysis with reference to the recommendations of the TCFD, we have also conducted a scenario analysis, including a range of three different climate scenarios, to fully understand the potential implications of physical and transition risks and opportunities for the entire, globally active, company. The Nordex Group opted for the assessment of high-emission (temperature increase of 4°C to 5°C), mediumemission (2°C to 3°C) and low-emission (below 2°C) scenarios, under consideration of scenarios for physical climate-related risks aligning with the Representative Concentration Pathways (RCPs) associated with respective IPCC SSP scenarios, and of scenarios for climate-related transition risks according to projections of the IEA.

During the development of the scenarios, we considered three time horizons based on IPCC definitions: near-term (2021-2040), mid-term (2041-2060), and long-term (2081-2100). These timeframes were selected to encompass a plausible range of risks and uncertainties, providing a comprehensive understanding of potential climate impacts.

Potential scenarios across these various time frames were analyzed for their applicability to Nordex. Eventually, we assessed the climate-related risks and opportunities with a focus on the target year 2030.

The scenario analysis is focusing on the Nordex Group's own operations covering all business activities of the Company, but is implicitly also considering the impact of our up- and downstream value chain on our performance. Due to the global scope of

Environment

operations, the analysis mostly refers to the functional levels and regional considerations. For production sites and main offices, we highlighted potential implications from a high emission scenario for physical climate-related risks based on their geospatial coordinates. Yet, further individual locations could not be analyzed due to the large number of more than 500 sites, resulting in inherent limitations of the study.

High emission climate scenario (4.0°C to 5.0°C)

We utilized the high emission scenario, which projects a global temperature rise of +4.0°C to +5.0°C by 2100. This scenario assumes a "business-as-usual" scenario with limited government action and regulations to mitigate climate change, resulting in high GHG emissions and significant physical changes in the global climate. The scenario is based on the IPCC SSP5-8.5 pathway, taking the RCP 8.5 into account, as well as the IEA WEO-2021 Stated Policies Scenario, including sources such as the IPCC Climate Change 2021 report and the IEA World Energy Outlook 2021.

The high emission scenario covers three time horizons. In the near-term, from 2021 to 2040, the projected temperature rise is between 1.3°C and 1.9°C. In the mid-term, from 2041 to 2060, the projected temperature rise is between 1.9°C and 3.0°C. In the longterm, from 2081 to 2100, the projected temperature rise is between 3.3°C and 5.7°C. These time horizons and endpoints were selected to cover a plausible range of risks and uncertainties, providing a comprehensive understanding of potential climate impacts.

Several key forces and drivers were considered in this scenario analysis. Policy assumptions include only limited government intervention and regulatory measures to curb GHG emissions, for instance, by keeping carbon taxes at a minimum. Macroeconomic trends indicate continued economic growth with high reliance on fossil fuels. Energy usage and mix predominantly involve the use of non-renewable energy sources, with slow adoption of renewable energy technologies. Technology assumptions include limited advancements in low-carbon technologies and energy efficiency measures, with only a low proportion of customers demanding for the compliance with stricter sustainability-related requirements. These factors are relevant to our operations as they directly influence the demand for renewable energy solutions, the regulatory environment, and the overall market dynamics for onshore wind turbines.

Against the background of the high emission scenario, we have further elaborated on the impact of physical and transition risks, especially acknowledging respective implications for acute physical risks such as extreme heatwaves or even cold waves, and for chronic physical risks such as rising sea levels or changes in precipitation patterns. These might have a negative impact on the timeline of projects in affected areas, potentially leading to additional costs.

Intermediate emission climate scenario (2.0°C to 3.0°C)

We utilized the intermediate emission scenario, which projects a global temperature rise of +2.0°C to +3.0°C by 2100. This scenario assumes intermediate government action and regulations to mitigate climate change, resulting in confined GHG emissions and moderate physical changes in the global climate. The scenario is based on the IPCC SSP2-4.5 to SSP3-7.0 pathways, thus taking the RCPs 4.5 and 7.0 into account, including sources such as the IPCC Climate Change 2021 report and the IEA World Energy Outlook 2021.

The intermediate emission scenario covers three time horizons. In the near-term, from 2021 to 2040, the projected temperature rise is between 1.2°C and 1.8°C according to the IPCC, and between 1.4°C and 1.6°C according to the IEA. In the mid-term, from 2041 to 2060, the projected temperature rise is between 1.6°C and 2.6°C according to the IPCC, and between 1.8°C and 2.1°C according to the IEA. In the long-term, from 2081 to 2100, the projected temperature rise is between 2.0°C and 3.7°C according to the IPCC, and between 2.4°C and 2.8°C according to the IEA.

Several key forces and drivers were considered in this scenario analysis. Policy assumptions include intermediate government intervention and regulatory measures to curb GHG emissions, for instance, by moderately increasing carbon taxes. Macroeconomic trends indicate moderate economic growth with a balanced reliance on both fossil fuels and renewable energy sources. Energy usage and mix involve a gradual shift towards renewable energy technologies, with a significant but not complete transition away from non-renewable sources. Technology assumptions include moderate advancements in low-carbon technologies and energy efficiency measures, with a moderate proportion of customers demanding for the compliance with stricter sustainability-related requirements. These factors are relevant to our

Environment

operations as they directly influence the demand for renewable energy solutions, the regulatory environment, and the overall market dynamics for onshore wind turbines.

Against the background of the intermediate emission scenario, we have further elaborated on the impact of transition risks, such as changing customer behavior, increased pricing of GHG emissions, as well as opportunities like the continued development of low emission goods and services.

Low emission climate scenario (below 2.0°C)

We utilized the low emission scenario, which projects a global temperature rise below +2°C by 2100. This scenario assumes strong government action and enhanced regulations to mitigate climate change, resulting in low emissions and successfully confined physical changes in the global climate. The scenario includes sources such as the IPCC 2021 report and the IEA World Energy Outlook 2021, and is based above all on the IPCC SSP1-1.9 pathway, thus taking the RCP 1.9 into account. However, further scenarios applied are the IEA WEO-2021 Sustainable Development Scenario as well as the "well-below" 2°C ambition of the Paris Agreement 2015. Accordingly, the scenario analysis is in line with the Nordex Group's near-term scope 3 emission reduction target, but does not yet fulfil the requirements of the 1.5°C target ambition. In response. to ensure compliance with the 1.5°C target ambition, the Nordex Group plans to reassess the climate-related scenario analysis in 2025.

The low emission scenario covers three time horizons. In the near-term, from 2021 to 2040, the projected temperature rise is between 1.2°C and 1.7°C according to the IPCC, and between 1.4°C and 1.6°C according to the IEA. In the mid-term, from 2041 to 2060, the projected temperature rise is between 1.2°C and 2.0°C according to the IPCC, and between 1.5°C and 1.8°C according to the IEA. In the long-term, from 2081 to 2100, the projected temperature rise is between 1.0°C and 1.8°C according to the IPCC, and between 1.4°C and 1.7°C according to the IEA.

Several key forces and drivers were considered in this scenario analysis. Policy assumptions include strong government intervention and regulatory measures to curb GHG emissions, for instance, by significantly increasing carbon taxes and thus providing indirect financial incentives for businesses' decarbonization. Macroeconomic trends indicate moderate economic growth with a significant shift towards renewable energy sources. Energy usage and mix predominantly involve the use of renewable energy technologies, with a substantial transition away from non-renewable sources. Technology assumptions include significant advancements in low-carbon technologies and energy efficiency measures, with a higher proportion of customers demanding for the compliance with stricter sustainability-related requirements. These factors are relevant to our operations as they directly influence the demand for renewable energy solutions, the regulatory environment, and the overall market dynamics for onshore wind turbines.

Against the background of the low emission scenario, we have further elaborated on the impact of transition risks, such as changing customer behavior, increased pricing of GHG emissions, as well as opportunities like the continued development of low emission goods and services, among others by benefiting from supportive policy incentives.

Policies related to climate matters

E1-2

The following policies are derived from the globally applicable Sustainability Strategy (please see section Strategy, business model and value chain for more details).

Green Electricity Policy

The use of green electricity is considered a critical component of the Nordex Group's overall sustainability strategy, and the company is committed to promoting its use throughout its operations and supply chain.

We have published a globally applicable Green Electricity Policy in 2023. With this, we commit to exclusively using green electricity for our operations, directly reducing scope 2 greenhouse gas emissions. The policy also covers monitoring and reporting on energy consumption and emissions, ensuring transparency in climate change mitigation efforts. Climate change adaptation is also addressed in terms of investing in resilient green electricity projects and technologies. Using 100% green electricity enhances grid resilience, stability, and reduces thermal stress on infrastructure.

Sustainability Statement Environment

With the policy we also commit to renewable energy deployment by investing in projects like solar and wind power, and encouraging suppliers to use green electricity. Additionally, it includes educational initiatives for employees and stakeholders, fostering a culture of sustainability, and emphasizes regularly updating the policy to align with sustainability goals and industry standards. Details on actions in favor of implementing the policy can be found in section actions and resources in relation to climate change policies.

The Management Board of Nordex Group is responsible for ensuring the procurement of 100% green electricity. Local plant management in collaboration with Corporate Real Estate Management and the applicable Sourcing Board are responsible for the related purchasing decisions. The global Sustainability department oversees the implementation of this policy. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matters: Climate change mitigation, Energy

Car policies

We promote electric mobility via our Company Car Guideline which is covering our German car fleet, the largest fleet we have. The guideline ensures higher budgets for hybrid and battery electric vehicles, while conventional vehicles must stay below an updated CO² limit, with the aim of increasing the share of electric vehicles. The Vice President of P&C Corporate and Central Functions is the most senior level accountable for this policy.

Furthermore, we have adjusted our French and Belgian Car Policy in 2024. As a result, Diesel-fueled company cars are now excluded and financial support is offered for the installation of wall boxes for colleagues opting for battery electric vehicles. The French General Manager is the most senior level accountable for this policy.

These car policies relate to climate change mitigation since their purpose is to reduce the use of carbon-intensive combustion vehicles and transition to an electric vehicle fleet instead. In line with the Green electricity policy, these vehicles are charged by lowcarbon electricity. As a result, not only are the negative impacts of scope 1 emissions significantly reduced, but the deployment of renewable energy is also supported.

Relevant sustainability matters: Climate change mitigation, Energy

We do not address the sustainability matter 'climate change adaptation' with a specific policy because we focus on the topics where we have direct influence.

Actions and resources in relation to climate change policies E1-3

E1-3-28, E1-3-29, E1-3-29-(a), E1-3-29-(b) , E1-3-29-(c), E1-3-29-(c)-i, E1-3-29-(c)-ii, E1-3-29-(c)-iii

At the Nordex Group, we recognize the urgent need to address climate change and are committed to reducing our environmental impact through actionable strategies. Our actions focus on enhancing energy efficiency and investing in renewable energy sources. Additionally, we are integrating climate-related considerations into our operations, supply chain, and product development processes to ensure that we are resilient in the face of evolving climate risks. In 2024, we continued to enhance crossdepartmental collaboration, focusing on the development and implementation of strategic measures aimed at significantly reducing our emissions.

The following is an overview of the actions pursued by the Nordex Group in relation to our climate change policies, grouped by GHG emission category and decarbonization lever.

Scopes 1 & 2

We are currently assessing two areas that contribute to achieving our scope 1 and 2 emissions reduction targets (cf. section Targets related to climate change mitigation and adaptation): emissions stemming from stationary equipment/heating and emissions stemming from the corporate vehicle fleet.

To address these areas, we have initiated several projects aimed at reducing emissions. These initiatives are categorized into three main focus areas: low-carbon energy

Sustainability Statement Environment

consumption, energy efficiency in buildings, and company policy or behavioral change. They are thus specifically addressing the negative impacts as well as one opportunity of our own operations associated with the sustainability matters of Energy and Climate Change Mitigation.

• Low-carbon energy consumption: In line with the Green Electricity Policy, the Nordex Group has secured green electricity contracts for three of our four major offices in Spain. Additionally, in Q3 2024, complementary green electricity contracts were entered for the blade and drive train production facilities in India, with additional contracts for the nacelle facility acquired in Q4 2024.
• Energy efficiency in buildings: To decrease electricity consumption in our production facilities, the Nordex Group has implemented a series of energy efficiency initiatives designed to optimize energy use; thereby minimizing environmental impact. In the reporting year, these measures included the installation of luminosity sensors to regulate lighting intensity based on the levels of natural light, installation of air curtains to reduce the workload on AC systems, and transitioning from halogen to LED outdoor lighting to reduce energy consumption. Additionally, a preliminary study on the placement of photovoltaic panels in the blade manufacturing facility in Spain is underway with the objective of attaining energy self-sufficiency for the plant.
• Company policy or behavioral change: As part of part of our commitment to responsible resource management, we commenced the implementation of an energy management program across our production facilities in 2024. The program includes behavioral change measures designed to further enhance energy efficiency. We are currently installing energy meters to monitor energy consumption in key areas such as lighting, water pumping and testing stations. An energy audit is also underway to identify energy-related inefficiencies and uncover opportunities for improvement.

Risks and opportunities as well as the sustainability matter of Climate Change Adaptation are not covered by projects of these focus areas, yet, indicative measures are explained in the section of Resilience analysis to assess climate-related physical and transition risks.

Scope 3

In 2022, a high-level action plan was developed as an initial step towards mitigating scope 3 emissions. To review the feasibility of these mitigation actions, as well as identify new options in key impact areas, the Nordex Group conducted targeted workshops for 1) blades and 2) towers (steel and concrete) in 2024. The thematic focus of these workshops was informed by the findings of the 2022 carbon footprint analysis, which identified purchased steel as the largest contributor to Scope 3 emissions, accounting for 40% of the total. Other significant contributors included purchased carbon fiber at 9% and purchased concrete at 5%. During these workshops, subject matter experts across all affected departments of the Nordex Group elaborated on the status quo, possible solutions and next steps. Based on these findings, the Nordex Group intends to assess impact forecasts, analyze business cases and define milestones which will then be integrated into the Company's future climate transition plan, and will support the Company to address negative impacts as well as risks and opportunities of our own operations and the upstream value chain associated with the sustainability matter of Climate Change Mitigation and Climate Change Adaptation. Energy is not covered by such actions so far.

• Blade materials: To reduce emissions in blade materials, we have began integrating recycled PET foam in wind turbine blades, to decrease reliance on raw materials. This measure is complemented by the target from the sustainability strategy to provide fully recyclable blades by 2032 (cf. section Targets related to resource use and circular economy).
• Tower materials: To reduce emissions in tower materials, we now offer green steel on a project-specific basis, providing a lower-carbon alternative for select projects. Additionally, we are actively exploring the applicability of green cement in collaboration with industry partners.

Environment

Additional measures taken in the reporting year targeting scope 3 emission reductions are:

• SF⁶ -free switchgears: Sodium hexaflouride (SF6) is used indirectly in wind turbines as an insulating gas in medium-voltage switchgears. These switchgears are used to connect wind turbines to the medium-voltage grid. SF6 has a global warming potential 25,200 times higher than CO2. The Nordex Group is not aware of any case where the gas has ever been released in our projects. Nevertheless, in 2024, we launched a project to adopt SF⁶ -free switchgears in our electrical systems and we are closely working with suppliers to implement this.
• Employee commuting: At our nacelle assembly facilities in India, eight 12-seater buses were replaced with a 48 seater bus operated by a third-party. We can reduce GHG emissions by switching to a higher capacity vehicle for company-provided commuting.
• Business travel: In Europe, the Nordex Group is entering specific contracts with airlines to cover a proportion of selected flights by sustainable aviation fuels.

We acknowledge that significant scope 3 reductions can only be achieved in collaboration with our supply chain. Therefore, we initiated the definition of a supplier engagement target aimed at encouraging suppliers to set and validate their own sciencebased targets with the SBTi. The suppliers included in the project are planned to be selected based on sourcing volume covering purchased goods and services in three key commodity groups as well as logistics with the ultimate goal to engage a certain, yet to be defined, percentage of predefined top suppliers, driving a collective commitment to sustainability and transparent supply chain. This project is planned to be finalized in the first half of 2025. Not only does it underpin the Nordex Group's publicly communicated GHG emission reduction targets, but also highlights its own target to reduce carbon emissions in the supply chain, as defined in the context of the focus topic "Responsible Sourcing" in our sustainability strategy.

The climate action plans currently being implemented for scope 1, 2, and 3 emissions are in their initial stages, and as such, there are no quantifiable results for achieved or expected GHG emission reductions. The impacts are expected to materialize over time as the action plans are further developed and implemented.

At this stage, there are no directly attributable monetary amounts of CapEx and OpEx associated with the initial stages of these action plans. As these plans progress, the Nordex Group will assess and disclose any incremental financial investments that directly contribute to achieving its climate-related targets.

Environment

Metrics and targets

Targets related to climate change mitigation and adaptation

E1-4, E1-4-30, E1-4-32, E1-4-33, E1-4-34 , E1-4-34-(a), E1-4-34-(b), E1-4-34-(c), E1-4-34-(d), E1-4-34-(e), E1-4-34-(f)

In the context of our sustainability strategy, the focus topic "Climate Change and Decarbonization" includes a voluntary objective to define GHG emission reduction targets that are validated by the SBTi and to improve our climate impact.

Following the Nordex Group's commitment to define SBTs in 2021, the development and internal validation of the SBTi-aligned GHG emission reduction targets were carried out with the active involvement of the General Management Board. Through a dedicated workshop, the Board provided critical oversight and played a vital role in defining the ambition and scope of the targets. The involvement of the board ensured integration of the GHG emission reduction targets into the company's broader strategic priorities. Ultimately, these targets with the base year 2022 followed a cross-sector absolute contraction approach and were submitted for validation at the end of 2023, with official validation from the SBTi received in July 2024.

The SBTi is an organization that supports companies in setting science-based climate targets. The targets defined by the SBTi are widely accepted as being "science-based". SBTi methodology is subject to inherent uncertainties with regard to the underlying evidence and forward-looking assumptions for the reduction of greenhouse gas emissions required to achieve the 1.5°C target. The methodology used by the SBTi is currently being revised. New scientific evidence on the process of climate change could lead to a change in SBTi methodology and the assessment of whether the targets are sufficiently ambitious to limit global warming to 1.5°C.

According to the SBTi, our near-term scope 1 and 2 emissions targets follow the 1.5°C target ambition, while our near-term scope 3 emissions target follows the well-below 2°C target ambition. Regarding our long-term targets for scopes 1, 2 and 3 emissions, the SBTi asserts that they are aligned with the 1.5°C target ambition. These targets are based on recognized key climate and policy scenarios, including the IPCC Sixth Assessment Report on Global Warming of 1.5°C, the Paris Agreement, and Nationally Determined Contributions (NDCs). These scenarios are also used to determine our decarbonization levers.

The Nordex Group uses the base year of 2022 for both, its long-term and its near-term SBTs. In setting the targets, the organizational boundary encompassed all entities, including subsidies and joint ventures, that fall under the Nordex Group as per the operational and financial control. Further, to ensure consistency of our targets with our GHG inventory boundaries, the SBTi 5% threshold was applied. Accordingly, a recalculation of the targets will be performed as soon as the base year GHG emissions cumulatively change by five percent or more.

The following is an overview of the Nordex Group's GHG emission reduction targets. They cover all GHG emissions that are required by the UNFCCC/Kyoto Protocol, i.e., carbon dioxide (CO² ), methane (CH⁴ ), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF⁶ ) and nitrogen trifluoride (NF³ ), which are all calculated and expressed as CO² equivalents (CO2e).

Overall Net-Zero Target

The Nordex Group commits to reach net-zero GHG emissions across the value chain by 2050.

Near-Term Target

To improve our climate impact, the Nordex Group commits to reducing absolute Scope 1 and 2 GHG emissions by 42% by 2030 from a 2022 base year. The target is set for scope 1 and 2 emissions combined. A market-based approach is used to account for scope 2 emissions and to track performance. Additionally, the Nordex Group commits to reducing absolute Scope 3 GHG emissions by 25% within the same time frame. The 25% reduction is currently not attributed to any specific category as we expect a linear decrease in each Scope 3 category that is relevant.

Environment

Long-Term Target

The Nordex Group strives to align with the 1.5°C target ambition, by reducing absolute scope 1, 2 and 3 GHG emissions by 90% by 2050 from a 2022 base year. A marketbased approach is used to account for scope 2 emissions and to track performance.

The targets submitted to the SBTi do not include carbon credits nor avoided GHG emissions. In addition, the Nordex Group's absolute GHG emission reduction targets represent static goals against its business activities in the base year 2022, not taking business-related developments until the respective target years into account.

GHG emission reduction targets

t CO2e	2022 (Baseline Year)	2030	2050
Scope 1 + market based scope 2	63,244	36,682	6,324
Scope 3	4,375,347	3,281,510	437,535

The annual analysis of the Nordex Group's CCF not only provides the basis for developing, but also for monitoring and achieving the GHG emission reduction targets. The assessment is carried out in line with the Greenhouse Gas Protocol accounting framework. To enable consistent tracking of GHG emissions over time and determine the effectiveness of its actions to address key impacts, the Nordex Group publicly reports its GHG emissions inventory against the published SBTi-aligned targets. Our targets have been validated by the SBTi. However, no external assurance was performed.

Supplier engagement target

As part of our commitment to reducing scope 3 emissions, we have set an objective to drive meaningful climate action across our value chain. Specifically, the Nordex Group aims to define and establish a target for suppliers' commitment to science-based GHG emission reduction targets. This involves identifying a specific percentage of our suppliers, selected by sourcing volume, who will commit to setting their own validated SBTs. A further indicator to be investigated in our supply chain is the share of green electricity consumption by the Nordex Group's suppliers. The goal of this target is to build a more resilient and sustainable supply chain, while fostering shared accountability for environmental stewardship.

In the base year 2022, one category was predominant in scope 3, where "Purchased Goods and Services" (scope 3.1) accounted for around 78% of all scope 3 emissions. "Upstream Transportation and Distribution" (scope 3.4) as well as "Downstream Transportation and Distribution" (scope 3.9) were identified as further sensitive categories, accounting for 10% of all scope 3 emissions. Similarly, GHG emissions resulting from the use of the Nordex Group's chartered vessel accounted for 59% of total scope 1 and 2 emissions. We consider these to offer the greatest potential for reducing GHG emissions and are therefore making them the focus of our assessments. For further details on identified decarbonization levers, please refer to the section on Actions and resources in relation to climate change policies. In addition, we are considering adopting new technologies to achieve our GHG emission reduction targets.

Finally, apart from these GHG emission reduction targets focusing on decreasing the negative impacts of the Nordex Group's CCF, the Company also pursues the target to decrease the carbon footprint of turbines by 25% by 2025 (baseline: first LCA study 2020). For further details, please see disclosures in section Metrics and targets in relation to resource use and circular economy.

With the targets presented in the preceding sections, the Nordex Group highlights its commitment to positively influence its IROs related to the sustainability matter of Climate Change Mitigation and Energy across the entire value chain including own operations. Climate Change Adaptation is not specifically considered by the Nordex Group's targets at this stage.

E1-1-17

Currently, the Nordex Group does not have a finalized climate transition plan but is actively working towards its development. In the meantime, the Company pursues its sustainability strategy, which includes various climate-related targets under the focus

Sustainability Statement Environment

topic "Climate Change & Decarbonization". This strategy enables us to strive towards adjusting our business activities in alignment with the 1.5°C target ambition until latest 2050. Reporting voluntarily in line with the CSRD from 2024 onwards, the Nordex Group decided to first focus on the implementation of ESRS-compliant sustainability reporting and thus - among others - on the identification of remaining gaps which are elemental for finalizing the Group's climate transition plan. Based on these findings, as well as the GHG emissions reduction targets defined in the reporting year and the initiatives currently underway to achieve them, the Nordex Group plans to focus on completing the definition of this ambitious yet feasible transition plan in 2025, with adoption expected in 2026. The Nordex Group's Management Board and Supervisory Board will be consulted throughout the development process, ultimately providing the impetus for implementation through their final approval of identified measures and milestones.

Energy consumption and mix

E1-5, E1-5-37 , E1-5-37-(a), E1-5-37-(b), E1-5-37-(c), E1-5-37-(c)-i, E1-5-37-(c)-ii, E1-5-38, E1-5-38-(a), E1-5-38-(b), E1-5-38-(c), E1-5-38-(d), E1-5-38-(e), E1-5-39

Comprehensive energy management is essential for improving our climate impact. The Nordex Group believes that regularly tracking energy data is crucial for evaluating the effectiveness of policies, actions, and targets in identifying energy efficiency opportunities and addressing climate change mitigation.

To ensure accuracy and transparency in our KPI reporting, we employ a site-specific approach for data collection. Primary data is gathered from our production sites and main offices (>80 employees) at least on a quarterly basis, where direct measurements are taken to monitor energy usage. Meter readings, stock balances, third-party fueling reports and invoices are taken into account for this data collection, and are reported by local HSE, Controlling or facility managers via a globally applicable environmental reporting platform. For smaller locations, such as offices with less than 80 employees or service points, where direct measurement may not be feasible, we extrapolate energy use based on the number of staff active at such sites. This methodology allows us to maintain a comprehensive and consistent dataset across all our operations, acknowledging the limitations of data extrapolations and their impact on data bandwidth.

This regular analysis allows us to pay close attention to the ratio between non-renewable and renewable energy, constantly striving towards increasing the share of renewable energy in the total energy consumption. Furthermore, it enables us to detect and remedy leakages or other inefficiencies, and serves as the foundation for the development and implementation of scope 1 and 2 emission reduction measures. Therefore, this regular monitoring and respective findings support the Nordex Group to achieve its GHG emission targets on the one hand, and to mitigate some of its key impacts - namely the GHG emissions from direct and indirect energy consumption - on the other hand.

Overview about our energy consumption and mix

Energy consumption and mix	2024 (MWh)
(1) Fuel consumption from coal and coal products	0
(2) Fuel consumption from crude oil and petroleum products	193,647
(3) Fuel consumption from natural gas	22,504
(4) Fuel consumption from other fossil sources	0
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources	3,043
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)	219,194
Share of fossil sources in total energy consumption (%)	80.47 %
(7) Consumption from nuclear sources (MWh)	0
Share of consumption from nuclear sources in total energy consumption (%)	— %
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)	154
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)	53,047
(10) The consumption of self-generated non-fuel renewable energy (MWh)	—
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)	53,201
Share of renewable sources in total energy consumption (%)	19.53 %
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)	272,395

Environment

Energy intensity based on net revenue E1-5-40, E1-5-41, E1-5-42, E1-5-43

The Nordex Group's entire business activities belong to the high climate impact sectors as defined in NACE Section C(38.13), which relates to manufacturing of turbines and other power generation equipment. Hence, the energy intensity figures provided in the following are referring to all global business operations in the reporting year 2024.

Energy intensity per net revenue	2024
Total energy consumption from activities in high climate impact sectors per net
revenue from activities in high climate impact sectors (MWh/EUR Million)	37

GHG emissions

E1-6-44, E1-6-44-(a), E1-6-44-(b), E1-6-44-(c), E1-6-44-(d), E1-6-46, E1-6-47, E1-6-48, E1-6-48-(a), E1-6-48-(b), E1-6-49, E1-6-49-(a), E1-6-49-(b), E1-6-50, E1-6-50-(a), E1-6-50-(b), E1-6-51, E1-6-52, E1-6-52-(a), E1-6-52-(b),

Total GHG emissions

In 2024, our total GHG emissions, combining scope 1, 2, and 3 emissions, amounted to 4,732,673 t CO2e, using the location-based approach and 4,704,408 t CO2e using the market based approach. Overall, this marked a decrease of 7.36% from the previous year (2023: 5,078,054 t CO2e - market-based approach)² . As in previous years, the vast majority of GHG emissions occurred in scope 3 at 99%, while emissions from scope 1 and scope 2, accounted for approximately 1% and 0.01% (market-based) of the total. The low share of scope 2 emissions can be attributed to the success of our Green Electricity Policy as well as the implementation of energy-efficiency measures in our offices and production facilities and the procurement of energy attribute certificates.

Scope 1 & 2 GHG Emissions

The Nordex Group's gross scope 1 GHG emissions were 53,007 t CO2e in the reporting period (2023: 66,433 t CO2e)² . This figure represents direct greenhouse gas emissions from our operations and does not include any GHG removals or adjustments made through the purchase of carbon credits. A portion of these emissions, specifically, 13.01% (6,895 t CO² ) are regulated under the European Union Emissions Trading Scheme (EU ETS) due to maritime activities. These emissions stem from the fuel consumption of our in-house shipping vessel primarily used for transporting raw materials and finished products. In 2024, 40% of our emissions within the maritime transport sector were subject to EU ETS and were limited only to CO2 emissions. The coverage will increase to 70% for emissions reported in 2025. From 2027 onwards 100% of all GHGs - CO² , CH⁴ , N2O, HFCs, PFCs, SF⁶ and NF³ will be covered under this scheme. Of the total scope 1 emissions, biogenic emissions from the combustion or biodegradation of biomass amounted to 46 t CO2e.

Our scope 2 emissions, reflecting indirect emissions from energy consumption, totaled 28,670 t CO2e using the location-based approach and 405 t CO2e using the market-based approach (2023: 27,267 and 584 t CO2e)² , respectively. The overall reduction of -30.65% compared to the previous year (considering the market based approach) was driven by a decrease in the amount of purchased heating. Of the total scope 2 emissions, biogenic emissions from the combustion or biodegradation of biomass amounted to 232 t CO2e following the market based approach.

In the reporting period, total scope 1 and 2 emissions accounted for 53,412 t CO2e, representing a 20.30 % decrease from the base year, reflecting the success of our ongoing climate action plans. The Nordex Group will continue to intensify GHG emission reduction measures, reinforcing our commitment to long-term sustainability and climate action. Our progress in this area is further explained in the sections Actions and resources in relation to climate change policies and Metrics and targets.

² 2023 data was not part of the audit by KPMG.

Sustainability Statement Environment

Scope 3 GHG Emissions

In the reporting year, gross scope 3 emissions, accounting for upstream and downstream value chains, totaled 4,650,996 t CO2e, marking a -7.24% decrease from the previous year (2023: 5,011,037 t CO2e)² . The reduction results from lower emissions in the categories of purchased goods and services, use of sold products and end-of-life treatment of sold products. Purchased goods and services continue to contribute the highest proportion of scope 3 emissions, accounting for 75.47% of the total. This can be attributed to emission-intensive processes in raw material extraction, processing and production by suppliers as well as the substantial volume of materials procured for our manufacturing operations. Addressing this critical area formed the basis of our supplier engagement program as our ability to reduce these emissions depends largely on the practices and environmental performance of our supply chain partners. By encouraging our suppliers to set science-based GHG emission reduction targets, we can drive decarbonization across the value chain while increasing climate resilience.

Of the total scope 3 emissions, biogenic emissions from the combustion or biodegradation of biomass amounted to 31,026 t CO2e.

Sustainability Statement

Environment

Total GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3 emissions3,4

	Retrospective						Milestones and target years
								Annual %
								target (until 2030) /Base	Annual % target (until 2050) / Base
	Base year (2022)	2023	2024	%N/N-1	2025	2030	2050	Year	Year
Scope 1 GHG Emissions
Gross Scope 1 GHG emissions (tCO2eq)	62,742	66,433	53,007	-20 %	52,860	36,390	6,274	-7 %	-8 %
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	NA	NA	0	NA	NA	NA	NA	NA	NA
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	27,407	27,267	28,670	7 %	22,667	15,604	2,690	-7 %	-8 %
Gross market-based Scope 2 GHG emissions (tCO2eq)	502	584	405	-31 %	423	291	50	-7 %	-8 %
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2eq)	4,375,347	5,011,036	4,650,996	-7 %	3,965,158	3,281,510	437,535	-4 %	-8 %
1. Purchased goods and services	3,424,838	3,636,479	3,510,330	-3 %	NA	NA	NA	NA	NA
2. Capital goods	79,456	118,651	19,292	-84 %	NA	NA	NA	NA	NA
3. Fuel and energy-related activities (not included in scope 1 and 2)	22,110	27,776	27,044	-3 %	NA	NA	NA	NA	NA
4. Upstream transportation and distribution	304,089	588,499	584,292	-1 %	NA	NA	NA	NA	NA
5. Waste generated in operations	2,009	2,235	20,712	827 %	NA	NA	NA	NA	NA
6. Business travel	10,053	9,666	9,906	2 %	NA	NA	NA	NA	NA
7. Employee commuting	9,013	10,759	11,119	3 %	NA	NA	NA	NA	NA
8. Upstream leased assets	NA	NA	492	NA	NA	NA	NA	NA	NA
9. Downstream transportation	146,172	108,170	67,843	-37 %	NA	NA	NA	NA	NA
10. Processing of sold products	988	1,251	957	-24 %	NA	NA	NA	NA	NA
11. Use of sold products	233,727	329,405	241,343	-27 %	NA	NA	NA	NA	NA
12. End-of-life treatment of sold products	142,892	178,146	153,140	-14 %	NA	NA	NA	NA	NA
13. Downstream leased assets	NA	NA	NA	NA	NA	NA	NA	NA	NA
14. Franchises	NA	NA	NA	NA	NA	NA	NA	NA	NA
15. Investments	NA	NA	4,526	NA	NA	NA	NA	NA	NA
Total GHG Emissions
Total GHG emissions (location-based) (tCO2eq)	4,465,495	5,104,736	4,732,673	-7 %	4,040,685	3,333,505	446,499	-4 %	-8 %
Total GHG emissions (market-based) (tCO2eq)	4,438,591	5,078,052	4,704,408	-7 %	4,018,441	3,318,192	443,859	-4 %	-8 %

3 2023 data was not part of the audit by KPMG.

4 The Nordex Group has not specified category-specific GHG emission reduction targets.

Environment

GHG intensity based on net revenue

E1-6-53, E1-6-54, E1-6-55

In relation to our revenues, our business activities emitted around 645 t CO2e/EUR million in 2024. This is based on a total net revenue of EUR 7,299 million in the financial statements.

GHG intensity per net revenue⁵

GHG intensity per net revenue (t CO2e/EUR million)	2024	2023	% Change
Location-based	648	787	-17.57%
Market-based	645	783	-17.64%

Methodology for calculating greenhouse gas emissions

At the Nordex Group, we quantify our CCF annually based on the accounting and reporting framework developed by the GHG Protocol, in particular the "Corporate Accounting and Reporting Standard" and the "Corporate Value Chain (Scope 3) Accounting and Reporting Standard".

The GHG emissions inventory boundary for scope 1 and 2 is defined using the operational and the financial control approach, where emissions are reported for all entities over which the Nordex Group exerts operational control, including all subsidiaries and the joint venture of Nordex Electrolyzers. Furthermore, the boundary covers all value chain emissions sources applicable to the Nordex Group's business activities, thus incorporating 13 out of 15 scope 3 categories.

In line with our GHG emission reduction targets, the Nordex Group's CCF covers all GHG required by the UNFCCC/Kyoto Protocol. Emission factors are selected for the most recent year possible.

5 2023 data was not part of the audit by KPMG.

Scope 1 GHG Emissions

Our Scope 1 emissions include direct GHG emissions from sources owned or controlled by the Nordex Group, covering fuel combustion in vehicles and facilities, as well as fugitive emissions. Vehicle emissions are calculated using total fuel consumption and fuel-specific emission factors from the UK Department for Environment, Food & Rural Affairs (DEFRA) and the International Council on Clean Transportation (ICCT). Facility emissions are based on measured fuel consumption, while additional locations emissions use a scaling approach based on headcount, applying DEFRA emission factors. Fugitive emissions are estimated and scaled using emission factors from DFGE - Institute for Energy, Ecology, and Economy. Process emissions are excluded as they are insignificant.

Scope 2 GHG Emissions

Scope 2 GHG emissions are calculated using both the market-based and location-based approaches. For the location-based method, purchased electricity emissions are determined using electricity consumption data from bills or contracts for production facilities and major offices, applying location-based emission factors from the IEA. For smaller offices, emissions are estimated using a scaling approach based on headcount, also using IEA emission factors. Purchased heat emissions (applicable only in Germany) are based on electricity bills and calculated using a market-specific emission factor provided by the utility. Purchased steam and cooling are not applicable to the Nordex Group's operations.

For the market-based method, purchased electricity emissions for production facilities and major offices are determined using supplier-specific emission factors where available; otherwise, the residual mix or location-based emission factors from the IEA are applied. Emissions for smaller offices are also scaled using headcount, also applying IEA emission factors. The Nordex Group ensures that 100% of purchased electricity is accounted for as renewable by purchasing Energy Attribute Certificates (EACs). In the Sustainability Statement

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

Environment

reporting year, 28% of the Company's electricity consumption are covered by EACs which will be canceled retroactively for the reporting year at the beginning of 2025.⁶

Types of contractual electricity instruments⁷

	2024	2023
Share of contractually purchased electricity bundled with
instruments	72 %	71 %
Share of electricity covered by unbundled EACs	28 %	29 %

Scope 3 Emissions

• Category 1 Purchased goods and services: The Nordex Group calculates GHG emissions from purchased goods and services using a combination of methods depending on material specificity. For purchased goods, weight data is applied as the basis for the calculation. For carbon planks, a supplier-specific method using Product Carbon Footprints from suppliers is used. The average data method is applied for all other materials using material-specific emission factors, while the spend-based method estimates emissions based on EUR spent on purchased services. Emission factors are sources from DEFRA, DowAksa, ecoinvent, the U.S. Environmental Protection Agency (EPA), Fiberline, and Max Bögl.
• Category 2 Capital goods: The Nordex Group calculates emissions from capital goods by applying a revenue-based scaling to investments made at production sites during the reporting year, using emission factors sourced from DEFRA and ecoinvent.
• Category 3 Fuel- and energy-related activities (not included in Scope 1 and 2): Emissions are calculated based on upstream life cycle emissions, using the same sources for emission factors applied in Scope 1 and 2 emissions calculation.
• Category 4 & 9 Upstream and downstream transportation and distribution: GHG emissions in these categories are estimated using data on the number and average weight of shipments, segmented by road, air, and sea freight. For road and air, the data was secondary distance-based data while sea freight data was primary distance-based. Emissions data are further refined by applying reference emission factors for shipment weight categories and incorporating inbound logistics (turbine components to production sites and installations) for upstream transportation and outbound logistics (turbines to installation sites) for downstream transportation. Scaling is based on purchased goods (Scope 3.1) and output and emission factors are sourced from DEFRA and DFGE. GHG emissions in these categories are largely based on weight scaling based on the materials purchased and components installed.
• Category 5 Waste generated in operations: The Nordex Group calculates Scope 3.5 emissions from waste materials and wastewater generated at production sites, major offices, and large service points based on reported data, applying DEFRA emission factors. For smaller offices and service points, emissions are scaled based on headcount.
• Category 6 Business travel: Business travel GHG emissions are based on air travel, overnight hotel accommodation, rental vehicles, and public transport data. Accommodation data is included in CCF calculations as part of the "optional" boundary according to the GHG Protocol, however, they are not displayed in the overview of total GHG emissions. Where direct data is unavailable, emissions are scaled based on headcount to provide a comprehensive estimation. Emission factors are sourced from DEFRA and DFGE.
• Category 7 Employee commuting: For Scope 3.7, GHG emissions are determined based on distances traveled to and from the workplace using various modes of transportation. Calculations are derived from data collected in an employee survey

⁶ Following the guidance of RE100 initiative, we used EACs from the beginning of 2025 to cover retrospectively portions of our 2024 electricity consumption, as "vintages of renewable electricity from the six months before the reporting period, twelve months of the reporting period, or the three months after the reporting period"can be applied. 7 2023 data was not part of the audit by KPMG.

Environment

carried out in 2023 and scaled based on headcount. Emission factors are sourced from DEFRA and Umweltbundesamt.

• Category 8 & 13 Upstream and downstream leased assets: Upstream leased assets are not applicable to the Nordex Group, as we directly manage energy and waste for all leased premises. These emissions are accounted for under Scope 1, Scope 2, and Scope 3.5, following the operational boundary approach. The downstream leased assets category is also not applicable, we do not lease any owned facilities or equipment to a third-party.
• Category 10 Processing of sold products: GHG emissions resulting from processing of sold products are calculated using a spend-based approach, applying EUR spent on the assembly of spare parts and corresponding spend-based emission factors sourced from the EPA.
• Category 11 Use of sold products: The Nordex Group calculates emissions from use of sold products based on maintenance and repair service contracts, over an average 25-year lifetime (cf. Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) and section Resource outflows). Power consumption of the wind parks is also taken into consideration, with scaling carried out based on the number of installed turbines. Emission factors are sourced from the IEA, DEFRA, ecoinvent, and DFGE.
• Category 12 End of life treatment of sold products: GHG emissions in this category are based on the demolition, transport, and disposal processes for turbine components in the reporting year. Scaling is based on the number of installed turbines and DEFRA emission factors are used.
• Category 14 Franchises: The Nordex Group does not operate any franchises, hence this category is not applicable.
• Category 15 Investments: The Nordex Group has one investment falling under this category: Acciona Nordex Green Hydrogen joint venture. Emissions are calculated

using the investment-specific method, which involves taking average Scope 1 and 2 emissions based on primary data of offices under the company's operational control and scaled using headcount. Emissions are allocated based upon the share of the investment.

Entity-specific metric: scope 4 emissions

Wind-generated electricity from our turbines produces negligible CO2e emissions compared to fossil fuels, avoiding millions of tons of GHG emissions annually. In 2024, our turbines avoided approximately 81 Mt of CO2e emissions.

The avoided CO2e emissions, also known as Scope 4 emissions, show how much GHG emissions are avoided in 2024 by using Nordex wind farms instead of other energy sources. This is calculated by comparing the total life-cycle GHG inventories of Nordex wind turbines to a reference product that provides the same function. The indicator covers all Nordex projects from the last 20 years and uses data from 2024. For this calculation, the carbon footprint of a Nordex Delta4000 was compared to the global average carbon intensity of electricity generation provided by the IEA. The avoided CO2e emissions indicator is calculated based on the number of installed wind turbines and their respective net AEP from 2005 to 2024. The project data comes from Nordex sales information, and the AEP is calculated using an external tool that takes into account the power curves of Nordex turbines and average wind conditions per country from the Wind&Site database. The Nordex Group's scope 4 emissions illustrate our positive impact as well as an opportunity linking to the sustainability matter of Climate Change Mitigation.

GHG removals and GHG mitigation projects financed through carbon credits E1-7-56-(a), E1-7-56-(b), E1-7-58-(a), E1-7-58-(b), E1-7-59, E1-7-59-(a) , E1-7-59-(b), E1-7-60

Within the focus topic "Climate Change and Decarbonization" of our sustainability strategy, we set the goal of achieving climate neutrality for scopes 1 and 2 emissions by 2023 and improve the climate impact. For the Nordex Group, this means compensating

Environment

for the GHG emissions caused by our direct business activities through the purchase of voluntary carbon credits.

The Nordex Group is in the process of purchasing verified carbon credits to compensate for our 2024 scope 1 and 2 GHG emissions. The carbon credits will be sourced from accredited projects certified under recognized standards, ensuring the integrity and positive impact of the projects financed through this mechanism.

The following overview shows the CO² certificates purchased and canceled in the reporting year for the GHG emissions of Scopes 1 and 2 from 2023 and the CO² certificate purchases planned in 2025 for the emissions of Scopes 1 and 2 from 2024:

Carbon credits retired in the reporting year	2024
Total (tCO2e)	66,675
Share from removal projects (%)	0 %
Share from reduction projects (%)	100 %
Recognized quality standard VERRA (%)	100 %
Share of projects within the EU (%)	0 %
Share of carbon credits that can be considered corresponding adjustments (%)	0 %
Carbon credits planned to be cancelled in the future	Amount until 2025
Total (tCO2e)	53,412

It is important to highlight that this compensation does not constitute a dependency nor a requirement for achieving the GHG emissions reduction targets established in the metrics and targets section nor an offset for disclosed GHG emission. On the contrary, it is a voluntary action that serves as an additional incentive for decarbonization, promoting direct and sustainable measures to reduce emissions. While carbon credits offer a mechanism to address residual emissions, the Nordex Group remains committed to prioritizing direct emissions reductions within our operations and value chains. The use of carbon credits is intended only as a supplementary measure in our broader strategy to achieve net-zero emissions.

GHG removals and GHG mitigation projects financed through carbon credits E1-8

The Nordex Group does not apply internal carbon pricing schemes so far.

Environment

E2 Pollution

Category	Sub-Topic	IRO		Scope
Negative Impacts	Pollution to air		• Emissions from the transportation of raw materials, components, and finished products can also contribute to air pollution.
Risks	Pollution to water		• Reputational damages in the case of water pollution events tied to Nordex' business and logistics activities.
	Substances of concern		• Unforeseen costs due to stricter legal requirements on pollutants.
	Substances of concern		• Increased internal costs due to stricter reporting requirements
	Substances of concern	•	Negative effects on sales due to increasing stakeholder requirements
			Substances of very high concern • Substitution costs for replacement of SVHCs
Opportunities	Pollution to air	•	Increased demand for renewable energy and thus wind turbines as a result of air pollution becoming a growing concern.

(A) actual (P) potential

upstream own operations downstream

short-term medium-term long-term

Sustainability Statement Environment

Relevance of the topic

The Nordex Group is committed to minimizing pollution and its harmful effects on the environment and human health. We recognize the importance of addressing pollution across all areas of our operations and throughout our value chain. Our approach involves identifying, mitigating, and managing pollution risks to ensure compliance with environmental standards and to protect the ecosystems and communities impacted by our activities.

Impact, risk and opportunity management

Processes to identify and assess pollution-related impacts, risks and opportunities E2-ESRS 2 IRO-1, E2-ESRS 2 IRO-1-11

This section explains the process of the pollution-related DMA and the identification and assessment of IROs. The general approach for the DMA is described in more detail in the section description of the process to identify and assess material impacts, risks and opportunities.

Following our general DMA approach, the Nordex Group used the screening of the value chain as a starting point to identify assets and activities in the context of pollution-related IROs. The screening considered factors such as pollution to air, pollution to water, substances of concern (SoC) and substances of very high concern (SVHC), ensuring a comprehensive assessment of the potential risks and opportunities.

Instead of direct consultations with affected communities, the Nordex Group used proxies to gather insights and understand potential social impacts. This approach was applied generally across the assessment process, ensuring that the perspectives of key stakeholder groups were adequately represented and considered.

Policies related to pollution

E2-1

This section provides insights into the extent to which the Nordex Group has established policies to address the identification, assessment, management, and remediation of IROs related to pollutants.

Quality, Health, Safety & Environmental Protection (QHSE) policy

Nordex's commitment to managing material IROs related to pollution prevention is integrated into our QHSE policy and its HSE as well as other global lead functions company standards. This policy focuses globally on the quality, health and safety of our employees and the protection of the environment within the Development, Sales, Production, Supply, Installation and Service of wind turbines and wind farms, contributing to climate-friendly energy generation. The Nordex Group's Chief Executive Officer (CEO) holds the highest level of accountability for the implementation of the QHSE Policy, thus providing the most senior level accountability for the policy. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matters: Pollution to air, pollution to water

Hazardous Materials Corporate Guideline

Our global Hazardous Materials Corporate Guideline outlines our responsible use of substances, ensuring compliance with relevant international and national regulations while minimizing risks to both our workforce and the environment. This includes the creation of a "Black and Grey List" to identify pollutants and substances due to their potentially harmful properties. This guideline identifies SoC and SVHC due to their potentially harmful properties. Nordex assesses each chemical in use, using information in the Safety Data Sheets to identify any hazardous materials that appear on the "Black and Grey" list and put action plans into place based on a hierarchy. Additionally, local Nordex organizations are responsible for adapting these guidelines to meet national regulations, which involve conducting risk assessments for the handling, storage, use, and disposal of hazardous materials. Through these initiatives, we ensure that accurate information is available for statutory disclosures and that our operations align with the best practices in pollution prevention and control.

Sustainability Statement Environment

As a company headquartered in the EU, the Nordex Group is required to comply with the EU Taxonomy Regulation (Regulation (EU) 2020/852) for the global use of chemicals. This requires us to demonstrate whether our global operations meet the Do No Serious Harm (DNSH) criteria by not using specified chemicals. The restricted chemicals are listed in the Hazardous Materials Corporate Guideline as those defined within the following regulations This list is constantly revised as soon as new international and national regulations arise or existing regulations are adapted:

• Annexes I or II to Regulation (EU) 2019/1021 [Persistent organic pollutants]
• Article 2 of Regulation (EU) 2017/852 [Mercury]
• Annexes I or II to Regulation (EC) No 1005/2009 [Ozone depleting]
• Annex II to Directive 2011/65/EU [RoHS]
• Annex XVII to Regulation (EC) 1907/2006 [REACH restrictions]
• Article 57 and 59(1) of Regulation (EC) 1907/2006 [REACH SVHC / Candidate list]
• Article 57 of Regulation (EC) 1907/2006 [REACH proposed SVHC]

In addition to the requirements of ESRS E2, the pollutants listed in Annex II of Regulation (EC) No 166/2006 ("E-PRTR Regulation") have been included.

Relevant sustainability matters: Pollution to air, pollution to water, substances of concern, substances of very high concern

141Actions and resources related to pollution E2-2

The following actions aim to reduce the quantities of air pollutants as well as the use of SoC and SVHC and engage to find better substitutions. During the reporting year, the Nordex Group has implemented formal company-wide processes for the evaluation and implementation of hazardous materials, which is relevant to the sub-topics of SoC and SVHC in sustainability matters. The company has successfully substituted one of the most prevalent blacklist materials used in Project Management and Service, updated its bill of materials accordingly, and removed these materials from its operations, which is relevant to the sub-topic of substances of concern. Furthermore, the company has collaborated with its suppliers to re-classify one material, resulting in it no longer being considered a blacklisted material, which is also relevant to the sub-topic of substances of SoC. The Engineering and Industrialization teams are continuing to work diligently to substitute other blacklist materials, with monthly progress tracking reviews in place to ensure ongoing success, which is relevant to both the sub-topics of substances of SoC and SVHC in sustainability matters.

The Nordex Group has taken actions and allocated resources to improve air quality by developing and implementing product-specific, global, cross-site, and local action plans to reduce volatile organic compound (VOC) emissions in blade production. This action is relevant to the sustainability matter of pollution to air and of special relevance in Lumbier because of local regulations.

Environment

Metrics and targets

Targets related to pollution

E2-3

As part of our commitment to sustainability, the Nordex Group acknowledges the importance of establishing pollution-related targets to guide our environmental performance. We have set the following pollution-related targets:

• Reduce hazardous materials and minimize their hazard potential: We are continuously looking for ways to eliminate hazardous materials, and we actively seek to reduce both the total number of these materials and their hazard levels. A working group, made up of representatives from all divisions and production areas, meets at least once a month to steer the project, and the reduction in blacklisted materials is included as a KPI for all areas, which, however, does not depend on defined, quantified goals.

Relevant sustainability matters: Substances of concern, substances of very high concern

• Air quality improvement: Develop and implement product-specific global cross-site and local action plans to reduce VOC emissions in blade production by 5% per produced MW. The Spanish blade factory has completed all planned adjustments to reduce VOC emissions, in line with local legal limitations related to VOC emissions. The Indian blade factory has planned to conduct an analysis on how to implement such ambitions in the coming years.

Relevant sustainability matters: Pollution to air

The Nordex Group's targets are aligned with our QHSE policy and the Hazardous Materials Corporate Guideline, which address IROs related to SoC and SVHC. These targets also have a direct impact on upstream and downstream operations, addressing IROs related to pollution to air and pollution to water.

To ensure transparency and accountability in our environmental performance, we will monitor progress against these targets annually and disclose our performance in our sustainability reports, which will include detailed metrics and data points as required by ESRS 2 MDR-T. This will help us to identify and address any potential impacts, risks, and opportunities related to these sustainability matters.

Pollution of air, water and soil

E2-4

The Nordex Group has analyzed the amounts of pollutants listed in Annex II of Regulation (EC) No 166/2006 (E-PRTR Regulation) emitted to air, water, and soil, excluding GHG emissions, which are disclosed under ESRS E1 Climate Change. The amounts mentioned in paragraph 28 include consolidated emissions from facilities under our financial or operational control. Consolidation includes only emissions from facilities exceeding the applicable threshold value specified.

Determination of E-PRTR pollution from products:

To comply with the E-PRTR requirements, Nordex Group followed a systematic approach:

• Material selection: We identified materials with the highest risks.
• Bill of Materials (BOM) analysis: We examined the BOM to identify the component ingredients of mixtures.
• Substance assessment: Each substance was analyzed to determine its relevance to E-PRTR and the volume used, conservatively using the highest estimates from Safety Data Sheets (SDS).
• Usage and risk assessment: We determined the usage of each mixture and assessed the risk of pollution.
• Volume comparison: The volume of polluting material was established and compared with the E-PRTR threshold.

Environment

The result of this methodology indicated that the potential emissions of Nordex products did not exceed the thresholds for air, water, and soil, thus no reporting requirement was triggered.

Data collection processes: data for pollution-related accounting and reporting are collected through a combination of direct measurements, periodic measurements, and calculations based on site-specific data. Main data sources include SDS and internal production reports.

Since our potential emissions do not exceed the thresholds, detailed reporting is not required. However, if an inferior methodology compared to direct measurement is chosen, we would outline the reasons and disclose the standards, sectoral studies, or sources, as well as the possible degree of uncertainty and the range of estimates. Pollutant volumes are presented in appropriate mass units, such as tonnes or kilograms.

When providing information on pollutants, we considered the following order of priority:

• Direct measurement of emissions using recognized continuous monitoring systems
• Periodic measurements
• Calculation based on site-specific data
• Calculation based on published pollution factors
• Estimation

Determination of E-PRTR pollution from own operations:

In addition to the product-based analysis, a third party conducted further assessments of pollution and emissions from our own operations, including production sites, offices, and logistics. These analyses are based on data extracted from our environmental reporting systems. After consulting with various business units, we determined that most pollutants do not pose a risk of exceeding pollution limits, with the exception of nitrogen oxides (NO^x /NO² ) and particulate matter (PM10) which are emitted during the use of fossil fuels.

Our assessment also considered the potential risks associated with accidents, such as spills, as a factor that could lead to pollution limits being exceeded. We have compiled information on spills and to date no spills have been reported from our vessel.

Although the product-based analysis did not reveal any pollutants exceeding the thresholds specified in Annex II of Regulation (EC) No 166/2006, it was found that own transportation via vessel have generated 906.3 tonnes of NO^x /NO² and 64.5 tonnes of PM10 in the review of air emissions from own operations, which exceeds the specified thresholds. The data has been provided by the ship owner(s).

VOC emissions in blade production sites:

Since 2023, we have been assessing the air emissions resulting from our painting and cleaning activities, specifically focusing on VOCs in the context of rotor blade production in Lumbier. Due to the dimensions of the blade currently manufactured, painting is done by roller in the finishing area, without a paint booth. Therefore, the emission of VOCs from the painting process is not focused through a chimney, but is a diffuse emission. For this reason, the Government of Navarra has set a permitted VOC emission limit of 5 tons per year, regardless of the number of blades manufactured. Control of compliance with this limit is carried out monthly by the HSE department, using the paint consumption data provided by the Controlling department. Annually, the HSE department must send the Government of Navarra a declaration of the annual consumption of these products. Due to technical comparability and the similar production conditions, VOC emissions for the blade production facility in India were extrapolated. In 2024, VOC emissions were quantified with 154.9 tonnes.

Environment

Sustainability Statement

Pollutant to air

	Unit	2024
NOx /NO2	Tonnes	906.3
PM10	Tonnes	64.5
VOC	Tonnes	154.9

Pollutant to water:

An initial analysis did not reveal any effects on water pollution. The potential impact of ship paint on water pollution is to be investigated in 2025.

Substances of concern and substances of very high concern E2-5

The Hazardous Materials Corporate Guideline outlines Nordex's approach to using substances responsibly, in a way that does not endanger its employees or other stakeholders, including the environment in which it operates. The company has created an internal guideline "Black and Grey list" based on the criteria defined in various regulations, including REACH and RoHS. The company prioritizes the substitution and minimization of SoC, actively phasing out those classified as SVHC, particularly in nonessential societal applications and consumer products. Nordex evaluates any new hazardous materials being proposed before they can be incorporated into the product design process. The company requests that suppliers of hazardous materials who are based outside of the EU provide information consistent with the EU SDSs. Nordex reports on its global operations under the EU Taxonomy regulations and sets KPIs that focus on the elimination of risk from items that appear on the Nordex hazardous material "Black and Grey" lists. Information on hazardous materials used by Nordex is reported under EU Taxonomy rules and in the annual sustainability report. Nordex reviews any changes to regulations and implements any actions necessary to ensure continued alignment with the regulations.

As detailed in ESRS E2-4, Nordex follows a systematic approach to identify and evaluate hazardous substances. This includes data collection, regulatory relevance identification, quantitative analysis, and documentation of findings. The methodology shall ensure transparency, accuracy, and traceability in all steps of the analysis. The listed SoC are purchased products. The classification of SoC was based on the analysis of safety data sheets and the screening of all substances using the ECHA Candidate List of substances of very high concern to identify risks.

Substances of Concern and Substances of Very High Concern

	Unit	2024
SoC	Tonnes	2603.1
SVHC	Tonnes	N/A

Environment

Category	Sub-Topic	IRO	Scope
Positive Impacts	Water	• Currently there are no specific positive impacts that have been identified with regards to water consumption or water management	/
Negative Impacts	Water	• (A) High water consumption for materials in our value chain can lead to water scarcity in regions with limited resources
Risks	Water	• Water scarcity in high-water-stress regions poses a potential risk for production disruptions
Opportunities	Water	• Currently there are no specific opportunities that have been identified with regards to water consumption or water management	/

(A) actual (P) potential

upstream own operations downstream

short-term medium-term long-term

Sustainability Statement Environment

Relevance of the topic

The Nordex Group aims to promote sustainable resource use including the withdrawal and use of water. We understand the importance of efficient resource management and are thus striving towards increasing water efficiency. Our commitment to water efficiency refers to the Nordex Group's water impact management, particularly when we source water in water-stressed areas, and to our approach to reducing water consumption in our operations and administration activities.

Impact, risk and opportunity management

E3-IRO-1-8

This section explains the process of the water and marine resources-related DMA and the identification and assessment of IROs. The general approach to the DMA is described in more detail in the section description of the process to identify and assess material impacts, risks and opportunities.

Following our general DMA approach, the Nordex Group uses the screening of own operations and the value chain as a starting point to identify assets and activities in the context of water and marine resources-related IROs. This screening is the foundation for the long list and the expert workshops and was supported by the utilization of the WWF Water Risk Filter Suite (WWF RFS) to evaluate the actual and potential impacts on water and marine resources. The screening considered factors such as water usage, pollution levels, and ecosystem disruptions, ensuring a comprehensive assessment of the potential risks and opportunities.

Instead of direct consultations with affected communities, the Nordex Group used internal experts as proxies to gather insights and understand potential social impacts. This approach was applied generally across the assessment process, ensuring that the perspectives of key stakeholder groups were adequately represented and considered.

Policies related to water

E3-1

This chapter provides insights into the extent to which the Nordex Group has established policies to address the identification, assessment, management, and remediation of IROs related to water. We have several policies which relate the identified material risk related to water resources, i.e., operational disruptions due to water scarcity. The following policies are addressing the need to reduce water use tackling the risk from two angles - by reducing water scarcity in affected regions by reducing corporate water use on the one hand, and by lowering the reliance on water availability for fulfilling production, sanitary, and irrigation purposes on the other hand. The material impact of high water consumption for materials in our own value chain potentially leading to water scarcity in regions with limited sources is not covered by policies so far.

QHSE Policy and HSE Corporate Manual

Our QHSE Policy underscores our commitment to high Quality, Health, Safety, and Environmental Protection performance . It emphasizes, among others, the sustainable use of natural resources such as fresh water, and ensures that high QHSE standards of environmental protection are adhered to across the entire value chain, including partners, contractors, and suppliers. The policy is applicable globally, covering all regions where the Nordex Group operates, and is on the Nordex Group's website, ensuring transparency and stakeholder engagement.

As the Nordex Group's QHSE Policy serves as the underlying foundation of corporate QHSE commitments, it thus does not particularly address specific matters such as water management or commitment to reduce material water consumption in areas at water risk. Our HSE Corporate Manual sets global minimum requirements for HSE protection, ensuring that our activities do not negatively impact the livelihoods of communities, particularly in areas with high or extremely high water stress. Although our own operations, i.e., production and servicing processes, do not significantly consume water, we prioritize efficient water sourcing, treatment, and recycling in our own operations, especially in water-stressed regions. The Nordex Group's HSE Corporate Manual is designed to expand the QHSE Policy to define how HSE is organized and managed within the Company. It encompasses all activities carried out by the Nordex Group

Sustainability Statement Environment

directly or by subcontractors. In correspondence to the QHSE Policy, the Nordex Group's Chief Executive Officer (CEO) holds the highest level of accountability for the implementation of the HSE Corporate Manual, thus providing most senior level accountability for the policy. However, managers at all levels have the responsibility to ensure the health and safety of their employees, contractors and other visitors, and the protection of the environment in which their teams work. Although the Nordex Group's HSE Corporate Manual is not publicly available by default, it is shared with relevant stakeholders upon demand. The policy is publicly available. [For further information, refer to our public website.]

Project Health, Safety and Environment Plans

For all wind farm project sites, specific environmental management plans need to be established - either separately or as part of the project's HSE Plan. To ensure that minimum standards are adhered to in such plans, a globally applicable mandatory instruction for their definition and implementation has been introduced in late 2024. Respectively, the environmental minimum requirements include, for instance, the description of environmental risks and measures adopted to mitigate detected impacts considering, among others, water management and, specifically, the protection of surface and underground water. This underpins the Nordex Group's commitment to preventing and abating water pollution resulting from its activities. Local laws, as well as client requirements, must always be followed, including those reflecting authority environmental planning controls. The most senior responsibility for adhering to the instruction lies with the respective country managers. The instructions are an internal guideline, which is not published externally, and link to an environmental management plan template, which is recommended to be adopted if country-specific documents are not required. This template ensures compliance with our QHSE Policy and relevant legal frameworks, focusing on continuous environmental performance improvements. It suggests key water management practices, such as minimizing water consumption through mechanisms like automatic taps, prohibiting the use of project water for personal purposes, and ensuring contractors obtain necessary permits for water collection points. Furthermore, the template recommends enforcing strict prohibitions against discharging pollutants into water bodies and mandate the protection of aquifers and groundwater. It also encompasses, for instance, that construction or excess site materials shall under no circumstances be stored near the edges of ravines or other bodies of water since these could be washed and dragged into them in rainy conditions.

During the reporting year, 158 Nordex Group locations were situated in regions experiencing very high water stress. However, most of these were small offices and service points with minimal water usage. Among the production sites and larger offices, only those in India were in areas of very high water stress. These Indian sites do not consume water; instead, all withdrawn water is treated on-site and returned to the water cycle to meet local irrigation requirements. Given the relatively low impact on high and very high water stress areas, the Nordex Group has not yet created a specific policy for these regions, but includes them in its global policies.

As the majority of our product components do not require water, with the exception of predominantly third-party produced concrete and hybrid tower types as well as foundations, the Nordex Group has thus far not addressed product and service design in view of addressing water-related issues. The same applies to water consumption in areas at water risk along the Nordex Group's upstream and downstream value chain. However, these existing policies reflect the Nordex Group's commitment to the majority of water-related matters in the context of sustainable water management and environmental stewardship, aligning with the EU's sustainability goals and contributing to the preservation of vital water resources.

Actions and resources related to water

E3-2

This chapter provides information on key actions taken and planned by the Nordex Group and the resources allocated to their implementation to achieve water and marine resources-related policy objectives and targets.

E3-2-17, E3-2-18, E3-2-19

Dedicated to increasing water efficiency, especially in areas of high-water stress, the Nordex Group has focussed on identifying and implementing initiatives at our Indian production sites. At these facilities, most water is used for irrigation, as required by local law or sanitary purposes. All Indian sites are equipped with on-site sewage treatment

Sustainability Statement Environment

plants that allow for treating used water to eventually reuse the water for irrigation purposes, thus reducing the demand for and reliance on freshwater significantly. In the reporting year, this was complemented by the installation of sprinkler systems at the Indian nacelle production site to further reduce freshwater use for irrigation by up to 30%. Additionally, measures to address and reduce the water use for sanitary purposes are constantly investigated and implemented, such as modifications to flushing systems at the blade production plant in 2024 and spray nozzles on the hand wash basins in 2025. Furthermore, the Nordex Group seeks to analyze and globally expand the use of rainwater to additional sites. For that purpose, the rotor blades factory in India, for example, have hired a hydrologist to identify initiatives to enable rainwater use on site while reducing groundwater use to a minimum.

Being the only production area with material water consumption, the Nordex Group's concrete tower factory in Brazil has also implemented a measure to reduce water consumption, despite not being located in a high or very high water stress area. At this site, a concrete vibrator system was installed which allows for separating aggregates, sand, and small stones from water. While our suppliers then reuse a portion of the aggregates and sand, the Nordex Group repurposes the water for cleaning activities, laboratory tasks, and wetting the external field to prevent harmful dust. We conducted tests to ensure the water is safe for reuse with minimal alkaline residues. This approach reduces our need to purchase additional water for cleaning and laboratory tests, while also ensuring the reused water is safe for humidifying the external field.

By implementing such measures, the Nordex Group aims to counteract the risk of operational disruptions due to water scarcity, especially in areas of high or very high water stress. Actions addressing the material impact of high water consumption for materials in our own value chain potentially leading to water scarcity in regions with limited sources have not been developed and implemented so far.

Metrics and targets

Targets related to water

E3-3

This chapter provides information on targets set by the Nordex Group to support water and marine resources-related policies and address material water and marine resourcesrelated IROs.

In our sustainability strategy (cf. section Strategy, business model and value chain), the focus topic "Environmental Protection" includes a voluntary target to increase water efficiency, i.e., water withdrawal relative to installed capacity (MW), in alignment with the Sustainable Development Goal 6 "Clean Water and Sanitation". This target, as well as respective measures or sub-targets, was developed under consultation of internal and external experts. This was conducted via interviews and stakeholder roundtables as well as running an online survey among employees. Additionally, two management workshops were held to discuss and confirm the final list of material topics, targets, and measures. The target of increasing water efficiency thus reflects the Nordex Group's commitment towards reducing water intake, going beyond legislative requirements.

The target to increase water efficiency addresses water withdrawals at production sites and main offices relative to the installed capacity in each year. This target is aiming for a significantly reduced group-wide water intake per installed capacity in MW by 2025 in comparison to the 2021 base year. At this stage, it does not include a defined target level other than the aim for a significant reduction of water withdrawal relative to the performance indicator of installed capacity, regardless of the final dimension of reduction. In the reporting year, water withdrawals in areas subject to high water stress represent the focus in the context of achieving this target, counteracting the risk of operational disruptions due to water scarcity in these areas. Target achievement is tracked by the consolidation of quarterly site-specific reports to the Nordex Group's Global Sustainability department (see also water consumption). According to such reports, despite the target for relative water withdrawal, more water per installed capacity was withdrawn at the locations in scope in the reporting year (22.2 m³/MW) than in the base year 2021 (14.8 m³/MW). Additionally, the Nordex Group acknowledges

Sustainability Statement Environment

that rainwater collection contributes to the reduction of stormwater runoff, which may help prevent flooding and erosion. Hence, the Company aims to expand the rainwater usage on a global level by adopting cisterns or rainwater harvesting pits at further locations, equally by 2025, based on 1% in 2021. In the reporting year, the share of rainwater, reported as surface water, remained unchanged at around 1% of our water demand. Same as the objective for increased water efficiency, the target to increase rainwater collection does not include a defined target level other than the aim for a significant increase of rainwater usage relative to overall water withdrawal, regardless of the final dimension of expansion.

Although these targets were defined in the context of our sustainability strategy, they also reflect our commitment to the sustainable use of natural resources, as defined in the Company's global QHSE policy, and prioritizing water efficiency and recycling, as defined in the HSE Corporate Manual. Targets addressing the material impact of high water consumption for materials in our own value chain potentially leading to water scarcity in regions with limited sources have not been developed and introduced so far.

Water consumption

E3-4, E3-4-28, E3-4-29

This chapter provides information on the Nordex Group's water consumption and any progress in relation to the targets, including total water consumption, water consumption in areas at water risk and high water stress, recycled and stored water as well as the water intensity.

Water consumption and withdrawal

Metrics	2024 Volume (m³)
(a) Total water consumption	4,026
(b) Consumption in areas at water risk, including areas of high-water stress	0
Total water withdrawals	165,265
Total water discharges	143,594
(c) Total water recycled and reused	28,600
(d) Total water stored	808
Total surface water usage	1,252

The Nordex Group's water withdrawal consists entirely of freshwater regardless of the initial water source. To ensure accuracy and transparency in our reporting, we employ a site-specific approach for data collection. Primary data is gathered from our production sites and main offices at least on a quarterly basis, where direct measurements are taken to monitor water usage. Meter readings and invoices are taken into account for this data collection, and are reported by local HSE or facility managers via a globally applicable environmental reporting platform. For smaller locations, where direct measurement may not be feasible, we extrapolate water use based on the number of staff on site. This methodology allows us to maintain a comprehensive and consistent dataset across all our operations.

The Nordex Group stores water only at the production sites in India and at the headquarters in Germany. In India, storage tanks are used to collect all used water prior to its treatment in the on-site sewage treatment plants. It is therefore stored waste water that is temporarily stored for treatment and purification. In Germany, the stored water refers to stored rainwater that is collected to be used for toilet flushing. For both cases - India and Germany - the maximum capacity of the respective storage tanks is considered to account for water storage, assuming that regular water supply leads to a constant water level in the tanks.

Sustainability Statement Environment

Water intensity

Metrics
Total water consumption/net revenue [m³/EUR Million]	0.55
Total water withdrawal/net revenue [m³/EUR Million]	22.64
Total water withdrawal/installed capacity [m³/MW]	24.89
Total water withdrawal (scope of sustainability strategy)/installed
capacity [m³/MW]	22.20

Environment

E4 Biodiversity and ecosystems

Sub-Topic	IRO	Scope
	/	/
Direct impact drivers of biodiversity loss	• (A) Manufacturing emissions drive climate change and environmental impacts causing biodiversity loss and habitat destruction
Direct impact drivers of biodiversity loss	• (A) Extraction, production, and transportation of goods and services cause emissions and drive climate change and environmental impacts causing biodiversity loss and habitat destruction
Direct impact drivers of biodiversity loss	• (A) Transportation, use, and end-of-life treatment of sold products result in emissions and drive climate change and environmental impacts causing biodiversity loss and habitat destruction
Impacts and dependencies on ecosystem services	• Weakening soil systems due to vegetation loss, potentially causing issues such as land slides damaging facilities and wind turbines
Impacts and dependencies on ecosystem services	• Heightening flood risks due to vegetation loss potentially damaging facilities and wind turbines
Direct impact drivers of biodiversity loss	• Enhancing protection of bird species through the development of bird detection systems increasing product demand especially in areas with high bird density
Impacts on the extent and condition of ecosystems	• Reducing space needed for wind farms by using specialized equipment, offering a competitive advantage

(A) actual (P) potential

upstream own operations downstream

short-term medium-term long-term

Environment

Relevance of the topic

The Nordex Group recognizes and values the importance of biodiversity protection. We define biodiversity as the variety of life in all its forms, encompassing diversity within and between species, as well as ecosystems. We are committed to avoiding, mitigating, and addressing significant negative impacts our products and services may have on the natural environment, including habitats, species, and ecosystems.

Strategy and business model

Transition plan and consideration of biodiversity and ecosystems in strategy and business model

E4-1, E4-1-11, E4-1-12, E4-1-13

The wind power solutions of the Nordex Group can make an important contribution to mitigating climate change, one of the main drivers of biodiversity loss, such as providing wind energy technologies which enable low-or-zero carbon electricity for communities and encouraging stakeholders through climate policies. The global targets of Kunming Montreal Global Biodiversity Framework and the climate targets of the Paris Agreement give us an orientation for future resilience analysis and the relating transition plan.

The Nordex Group, as an Original Equipment Manufacturer (OEM) in the onshore wind industry, primarily focuses on the design, production, and maintenance of wind turbines. Unlike industries that directly depend on biodiversity services (such as agriculture or forestry), the Nordex Group's operations do not heavily rely on these services. Consequently, the immediate impact of biodiversity and ecosystem changes on the company's core business activities is relatively limited.

Given this context, the Nordex Group has not yet performed a detailed resilience analysis concerning biodiversity and ecosystems. However, as biodiversity degradation might have indirect effects on the Company, we remain committed to monitoring and assessing its environmental impact and considers conducting such an analysis as part of its ongoing sustainability efforts.

Impact, risk and opportunity management E4-ESRS 2 IRO-1

IRO identification and assessment processes

This section explains the process of the biodiversity and ecosystems-related DMA and the identification and assessment of IROs. The general approach to the DMA is described in more detail in the section Description of the process to identify and assess material impacts, risks and opportunities.

Following our general DMA approach, the Nordex Group uses the screening of the value chain as a starting point to identify assets and activities in the context of biodiversity and ecosystems-related IROs. In addition, we have used the WWF Biodiversity Risk Filter Suite (WWF RFS) to evaluate the potential impacts on the Nordex Group's own operational sites. The WWF RFS provides initial site-specific insights into potential physical and reputational risks for each site. As foundation of the final IRO screening, the Nordex Group focused on potential very-high-risk impacts related to regulating biodiversity services, pressures on biodiversity, and environmental factors. The screening considers the extent of habitat disruption, species affected, and the potential for ecosystem degradation. The process ensures a thorough understanding of how operations impact biodiversity and ecosystems.

We also identified and assessed dependencies on biodiversity and ecosystems and their services. This included evaluating how business operations rely on ecosystem services such as pollination, water purification, and soil fertility. The assessment criteria considered the potential disruption of these services and their impact on business continuity.

In assessing transition and physical risks and opportunities related to biodiversity and ecosystems, we considered both the impacts and dependencies identified. This includes evaluating risks such as regulatory changes, market shifts towards sustainable practices, and physical risks from ecosystem degradation. Opportunities for enhancing biodiversity and ecosystem services were also considered.

Environment

Systemic risks related to biodiversity and ecosystems were considered by evaluating the broader implications of biodiversity loss on ecosystem services and business operations. This includes understanding how interconnected ecosystems can amplify risks and identifying strategies to mitigate these systemic risks.

Instead of direct consultations with affected communities, the Nordex Group used proxies to gather insights and understand potential social impacts. This approach was applied generally across the assessment process, ensuring that the perspectives of key stakeholder groups were adequately represented and considered. We did not identify direct impacts from specific sites, raw materials, source having a negative impact on biodiversity or ecosystem services.

Policies related to biodiversity and ecosystems

E4-2

Due to biodiversity becoming a material topic only during the course of this reporting year, we do not yet have any policies related to the material sustainability matters identified.

Actions and resources related to biodiversity and ecosystems E4-3

To date, the Nordex Group differentiates between actions related to biodiversity and ecosystems implemented from a product portfolio and thus downstream value chain perspective on the one hand, and on respective actions implemented in the context of our operational activities on the other hand. All of these actions are referring to the sustainability matter of direct impact drivers of biodiversity loss. Actions relating to impacts and dependencies on ecosystem services are not yet developed and implemented.

The Nordex Group is committed to protecting biodiversity and ecosystems, for instance through initiatives aimed at developing innovative bird-friendly technologies for our wind turbines within our global product portfolio:

Aiming to constantly provide turbine control systems to protect flora and fauna, the Nordex Group is investigating and preparing for the development of a universal communication interface that processes signals from third-party systems for bird detection and protection, with sales release and global roll-out being planned for 2025. This also involves the required turbine control slowing down the rotor for a defined period when a protected species has been detected.

At this stage, significant monetary amounts attributable to product portfolio options affecting biodiversity and ecosystems cannot be reported separately from other OpEx and CapEx categories.

In the context of the Nordex Group's operational activities, the following initiatives are to be highlighted for the reporting year:

Besides offering options to minimize the impact of our products on biodiversity, we intend to recultivate local flora around our sites as well. In celebration of the World Environment Day 2024, for instance, our colleagues at the rotor blades production facility in India, planted 1,000 tree saplings, thus working together to raise awareness of environmental issues. Additionally, this action supports mitigation of the material impact as the trees will provide valuable habitats for wildlife, contribute to carbon sequestration, and improve air quality around the plant. The initiative thus aligns with our broader commitment to environmental sustainability and biodiversity preservation.

Finally, as described in section E1, the Nordex Group is currently developing a climate transition plan by 2026. As we are considering GHG emissions-induced habitat destruction as the Company's most material impact on biodiversity and ecosystems, measures included in this transition plan are expected to equally influence the Nordex Group's performance in the context of biodiversity.

At this stage, there are no significant directly attributable monetary amounts of CapEx and OpEx associated with the on-site reforestation initiative. The 1000 tree saplings were donated by the Tamilnadu Forest Department while volunteers from the Nordex staff engaged in planting the saplings.

So far, the Nordex Group has neither used biodiversity offsets in its action plans, nor has it specifically incorporated local and indigenous knowledge.

Metrics and targets

Targets related to biodiversity and ecosystems E4-4

In the context of our sustainability strategy, we have yet to define specific targets related to biodiversity and ecosystems. As we continue to advance our understanding of biodiversity and ecosystems, we are considering setting specific targets in the future, ensuring that our operations contribute positively to the environment.

Impact metrics related to biodiversity and ecosystem change E4-5, E4-ESRS 2 SBM-3-16

We have conducted an analysis of the Nordex Group's >500 operational sites incl. production sites, offices, and service points, as well as of all project sites active in the reporting year. This analysis reveals that 87 operational sites, including smaller sites like service points and offices, and 83 project sites (wind farms under construction), are located in the vicinity of either protected areas as defined by the World Database of Protected Areas (WDPA) or Key Biodiversity Areas. These affected operational sites account for 3.53 hectares, while the project sites cover 1,037.84 hectares. Vicinity is defined according to the criteria suggested by the Integrated Biodiversity Assessment Tool (IBAT), specifying high biodiversity significance for offices, warehouses, and production sites within 0.5km, and for onshore wind project sites within 1.0km. Based on this assessment, the Nordex Group aims to carry out a more detailed analysis of the potential negative impact of its activities on biodiversity-sensitive areas in 2025.

The IBAT analysis has shown that no sites from our own operations sit within the 0.5km buffer zone for at least one key biodiversity area or other protected area as defined by the WDPA. This analysis only includes our production sites (excluding offices, service points etc.), which is in line with our material impact related to manufacturing emissions, which drive climate change, thus causing biodiversity loss and habitat destruction. The Nordex Group has not have identified any material negative impacts with regards to land degradation, desertification, or soil sealing. Similarly, the Nordex Group is not aware of any negative impacts on species from our production sites. We are committed to advancing our efforts to continue understanding our wider material IROs when it comes to possible material sites in the future.

As the Nordex Group has only identified the negative impacts on biodiversity and ecosystems implied by the GHG emissions associated with its CCF as material, please refer to section Gross Scopes 1, 2, 3 and Total GHG emissions for further metrics in the context of direct impact drivers of biodiversity loss.

Sustainability Statement Environment

Category	Sub-Topic	IRO		Scope	Category	Sub-Topic	IRO		Scope
Positive Impacts	Resource inflows, including resource use		• (P) Enhancing resource efficiency by transitioning to 100% recycled or bio-based materials		Opportu nities	Resource outflows related to products and services		• Refurbishing end-of-life wind turbine components reduces material use and costs, enhancing sustainability
Negative Impacts	Waste		• (A) Environmental and social damages through hazardous waste caused in our supply chain as a result from mining critical raw materials like rare earth elements
	Resource inflows, including resource use		• (A) Emissions caused by the use of primary materials such as steel, concrete, glass and carbon fibers, caused during production of those materials
Risks	Resource inflows, including resource use		• Volatility in raw material prices and dependencies in sourcing can create higher costs and be affected by political instability
	Waste		• Recycling and waste disposal regulations could increase cost and pressure to meet recyclability demands
	Resource outflows related to products and services		• Negative press and reputational risk could arise from environmental impacts
	Resource outflows related to products and services		• Extended product responsibility improves end-of-life practices, ensuring regulatory compliance and market positioning
	(A) actual (P) potential upstream own operations short-term medium-term		downstream long-term

Opportu nities	Resource outflows related to products and services	• Refurbishing end-of-life wind turbine components reduces material use and costs, enhancing sustainability

Sustainability Statement Environment

Relevance of the topic

The Nordex Group is dedicated to promoting sustainable resource use and advancing the principles of circular economy. We understand the importance of efficient resource management and the need to minimize waste throughout our value chain. Our commitment includes optimizing resource use, reducing waste, and enhancing the lifecycle of our products to support environmental sustainability and economic resilience.

Impact, risk and opportunity management

Processes to identify and assess material resource use and circular economyrelated impacts, risks and opportunities E5-ESRS 2 IRO-1, E5-ESRS 2 IRO-1-11

This section explains the process of the resource use and circular economy-related DMA and the identification and assessment of IROs. The general approach to the DMA is described in more detail in the section description of the process to identify and assess material impacts, risks and opportunities.

Following our general DMA approach, the Nordex Group uses the screening of the value chain as a starting point to identify assets and activities in the context of resource use and circular economy-related IROs. The screening considered factors such as resource efficiency, waste generation, and opportunities for circular practices, ensuring a comprehensive assessment of the potential risks and opportunities across the value chain, considering our own business as well as the upstream and downstream value chain.

Instead of direct consultations with affected communities, the Nordex Group used proxies to gather insights and understand potential social impacts. This approach was applied generally across the assessment process, ensuring that the perspectives of key stakeholder groups were adequately represented and considered.

Policies related to resource use and circular economy E5-1

Nordex recognizes the importance of managing material IROs associated with resource use and circular economy. Most identified relevant outcomes (IROs) pertain to the materials used in our products. Enhancing resource efficiency by transitioning to recycled or bio-based materials offers positive impacts, while negative impacts are primarily found in our upstream value chain, particularly concerning environmental damages during the production and mining of key materials like steel.

Our sustainability department has allocated dedicated resources to address these issues. Nordex uses life cycle assessments (LCAs) according to ISO14040/44 to evaluate the environmental performance of our various turbine types. This helps to understand hotspots along the turbines' entire life cycle and additionally serves as basis for the calculation of the resource inflows. Although we have not yet formalized a specific circularity policy, our sustainability strategy underscores our commitment to sustainable resource management. This includes initiatives aimed at reducing waste, enhancing resource efficiency, and promoting circular economy principles - cf section Strategy, business model and value chain.

For the negative impact in our value chain related to the use of critical raw materials and the related social and environmental impacts, such as hazardous waste during raw materials extraction, there are no specific policies, metrics, or targets yet as the focus in our current sustainability strategy was rather on our own operations. However, the Code of Conduct (CoC) for contractors and suppliers summarizes the values under which Nordex is bound, based on the principles of compliance, integrity, and ethical behavior. This CoC also includes the topic of conflict minerals.

Actions and resources related to resource use and circular economy E5-2-19

During the design phase of our wind turbines, we prioritize modular components whenever feasible and economically viable. This approach facilitates material handling, easier maintenance, and end-of-life disassembly, thereby reducing the use of virgin materials and lowering greenhouse gas emissions throughout the value chain.

To transition away from primary resources, we are analyzing the use of secondary materials in our turbines. This analysis, initiated in 2024, serves as a starting point for understanding our current position and for planning further improvements. Additionally,

Sustainability Statement Environment

we focus on extending the lifetime of wind turbines and their components, which enhances ecological and economic efficiency. Repair and refurbishment in Service significantly contribute to this goal.

We have developed measures to increase the reuse and recycling of waste both during production and at the end-of-life of wind turbines, with a key focus on fully recyclable rotor blades to avoid landfill and close material loops. Nordex participates in projects such as RenerCycle and RE SORT to promote circular production models and develop sustainable recycling technologies for rotor blades. These projects involve providing blade material for testing and expert knowledge on material composition. Additionally, we are developing and implementing local action plans for various production sites to eliminate landfill waste.

Relevant sustainability matters: Resources inflows, resource outflows, waste

In terms of Environmental Protection, we are committed to reducing hazardous materials and minimizing their hazard potential. To support this, a SVHC substitution plan will be implemented next year.

Relevant sustainability matters: Resources inflows, waste

While the identified risks from the IRO assessment are bound to regulations or price volatility regarding the materials used in our turbines, the opportunities lie in the effective management of these factors. However, these risks and opportunities are not directly addressed in our sustainability strategy. Price volatility is managed by the Sourcing department, and an extended product responsibility has not yet been integrated into Nordex's business model.

Relevant sustainability matters: Resources inflows, resource outflows

As part of our sustainability strategy, we are actively committed to promoting a circular economy but there are no directly attributable monetary amounts of CapEx and OpEx associated with the action plans. The implementation of the action plans from our sustainability strategy is integrated into internal processes, such as the product evolution process (PEP) and research and development process.

Metrics and targets

Targets related to resource use and circular economy

The Nordex Group is committed to addressing resource use as a core aspect of our sustainability strategy (cf section Strategy, business model and value chain). This is reflected in the circular economy-related targets which were developed through a materiality assessment, incorporating insights from a stakeholder roundtable. Key stakeholders expressed their expectations for fully sustainable products, reinforcing our commitment to promoting green electricity and addressing recycling issues such as waste management, material recycling, and resource circularity.

Our sustainability efforts are integrated across all management levels within the Nordex Group, ensuring they are fundamental to our overall strategy. We continuously track the effectiveness of our actions through clearly defined targets, allowing us to improve and align with stakeholder expectations consistently. Our main targets in this area are valid on a global level.

E5-3-27

E5-3

All targets set in our current sustainability strategy are voluntary and reflect our commitment to sustainability. These targets were developed through a materiality assessment, including insights from a Stakeholder Roundtable. Key stakeholders expressed their expectations for fully sustainable products, reinforcing our commitment to promoting green electricity and addressing recycling issues.

Fully recyclable blades by 2032

Our target is to provide fully recyclable rotor blades by 2032. To achieve this goal, we are participating in research and development projects focused on creating fully recyclable blades. This includes conducting research and trials on the recycling of composite materials and participating in partnerships aimed at blade recycling. As there is no linear transition towards achieving the goal, we cannot directly measure the status quo at this point in time. Our

Environment

initiatives, however, highlight our dedication to sustainable resource use and waste reduction, while fostering innovative solutions that support a circular economy.

Relevant sustainability matters: Resource inflows, resource outflows, waste

Zero production waste to landfill by 2025

Our target is to make sure that no production waste from our own sites ends up on a landfill by 2025. We are developing and implementing local action plans for various production sites to eliminate landfill waste. This target ensures that all production materials are either reused, recycled, or properly treated, promoting a circular economy. This target was not yet achieved in the reporting year (cf. section Resource outflows).

Relevant sustainability matters: Resource inflows, resource outflows, waste

Decrease carbon footprint of turbines by 25% by 2025

This target, already accomplished, aimed to reduce the carbon footprint of turbines to less than 4.9g CO2e/kWh (baseline: 6.5g CO2e/kWh). While this is, in principle, an ongoing target, it was shown that through extending the lifetime of a N163/5.X turbine from 25 to 35 years, the potential specific carbon footprint can be reduced by 28%. This reduction contributes to more sustainable resource use and minimizes the negative effects associated with the lifecycle of the turbines.

Relevant sustainability matters: Resource inflows, resource outflows

Increase waste recovery rate by five percentage points by 2025

This target aims to increase the waste recovery rate from 55% (baseline 2021) to 60%. It ensures that waste materials are increasingly reused or recycled, covering all Nordex production sites globally. With a waste recovery rate of 41%, this target was not yet achieved in the reporting year (cf. section Resource outflows).

Relevant sustainability matters: Resource outflows, waste

Reduce hazardous materials and minimize their hazard potential

This target involves reducing hazardous materials and minimizing their hazard potential throughout the production process. It ensures safer material use, decreasing environmental and health risks associated with hazardous substances. At this point in time, we are not yet able to measure the target achievement.

Relevant sustainability matters: Resource inflows, waste

E5-3-24, E5-3-24-(a), E5-3-24-(b), E5-3-24-(c), E5-3-24-(d), E5-3-24-(e), E5-3-24-(f)

The Nordex Group is dedicated to enhancing our sustainability strategy by clearly linking our targets to resource inflows and outflows, including waste, products, and materials. We prioritize circular product design, focusing on durability, dismantling, repairability, and recyclability to promote sustainable practices. Our commitment extends to increasing the circular material use rate, ensuring that we maximize resource utilization. A significant aspect of our strategy is minimizing the use of primary raw materials, favoring sustainable sourcing, and the cascading use of renewable resources. Our waste management approach emphasizes proper treatment preparation, ensuring effective disposal, and recycling processes.

E5-3-25

The Nordex Group's sustainability strategy emphasizes the waste hierarchy as a key framework for effective waste management. Our primary focus is on prevention, aiming to minimize waste generation through thoughtful product design and maintenance practices. This approach not only extends product life but also reduces our overall waste footprint.

When products reach the end of their life cycle, turbine owners should evaluate whether components can be reused, prioritizing repair and refurbishment to improve usability. If reuse is not possible, it should be checked whether a repurpose can be used to avoid waste by reusing components and structures. While the End-of-Life is generally the responsibility of the turbine owner, we believe that the Nordex Group needs to play an active role here.

Sustainability Statement Environment

Recycling is an essential part of the circular economy, in which we aim to convert waste into new materials and thereby close the material loop. While we recognize other recovery methods, such as energy recovery through incineration, we are aware that these do not fully close the material loop and are only considered after all other options have been explored. This holistic approach reflects our commitment to sustainability and the responsible use of resources.

Resource inflows

E5-4

With most of the relevant IROs being related to the main materials used in our products, actual negative impacts were identified mainly in our upstream value chain with regards to environmental damages during the production of those materials, such as steel, but also back in the respective mining processes. The scope of Nordex's resource inflows assessment encompasses both the wind turbines we provide and our service segment as this covers the material resource flows. For turbine production, we consider the manufacturing of blades, nacelles (incl. hubs and drivetrains) and towers and break it down to the materials level. In the service segment, we account for all materials such as exchanged components and operating liquids.

Nordex recognizes the significance of resource inflows as a material sustainability matter considering the negative impact of high carbon dioxide emissions associated with the production of the main materials used for turbine production, such as steel, concrete or glass, and carbon fibers. For the reporting period, we have assessed and documented the materials used in the manufacturing of our products and services, namely wind turbines and servicing for wind turbines. This disclosure includes the overall total weight of all material types utilized. The following table provides information on the quantities of these materials, measured in tonnes, reflecting our commitment to transparency and responsible resource management.

Ressource inflows

Resource inflows	2024
Concrete	451,624
Steel & iron	715,481
Glass and carbon fiber composites	124,605
Plastics	22,230
Operating fluids	1,822
Aluminium	3,895
Copper	4,562
Other materials	9,205
Service materials	11,683
Inbound packaging	22,589
Total [t]	1,367,695

In our manufacturing processes, the only bio-based material utilized is balsa wood, which is incorporated into the production of some of our rotor blades. We ensure that 100% of this balsa wood is sustainably sourced, backed by Forest Stewardship Council (FSC) certification. This certification guarantees that the balsa wood is harvested in a manner that maintains the ecological balance and does not harm the well-being of local communities. Despite our efforts to source balsa wood sustainably, we recognize the critical issues associated with its use, such as illegal deforestation and the resulting environmental and social impacts. To address these concerns, Nordex is working to phase out the use of balsa wood in our rotor blades. This reflects our commitment to mitigating the risks associated with critical raw materials and ensuring our operations do not contribute to deforestation or other harmful practices.

In 2024, the percentage of biological materials that is sustainably sourced was 0.28% of all resource inflows.

For the main metal materials utilized, such as steel, cast iron, and copper/brass, we rely on industry average datasets to calculate the weight and percentage of the recycled

Sustainability Statement Environment

content of these materials. The datasets used are taken from the LCA software "LCA for experts" by sphera. This approach ensures that we reflect the use of recycled content in our products in a conservative way as for all other material groups, a recycled content rate of 0% is assumed. In 2024, we therefore utilized 121,411 tonnes of recycled content which corresponds to 8.88% of the total materials used. It is important to evaluate the use of recycled materials in the particular context, as in some cases (such as in the construction of concrete towers), quality aspects may limit the use of recycled inputs. The mechanical and chemical material properties are assessed by Nordex to fulfill quality and safety requirements.

The methodologies used to calculate the data for our sustainability reporting involve a combination of direct measurements, calculations and estimations.

As described above, the key products that are considered in the calculation are wind turbines and the service for turbines. Regarding the scope of the main components, Nordex's own production facilities, as well as third-party suppliers, are included in terms of production volume. As most foundations for wind turbines are in the scope of our customers, we only consider in our resource flows assessment the foundations that are installed by Nordex. The material composition of the turbine components is based on data that have been collected during the LCA of Nordex wind farms. This data mainly originates from technical drawings or bills of materials (BOMs). The fact that not for all turbine types exact material data is available, and some estimations had to be done, represents a limitation for this methodology in terms of data accuracy.

For service materials, we consider the exchange of both major and non-major components, as well as operating liquids such as lubricants and oils. Data for major components and operating liquids are determined mainly using direct measurements, ensuring accuracy and reliability. However, for a large number of smaller service materials, we apply a fixed value to represent these items. This approach allows us to account for all relevant materials while maintaining a practical and consistent methodology, but also means a limitation in terms of data accuracy.

The data for packaging materials is primarily calculated based on logistics specifications for both inbound and outbound logistics. A limitation to this methodology is the fact that the packaging is not measured directly, but calculated based on specifications which can differ from reality. Another limitation is due to the data gaps which needed to be filled with fixed values and are therefore less precise. For inbound nacelle logistics, we consider the use of plastic foil, such as shrink or stretch foil, as well as wooden pallets and wooden boxes as load carriers. These materials are quantified based on logistics specifications and material properties. For blade materials, we also account for inbound packaging and load carriers, including metal or plastic containers for resin. For concrete/ hybrid towers, the packaging of bolts, screws and grout for the concrete is considered the most relevant item. No data was available for the packaging of service materials; therefore, to close this gap, the packaging materials were scaled up according to the service materials weight in relation to the overall resource flows (+0.9%). This method ensures that our packaging data is comprehensive and accurately reflects the materials used in our logistics processes.

Resource outflows

E5-5

Providing a sustainable product (wind turbines and the related services) is the backbone of Nordex's business model. As key products that come out of our production process, we define the various wind turbine types that are designed to optimize yield, minimize material use, and allow quick repair with a global repair network. The resource outflows required to provide our products and services and clustered into several key categories: nacelles, hubs, drivetrains, blades, towers, foundations, outbound packaging, and service materials.

The weight of all components, to be aligned with the resource inflows, is taken from our LCAs. Overall, those values refer to the net weights of components not considering waste separately.

For service materials as resource outflows (i.e. both major and non-major components, as well as operating liquids such as lubricants and oils), we consider the same amounts

Sustainability Statement Environment

as in the resource inflows list, reflecting the materials used in our service segment, not considering waste separately.

Regarding packaging materials, in outbound logistics, Nordex utilizes specifically designed multi-way steel frames as load carriers for the main components. As stated above, no data was available for the packaging of service materials; therefore, to close this gap, the packaging materials were scaled up according to the service materials weight in relation to the overall resource flows (+0.87%). This method ensures that our packaging data is comprehensive and accurately reflects the materials used in our logistics processes.

Since inbound packaging differs from outbound packaging, the resource balance is not fully closed. If packaging data were excluded from the calculation, the equation "resource inflows = resource outflows" would hold true.

When assessing the durability of our products, we consider the entire wind farm as delivered to the customer, rather than individual wind turbine components. The industry average durability of a wind farm is 20 years, as stated for example in Product Category Rules (PCRs) for Environmental Product Declaration (EPD) creation. However, in principle, the lifetime of Nordex wind turbines can be extended by 10 or even 15 years to a total lifetime of 30 or even up to 35 years, according to the method of lifetime extensions. The applied lifetime of turbines in a wind farm follows site-specific conditions. This on-demand extended durability surpasses the industry average, demonstrating our commitment to providing long-lasting, reliable products that contribute to sustainable energy solutions.

Nordex wind turbines are designed with repairability in mind, supported by our established global network of repair facilities. We operate several workshops for electrical, hydraulic and mechanical components, and can rely on an extensive network of different suppliers to support us in our repair and refurbishment activities. Our comprehensive repair infrastructure ensures that our wind turbines can be effectively maintained and restored, contributing to their extended operational lifespan and sustainability.

The recyclability of our wind turbines is an important aspect of our sustainability strategy. Based on an assessment by the recycling company Neowa, which analyzed all turbine components according to the state of the art in dismantling and the recycling process of wind turbines, and in accordance with the technical specification DIN SPEC 4866 assuming the most realistic end-of-life approach, we have determined the recyclability rates for our products. The main waste streams of a Nordex wind turbine include glass fiber reinforced plastics (GFRP), carbon fiber reinforced plastics (CFRP), concrete, and steel, which can be recycled according to state-of-the-art recycling routes. GFRP is recovered and, following a multi-stage shredding process, recycled for material and energy recovery. The recovered GFRP parts are used in cement works or as a substitute fuel for energy purposes. The share for thermal recovery is not considered as recycling. CFRP is recovered in suitable recycling plants and pyrolysis with subsequent use of the recovered secondary fibers is considered state-of-the-art. Concrete can be recovered as recycled building materials, and steel is reused in the steel industry. With this approach, the overall recyclability of a Nordex wind turbine is around 97%. This comprehensive assessment covers the entire wind turbine, including blades and foundations, ensuring that all components are accounted for.

No data was available for service materials which is why 0% was assumed here. Our packaging materials are also evaluated for their recyclability. While the multi-way steel frames are 100% reused, these are not accounted for as "recyclable" according to the standard. Additionally, around 58.78% of the wooden packaging material is reusable, while the rest is one way wooden packaging. Due to inherent material properties, the wooden packaging is theoretically 100% recyclable. However, as it is either re-used or one way, we do not count it as recyclable according to the standard. This is why the overall recyclability of our outbound packaging is 0%, while the share of our outbound multi-way packaging is around 71%.

Sustainability Statement Environment

In terms of our environmental footprint, the relevance of the waste we produce depends mainly on the volume and type of waste, as well as the disposal methods we employ. The following table shows the total amount of waste generated in Nordex own operations in 2024, differentiating between hazardous and non-hazardous waste as well as disposal and recovery.

Total amount of waste generated in Nordex own operations in 2024

Waste			2024
Amount of waste	Hazardous waste	Preparation for reuse	441
diverted from disposal		Recycling	106
[t]	Other recovery operations		0
		Total	547
	Non-hazardous waste	Preparation for reuse	2,142
		Recycling	5,669
		Other recovery operations	404
		Total	8,215
Amount of waste	Hazardous waste	Incineration	7,198
directed to disposal [t]	Landfill		327
		Other disposal operations	0
Total		7,525
	Non-hazardous waste	Incineration	2,125
		Landfill	3,147
		Other disposal operations	19
		Total	5,291
	Total [t]	12,816
	Share of non-recycled waste	59 %
Amount of hazardous waste generated [t]	8,073
Amount of radioactive waste generated [t]			0
	Total (Amount of waste generated from own operations) [t]		21,578

As a wind turbine manufacturer with our own production sites for rotor blade manufacturing, nacelle assembly, and concrete/hybrid tower production, Nordex generates several distinct waste streams relevant to our sector. The primary waste streams include composite waste from rotor blade production, wooden packaging waste (wooden pallets and crates used for transporting components) from nacelle assembly, and concrete waste from tower production. Each of these waste streams is managed according to stringent environmental standards such as the ISO 14001:2015 to minimize their impact. Furthermore, waste management is guided by standards such as WEEE Directive (2012/19/EU) and the Batteries Directive (2006/66/EC).

In our production processes, the waste generated includes a variety of materials, each contributing to the overall waste composition. Based on the average production data from our own facilities, weighted with the produced amounts, the primary materials present in the waste are as follows:

• Wood: 17.85% of the waste is wood, mainly from packaging materials used in nacelle assembly and other components.
• Industrial Waste: 24.14% of the waste falls under industrial waste, which includes various non-specific waste materials generated during manufacturing
• Composite Materials: 27.26% of the waste is composed of composite materials, particularly from rotor blade production
• Metals: 4.19% of the waste includes metals, such as steel and other alloys, from nacelle assembly and other manufacturing processes
• Contaminated Materials: 5.91% of the waste consists of contaminated materials such as contaminated metal or plastic containers from blade manufacturing

• Plastics: 1.51% of the waste is plastic, including packaging materials like shrink and stretch foil

• Concrete: 8.78% of the waste consists of concrete, primarily from the production of concrete/hybrid towers

• Paper: 5.81% of the waste is paper, used in various packaging processes
• Dust and Small Particles: 1.38% of the waste includes dust and small particles generated during blade manufacturing
• Fat: 1.61% of waste is fat originating from grease separators used in the context of canteen operations
• Glass: 0.03% of waste is originating from glass which is part of the office waste that is sent for recycling
• Mixed packaging: 0.21% of waste is originating from mixed packaging which is part of the office waste that is sent for recycling
• Bulky waste: 1.33% of waste is originating from bulky waste which is part of the office waste that is sent for incineration

Overall, this represents the annual average production waste composition and considers 99% of all production wastes by mass.

As described above, to calculate the data and classify products designed along circular principles, we employ a combination of direct measurements, calculations, and estimations. While for product outputs, we rely on a combination of Nordex production planning data together with materials data taken from our LCA data, for service materials as well as for packaging, the total amount is estimated without determining the exact material breakdown.

The provision of wind turbines and the related services is the backbone of Nordex's business model. The various wind turbines types are designed to optimize yield, minimize material use, and allow quick repair with a global repair network. This is why we define the turbines - consisting of foundations, towers, nacelles/machine houses, hubs, drivetrains and blades - as well as the components that need to be exchanged over a turbine's lifetime, our "key products". The resource outflows required to provide our products and services and clustered into the respective categories: nacelles, hubs, drivetrains, blades, towers, foundations, outbound packaging, and service materials. The weight of all components, to be aligned with the resource inflows, is taken from our LCAs and multiplied with the annual production output of 2024. Overall, those values refer to the net weights of components not considering waste separately.

For service materials as resource outflows (i.e. both major and non-major components, as well as operating liquids such as lubricants and oils), we consider the same amounts as in the resource inflows list, reflecting the materials used in our service segment, not considering waste separately. Due to the extent of items, not all service materials could be considered. However, the mass of the most important materials (ranked by costs, covering around half the annual costs) are covered. An additional 20% for all smaller materials not considered in the calculation is added.

Regarding packaging materials, in outbound logistics, Nordex relied mostly on packaging specifications to calculate the weights of different packaging materials, including plastic packaging, wooden pallets and specifically designed multi-way steel frames as load carriers for the main components. Key assumption is here that the multi-way steel tooling is used on the market for 20 years, to reflect the fact that it is reused. While the majority of the wooden packaging is also theoretically reusable, the fact whether it actually is reused or not, is not assessed yet and the one-way or multi-way wooden pallets are not treated differently in the calculation.

As stated above, no data was available for the packaging of service materials; therefore, to close this gap, the packaging materials were scaled up according to the service materials weight in relation to the overall resource flows (+0.87%). This method ensures that our packaging data is comprehensive and accurately reflects the materials used in our logistics processes.

Sustainability Statement Environment

Data on waste outflows is taken from Nordex environmental management software considering annual waste data for all production sites. To ensure accuracy and transparency in our waste reporting, we employ a site-specific approach for data collection. Primary data is meticulously gathered from our production sites and main offices at least on a quarterly basis, where waste generation is continuously monitored. Weighing notes, which are generated directly when the waste is collected, and invoices from the waste treatment service providers are taken into account for this data collection. Respective data are then reported by local HSE or facility managers via a globally applicable environmental reporting platform. For smaller locations, where direct measurement may not be feasible, we extrapolate waste generation based on the number of allocated staff. This methodology allows us to maintain a comprehensive and consistent dataset across all our operations.

Sustainability Statement Environment

Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)

The EU "Green Deal" comprises the ambitious goal of achieving CO² neutrality in Europe by 2050. To succeed in this, the EU Commission has defined a series of measures within the "Sustainable Finance" action plan to channel capital flows into environmentally sustainable activities. One core component of this is EU Taxonomy Regulation 2020/852 (Taxonomy Regulation), which includes a uniform and legally binding classification system in order to classify economic activities as environmentally sustainable (= Taxonomy-aligned) activities. The Taxonomy Regulation obliges companies that are required to prepare a Non-financial Statement in accordance with Section 289b (1) and Section 315b (1) of the German Commercial Code (HGB) to report on these economic activities, which also applies to the Nordex Group. Companies have to determine which activities are considered as Taxonomy-eligible and Taxonomyaligned. Economic activities are Taxonomy-eligible if they are described in the Commission's delegated acts and thereby potentially contribute to at least one of the environmental objectives depicted in the following figure. These activities are assessed as Taxonomy-aligned and are thus classified as environmentally sustainable if they make a substantial contribution to at least one of the environmental objectives while at the same time not significantly harming any of the other environmental objectives and complying with Minimum Safeguards according to Regulation (EU) 2020/852.

For this reporting year, companies need to carry out an alignment assessment for all economic activities that are eligible under the six environmental objectives. The technical screening criteria are defined by Annexes I and II of Delegated Regulation (EU) 2021/2139 for the two climate-related objectives and Annexes I to IV of Delegated Regulation (EU) 2023/2486 for the four other environmental objectives. Companies must disclose the proportion of Taxonomy-aligned turnover (derived from products or services), their capital expenditure (CapEx), and certain operating expenses (OpEx) related to assets or processes associated with economic activities that qualify as environmentally sustainable. Furthermore, the qualitative information relevant to

disclosure in Section 1 of Annex I to the Delegated Act (EU) 2021/2178 is required. The Nordex Group is not affected by the Complementary Climate Delegated Act including specific nuclear and gas energy activities, as no 4.26-4.31 activities are being carried out. Template 1 is disclosed below. The Nordex Group recognizes the Taxonomy Regulation as a mandatory requirement of the EU and its importance for the sustainable transformation of the economic system. In the following, we are presenting which and what proportion of our economic activities are Taxonomy-eligible and Taxonomy-aligned under the six environmental objectives. As in the previous year, we have only identified economic activities which are eligible under the climate-related objective of "Climate change mitigation (CCM)."

Taxonomy eligibility assessment

Generally, activities related to a wind turbine manufacturer or OEM business model, including installation and service activities, are not clearly defined in the Taxonomy Regulation and descriptions, and therefore require interpretation. Regarding the exposure of our business model, our revenue-relevant corporate activities are largely covered by the activities of the Taxonomy Regulation.

In our financial reporting, we divide our activities into the business areas "Projects" and "Service". For the 2024 reporting year, we are reclassifying our core business activities at the Nordex Group in relation to the EU taxonomy to better align with industry-wide consensus. To better reflect the segment's current activities, our "Projects" segment, which includes the production of complete wind turbine systems and the manufacture of their components both in-house and by subcontractors, is now allocated to the activity CCM 3.1. Previously, it was allocated to CCM 4.3, "Electricity Generation from Wind Power."

In our "Services" segment, we provide maintenance and repair services for wind turbines. Starting this reporting year, our "Services" segment is now allocated to 4.3 "Electricity Generation from Wind Power" because these wind turbines operate independently of technical building systems. Previously, it was allocated under activity 7.6 "Installation, maintenance, and repair of renewable energy technologies, on-site". This change follows the guidance outlined in Commission Notice C/2023/267, Section II, No. 139.

Environment

Consequently, for our core business, the following two economic activities (see following table) currently listed in the EU Taxonomy (Annex I of Delegated Regulation (EU) 2021/2139) are relevant (Taxonomy-eligible) for the environmental objective "Climate change mitigation":

• Project segment: CCM 3.1 Manufacture of Renewable Energy Technologies
• Service segment: CCM 4.3 Electricity Generation from Wind Power

Unlike the prior year, we are no longer disclosing Taxonomy-eligible activities outside our core business. Our corporate logistics and buildings are now directly associated with our core activities CCM 3.1 and CCM 4.3. Consequently, related CapEx and OpEx are allocated to these revenue-relevant activities. This adjustment ensures that the Taxonomy KPIs fully represent our active business pursuits and reflect the business objectives of the Nordex Group.

To reflect the methodological changes in the Taxonomy-eligibility assessment and allow for an adequate comparison with prior year figures, Taxonomy-eligible and -aligned turnover, CapEx and OpEx for reporting year 2023 were restated according to the approach above. Since there have been no significant changes to our business model or operations between 2023 and 2024, we have analyzed in our alignment assessment that the procedures and measures introduced in 2024 to prevent environmental pollution are also applicable to 2023. Therefore,

Assignation of Nordex Group's main business activities to the EU Taxonomy

we assume that the results of our 2024 assessment can be retroactively applied to 2023, ensuring compliance with the DNSH criteria.

Our economic activities contribute to the first environmental objective, "Climate change mitigation (CCM)." Under the second environmental objective "Climate change adaptation (CCA)," we do not disclose any taxonomy-eligible activities, as we do not generate revenue from enabling activities and we have not identified any separate CapEx (or OpEx) that contribute specifically to climate change adaptation. Thus, all CapEx and OpEx associated with our eligible activities are disclosed as eligible under CCM only. The Nordex Group has no economic activities that fall under the scope of the Environmental Delegated Act (EU) 2023/2486 covering the further non-climate-related environmental objectives.

Certain individual items of turnover, CapEx and OpEx, cannot be directly attributed to EU Taxonomy activities even if in the broader sense they serve to maintain our overall business activity. These items include administrative activities such as Sales and Distribution, Human Resources, and Real Estate Management and thus belong to the category of non-eligible activities.

EU Taxonomy activity	Description of Nordex activity	NACE code	Allocation to Nordex segment	Climate change mitigation (CCM)	Climate change adaptation (CCA)
3.1 Manufacture of Renewable Energy Technologies	Development, production, project management and installation of complete wind turbine systems, including control software and key components. A part of the components (nacelles, hubs, rotor blades and tower) of commissioned wind turbines is produced in-house, another part is manufactured by subcontractors according to Nordex specifications or sourced from external suppliers.	C28; C.28.11 ("Manufacture of turbines") F42.22 ("Installation of wind energy plants")	Projects
4.3 Electricity generation from wind power	Provision of services such as maintenance & inspection, troubleshooting & repair, remote monitoring, preventive maintenance and maintenance customer training as well as modernization.	F42; F42.22 ("Installation of wind energy plants")	Service

Environment

Taxonomy alignment assessment

The Sustainability department assumed a coordinating role to analyze the Taxonomy alignment of our economic activities. The department is in regular contact with and consulted by representatives from Accounting, Controlling, QHSE, Human Resources (P&C), Compliance, Legal and Tax.

Compliance with Minimum Safeguards

The Minimum Safeguards require management procedures which are aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the core labor standards of the International Labor Organization and the International Bill of Human Rights. These ethical guidelines provide fundamental orientation for the Nordex Group, as expressed in our Human Rights Policy, our Code of Conduct for Employees, as well as our Code of Conduct for Contractors and Suppliers. Due diligence processes for existing and new suppliers are in place and will be adapted to comply with upcoming regulations respecting human rights and other ethical standards. We continuously work to refine our due diligence process to identify risks as well as adequate preventive and remedial measures. Our compliance management system includes clear processes for monitoring, detecting, and mitigating misconduct and violations relating, among other things, to any form of corruption. In the area of anti-corruption and fair competition, we promote awareness among our employees through compliance and anti-competitive training. We did not identify significant corruption risks in the reporting year 2024. Tax policy and compliance are governed by the appropriate organizational structure of Corporate Tax & Customs and form an integral part of our overall risk management system. The Nordex Group has not been convicted in any formal proceedings in the reporting period. While we have adequate processes and procedures in place to ensure compliance with the requirements of the Minimum Safeguards, we did not identify any substantial violations of them in any of our activities.

Alignment on Substantial Contribution and DNSH criteria

Since the DNSH criteria for the environmental objective "Climate change adaptation" must be met for all previously mentioned Taxonomy-eligible economic activities, these are described across activities in the first step. An analysis of potential physical climate risks is required to avoid significant harm to the environmental objective "Climate change adaptation." To determine our compliance here, we updated our climate risk analysis in accordance with the TCFD framework and the specific climate hazard criteria outlined by the EU Taxonomy. We considered chronic and acute physical risks as well as transition risks such technology-, market-, reputation- and policy-related risks. In the context of transition climate risks and opportunities, we conducted a scenario analysis for high-emission (temperature increase of 4°C to 5°C), medium-emission (2°C to 3°C) and low-emission (below 2°C) scenarios, focusing on markets relevant to the Nordex Group. In the context of physical climate risks and opportunities, we conducted a sitespecific high-emissions scenario analysis, focusing on forecasted climate-related impacts on all production sites and main offices worldwide against the backdrop of a 4°C to 5°C temperature increase. In addition, we performed a region-based assessment of physical risks for service activities. As a result, we identified two main physical risks for all activities: heatwaves and changing precipitation patterns and types. In response to these two risks, we assessed adaptation solutions and summarized them in a climate change adaptation plan. We have already started to implement the first adaptation measures at the locations. As a result, no significant harm to the environmental objective "Climate change adaptation" has been identified in accordance with the EU Taxonomy.

For our first core activity CCM 3.1, the Substantial Contribution criteria require the manufacturing of renewable energy technologies, something that is fulfilled by the projects and services described above. Once a wind turbine is erected and connected to the grid, the customer benefits from the performance of the wind turbine. This activity meets all relevant DNSH criteria for the remaining environmental objectives. Therefore, all related turnover, CapEx, and OpEx are considered as Taxonomy-aligned. Most of the DNSH criteria are assessed regularly through our environmental risk or aspect assessment, conducted by QHSE Managers for all activities, products, and services under the Nordex Group's operational control.

• With respect to the "Sustainable use and protection of water and marine resources," we regularly conduct environmental impact assessments, monitor water consumption, and evaluate our operations in water-stressed areas.

Environment

• As for the objective "Transition to a circular economy," we have defined clear strategic goals to promote the use of recycled materials for production as well as the recyclability of our wind turbines. While the standard lifetime of turbines is 20 years, most of our turbines are designed and certified for an extended lifetime of 21 to 35 years. Further developments towards a longer lifetime lead to an increase in ecological and economic efficiency.
• In order to ensure that the components of our wind turbines comply with the restriction of hazardous substances as defined in the DNSH criteria for pollution prevention and control (Appendix C of the Commission Delegated Regulation (EU) 2021/2139), we diligently monitor grey and blacklisted substances, as well as hazardous materials, throughout our operations with the EU Taxonomy criteria. In addition, to further ensure this compliance throughout our value chain, our code of conduct requires our suppliers to comply with all applicable environmental regulations and standards. Additionally, we conducted a comprehensive, multi-stage screening of our most relevant suppliers, covering over 95% of the materials used in the turbine, including key blade materials. This process allowed us to identify environmentally critical suppliers and gather compliance information regarding the restricted use of hazardous substances (as stated in Appendix C) in their operations and in the manufactured products, with a representative number of confirmations received.
• We fulfill the requirements for the objective "Protection and restoration of biodiversity and ecosystems," which also forms an integral part of our product development approach (see chapter Biodiversity and ecosystems), as shown by the results of environmental risk or impact assessments looking at flora and fauna aspects, with no medium or high risks reported in 2024.

Given that the DNSH criteria for "Climate change adaptation" are also fulfilled, we report all turnover, CapEx and OpEx associated with activity CCM 3.1 as Taxonomy-aligned.

For our second core activity CCM 4.3, the Substantial Contribution criteria require electricity generation from wind power which is carried out by our customers. The business model of the Nordex Group comprises the installation, maintenance and repair of wind turbines and the ancillary technical equipment. Therefore, we apply the alignment criteria for activity CCM 7.6 "Installation, maintenance and repair of renewable energy technologies" as required by the description of activity CCM 4.3. According to these criteria, a substantial contribution to environmental objective "Climate change mitigation" is made by installing, maintaining and repairing wind turbines and the ancillary technical equipment. As the activity also fulfills the DNSH criteria for "Climate change adaptation," all related turnover, CapEx and OpEx are considered as Taxonomyaligned. There are no other DNSH criteria that must be fulfilled for this activity.

In conclusion, our adherence to the EU Taxonomy criteria demonstrates our proactive approach to environmental responsibility. By integrating climate risk analyses and implementing adaptation measures, we ensure that our operations align with the DNSH principles. Through this compliance, we actively contribute to the EU's environmental objectives. Our core activities meet all necessary criteria, resulting in full alignment of our eligible turnover, CapEx, and OpEx with the Taxonomy. This underscores our ongoing commitment to sustainability and environmental stewardship in all main aspects of our business.

Our KPIs and Accounting Principles

The Nordex Group total values for the year 2024 on which we based our calculation in accordance with the EU Taxonomy amounted to EUR 7,299 million for sales (2023: EUR 6,489 million), EUR 210.76 million for CapEx (2023: EUR 161.27 million), and EUR 92.30 million for OpEx (2023: EUR 91.74 million). In accordance with the detailed guidance provided by the Disclosures Delegated Act, sales correspond to the sales revenue in the consolidated income statement which we determined in accordance with the requirements of IFRS 15. We determined the relevant CapEx based on the definition of the Taxonomy Regulation (Article 8 of Regulation (EU) 2020 /852) and the Commission Delegated Regulation (EU) 2021/2178. It results from the additions to property, plant and equipment, intangible assets (excluding goodwill), and right of use assets under IFRS 16. The disclosures on CapEx are not part of a CapEx plan. Relevant OpEx are defined by the

Sustainability Statement Environment

Disclosures Delegated Act as direct non-capitalized costs/expenses for research and development, building refurbishment, short-term leasing, maintenance and repair, and other direct expenses related to the day-to-day maintenance of property, plant, and equipment. They are reported according to Article 8 Para. 2b of Regulation (EU) 2020/852 and its Annex I. The basis for the breakdown of financial information by activity are the operating functions at the Group level from which the segment reporting ("Projects" and "Service") is derived. To reflect the methodological changes in the Taxonomy-eligibility assessment and allow for an adequate comparison with prior year figures, Taxonomy-eligible and -aligned turnover, CapEx and OpEx for reporting year 2023 were restated. Where necessary, we used appropriate keys to break down the information further. Turnover can be directly allocated to the core activities CCM 3.1 and CCM 4.3 on the basis of segment reporting. In the reporting year 2024, the main source of Taxonomy-aligned turnover for activities CCM 3.1 and CCM 4.3 was revenue from contracts with customers. As far as CapEx and OpEx are concerned, we used an appropriate allocation key also based on the operating functions to allocate the respective items to the activities. The distribution of the components of the Taxonomyaligned CapEx are as follows: EUR 95.87 million (45.5%) are attributable to additions to property, plant, and equipment, EUR 56.73 million (26.92%) are associated with additions to intangible assets and EUR 58.13 million (27.59%) occurred from additions to capitalized right-of-use assets. In reporting year 2024, there were no acquisitions through business combinations at the Nordex Group that would have to be taken into account for the calculation of CapEx. Key components of the Taxonomy-aligned OpEx according to the Taxonomy Regulation definition were repair and maintenance cost with EUR 35.39 million (38.34%), non-capitalized research and development costs with EUR 35.89 million (38.88%%), and costs relating to short-term with EUR 18.83 million (20.40%) and low-value leases with EUR 2.20 million (2.38%). We can clearly identify operating expenditures that relate to assets or processes associated with Taxonomyeligible and aligned economic activities by the internal organizational structure, thus avoiding double counting. 100.00% of Nordex's economic activities generating turnover in 2024 were Taxonomy-eligible (2023: 99.95%). Of this, 89.65% corresponds to the project activity "Manufacture of renewable energy technologies" (CCM 3.1) and 10.35% to the service activity "Electricity generation from windpower" (CCM 4.3). 100.00% of Nordex' economic activities ("Projects" and "Service") were Taxonomy-aligned in 2024 (2023: 99.95%). 84.82% of the Nordex Group's total CapEx additions in 2024 was assessed to be Taxonomy-eligible (2023: 88.51%), and 84.82% Taxonomy-aligned (2023: 88.51%). The alignment proportion includes investments directly allocated to "Projects" and "Service" (CCM 3.1, CCM 4.3) (84.82%, 2023: 88.51%). Of the Nordex Group's total OpEx in 2024, 91.98% were Taxonomy-eligible operating expenditure (2023: 92.15%), and 91.98% Taxonomy-aligned operating expenditure (2023: 92.15%). The alignment proportion again includes investments directly allocated to "Projects" and "Service" (CCM 3.1, CCM 4.3) (91.98% 2023: 92.15%). Further below, we illustrate all EU Taxonomy activities in tables, showing the total numbers and share of Taxonomy eligibility and alignment in accordance with the Substantial Contribution and DNSH criteria as well as Minimum Safeguards.

Sustainability Statement Environment

EU taxonomy appendix

Row	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	NO
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	NO
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades	NO
	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	NO
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	NO
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	NO

Environment

Proportion of Turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

		2024	Substantial contribution criteria								('Does Not Significantly Harm')
Economic activities (1)	Co de (2 )	Tu rno ve (3) r	tu Pro rno po ve rti r, 2 on 02 of (4) 4	C lim mi tig ate ati ch on an (5 ge )	C ad lim ap ate tat ch ion an (6 ge )	W ate r (7 )	Po llu tio n ( 8)	Ec on om Cir y cu (9) lar	Bio div ers (10 ity )	C mi lim tig ate ati ch on an (1 ge 1)	Cli ad ma ap tat te ion ch an (1 ge 2)	W ate r ( 13 )	Po llu tio n (14 )	Ec on om Cir y ( cu 15 lar )	Bio ec os div ys ers te an ms ity d	sa ye feg ar ua Mi 20 rds nim 23 (1 (1 um 7) 8)	ali -el Pro gn Ta igi ed po tu xo ble (A rti rno no (A on .1) ve my or of .2) r,	ac ac tiv tiv Ca Ca en tra ity ity teg teg ab ns (1 (2 lin ory itio ory na 9) 0) g l
		in Mio. €	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of renewable energy technologies	CCM 3.1	6,543.15	89.65	Y	N/EL	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	89.81
Electricity generation from windpower	CCM 4.3	755.68	10.35	Y	N/EL	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	10.14
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)		7,298.82	100.00	100.00	0.00	0.00	0.00	0.00	0.00	Y	Y	Y	Y	Y	Y	Y	99.95
Of which enabling		0.00	0.00														0.00
Of which transitional		0.00	0.00														0.00
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0.00	— %
Turnover of Taxonomy-eligible activities (A.1+A.2)		7,298.82	100.00														99.95
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities (B)		0.00	—
Total (A + B)		7,298.82	100.00
Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective EL – Taxonomy-eligible activity for the relevant objective

N/EL – Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective.

Environment

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year N		2024				Substantial contribution criteria						DNSH criteria ('Does Not Significantly Harm')
Economic activities (1)	Co de (2)	Ca pEx (3)	Ca pEx Pro , ye po rtio ar 202 n o (4) 4 f	Cli mit ma iga te ch tio an n (5 ge )	C lim ad apt ate ati ch on an (6) ge	Wa ter (7 )	Po llut ion (8 )	Cir cu lar Ec on om (9) y	Bio div ers ity (10 )	C mit lim ate iga tio ch n ( an 11) ge	C ad lim apt ate ati ch on an (12 ge )	Wa ter (13 )	Po llut ion (14 )	Cir cu lar Ec on om (15 y )	Bio ec osy div ste ers ms ity (16 an d )	saf eg ua Mi rds nim (17 um )	Ca ali pEx -el gn P rop igi Ta ed , ye ble xo ort (A. ar no (A ion 1.) 202 (18 my .2.) of or 3 )	en act ab or ivit lin (19 g y )	act Ca Ca tra ivit teg teg nsi y (2 ory na ory tio 0) l
		in Mio. €	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%		E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of renewable energy technologies	CCM 3.1	144.21	68.43	Y	N/EL	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	76.80
Electricity generation from windpower	CCM 4.3	34.54	16.39	Y	N/EL	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	11.71
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		178.75	84.82	84.82 %	— %	— %	— %	— %	— %	Y	Y	Y	Y	Y	Y	Y	88.51
Of which enabling		0.00	0.00	0.00													0.00
Of which transitional		0.00	0.00	0.00													0.00
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0.00	— %
A. CapEx of Taxonomy-eligible activities (A.1+A.2)		178.75	84.82														88.51
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities (B)		32.00	15.18
TOTAL (A+B)		210.76	100.00

Environment

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year N			2024					Substantial contribution criteria						('Does Not Significantly Harm')	DNSH criteria
Economic activities (1)	Co de (2)	Op Ex (3)	Op Pro Ex, po 20 rtio 24 n o (4) f	Cli mit ma te iga ch tio an n (5 ge )	C lim ad apt ate ati ch on an (6) ge	Wa ter (7 )	Po llut ion (8 )	Cir cu lar Ec on om (9) y	Bio div ers ity (10 )	C mit lim ate iga tio ch n ( an 11) ge	C ad lim apt ate ati ch on an (12 ge )	Wa ter (13 )	Po llut ion (1 4)	Cir cu lar Ec on om (15 y )	Bio ec osy div ste ers ms ity (16 an d )	saf eg ua Mi rds nim (17 um )	ali Op -el gn P Ex, rop igi Ta ed ye ble xo ort (A. ar no (A ion 1.) 202 my (18 .2.) of or 3 )	Ca en act or ab teg ivit lin (19 ory y g )	act 'tra Ca ivit teg nsi y (2 na ory tio 0) l
Text		in Mio. €	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of renewable energy technologies	CCM 3.1	63.83	69.15	Y	N/EL	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	78.58
Electricity generation from windpower	CCM 4.3	21.07	22.83	Y	N/EL	N/EL	N/EL	N/EL	N/EL	Y	Y	Y	Y	Y	Y	Y	13.57
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		84.90	91.98	91.98	0.00	0.00	0.00	0.00	0.00	Y	Y	Y	Y	Y	Y	Y	92.15
Of which enabling		0.00	0.00	0.00													0.00
Of which transitional		0.00	0.00	0.00													0.00
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0.00	—
A. OpEx of Taxonomy eligible activities (A.1+A.2)		84.90	91.98														92.15
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B)		7.40	8.02
TOTAL (A+B)		92.30	100.00

Social

Social

Social

S1 Own Workforce

Category	Sub-topic	IRO		Scope	Category	Sub-topic	IRO		Scope
Positive Impacts	Working conditions		• (A) Enhancing employee well-being through transparent working conditions, fair compensation, and adherence to international standards		Risks	Working conditions		• Potential increasing turnover and higher wage costs due to dissatisfaction with working conditions and potential strikes pose operational and financial burdens, potentially leading to a loss of talent
	Working conditions		• (A) Increasing job satisfaction and productivity by providing flexible work models			Working conditions		• Damaging the employer brand and facing regulatory penalties for non-compliance with health and safety regulations present medium to long-term risks, including lower employee retention and recruitment
	Working condition		• (A) Enhancing well-being through global programs for physical and mental health			Equal treatment and opportunity for all		• Failing to promote gender equality and equal pay can decrease the company's reputation and brand image for investors and shareholders, leading to negative ESG ratings and potential negative voting in general meetings
	Working conditions		• (A) Improving employee satisfaction and rights protection by ensuring freedom of association, labor rights, and equality through works councils and collective agreements			Working conditions		• Experiencing operational disruptions due to extreme events like pandemics and failing to secure partnerships if health and safety standards are not met poses risks
						Working conditions> (viii)		• Suffering negative financial impacts from productivity losses due to accidents and illnesses
Negative Impacts	Working conditions		• (P) Well-being can be impaired due to overwork from excessive overtime and inadequate working conditions		Opportu nities	Equal treatment and opportunities for all		• Enhancing reputation and brand image by promoting gender equality and equal pay, attracting customers, investors, and partners who value diversity and inclusion
	Working conditions		• (P) Workplace accidents and injuries can result, especially during the implementation of new projects, as new employees and subcontractors need to be familiarized with safety standards			Equal treatment and opportunities for all		• Increasing profitability and productivity through long-term training and skills development programs, offering challenging assignments and regular development conversations
	Equal treatment and opportunities for all		• (P) Potential disadvantages and unequal work environment due to issues related to gender pay inequalities, lack of career advancement, harassment and barriers for disabled employees
	Other work related rights		• (P) Labor rights violations may potentially occur, including child and forced labor, or inadequate accommodation for mobile workers, which could affect their living conditions
	Other work related rights		• (P) Privacy impacts could be negative if IT security measures are insufficient

(A) actual (P) potential

upstream own operations downstream

short-term medium-term long-term

Sustainability Statement Social

Relevance of the topic

In this section, we highlight our commitment to fostering a supportive and inclusive environment for our employees. We focus on key areas such as employee engagement, diversity and inclusion, health and safety, and human rights. Our goal is to ensure the well-being and development of our workforce, reflecting our dedication to social responsibility.

General disclosures

S1-ESRS 2 SBM-3-14-(a)

According to the ESRS, the term own workforce includes both employees and nonemployees who work for the organization. Employees are individuals with a formal employment contract with a Nordex entity, including full-time, part-time, and temporary staff. Non-employees are individuals working for a Nordex entity without a formal employment contract, such as independent contractors, freelancers, and workers provided by third-party agencies.

Furthermore, we disclose our calculated employee figures based on an internal grouping used for both internal and external reports. Employees are categorized into groups, with certain groups included in our official counts and others excluded. Specifically, board members, apprentices, interns, working students and trainees are not included in our employee numbers.

We always disclose employee numbers in headcount, not full-time equivalents (FTE) and show all countries not considering any threshold (e.g. >50 employees). If we deviate from this definition in our calculated figures, we will provide a clear explanation for the change.

Through this detailed differentiation and inclusion, we maintain transparency and accountability in our sustainability reporting.

Strategy

Interests and views of stakeholders

This chapter provides information on how the interests, views and rights of (potentially and actually) materially affected people in the Nordex Group's own workforce, including respect for their human rights, inform the Nordex Group's strategy and business model.

S1-ESRS 2 SBM-2-12

Nordex actively engages with its key stakeholders, primarily our employees, to ensure their interests, views, and rights are integrated into our strategy and business model. This engagement is crucial in shaping our strategic direction and operational decisions, ensuring that our business practices align with the well-being and development of our workforce.

We gather employee input through various channels, including the following:

• Workers' representatives: The Nordex Group has worker representatives in multiple countries, including our primary and most significant markets. These representatives play a crucial role in promoting effective communication and cooperation between management and employees. They ensure that workers' voices are heard in decision-making processes and that the rights of employees are protected and fostered. For more information, see section S1-8.

Relevant sustainability matters: Equal treatment and opportunities for all, working conditions, and other work-related rights

• Leadership development: Our globally implemented Leadership Development Program "Trust.Listen.Lead." conveys Nordex's leadership principles, aiming to establish a consistent understanding of leadership across different countries and cultures. This program is crucial in guiding leaders on how to effectively lead, motivate, and inspire their employees at the Nordex Group. For more information, see section S1-4.

Social

Relevant sustainability matters: Equal treatment and opportunities for all

• Performance reviews: The Compass Dialog is the annual performance review that brings managers and employees together in meaningful conversations to assess performance, align expectations, and chart pathways for personal growth. These dialogs encourage open, honest, and respectful communication, helping participants understand different perspectives and work towards common goals. For more information see section S1-4.

Relevant sustainability matters: Equal treatment and opportunities for all

• Diversity and Inclusion survey: Conducting a Diversity and Inclusion survey helps Nordex Group identify areas where the organization may be falling short in creating an inclusive workplace, including topics such as development opportunities, gender pay gap, etc. For more information see section S1-4.

Relevant sustainability matters: Equal treatment and opportunities for all

• Whistleblowing system: The whistleblower system Notify! allows everyone, including employees, to raise issues that may require policy adjustments. This engagement is organized to ensure transparency and responsiveness, with the purpose of fostering a supportive and inclusive work environment. For more information see section G1 Business Conduct.

Relevant sustainability matters: Equal treatment and opportunities for all, working conditions, and other work-related rights

The outcomes of these engagements are carefully considered and incorporated into our strategic planning. Our understanding of employee interests and views, gathered through due diligence and materiality assessments (cf. section Double Materiality Assessment Methodology), informs our business model and strategy.

The administrative, management, and supervisory bodies are regularly informed about the views and interests of our employees, ensuring that sustainability-related impacts are addressed at all levels of the organization. To achieve this, we hold monthly meetings with our P&C management, where key employee concerns and feedback are discussed. Additionally, workers' councils are kept informed through regular surveys that capture employee concerns and perspectives. These insights are then communicated during our regular meetings with the supervisory board. Furthermore, our Global Head of P&C plays a crucial role in this process as a member of the General Management Meeting (GMM) of Nordex. This structure ensures that employee views are integrated into our decision-making processes, reinforcing our commitment to addressing sustainability-related impacts comprehensively and effectively.

Material impacts, risks and opportunities and their interaction with strategy and business model

S1-ESRS 2 SBM-3

This chapter provides information whether and how impacts, risks and opportunities (IROs) originate from and their relationship to strategy and business model, whether all people in the Nordex Group's own workforce are included in the disclosure as well as disclosure of operations at significant risk of child labor, forced labor, or compulsory labor.

Our strategy and business model are intrinsically linked to our commitment to sustainability and the fight against climate change. The actual and potential impacts on our workforce, such as improved occupational health and safety, professional development opportunities, and inclusive practices, originate from this strategic focus. These impacts are identified and assessed through processes detailed in ESRS 2 IRO-1, ensuring that our strategy and business model continuously adapt to address material IROs.

The relationship between our material risks and opportunities arising from impacts and dependencies on our workforce and our strategy and business model is crucial. Our commitment to occupational health and safety, a key aspect of working conditions, enhances our employer branding and helps us attract and retain a skilled workforce. This

Sustainability Statement Social

supports our strategic goal of maintaining a motivated and capable team. Additionally, our focus on equal opportunities and professional development aligns with the sustainability matter of equal treatment and opportunities for all, fostering a diverse and innovative workforce. These workforce-related opportunities are integral to our business model, ensuring resilience and competitiveness while advancing our sustainability objectives.

In our double materiality assessment (DMA), we have assessed any human rightsrelated negative impact as material. The identified negative impacts were mostly concentrated in layoffs through shifting employment and/or outsourcing to low-income countries and/or markets, which are widespread and systemic in nature. In contrast, the identified negative potential impacts regarding IT security measures to prevent privacy issues and workplace accidents are related to individual incidents. Additionally, topics regarding adequate working conditions, labor rights violations, and an unequal work environment are also systemic and widespread impacts.

The Nordex Group has implemented several initiatives that result in material positive impacts on our workforce. Our diversity and inclusion policy fosters an inclusive culture where individuals with disabilities can thrive, ensuring equal opportunities and support for all employees. Additionally, our human rights policy promotes the well-being of our workforce by limiting overtime, avoiding split shifts, providing adequate notice for shift scheduling, and aligning desired hours of work with actual hours. These measures contribute to a safe and secure employment environment for our employees.

We are committed to ensuring the freedom of association for our workforce, supporting the existence of works councils, and upholding the information, consultation, and participation rights of workers. Our human rights policy facilitates social dialogues with workers' representatives, fostering a collaborative and respectful workplace. These policies are applied across our entire workforce, positively impacting employees in various regions where we operate. Through these initiatives, we aim to create a supportive and empowering environment for all members of our workforce.

• Paying adequate wages: The Nordex Group is dedicated to ensuring the well-being of our workforce globally through fair work agreements and a comprehensive compensation and benefits guideline. This commitment positively impacts all employees, ensuring they receive adequate wages that support their livelihood and well-being.

Relevant sustainability matters: Equal treatment and opportunities for all, working conditions

• Social dialogues with workers' representatives: In Europe, the Nordex Group has established works councils or similar representative institutions to facilitate social dialogues. These structures ensure that employees' voices are heard and their interests are represented, promoting a collaborative and supportive work environment.

Relevant sustainability matter: Working conditions

• Ensuring freedom of association: We uphold the right of our workforce to freely associate and form unions. In Europe, works councils are well-established and supported, ensuring that employees have access to relevant information and opportunities to participate in decision-making processes. While this is more limited in non-European countries, efforts are ongoing to enhance these rights globally.

Relevant sustainability matter: Working conditions

• Group works/company agreements: In Germany and Europe, employee interests are protected by collective bargaining agreements, which often involve Group-wide or local works agreements. This practice ensures fair working conditions and benefits for the majority of our employees.

Relevant sustainability matter: Working conditions

Sustainability Statement

home. This flexible working arrangement, part of a Group Works Council agreement, serves as a guideline for other countries and promotes work-life balance.

Relevant sustainability matter: Working conditions

Social

• Parental leave: The Nordex Group provides parental leave models and benefits for families beyond legal requirements, particularly in Europe. This support enhances the well-being of our employees and their families, contributing to a positive work environment.

Relevant sustainability matter: Working conditions

• Protection against external security threats: Our Corporate Security function ensures the protection of employees, project sites, offices, and factories against external threats such as crime, terrorism, and natural disasters. This proactive approach enhances the safety and security of our workforce globally.

Relevant sustainability matter: Working conditions

• Health and Safety training: We offer comprehensive Health and Safety training programs worldwide based on Global Wind Organization (GWO) standards. These programs, including monthly safety awareness initiatives and the "360 degree" HSE transformation project, help prevent accidents and injuries, improving productivity and job satisfaction.

Relevant sustainability matter: Working conditions

• Employee health and well-being programs: The Nordex Group has implemented a mental health and well-being program for all employees, featuring resources like articles, newsletters, and safety contacts. Local initiatives and global campaigns focus on promoting mental health and overall well-being, ensuring a supportive work environment.

Relevant sustainability matter: Working conditions

• Gender equality and equal pay: By promoting gender equality and equal pay, the Nordex Group enhances its reputation and brand image, attracting customers, investors, and partners who value diversity and inclusion.

Relevant sustainability matter: Equal treatment and opportunities for all

• Training and skills development: We offer numerous development opportunities through challenging assignments and access to experts across various professional fields. Regular development conversations support continuous growth and enhance employee productivity and profitability.

Relevant sustainability matters: Equal treatment and opportunities for all working conditions

• Inclusive culture for people with disabilities: Nordex has a global Diversity and Inclusion Policy and an Inclusion Agreement in Germany to ensure that employees with disabilities feel included and can thrive. This policy aims to create an inclusive culture and destigmatize disability.

Relevant sustainability matters: Equal treatment and opportunities for all working conditions

• Reporting acts of violence or harassment: Our "Notify" whistleblower system allows employees to report suspected misconduct or maladministration safely. This system protects whistleblowers who report in good faith, ensuring a safe and respectful work environment. For details, see section Whistleblower scheme.

Relevant sustainability matters: Equal treatment and opportunities for all working conditions, other work-related rights

These initiatives demonstrate the Nordex Group's commitment to creating a positive and supportive work environment, ensuring the well-being and satisfaction of our own workforce.

Assessment of operations at risk

S1-ESRS 2 SBM-3 -14

We conducted a comprehensive analysis of all countries in which we operate, as mandated by the German Supply Chain Act (GSCA). This analysis included a thorough assessment of potential human rights risks, particularly in countries such as China, India, and Pakistan, where local laws and regulations may not fully address critical human rights considerations. Despite these increased risks, our findings indicate that there were no significant or high-risk instances of forced or child labor within our operations in these regions. Nordex remains committed to upholding the highest standards of human rights as outlined in our Human Rights policy. We continuously strive to mitigate any potential risks through proactive measures and ongoing discussions about remedial actions. Our commitment extends across our entire value chain, ensuring that all individuals within our workforce who could be materially impacted by our operations are included in the scope of our disclosures under ESRS 2. This includes impacts connected to our own operations, our products and services, and our business relationships.

S1-ESRS 2 SBM-3-15, S1-ESRS 2 SBM-3-16

In accordance with the requirement to disclose material risks and opportunities arising from impacts and dependencies on people in our own workforce, we have conducted a thorough assessment. Based on our current knowledge, we have not identified any material risks or opportunities specifically related to training and development within our workforce. Furthermore, we have not identified any material risks or opportunities that pertain to specific groups of people, such as particular age groups or employees working in specific locations.

Our training and development programs, as well as other workforce-related initiatives, are designed to be inclusive and beneficial to all employees, ensuring equal opportunities for growth and development across our entire workforce. This approach underscores our commitment to fostering a supportive and equitable work environment for all our employees.

However, we acknowledge that we do not yet have a fully developed understanding of how people with particular characteristics, those working in particular contexts, or those undertaking particular activities may be at greater risk of harm. We are committed to improving our understanding in this area and will continue to enhance our assessment processes going forward.

Impacts, risks and opportunities management

Policies related to our own workforce

S1-1

Our company has implemented policies to address the identified material IROs related to our workforce. This chapter provides information on the extent to which policies address the identification, assessment, management and/or remediation of material IROs related to the Nordex Group's own workforce.

Human Rights Policy

S1-1-20-(a), S1-1-20-(b), S1-1-21, S1-1-22

Our Human Rights Policy, applicable to all our workforce, demonstrates our commitment to critical human rights aspects [publicly available]. It aims to uphold ethical and social values across all business decisions, activities, and partnerships. The policy addresses issues such as modern slavery, forced labor, child labor, discrimination, fair wages, working conditions, health and safety, and freedom of association. It includes processes for monitoring these commitments through due diligence and grievance mechanisms.

This policy applies to all activities within the Nordex Group, including our value chains, across all geographies. It encompasses employees, customers, suppliers, shareholders, and the communities in which we operate, with no exclusions. The Board of Nordex is accountable for the policy's implementation, with senior management overseeing adherence. We commit to respecting third-party standards, including the UN Guiding Principles on Business and Human Rights, the UN Universal Declaration of Human Rights, the ILO's core labor standards, the OECD Guidelines for Multinational Enterprises, and the principles of the UN Global Compact.

We actively engage with our employees through open and transparent dialogue, fostering an environment where their voices are heard and valued. This includes implementing trusted and accessible consultation mechanisms for effective communication regarding workplace concerns. Our ongoing due diligence processes are designed to identify and mitigate risks, ensuring we remain proactive in preventing human rights abuses. We do not tolerate any violations of human rights within our operations or supply chains and take all allegations seriously, providing effective remedies through our grievance mechanisms.

The Human Rights Policy is available to all relevant parties through the Nordex Group Whistleblower System 'notify!' and other communication channels. This approach underscores our commitment to creating a respectful and ethical workplace for all employees, reinforcing our dedication to sustainable business practices.

Relevant sustainability matters: Equal treatment and opportunities for all, working conditions

German Supply Chain Act (GSCA) Policy Statement

S1-1-22

This policy underscores our commitment to human rights and environmental standards, adhering to international guidelines and legislation. It provides the basis for assessing the risk of child labor and forced labor in our own operations. The policy outlines our due diligence processes and governance structure to identify, mitigate, and prevent human rights and environmental violations. The Human Rights and Environmental Officer and the Management Board are accountable for its implementation. The GSCA Policy Statement covers all GSCA-protected positions, ensuring that we uphold the highest standards of human rights and environmental protection across all aspects of our business. The policy is publicly available. [For further information, refer to our public website.]

Social

Relevant sustainability matters: Other work-related rights - Child labor, forced labor

Accident management system

S1-1-23

We operate a global management system that encompasses all our operations and employees, ensuring consistent safety standards across our entire workforce. This system is designed to prevent workplace accidents and promote a culture of safety. While specific countries may not yet be audited for ISO certification, the management system implemented is uniform across all locations, adhering to the same rigorous safety protocols and procedures. Our proactive approach includes regular risk assessments, safety training programs, and continuous monitoring and improvement of our safety practices. By maintaining a cohesive management system, we aim to minimize workplace accidents and foster a safe working environment for all our employees.

Relevant sustainability matter: Working conditions - Health and safety

Diversity and Inclusion Policy

S1-1-24-(a)-(c)

The Diversity and Inclusion (D&I) policy of the Nordex Group outlines our commitment to eliminating discrimination and harassment, promoting equal opportunities, and advancing diversity and inclusion across all business activities.

Our D&I policy explicitly covers discrimination based on gender, age, culture, ethnicity, skin color, social origin, physical abilities, political or religious belief, sexual orientation, or other attributes. It also addresses other forms of discrimination as covered by Union regulation and national law, ensuring comprehensive protection and promotion of equal opportunities for all employees.

We foster an inclusive workplace and take positive action for people from groups at particular risk of vulnerability. Our policy outlines specific commitments to support these groups, ensuring they are treated with dignity and respect. We actively promote equal opportunities and work to eliminate barriers that may hinder the professional development of underrepresented groups, including women, individuals with disabilities, and those from diverse racial, ethnic, and social backgrounds. Our initiatives include targeted recruitment efforts, equitable development programs, and mentoring schemes designed to empower these employees. We also ensure fair compensation practices and provide necessary support structures, such as accommodations for family responsibilities and religious practices.

Our D&I policy is dedicated to promoting equal treatment and opportunities for everyone. It addresses gender equality and ensures equal pay for work of equal value. It includes provisions for training and skills development, the employment and inclusion of persons with disabilities, and measures against violence and harassment in the workplace. By adhering to these policies, we mitigate the risk of human rights violations and other related issues, while also fostering opportunities for Nordex's growth and development as a company. The CEO and Chief People Officer are accountable for the D&I Policy. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matters: Equal treatment and opportunities for all

Diversity and Inclusion Council

S1-1-24-(d)

The Nordex Group's D&I Council is a diverse group of leaders who contribute expertise from different departments and countries. The Council helps the D&I team to set realistic and achievable goals. It also helps ensure accountability for the implementation of our strategy, and provides governance and supervision on diversity and inclusion topics specifically addressing the IRO sub- topic of equal treatment and opportunities for all. All members of the council act as sponsors, advocates and role models.

The D&I Council meets every third month to discuss the initiatives and measures proposed by the D&I team for maintaining a diverse workforce and driving change in line with Nordex's values. To acknowledge the need for change in this area, the Nordex Group has approved further resources for improving diversity and inclusion (such as external advisory support). With these resources and the assistance of the D&I Council,

Sustainability Statement Social

the Nordex Group is undertaking an ambitious diversity and inclusion journey. Some of the examples took place this year were the approval and implementation of new diversity and inclusion training programs for employees at all levels of the organization.

We conducted another global D&I survey to measure the organization's diversity and inclusion progress and identify areas for improvement. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matter: Equal treatment and opportunities for all

Compensation & Benefits Policy

The Nordex Group has implemented a Compensation & Benefits policy to ensure that employees are fairly compensated for their work and to maintain consistency in determining Compensation & Benefits across the organization. The purpose of this guideline is to provide an overview of the Nordex Group's best practices related to Compensation & Benefits, including the philosophy, framework, and structure. By providing a clear and transparent guideline, the Nordex Group aims to motivate and recognize employees for their contribution to the company and to ensure external competitiveness. The Compensation & Benefits policy will be updated as the area develops.

Relevant sustainability matters: Equal treatment and opportunities for all, working conditions.

Processes for engaging with own workforce and workers' representatives about impacts

S1-2-25, S1-2-27

This chapter provides information on the general processes for engaging with people in the Nordex Group's own workforce and their representatives about actual and potential material impacts concerning the Nordex Group's own workforce.

Relevant sustainability matters: Equal treatment and opportunities for all, working conditions.

The Nordex Group attaches great importance to safeguarding the interests of its employees and working constructively with employee representatives in a spirit of mutual trust. We take a constructive approach to discussions, with employee representatives in all countries where we are present, and promote collaboration based on mutual trust. While not all countries globally have a local works council, in Germany, for example, employee interests are protected by collective bargaining agreements that usually involve Group-wide or local works agreements. In the rest of Europe, the European Works Council (known as the SE Forum) represents all employees. In individual countries such as France, Sweden and Finland, local works council committees are also formed based on respective works agreements resulting from decisions made jointly with local employee representatives. Co-determination topics are managed by the P&C department together with the managers responsible.

• Germany: The works council in Germany has information, consultation and codetermination rights in social, human resources and economic matters, and otherwise represents the general interests of the workforce. Both the works councils and employees are comprehensively informed about any significant operational changes by senior management and / or local management. Communication takes place through company meetings via the intranet and via telephone conferences. If employees in Germany feel their salary scale grading is incorrect, they can lodge an appeal with an arbitration board that will review their grading and their complaint. The arbitration board comprises two employee representatives and two members of the local works council. Including Nordex Group Germany GmbH, we have four local works councils (Hamburg, Nacelle production DMR and blade production GVZ in Rostock, Germany GmbH). There is also a Group works council at the group level and two general works councils at the company level (one for SE and one for Energy SE & Co. KG). Four cases of discrimination were reported using our "notify!" whistleblower system in accordance with the relevant Nordex Group works agreement.

Social

• • Europe: We explicitly support the rights of our employees in the European Union and UK and provide all the representatives of country sites in Europe with the opportunity to exchange views and engage with senior management at least twice a year through the European Works Council. In the reporting period, there were no known cases of employees' rights of association or collective bargaining being breached or endangered at any Nordex Group business sites.
• Non-European countries: We have established collective bargaining agreements (CBA) and workers' councils in several non-EEA countries (refer to S-1A 60), ensuring the right to freedom of association and collective bargaining as outlined in our human rights policy. In countries where we currently do not have established workers' councils or collective bargaining agreements, we remain committed to upholding the rights of our employees to freedom of association and collective bargaining as outlined in our human rights policy.

Engagement with our workforce occurs at multiple stages, including regular consultations, feedback sessions, and structured programs assuring to address our IROs under the sub-topic of working conditions as an important factor impacting working conditions. The types of engagement include direct dialogues, surveys, and participation in Safety Committees. These engagements are conducted frequently, with some occurring quarterly, such as the Compass process for employee development, and others on an ongoing basis, such as safety inspections and feedback mechanisms, see also General Disclosures - Interests and views of stakeholders.

The operational responsibility for ensuring workforce engagement lies with the People & Culture department, led by the Chief People Officer (CPO). This role is the most senior position responsible for overseeing engagement activities and ensuring that the insights gained inform the company's strategic and operational approaches.

The Nordex Group has established agreements with workers' representatives, including occupational Safety Committees in accordance with local laws. These agreements facilitate regular dialogue and collaboration on safety and human rights issues, enabling the company to gain valuable insights into the perspectives of its workforce. This structured engagement helps ensure that the voices of employees are heard and considered in decision-making processes.

The effectiveness of workforce engagement is assessed through various methods, including regular reviews of engagement outcomes, employee satisfaction surveys, and performance metrics. The results of these assessments are used to refine and improve engagement strategies. For example, the Compass process and Upwind management talent program are evaluated for their impact on employee development and satisfaction, ensuring continuous improvement.

S1-2-28

To gain insight into the perspectives of vulnerable and marginalized groups within our workforce, the Nordex Group implements targeted initiatives such as diversity and inclusion programs, specific training and mentoring schemes, and regular feedback mechanisms. These steps ensure that the unique needs and challenges of groups such as women, migrants, and people with disabilities, as mentioned in our IROs, are understood and addressed, fostering equal treatment and opportunities for all, as one of our material subtopics.

Processes to remediate negative impacts and channels for own workforce to raise concerns

S1-3-30, S1-3-32, S1-3-33

This chapter provides information on the processes in place to provide for or cooperate in the remediation of negative impacts on people in the Nordex Group's own workforce, as well as channels available to raise concerns and have them addressed.

We do not tolerate or condone any abuse of human rights and are dedicated to ensuring effective remedies through company-based grievance mechanisms. When we identify that we have caused or contributed to a material negative impact on our workforce, we engage in a thorough due diligence process. This involves assessing the impact, engaging with affected individuals, and implementing appropriate remedial actions. Our due diligence is an ongoing process, particularly critical during new partnerships or changes in operating conditions. We strive to improve the accessibility and trust of our

Sustainability Statement Social

grievance mechanisms, ensuring that shareholders and stakeholders can report issues and help us identify, prevent, and mitigate risks. We are continuously working to enhance the scope and understanding of our grievance mechanisms to support the reporting of human rights issues and improve our human rights risk management program. Our internal controls and due diligence, mechanisms, involving the Human Rights questionnaires as well as the GSCA questionnaires described above, apply to our own activities, ensuring compliance with our human rights policy across all countries where we operate. This commitment is reaffirmed annually by our local People and Culture managers in each country. To assess the effectiveness of the remedies provided, we conduct follow-up evaluations and solicit feedback from impacted individuals, ensuring that our actions are both adequate and effective.

The Whistleblower system "notify!" is the channel at Nordex where grievance and complaints or any other matters of our own workforce and externals are handled/ managed. The existence and functioning of this channel is communicated in form of physical campaigns inside the office, as well as campaigns online, and e-learnings that introduce the channel properly. Further information on how issues raised are tracked and monitored, and how the effectiveness and trust in the system is assured is described in G1-1 Business Conduct policies and corporate culture. In addition, the chapter further describes how Nordex ensures workforce awareness and the policies in place to protect individuals from retaliation.

We recognize the importance of addressing any negative impacts that may arise from discrimination or unequal treatment, and have therefore established a diversity and inclusion policy to ensure equal treatment for all in our company. This policy outlines specific measures that we have put in place to prevent any negative material impacts arising from discrimination or unequal treatment. Additionally, we have communicated our commitment to fair working hours in our human rights policy to prevent overwork as a negative material impact. We believe that these initiatives are crucial in ensuring that our workforce is treated fairly and that any negative impacts are remediated in a timely and effective manner. Furthermore, we have established channels for our own workforce to raise concerns, which allows us to address any issues that may arise in a timely and effective manner. We are committed to continuously improving our processes and policies to ensure that we are meeting the highest standards of sustainability and social responsibility.

Taking action on material impacts on own workforce

S1-4-35, S1-4-37, S1-4-38, S1-4-40, S1-4-41, S1-4-42

This section describes how we take action in relation to our material negative and positive impacts, risks and how we want to pursue opportunities while managing and mitigating them. The section is structured along the sub-topics working conditions, equal treatment and opportunities for all and other work related rights.

Working conditions

Employee representation / social dialogue

The Nordex Group prioritizes safeguarding employee interests and fostering constructive collaboration with employee representatives globally. In Germany, collective bargaining agreements and co-determination laws protect employee interests, while the European Works Council represents employees across Europe. Local works councils in countries like France, Sweden, and Finland further support employee representation. Our P&C department, along with responsible managers, oversee co-determination topics. The codetermination is continuously reviewed and surveys are conducted by the workers council regularly.

Relevant sustainability matters: Working conditions - social dialogue, freedom of association, the existence of works councils and the information, consultation and participation rights of workers

Work-life balance

The Nordex Group attaches great importance to reconciling professional and private life. As we want to address a potential negative impact of Increasing job satisfaction and productivity by providing flexible work models, we offer (where possible) our employees flexible working time models and the option of remote working, in addition to standard parental leave models. These working time models are continuously reviewed and adapted to the specific circumstances/country and surveys are conducted by the workers council regularly.

Social

Relevant sustainability matter: Working conditions - work-life balance

Health & safety

Health and Safety is a fundamental pillar for the Nordex Group, and we are strongly committed to improving and addressing our negative impacts on workers' health and safety. We have identified workplace accidents and injuries as potential negative impacts, particularly during the implementation of new projects, as new employees and subcontractors need to be familiarized with safety standards. Through comprehensive training and prevention programs, we are able to reduce work-related accidents. To address the identified negative impacts and mitigate the risks of lower employee retention and recruitment due to non-compliance with health and safety standards, we are taking a number of actions. These measures also aim to prevent negative financial impacts from productivity losses due to accidents and illnesses. The following actions are already in place and are continuously ongoing, addressing our own operations.

• Monthly newsletter: Provides updates on HSE topics and learnings to all relevant staff.
• Safety Stand Downs and Lessons Learned: Ensures Group-wide learning from HSE experiences and enables prompt notification and countermeasures to prevent repeat incidents.
• Safety Notifications Process: Includes three levels of communication (Safety Information Letter, Safety Notice, Safety Alert) based on incident severity, advising on health, safety, or environmental changes.
• Safety Walk & Talks: Facilitates dialogue between managers and employees on safe work practices, supported by mandatory Safety First Leadership Training for all managers.
• Reporting and tracking: Focuses on identifying and reporting near misses and unsafe actions, investigating them transparently to deploy corrective measures.
• Supplier and subcontractor reviews and audits: Conducts reviews and audits, collaborating with suppliers and subcontractors to incorporate our HSE culture while enforcing our standards.
• Occupational Safety Committees: Established in each country, chaired by general managers and including occupational safety specialists, safety administrators, workforce representatives, and other relevant specialists.
• Industry-specific initiatives: Participates in initiatives such as the international working group on Wind Industry Safety Culture and is a member of the Global Wind Organization (GWO), WindEurope board, and SafetyOn committee.
• Training programs and courses: Offers worldwide training programs and courses to increase safety awareness and qualifications, based on GWO standards. Provides certified training courses through our academies in Türkiye and Germany.
• Ongoing training and safety awareness programs: Continued and initiated further training and safety awareness programs in 2024.

Relevant sustainability matter: Working conditions - health and safety

Seven principles of safety

We integrate seven principles of safety into our HSE systems. These were developed together with other members of the wind industry in a safety working group of the VDMA.

• 1. We value personal health and safety above all else
• 1. All injuries can be prevented we plan for safety

Social

• 1. Management at all levels is accountable for safety and leads by example
• 1. Everyone looks out for each other no matter who they work for
• 1. Safe behavior is recognized, acknowledged and praised
• 1. ZERO tolerance for safety breaches
• 1. Everyone has the authority to STOP any unsafe work

We aim to establish a culture of health and safety throughout the wind power industry, so our involvement extends beyond our own company to include industry specific initiatives such as the international working group on Wind Industry Safety Culture. We are a member of the GWO, and as a member of the WindEurope board and the SafetyOn committee, we are constantly contributing to the improvement of occupational health and safety performance within the global industry.

To track the effectiveness of our health and safety actions in mitigating material risks related to our workforce, we employ a comprehensive system of reporting and tracking. We aim for zero occupational accidents and regularly measure our performance using a mix of leading and lagging indicators. Leading indicators include proactive safety measures such as training, valid PPE, safety awareness communication, and management "Safety Walk and Talks." This indicator has been part of our management's incentive-based remuneration program since 2021. Additionally, since 2023, we have standardized our internal reporting with the HSE Scorecard and integrated HSE information distribution into our learning management system. Our goal is to achieve an LTIF below 1.5 by 2025, ensuring continuous improvement in our safety culture and risk mitigation efforts (for current status, see S1-14 Health and safety metrics).

To ensure we adhere to our commitments and maintain external oversight, we have obtained several certifications and awards, including ISO 45001:2018, and the Royal Society for the Prevention of Accidents (RoSPA) recognition. All of our employees are covered under the global occupational health and safety management system, which means further external certification of significant operations and processes.

We have established a Health and Safety Governance System to ensure standardized occupational health and safety activities globally, including periodic audits and meetings at division and country levels. Our reporting and tracking focus on identifying and reporting near misses and unsafe actions, with transparent investigations and corrective measures. This complements field risk assessments and includes reviews and audits of suppliers and subcontractors.

Mental Health

To enhance well-being through global programs for physical and mental health, we are in the process of establishing a comprehensive mental health strategy. Although we have not yet achieved our goal of setting global standards for all regions, we are committed to promoting mental health and well-being for all employees.

Sustainability Statement Social

We are expanding local initiatives to include employee support on mental health and other supportive topics. However, the Nordex Group has not yet implemented actions directly addressing the potential negative impacts on well-being due to overwork from excessive overtime and inadequate working conditions. These issues can lead to increased turnover, higher wage costs, and potential strikes, posing operational and financial burdens and potentially resulting in a loss of talent.

We recognize the importance of addressing these challenges and are committed to developing and implementing strategies to mitigate these risks and enhance overall employee well-being.

Relevant sustainability matter: Working conditions - health & safety

Equal treatment and opportunities for all

Employee development actions are the basis for any kind of change and business development that is encouraged in the organization. Actions listed below aim to capture the opportunity of increasing profitability and productivity through long-term training and skills development programs, offering challenging assignments and regular development conversations.

Trust.Listen.Lead. – Nordex Group Leadership Development

The Trust.Listen.Lead. initiative encapsulates our core leadership principles, focusing on equal treatment and opportunities for all. It includes programs to enhance leadership capabilities and foster a supportive work environment. At the Nordex Group, we recognize that as management, we have a responsibility to ensure a sustainable future for our company. This means not only striving for economic success, but also creating an environment that fosters creativity and innovation by bringing together people from diverse backgrounds and talents. To achieve this, it is essential to facilitate close collaboration and dialogue not only within our teams, but also with our management peers. We understand that to reach our common goals, all leaders must pull the rope in the same direction. Trust.Listen.Lead present the core principles of how we want to lead, inspire, treat and motivate our people. They are the frame for leadership at Nordex and therefore the foundation of what we train and communicate in our Trust.Listen.Lead. Leadership Development Programs.

By embodying these principles, we can create a culture of trust, open communication, and collaboration that will enable us to make the best decisions for sustainable growth and a better future for all.

Goals:

• Align leadership with business strategy
• Address employee issues and create positive outcomes
• Manage risks and leverage opportunities
• Promote inclusion, work-life balance, and employee well-being

Programs:

• Foundation Program: For new managers, a three-month training with virtual and inperson modules
• Advanced Program: For Directors and Vice Presidents, introduced in 2024
• Emerging Leaders Program: For blue-collar sector leaders, introduced in 2024
• Strategic Leadership Program: For strategic leadership talents

Key actions:

• Strategic Leadership Framework "Next Level Leadership": Based on interviews with board members, ensuring alignment with strategy

• 360-Degree Feedback Mechanism: For the Advanced Training Program
• State-of-the-Art Development Methods and Tools: Developed with a design thinking approach
• Feedback Mechanisms and Interaction: To monitor effectiveness

Our initiatives lead to enhanced leadership capabilities, improved safety and job satisfaction, and the promotion of fair and equal opportunities. We also foster a sense of inclusion and belonging, ensuring secure employment and a healthy work-life balance for all. These efforts collectively create a positive and equitable work environment for all employees.

Resources used to manage impacts include dedicated training programs, feedback mechanisms, and leadership development tools. Key actions taken this year include the introduction of the Trust.Listen.Lead. Advanced Program and the Strategic Leadership Framework. These actions are expected to enhance leadership capabilities and support our policy goals. The scope of these actions includes all leaders at the Nordex Group, with a focus on various regions and employee groups. Timelines for completing each action are set within the annual training schedule. Progress updates on actions from previous periods are provided through regular evaluations and feedback sessions.

Relevant sustainability matters: Equal treatment and opportunities for all - Gender equality and equal pay for work of equal value, Training and skills development

Compass process

The Compass process at Nordex is a core initiative in employee development, designed to provide professional feedback and standardize our feedback culture across the Nordex Group. It focuses on equal treatment and opportunities for all, supporting employees in their career growth and development.

The process consists of three key steps:

• 1. Compass Dialog: Held annually between January and March, providing employees with feedback on their performance and defining personal development plans. These dialogues are mandatory for most employees.
• 1. Compass Conferences: Conducted in the second quarter, these meetings gather and discuss the results of Compass Dialogs within management teams, identifying talented and high-potential employees. Nominations for the Upwind Management Trainee Program also occur during these conferences.
• 1. Continuous Feedback: Encourages ongoing feedback between employees and managers.

An online platform provides access to all information and materials related to the Compass process, including e-learning courses and guidelines. The People & Culture department tracks the completion of Compass Talks and supports employees and managers throughout the process. This structured approach ensures we consider employees' development wishes and expectations, with progress reported annually.

The annual employee appraisal talk aims to improve performance, gain organizational insights, develop teams, recognize talent, and reduce administrative tasks, focusing on training and valuable feedback. Through the Compass process, Nordex effectively manages workforce impacts, addresses risks, and pursues continuous improvement and employee development.

Relevant sustainability matters: Equal treatment and opportunities for all - Gender equality and equal pay for work of equal value, Training and skills development

Upwind – The Management Talent Program of the Nordex Group

The Upwind program at Nordex identifies and develops high-performance employees for future managerial roles with strategic impact. It supports talents both as a group and individually, aiming to increase internally appointed managers. The program content is updated annually based on participant feedback, including intercultural training and human-centered approaches.

Sustainability Statement Social

Our goals are to prevent or address problems for employees, create positive outcomes, and manage risks while leveraging opportunities. The Upwind program enhances leadership capabilities, fosters a diverse talent pool, and supports career development within the company.

Top management is closely involved in the program through activities like fireside chats, project sponsorships, and final presentations. Resources include dedicated training modules, mentorship from senior leaders, and cross-functional collaboration opportunities.

Actions to prevent or reduce problems include foundational training and targeted development programs. Personalized support and mentorship are offered to fix problems. Additional actions for positive outcomes include creating diverse talent networks and facilitating intercultural learning. Effectiveness is checked through regular feedback and evaluations.

Decisions on actions are based on feedback from participants, the alumni network, top management insights, and strategic company goals. This ensures a structured and responsive approach to talent development.

We reduce risks by providing comprehensive training and fostering a supportive work environment. Opportunities are pursued through continuous program improvement and innovative training methods.

Key actions this year include updated training content and expanding the program to two Upwind groups, each with 12 participants. These actions enhance leadership capabilities and support policy goals. The scope includes high-performing employees with potential for strategic leadership across various regions and departments. Timelines are set within the annual training schedule, with progress updates provided through regular evaluations and feedback sessions.

Relevant sustainability matters: Equal treatment and opportunities for all – Gender equality and equal pay for work of equal value, Training and skills development

Actions related to Diversity & Inclusion

Our diversity and inclusion actions address potential disadvantages and unequal work environments related to gender pay inequalities, lack of career advancement, harassment, and barriers for disabled employees. These actions aim to promote gender equality and equal pay, enhancing our reputation and attracting customers, investors, and partners who value diversity and inclusion.

To support employees with disabilities, an inclusion agreement has been in place since January 1, 2022, which includes special leave, qualification opportunities, improved integration, mobility infrastructure, and mobile workstation options. The Diversity and Inclusion Council helps set realistic goals, ensures accountability, and provides governance on diversity and inclusion topics. Workshops promote understanding and respect for differences, reducing misunderstandings and conflicts. Dashboards track metrics related to representation, engagement, and training effectiveness, identifying progress and areas needing improvement. Mentoring programs offer professional development and career advancement opportunities.

We track the effectiveness of our diversity and inclusion initiatives through regular surveys, feedback mechanisms, and gender pay gap analyses. These tools help identify areas for improvement, ensure compliance with policies and regulations, and promote fair remuneration practices. Conducting Diversity and Inclusion surveys allows us to address specific issues, create a more inclusive culture, manage risks related to discrimination and harassment, and attract a diverse workforce.

Our D&I Policy, with a zero-tolerance stance on discrimination and harassment, is complemented by our Human Rights Policy. Regular assessments through detailed questionnaires evaluate adherence to these policies and the GSCA, covering critical issues such as child labor.

Relevant sustainability matters include equal treatment and opportunities for all, gender equality and equal pay, training and skills development, employment and inclusion of persons with disabilities, and measures against violence and harassment in the

Social

workplace. We are committed to continuous effort and have set a target to achieve a minimum of 25% female representation in management positions by 2025.

Relevant sustainability matters: Equal treatment and opportunities for all - Gender equality and equal pay for work of equal value, Training and skills development, Employment and inclusion of persons with disabilities, Measures against violence and harassment in the workplace, Diversity

Employer branding campaign

Nordex's P&C department has implemented a comprehensive employer branding strategy to attract and retain talent, addressing equal treatment and opportunities for all. In 2024, we introduced initiatives to enhance the recruitment process, including improving the candidate experience, updating recruitment guidelines, and refining onboarding and off boarding processes. We prioritized diversity and inclusion by providing recruiting training for hiring managers and holding feedback roundtables. Additionally, we designed new job posting layouts and developed global onboarding guidelines to ensure a smooth transition for new employees.

Looking ahead, we plan to digitize the onboarding processes in 2025 to further streamline and enhance efficiency. These actions demonstrate our commitment to managing workforce-related risks and opportunities effectively, ensuring we continue to attract and retain top talent while fostering a diverse and inclusive workplace.

Relevant sustainability matter: Equal treatment and opportunities for all

Other work related rights

Regarding other work-related rights, Nordex has implemented the GSCA and conducts regular risk assessments to proactively identify and mitigate potential negative impacts on labor rights. These measures include monitoring for violations such as child and forced labor, and ensuring adequate accommodation for mobile workers. While there have been no incidents of labor rights violations, these actions demonstrate our commitment to maintaining high standards and preventing potential issues.

So far, the Nordex Group has not yet implemented actions in relation to potential privacy impacts that could be negative, if IT security measures are insufficient.

Relevant sustainability matters: Other work-related rights - Child labor, forced labor, privacy

Metrics and targets

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S1-5-44

To manage material negative impacts, advance positive impacts, and address material risks and opportunities, Nordex Group has set several strategic targets as part of our sustainability strategy (cf. section SBM-1). These targets are specific, time-bound, and outcome-oriented, ensuring effective implementation. Unless mentioned separately, the targets relate to our employees and are global in scope.

Key targets related to sustainability matters covered by S1 include the following:

• Reducing voluntary turnover rate: Aim to lower it to below 5 percentage points of the market average by 2025. The current rate is 6.4% globally, with a mid-term rate of 3.2%, below the market average of 5.1% (Mercer).
• Optimizing talent programs: Enhancing the Learning Management System and introducing the Trust.Listen.Lead. Advance Program to foster leadership and promote company culture.
• Achieving gender diversity: Targeting a minimum of 25% female representation in management positions by 2025 and maintaining 40% female representation in our strategic talent development program.
• Promoting sustainable commuting and business travel for our workforce: Establishing a global sustainable mobility model, improving bike infrastructure, and introducing a company bicycle leasing offer.
• Reducing accidents: Aiming for a Lost Time Injury Frequency (LTIF) of less than 1.5 per 1 million working hours by 2025.
• Developing a mental health strategy: Running monthly programs to promote mental health and well-being, with expanded local initiatives.
• Reducing supply chain accidents: Evaluating contractors on health and safety issues and including requirements in agreements.

These targets are supported by continuous monitoring, stakeholder engagement, and regular assessments to ensure alignment with our sustainability objectives. By setting and working towards these targets, we aim to manage our material negative impacts, advance positive impacts, and address material risks and opportunities effectively.

Relevant sustainability matters: Working conditions, Equal treatment and opportunities for all

S1-5-47

Our sustainability strategy and correspondingly also the targets mentioned above were developed in close collaboration with the responsible departments. We have also conducted an employee survey as part of the strategy development process. Our workforce is not directly involved in tracking our performance against the targets or identifying lessons learned or improvements as a result of the our performance.

Characteristics of the undertaking's employees

This chapter provides insight into the Nordex Group's approach to employment, including the scope and nature of impacts arising from the employment practices. Furthermore it provides contextual information that aids an understanding of the information reported in other disclosures, and to serve as the basis for calculation for quantitative metrics to be disclosed under other disclosure requirements in this Standard.

As described above, the term own workforce includes both employees and nonemployees who work for the organization. Employees are individuals with a formal employment contract with a Nordex entity, including full-time, part-time, and temporary staff. Non-employees are individuals working for a Nordex entity without a formal employment contract, such as independent contractors, freelancers, and workers provided by third-party agencies.

Sustainability Statement Social

Number of employees

S1-6-48, S1-6-50

As of the end of 2024, our total global number of employees is 10,405, reported as headcount. Based on the definition of the key characteristics of our employees as described above, the table below offers detailed insights into the number of employees by location. Our primary areas of operation include Germany, India, Spain, Brazil, and the United States.

Number of employees by location

S1-6-50-(a)

Location	2024 (Head Count)
Argentina	60
Brazil	644
Chile	92
China	162
Finland	220
France	442
Germany	2801
India	1302
Ireland	96
Italy	75
Mexico	74
Netherlands	76
Poland	279
Portugal	142
South Africa	133
Spain	2015
Sweden	122
Türkiye	0
United Kingdom	283
United States	606

Employee composition, incl. the breakdown of permanent and temporary employees by gender

S1-6-50-(b)

2024 Information on employees by contract type, broken down by gender (head count or FTE)
Female	Male	Other*	Not Disclosed	Total
Number of employees (head count)
1782	8623	0	0	10405
	Number of permanent employees (head count)
1675	8331	0	0	10006
	Number of temporary employees (head count)
107	292	0	0	399
	Number of non-guaranteed hours employees (head count)
0	0	0	0	0

It is worth noting that, while Nordex does hire employees on a temporary contract basis, it is typically a very small percentage of their overall workforce. The practice of hiring employees on a temporary contract basis is common in many countries, including those where Nordex operates. This provides the company with the agility to respond to changing business needs while still maintaining a strong and committed workforce.

S1-6-50-(c)

During the reporting period, a total of 1,587 employees left the company, resulting in an overall employee turnover rate of 15.37% and a rate of 6.43% for voluntary employee turnover globally, with a mid-term rate of 3.20%.

S1-6-50-(d)

The data for our sustainability reporting is compiled using a global, comprehensive, cloud-based human capital management (HCM) suite. The employee information is extracted from that system and further processed.

Social

S1-6-50-(d)-i

In this section, we report the total headcount of our organization, where each employee is counted as one, without any adjustments for the number of hours worked.

S1-6-50-(d)-ii

We report our headcount at the end of the reporting period for Number of employees by location and Employee composition, incl. the breakdown of permanent and temporary employees by gender. Our turnover rate S1-6-50-(c) is calculated by dividing the number of terminations in headcount during the reporting period by the average headcount over the same period. We differentiate between total and voluntary turnover by categorizing termination reasons maintained in our HCM system.

Characteristics of non-employees in the undertaking's own workforce S1-7

This chapter provides information on key characteristics of non-employees in the Nordex Group's own workforce. Definition

S1-7-55-(a), S1-7-55-(b)-i, S-7-55-(b)-ii

In the reporting year, the total number of non-employees in the Nordex own workforce is 2,658. Due to the absence of a central tracking system for non-employees, we utilized two sources for gathering the data: manual collection for the production site information about non-employees and using the data maintained in our HCM system. Each employee is counted as headcount, without any adjustments for the number of hours worked and the number is reported at end of the reporting period.

Collective bargaining coverage and social dialogue S1-8

This chapter provides information on the coverage of collective bargaining agreements and social dialogue for the Nordex Group's employees.

S1-8-58

Since the information on collective bargaining agreements and employee representation is not documented in our HCM system, we manually requested this data directly from the responsible People & Culture departments in each country, including both EEA and non-EEA countries. This approach provided us with comprehensive insights into the working conditions and terms of employment across our establishments.

S1-8-60-(a)

The percentage of Nordex employees covered by collective bargaining agreements is 83%. The following table summarizes the extent of employee representation under collective bargaining agreements. It includes the percentage of total employees covered for the EEA by country, and regional percentages outside the EEA. Additionally, it presents the global percentage of employees covered by workers' representatives, reported at the country level for each EEA country.

Overview about employee representation under collective bargaining agreements

S1-8-60-(b), S1-8-60-(c), S1-8-63-(a), S1-8-60-(b), S1-8-60-(c), S1-8-63-(a)

	Collective Bargaining Coverage		Social Dialogue
Coverage Rate	Employees – EEA	Employees – Non- EEA	Workplace representation (EEA only)
0-19%	Croatia, Estonia, Greece, Ireland, Lithuania, Poland, Portugal, Romania	Australia, Colombia, Pakistan, South Africa, Ukraine, United Kingdom, United States	Belgium, Croatia, Estonia, Greece, Ireland, Italy, Lithuania, Portugal, Romania
20-39%
40-59%			Poland
60-79%			Spain
80-100%	Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Spain, Sweden	Argentina, Brazil, Chile, China, India, Mexico, Peru, Serbia, Türkiye, Uruguay	Austria, Denmark, Finland, France, Germany Netherlands, Norway, Sweden

S1-8-63-(b)

The Nordex Group has established a framework for employee representation through the SE Forum (SEF), which serves as the equivalent of a European Works Council. The SEF holds extensive information rights and exercises these rights during biannual

Sustainability Statement Social

meetings and in response to any transnational changes. Management is obligated to provide comprehensive information on matters related to salaries, working conditions, organization, structure, and employment of Nordex Group employees throughout Europe, including the EU and the European Economic Area.

The SEF acts as the primary point of contact when local or national works councils have exhausted their information channels. Issues are escalated directly to the SEF, which liaises with the corporate level management, including the CEO, CFO, COO, and CSO, ensuring that employee concerns are addressed at the highest levels. This structure empowers the SEF to play a significant role in the dialogue between employees and management.

The SEF also emphasizes open and comprehensive information exchange among employee representatives, facilitated by established structures such as the Executive Committee.

The SEF representatives, who enjoy special protection against dismissal, are dedicated to addressing employee issues and ensuring that they are brought to the attention of top management. This framework not only supports employee representation but also fosters a collaborative and transparent working environment across the Nordex Group.

Diversity metrics

S1-9

Gender distribution in number and percentage at top management level S1-9-66-(a)

Number of employees (head count) at top management level		Percentage of employees at top management level
Gender	2024	Gender	2024
Female	9	Female	10%
Male	81	Male	90%
Other	0	Other	—
Not reported	0	Not reported	—

We disclose gender diversity metrics for our top management, defined by our internal graded management levels. The Management Levels III and IV reflecting these top management positions within our organization. These levels are not necessarily one or two layers below administrative and supervisory bodies. The numbers are reported in headcount and by end of 2024.

Distribution of employees by age group and gender S1-9-66-(b)

Gender	2024 (headcount)
Under 30 - Female	282
Under 30 - Male	2,020
Between 30 and 50 - Female	1,287
Between 30 and 50 - Male	5,670
Over 50 - Female	213
Over 50 - Male	933

Sustainability Statement Social

The gender distribution is calculated by dividing the total aggregated headcount female respectively male employees by the total headcount. The age distribution is calculated the total headcount of employees under 30 (29 or younger), employees between 30 and 50 (30 to 49), and employees aged 50 or above divided by the total headcount.

Adequate wages

S1-10

All employees are compensated with wages that are in accordance with the adequate wage standards set by Directive (EU) 2022/2041 in the EEA. Outside the EEA, it is based on existing legislation or benchmarks from recognized sources. Directive (EU) 2022/2041 references values like 60% of the gross median wage and 50% of the gross average wage, with data from the European Labor Force Survey. The lowest wage includes the basic wage plus fixed additional payments and is calculated separately for each country, except outside the EEA where it is defined at a sub-national level.

Social protection

S1-11

This chapter provides information of the coverage by social protection against loss of income due to major life events of the Nordex Group's employees.

Countries without employee social protection for sickness and retirement S1-11-74-(a) S1-11-74-(e)

All Nordex Group employees are covered by social protection, either through public programs or through benefits offered by the undertaking, against loss of income due to sickness and retirement.

Countries without employee social protection for unemployment S1-11-74-(b)

The following table provides a overview of the countries where Nordex Group employees lack social protection concerning unemployment from the start of their employment.

Location	2024
Croatia	12
India	1302
Mexico	74
Pakistan	38

Countries without employee social protection for employment injury and acquired disability S1-11-74-(c)

The following table provides the a overview of the number of employees who are not covered by social protection, through public programs or through benefits offered, against loss of income due to employment injury and acquired disability.

Location	2024
Australia	42

Countries without employee social protection for parental leave S1-11-74-(d)

The following table provides the a overview of the number of employees who are not covered by social protection, through public programs or through benefits offered, against loss of income due to parental leave.

Location	2024
Türkyie	387

We ensure that our employees are covered by social protection against loss of income due to major life events, including sickness, unemployment, employment injury, acquired disability, parental leave, and retirement. However, in Australia in the case of acquired disability no social protection is provided. This is also the case for the countries India, Croatia, Mexico, and Pakistan where Nordex does not provide a social protection in a case of unemployment. Türkyie is the only country where there is no parental leave for

Social

males possible. As with the previous section, we manually requested data on social protection coverage for employees from the responsible Human Resources departments in each country, including both EEA and non-EEA countries.

Persons with disabilities

S1-12, S1-12-77, S1-12-79

We report that 0.74% of our employees consists of persons with disabilities. The number of employees with disabilities was extracted from our central HCM system and divided by the total number of employees. Figures are as of 31/12/2024 and reported in headcount. This disclosure is made while adhering to legal restrictions on data collection. We are dedicated to fostering an inclusive environment and providing equal opportunities for all our employees.

Training and skills development metrics

This chapter provides information on the training and skill development of employees of the Nordex Group. Training records as well as performance review results (Compass dialogue) are stored centrally in our HCM system.

S1-13-83-(a)

We regularly track the percentage of employees who participate in performance and career development reviews (Compass dialogue).

Percentage of employees who participate in performance and career development reviews

Gender	2024
Male	68.39 %
Female	73.63 %
Other	—
Not reported	—

These reviews are a crucial part of our commitment to employee development, providing structured feedback and setting clear career progression paths. The number of employees who conducted evaluations was extracted from the HCM system for the reporting period (full year 2024) and divided by the average number of employees in 2024.

Average number of training hours per employee and by gender S1-13-83-(b)

Gender	2024
Male	61
Female	12
Other	—
Not reported	—

Training hours are defined as time spent on training and skills development. Training and skills development involves various methodologies such as on-site training, online courses, workshops, certification programs, educational opportunities, and pop-up courses. It does not include our trainee programs, the development of courses, or the time instructors spend teaching.

At Nordex, training hours per employee and by gender are calculated by dividing the total recorded training hours by the average number of employees in headcount for each gender. This calculation is based on the reporting period 2024 and includes all employees that were employed during that year.

Health and safety metrics

S1-14

This chapter provides information about the health and safety management system of the Nordex Group as well as the number of incidents associated with work-related injuries, ill health and fatalities of the Nordex Group's own workforce and other workers working on the Nordex Group's sites.

Social

Share of people covered by our health and safety management system S1-14-88-(a)

Own Workforce	2024
Employees	100 %
Non-employees	100 %

This data presents a detailed breakdown of the percentage of individuals within the Nordex Group's workforce who are covered by the company's health and safety management system. The coverage is assessed based on compliance with legal requirements and/or adherence to recognized standards or guidelines.

100 percent of our own workforce is covered by our Health and Safety management system, which is based on legal requirements. Additionally, 91.71% of our workforce are covered by our audited ISO 45001 management system.

All work-related incidents, occupational illnesses, near misses and unsafe conditions or behaviors are registered in Nordex's incident management system. Health and Safety related incidents can be fatalities, lost time injuries, medical treatments, restricted work injuries and first aid injuries.

Work-related fatalities

S1-14-88-(b)

Own Workforce	2024
Employees	0
Non-employees	0

The data shows detailed breakdown of the number of fatalities within the Nordex Group's workforce resulting from work-related injuries and work-related ill health. The number of fatalities is based on injury incidents reported in Nordex' reporting system resulting in death. Deaths occurring after the incident are included if they are a direct result of the incident.

Number of recordable work-related accidents for own workforce S1-14-88-(c)

Own Workforce	2024
Employees	132
Non-employees	49

The number of work-related accidents is the sum of lost time incident cases, restricted work cases, medical treatment cases, and fatalities. Work-related accidents arise from exposure to hazards at work. All non-work-related injuries and illness occurring at the workplace are excluded.

The total recordable incident rate (TRIR) is 4.18. It is calculated as number of all accident cases per million working hours. The calculation uses actual working hours registered and estimated hours worked by employees and subcontractors, considering site and country-specific regulations regarding weekly hours worked and holidays.

The number of cases of recordable work related ill health S1-14-88-(d)

Own Workforce	2024
Employees	3
Non-employees	0

The data provides detailed information on the number of reported cases of occupational diseases within the company. The data is categorized by employees and external workers, subject to legal restrictions on data collection. This data includes any abnormal condition or disorder caused by exposure to health hazards in the work environment associated with employment at Nordex, other than one resulting from an occupational injury. This includes both acute illnesses and chronic diseases.

Social

The number of days lost to work-related injuries and fatalities S1-14-88-(e)

Own Workforce	2024
Employees	813
Non-employees	814

This table provides a detailed breakdown of the number of days lost due to work-related injuries and fatalities, categorized by employees and non-employees within the organization's workforce. The data includes incidents from work-related accidents, workrelated ill health, and fatalities resulting from these health issues. The number of days lost based on incidents reported in Nordex reporting system, with one or more days of absence from work, including externally employed workers under Nordex supervision and include fatalities. This data is including the first full day and last day of absence, and including all calendar days of the period (e.g., incl. weekends and public holidays).

Entity-specific disclosure: Work-related injury rate per one million hours worked S1-14-88-(c)

Own workforce	2024
Employees	1.53
Non-employees	1.37
Total	1.45

The figures represent the lost time injury frequency (LTIF). It is calculated as number of occupational accidents per million working hours that result in lost workdays. The calculation uses actual working hours registered and estimated hours worked by employees and subcontractors, considering site and country-specific regulations regarding weekly hours worked and holidays. Since 2021, the LTIF rate has been part of the management's incentive program to promote "zero accidents". From 2023, internal reporting has been standardized using the HSE Scorecard, and HSE information is distributed to technicians via the Nordex Group learning management system.

Work-life balance metrics

S1-15

This chapter provides information on the Nordex Group's employees entitlement and actual practice to take family-related leave in a gender equitable manner.

In the reporting year the percentage of employees entitled to take family-related leave at the Nordex Group was 96.28%.

Share of employees entitled to take family related leave

The following table This table provides a detailed overview of the percentage of employees within the organization who are entitled to take family-related leave.

S1-15-93-(a)

2024
95.51 %
100.00 %
96.28 %

Share of entitled employees that took family-related leave S1-15-93-(b)

Gender	2024
Male	4.20 %
Female	4.04 %
Total	4.17 %

The information about which employees are entitled to take parental leave and the number of those employees who actually took it was requested from P&C in each

country. This data was analyzed by headcount and gender, covering the entire reporting period of 2024.

The ratio was calculated by dividing the number of employees who took parental leave by the total number entitled to it.

Remuneration metrics (pay gap and total remuneration) S1-16

This chapter provides information on remuneration at the Nordex Group including the gap in pay between female and male employees and the ratio between the remuneration of the highest paid individual and the median remuneration for the Nordex Group's employees.

Gender pay gap (expressed as a % of employees)

S1-16-97-(a) S1-16-97-(b), S1-16-97-(c)

Employee Category	2024
White Collar	9.73 %
Blue Collar	13.20 %
Manager	21.96 %
All employees	-9.26 %

The data represents an analysis of the gender pay gap within the Nordex Group. The gender pay gap is defined as the difference in average pay levels between female and male employees, expressed as a percentage of the average pay level of male employees. The Nordex Group has conducted a comprehensive gender pay gap analysis across all locations to understand the differences in remuneration between male and female employees. The unadjusted gender pay gap was calculated as the percentage difference between the average gross hourly total remuneration of male and female employees, divided by the average gross hourly total remuneration of male employees. All remuneration data was recalculated to Euros and adjusted to a 100% full-time equivalent basis. When comparing female and male employees, without considering any grades or job types, the analysis revealed that female employees earn 9.26% more than

male employees. Nevertheless, at the management level, male employees earn 21.96% more than female employees, 9.73% more in the white-collar category, and 13.20% more in the blue-collar category.

This apparent discrepancy arises because the Nordex Group has a comparatively small proportion of female employees, who are predominantly in higher wage groups. In contrast, the proportion of male employees in blue-collar positions is significantly higher. These positions are in lower wage groups or are, to a certain extent, located in countries with generally lower salary levels. Since the average is calculated across all wage levels, the metric for all employees (-9.26%) is correspondingly skewed.

Additionally, the Nordex Group has disclosed the annual total remuneration ratio of the highest-paid individual to the median annual total remuneration for all employees (excluding the highest-paid individual). This ratio is 36.97, providing insight into the pay structure and equity within the organization.

Currently, our job levels do not group employees based on job families, resulting in different kinds of jobs, from support functions to direct business areas, being included in one level. To address this, the Nordex Group is in the process of comparing its job structures against its goal to ensure that most jobs are structured and thus comparable. This will provide a clearer picture of the gender pay gap and help us address any imbalances. Our ongoing efforts aim to ensure that all employees are paid fairly and equitably, reflecting our commitment to transparency and fairness in remuneration practices.

Incidents, complaints and severe human rights impacts

S1-17, S1-17-103-(a) , S1-17-103-(b), S1-17-103-(c), S1-17-103-(d), S1-17-104-(a), S1-17-104-(b) This chapter provides information on work-related incidents, complaints, and severe human rights impacts within the Nordex Group's workforce, along with related fines, sanctions, or compensation.

During the reporting period:

• 28 cases of discrimination, including harassment, were reported.
• 118 complaints were filed through the company's channels for workforce members.
• There were no fines, penalties, or compensation resulting from the reported incidents and complaints.

The complaints were filed through the "notify!" whistleblower system, which allows employees to safely report suspected misconduct or maladministration.

There were no severe human rights incidents connected to the Nordex Group's workforce, and consequently, no fines, penalties, or compensation for such incidents.

We handle all discrimination incidents and complaints submitted within our organization through formal channels. In particular, the previously explained Notify! system, which ensures that every report or complaint is treated confidentially. Our grievance mechanisms ensure that employees can report any incident confidentially and safely.

Social

S2 Workers in the value chain

Category	Sub-topic	IRO	Scope
Positive Impacts		• /
Negative Impacts	Working conditions	• (P) Unintended support of exploitative practices like child labor, forced labor or poor working conditions by suppliers in high risk countries
	Working conditions	• (P) Creating unstable working conditions due to short-term orders, leading to excessive overtime and inadequate wages, primarily affecting workers in the upstream value chain
	Working conditions	• (P) Unsafe working conditions and inadequate safety due to insufficient training and temporary employment
	Working conditions	• (P) Restricting worker's rights in countries where freedom of association or collective agreements are restricted or prohibited
Risks	Working conditions	• Facing penalties due to noncompliance with legal due diligence obligations in areas such as minimum wages, equality, health and safety, as well as child and forced labor
	Working conditions	• Experiencing supply disruptions due to strikes or labor conflicts in the value chain, which are also medium-term risks affecting the upstream area
	Working conditions	• Increasing financial pressures and affecting long-term profitability due to rising wages in the supply chain
Opportunities	Equal treatment and opportunities for all	• Enhancing supply quality through knowledge transfer and close collaboration with suppliers can improve product quality and strengthen business relationships

(A) actual (P) potential

upstream own operations downstream short-term medium-term long-term

Social

General disclosures

This chapter provides information on material impacts on value chain workers connected with the Nordex Group's own operations and value chain, including through its products or services, as well as through its business relationships, and its related material risks and opportunities.

Interests and views of stakeholders

S2-ESRS 2 SBM-2-9

The Nordex Group is sourcing goods and services from suppliers which are partially in countries with increased risks. By this, the rights of its value chain workers could be unintentionally impacted by the Nordex Group by its purchasing and sourcing practices. During our DMA, the views of the supply chain workers and their interests were considered by proxies (cf. section Double Materiality Assessment Methodology). Via the GSCA risk assessment, which is applying the OECD due diligence approach, the key risks which are impacting the value chain workers were identified. However, further identification, categorization and interaction with the value chain workers did not take place.

The results of the GSCA risk assessment, as well as the role of the value chain workers and the Nordex Group's potential impact on them, are communicated to the Sourcing department management by the Human Rights & Environmental Officer (HREO). The Nordex Group's strategy and business model is not yet directly linked with the results.

Material impacts, risks and opportunities S2-ESRS 2 SBM-3

The measurement of impacts on value chain workers originates from the GSCA implementation processes. The HREO and GSCA risk managers in the Sourcing department check the appropriateness and tracking of preventive and remedial measures. The HREO conducts yearly internal audits of the GSCA implementation and reports to General Management regularly.

The four material impacts we have identified related to S2 all related to working conditions. They are connected to our business model as we source goods and services from suppliers in countries with increased risks. The HREO gives recommendations to the relevant departments, to further develop the appropriateness, efficiency, and resilience of the GSCA implementation, and the process-inherent implementation of the UN Guiding Principles on Business and Human Rights, and the OECD approach on due diligence. This aims to reduce the entry likelihood of the potential impacts. An adaption of the Nordex Group's strategy and business model is currently not foreseen.

We have not identified the relationship between material risks and opportunities arising from impacts on value chain workers and our strategy and business model, nor have we set or implemented relevant processes and procedures.

We understand that a worker in the value chain is an individual performing work in the value chain of the Nordex Group, regardless of the existence or nature of a contractual relationship with an entity of the Nordex Group. This can be construction site staff, either contracted by the Nordex Group entity, or by further companies, service technicians, and workers at suppliers, including production and logistics. The worker can be part of the upstream or downstream value chain and is or can be materially impacted by the activities of the Nordex Group, including impacts that are caused or contributed to by the Nordex Group, and impacts which are linked directly to the Nordex Group's own operations, products, or services.

Specifically, this includes:

• Workers on the sites of the Nordex Group but not part of our own workforce, including workers from companies not in a contractual relationship with Nordex.

• Workers in the upstream value chain involved in the extraction of metals or minerals, harvesting of commodities, refining, manufacturing, or other forms of processing, particularly in the mechanical engineering sector.

• Workers in the downstream value chain, including those in the logistics sector, service sector, and machine maintenance.

• Workers in the operations of a joint venture.
• Vulnerable groups such as trade unionists, who might be involved in the Nordex Group's supply chain, though there is no indication of actual impacts.

The Nordex Group did not track data related to value chain workers in 2024.

Regarding geographies or commodities for which there is a significant risk of child labor, forced labor, or compulsory labor among workers in the undertaking's value chain, we have conducted an analysis of the countries we source from. This analysis included the assessment of potential human rights risks in key sourcing countries such as China, India and Pakistan, where local laws and regulations may not fully address critical human rights considerations. Despite these increased regional risks, no concrete high-risks of forced or child labor were found within our supply chain.

We did not identify material positive impacts. Only potential negative impacts, which could be widespread or systematic, were identified. The material risk arising from impacts on value chain workers is potential supply disruption due to strikes or labor conflicts, a medium-term risk affecting the upstream area.

Impact, risk and opportunity management

Policies related to value chain workers

S2-1

This chapter provides an overview of our policies for identifying, assessing, managing, and remediating material IROs related to workers in the value chain. Although we do not have a dedicated formal policy specifically for engaging with value chain workers or providing remedies for human rights impacts, several existing policies encompass human and labor rights, which also include workers in the value chain. These policies incorporate processes and mechanisms to ensure compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises.

All documents listed below are publicly available on the Nordex Group's website and, where applicable, are included in supplier contracts, applying for all supplier globally.

• Code of Conduct for Contractors and Suppliers: This document outlines the company's expectations for its upstream and downstream suppliers and contractors regarding labor and human rights, environmental sustainability, and business ethics. For details, see section G1-7.

Relevant sustainability matters: Working conditions, Equal treatment and opportunities for all, other work-related rights.

• Human Rights Policy: The Human Rights Policy of the Nordex Group has the purpose to communicate to the Nordex Group, its employees, customers, suppliers, shareholders, and the communities where it operates, the ethical and social values we expect and seek to uphold. For details, see section S1-1.

Relevant sustainability matters: Working conditions, Equal treatment and opportunities for all.

Sustainability Statement Social

• QHSE Policy: This defines our commitment to ensuring the health and safety of employees and contractors up- and downstream the value chain. Following this, the Nordex Group has implemented a range of measures to prevent accidents and injuries, including training programs, safety audits, and risk assessments. Its implementation is supported by the ISO 14001 certification of the Nordex Group. The CEO is accountable for this policy. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matter: Working conditions.

• Diversity and Inclusion Policy: It includes the Nordex Group's values regarding diversity and inclusion in its workforce and is committed to creating a workplace that is free from discrimination and harassment. For details, see section S1-1.

Relevant sustainability matter: Equal treatment and opportunities for all

• German Supply Chain Act (GSCA) Policy Statement: It describes the methodology and implementation of the due diligence-based human rights and environmental risk management regarding the Nordex Group's own workforce and its upstream tier-1 and tier-2 suppliers. For details, see section S1-1.

Relevant sustainability matters: Working conditions, Equal treatment and opportunities for all, Other work-related rights

There were no cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises that involve value chain workers reported in the upstream and downstream value chain, that came to the appropriate knowledge of the Nordex Group.

Processes for engaging with value chain workers about impacts S2-2

We do not have a dedicated process for engaging with value chain workers about actual and potential impacts on them. However, there is regular exchange with key suppliers via the annual Supplier Conference. Also, regular checks of worker-related risks and public information regarding relevant supply chains are performed as part of the implementation of the GSCA risk assessments, as defined in the GSCA Policy Statement.

In addition to these activities, the Nordex Group engages with its stakeholders, including employees, suppliers, customers, and communities, to understand their concerns and expectations, via direct contact of the relevant staff of the Nordex Group, such as the Sourcing Managers, to use this feedback to inform our policies and decision-making processes.

Processes to remediate negative impacts and channels for value chain workers to raise concerns S2-3

This chapter provides information on the process in place to provide for or cooperate in the remediation of negative impacts on value chain workers, as well as channels available to raise concerns and have them addressed.

Remediation of actual violations against the human rights of value chain workers follows the GSCA implementation processes, as described in the GSCA Policy Statement. If a violation at a tier-1 supplier cannot be ended in the foreseeable future, we will develop and implement a plan to end or minimize the violation. For tier-n suppliers, we will conduct a risk analysis and develop a risk minimization concept if we gain substantiated knowledge of actual violations. All material negative impacts are covered by the GSCA implementation, which follows the OECD due diligence methodology and includes a multi-step risk analysis. This system applies risk prevention measures, such as training, and measures the effectiveness of these actions through subsequent risk assessments.

Sustainability Statement Social

The measurement of effectiveness of the measures is implemented in a processinherent way, that is: All supply chain entities which were subject to prevention and remediation measures enter into the subsequent year's risk assessment, where an improvement of the risk situation gets measured. In case of actual remediation, direct collaboration with the supply chain entity is foreseen. [For further details regarding the GSCA process and methodology, refer to the GSCA Policy Statement.]

With our whistleblower system "notify!", we have a specific channels for value chain workers to raise concerns. This is open to any compliance violation. Reports are validated, and investigations are conducted by Corporate Compliance or the Business Ethics Committee, depending on the nature of the violation. Measures are implemented to protect individuals and the company, with additional handling in accordance with the Nordex Group Rules of Procedure for the Complaints Procedure under the GSCA which is described in section G1-7. Further details on our whistleblowing scheme are provided in the respective sub-section of G1.

The notify-system is included in the Code of Conduct for Contractors and Suppliers to support its availability in the workplace. The Corporate Compliance department ensures proper and timely handling of concerns through a defined process for validation, investigation, and conclusion. Reports are handled confidentially, and whistleblowers are protected against retaliation. The Nordex Group does not assess how value chain workers are aware of or trust these structures or processes.

Taking action on material impacts on value chain workers S2-4

We address impacts on value chain workers by applying the due diligence and risk management approach outlined in the OECD Guidelines on Responsible Business Conduct, implemented through the GSCA. This includes analyzing human rights and environmental risks related to value chain workers and considering the potential contribution to these risks by high-risk suppliers. Prevention measures include mandatory e-learning trainings on human rights and environmental positions for high-risk suppliers, addressing all material negative impacts related to working conditions. [For

further details regarding the GSCA process and methodology, refer to the GSCA Policy Statement.]

We have not taken action to provide remedies for actual material impacts, as none were detected. Additionally, we have no initiatives aimed at delivering positive impacts for value chain workers. We track and assess the effectiveness of our actions, such as training, through process-inherent risk assessments, i.e. the risk assessment subsequent to the assessment that identified the training need focuses on analyzing improvements, to understand whether the training has had an impact.

We do not have any dedicated actions planned to address material risks and opportunities related to value chain workers, and correspondingly no linked effectiveness tracking. All material risks and negative impacts relate to working conditions. One identified opportunity relates to equal treatment and opportunities for all, but no dedicated action is planned to pursue this opportunity.

We take action to avoid causing or contributing to identified material negative impacts through GSCA-required prevention measures. No severe human rights issues or incidents connected to our value chain have been reported.

Resources allocated to manage material impacts include those available for GSCA management, as described in the GSCA Policy Statement. This includes resources in the Sourcing Department and the Human Rights & Environmental Officer overseeing GSCArelated risk assessments.

Sustainability Statement Social

Metrics and targets

S2-5

We have not yet set targets related to managing material negative impacts, advancing positive impacts, and to managing material risks and opportunities related to workers in the value chain. The Nordex Group does not track the effectiveness of its policies and actions in relation to the specific material impacts, risks and opportunities related to workers in the supply chain. Evaluation of the workers in the supply chain-related processes is done via the GSCA risk assessment, as described above. Training for highrisk suppliers is carried out as part of the inherent process.

We have not established a process to set targets, including direct engagement with workers in the value chain, their legitimate representatives, or credible proxies with insight into their situation.

S3 Affected Communities

Social

Category	Sub-topic	IRO		Scope
Positive Impacts		• /
Negative Impacts	Communities' economic, social and cultural rights		• (P) Disruption of local livelihoods is possible by land use changes, resource exploitation and displacement
	Communities' economic,		• (P) Degradation and biodiversity loss is possible and may threaten communities
	social and cultural rights
	Communities' economic, social and cultural rights		• (P) Restricted access to clean water is possible and may worsen living conditions due to high water use and pollution
	Communities' economic, social and cultural rights		• (P) Health and environmental harm arising from potential pollution caused by material extraction and transport
	Rights of indigenous people		• (P) Indigenous rights violations and increased socio-economic issues could arise from land use
Risks	Rights of indigenous people		• Production stops and delays in wind farms due to lack of consent from indigenous communities
Opportunities		• /
(A) actual (P) potential upstream short-term	own operations downstream medium-term		long-term

S3-1

General disclosures

Interests and views of stakeholders S3-ESRS 2 SBM-2-7

The views, interests, and rights of affected communities, including relevant activities and procedures, are considered and implemented on the level of the specific projects. This project level approach is part of the Nordex Group's business model.

Material impacts, risks and opportunities and their interaction with strategy and business model

S3-ESRS 2 SBM-3

This chapter provides information whether and how impacts, risks and opportunities originate from and their relationship to strategy and business model. whether all affected communities are included in the disclosure as well as disclosure of e.g. the nature of negative and positive impacts.

We have identified potential impacts on affected communities related to our strategy and business model as wind park installations and locations may trigger impacts on affected communities. However, as the Nordex Group is usually not owning the wind farms and installations, this trigger is currently not informing and contributing to adapting the Nordex Group's strategy and business model. This refers to all impacts identified related to topic S3, i.e. we have not identified any actual impacts.

The Nordex Group did not generally, i.e. on group level, analyze the types of communities which are subject to material impacts by its own operations or through its upstream and downstream value chain. All analysis is conducted on project level (see S3-ESRS 2 SBM-2-7). This approach is based on the business model of the Nordex Group. The view of the project level was considered in the IRO assessment by the participation and input of the project governance department.

In our DMA, we have not identified any material negative impacts that relate to individual incidents in the contexts we operate or have sourcing or other business relationships. Furthermore, only potential negative impacts that would be either widespread or systematic were identified in this process. We also did not identify any material positive impacts.

As a material risks for its business arising from impacts and dependencies on affected communities, the Nordex group did identify the risk of production stops and delays in wind farms due to lack of consent from indigenous communities.

The Nordex Group has neither identified specific groups nor developed an understanding of how affected communities with particular characteristics or those living in particular contexts, or those undertaking particular activities may be at greater risk of harm.

Impact, risk and opportunity management Policies related to affected communities

The Nordex Group has not set or implemented dedicated relevant policies, processes and measures to manage material impacts on affected communities, and associated material risks and opportunities. However, the Nordex Group's Human Rights Policy (cf section S1-1) adheres to the United Nations Guiding Principles on Business and Human Rights (UNGPs), the United Nations Universal Declaration of Human Rights, the International Labour Organisation's (ILO) core labor standards, to the ILO's Declaration on the Fundamental Principles and Rights at Work, and the principles outlined in the UN Global Compact. That is, the Nordex Group has no dedicated policy relating to affected communities, but references to external documents which have affected communities in scope.

Relevant sustainability matters: Communities' economic, social and cultural rights.

No cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises that involve affected communities have been reported in the Nordex Group's own operations or in its upstream and downstream value chain.

Processes for engaging with affected communities about impacts S3-2

We have not yet adopted a general process to engage with affected communities since we are usually not the land owners for the wind farms we install and stakeholder engagement, including FPIC, is typically conducted by our customers.

Processes to remediate negative impacts and channels for affected communities to raise concerns

S3-3

We do not yet have a general approach or dedicated processes for remediating negative impacts on affected communities or providing remedies for material negative impacts, as no actual negative impacts have been identified. If such impacts linked with affected communities occur, remediation would follow the relevant GSCA processes described in section S2 Workers in the value chain.

The Nordex Group has an online portal, part of the whistleblower system 'notify!', for affected communities to raise concerns directly. For details, see sections S2-3-27 and G1. This channel allows affected communities to raise concerns and have them addressed to remediate negative impacts.

We do not assess whether affected communities are aware of or trust these structures or processes. The whistleblowing policy (see ESRS G1-1) protects individuals using the system against retaliation.

Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions S3-4

We currently do not have specific policies, actions, or targets for managing material risks or opportunities related to affected communities, as no actual material impacts have been identified. Consequently, we have not implemented dedicated processes or procedures for mitigation, remediation, or tracking the effectiveness of such actions. No severe human rights issues or incidents connected to affected communities have been reported, and the Nordex Group has no dedicated resources allocated at the group level for managing material impacts on affected communities.

Metrics and targets

S3-5

We have not set targets for reducing negative impacts, advancing positive impacts, or managing material risks and opportunities related to affected communities. Consequently, we have not implemented relevant processes for setting these targets, tracking performance against them, or identifying lessons and improvements based on our performance.

Governance

Governance

G1 Business conduct

Sustainability Statement Governance

Category	Sub-topic	IRO		Scope	Category	Sub-topic	IRO		Scope
Positive Impacts	Corporate culture, Protection of whistle blowers		• (T) A strong corporate culture and whistleblower system enhance integrity, transparency, and accountability, reducing risks and improving governance.		Risks	Management of relationships with suppliers		• Late or delayed payments may weaken supplier relationships and affect supply reliability.
	Political engagement and lobbying activities		• (T) Advocacy for wind energy supports sustainability, economic growth, and emissions reduction.			Management of relationships with suppliers		• Dependency on specialized suppliers increases the risk of supply chain disruptions.
Negative Impacts	Protection of whistle blowers		• (P) Whistleblowers may face retaliation, discouraging reporting and reducing accountability.		Opportu nities	Management of relationships with suppliers		• Improving payment practices can strengthen supplier relationships and enhance supply chain stability.
			Corruption and bribery • (P) Corruption risks can harm governance, social progress, and environmental sustainability.			Management of relationships with suppliers		• Expanding the supplier base can reduce dependency and improve resilience.

(A) actual (P) potential

upstream own operations downstream

short-term medium-term long-term

Governance

Business conduct and corporate culture

At Nordex, responsible business conduct is fundamental to our operations and success. We are committed to ethical practices, compliance with relevant legislation, and adherence to international guidelines. Our corporate culture emphasizes integrity, transparency, and accountability, fostering a respectful and honest collaboration with all stakeholders. By embedding these principles in our business conduct, we aim to protect human rights, prevent corruption, and protect whistleblowers, ensuring sustainable success and maintaining the trust of our customers, shareholders, and business partners.

Impact, risk and opportunity management

Policies related to business conduct

G1-1-7

This section outlines our key policies and standards, demonstrating our commitment to high ethical standards and sustainable business success. All policies mentioned are applicable globally across all Nordex locations.

• Code of Conduct for Employees: The Code of Conduct is the foundation of our corporate culture, guiding lawful and ethical behavior for all Nordex Group employees worldwide. It serves as our ethical compass. The Code aligns with the United Nations Global Compact principles and is a cornerstone of our Compliance Management System. The Management Board is responsible for its implementation, ensuring that our core values are consistently upheld. The code is publicly available. [For further information, refer to our public website.]

Relevant sustainability matters: Corporate culture, Corruption and bribery

• Global Policy on Risk Management: Our Global Policy on Risk Management ensures effective risk identification, management, and mitigation to support Nordex Group's growth and stability, aligned with our corporate culture of responsible business practices. By proactively managing risks, we enhance our market competitiveness and business resilience. The policy defines the Risk Management process, which is regularly audited internally to ensure its effectiveness. The CFO, Head of QHSE, and Head of Risk Management are accountable for its implementation. The policy is not publicly accessible.

Relevant sustainability matter: Corporate culture

• Human Rights Policy: This policy sets out our commitment to respecting human rights in all our operations and business relationships. It covers issues such as forced labor, child labor, discrimination, and freedom of association, ensuring that we uphold high standards of human rights. The CEO and Chief People Officer are accountable for its implementation.The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matter: Corporate culture

• Whistleblower System Policy: This policy encourages a "speak-up" culture, allowing confidential and anonymous reporting of compliance violations to ensure protection for whistleblowers. The Management Board oversees its implementation, demonstrating our commitment to preventing and addressing wrongdoing. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matter: Protection of whistle-blowers

• Rules of Procedure for the complaints procedure pursuant to the German Supply Chain Act (GSCA): This policy outlines the complaints procedure for reporting risks or violations of human or environmental rights following the requirements of the German Supply Chain Act (GSCA). It ensures confidentiality and protection for whistleblowers, allowing them to report concerns without fear of retaliation. The Management Board is accountable for its implementation, and the policy is evaluated for effectiveness through regular audits. The policy is publicly available. [For further information, refer to our public website.]

Annual Integrated Report 2024

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information Sustainability Statement

Governance

Relevant sustainability matter: Protection of whistle-blowers

• Donations Guideline: This guideline aims to provide clear focus and transparency for our social engagement activities. It defines the principles and responsibilities involved in the donation process, ensuring that our contributions adhere to high legal and ethical standards. The Corporate Sustainability department reports to the Management Board annually. The guideline is not publicly accessible.

Relevant sustainability matter: Political engagement and lobbying activities

• Code of Conduct for Contractors and Suppliers: This Code outlines the ethical and compliance standards expected from all contractors and suppliers. It emphasizes integrity, adherence to laws and regulations, and respect for human rights and environmental standards. The policy covers business integrity, quality, health and safety, labor and human rights, working conditions, security forces, environmental management and compliance, conflict minerals, community and cultural heritage, societal contributions, and supply chain responsibilities. The Chief Procurement Officer is accountable for the Supplier Code of Conduct which applies to all supplier groups worldwide. The Nordex Group's Code of Conduct for Contractors and Suppliers states the strict adherence to the principles set out in the United Nations Universal Declaration of Human Rights, the United Nations Guiding Principles on Business and Human Rights, the International Labour Organisation's (ILO) core labor standards, and the ILO's Declaration on the Fundamental Principles and Rights at Work. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matters: Management of relationships with suppliers including payment practices, Corruption and bribery

• German Supply Chain Act (GSCA) Policy Statement: This policy underscores our commitment to human rights and environmental standards, adhering to international guidelines and legislation. It outlines our due diligence processes and governance structure to identify, mitigate, and prevent human rights and environmental violations. The Human Rights and Environmental Officer and the Management Board are accountable for its implementation. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matters: Management of relationships with suppliers including payment practices

• Conflict of Interest Company Standard: This standard extends our Code of Conduct, aiming to prevent, identify, and disclose conflicts of interest. It applies to all employees, managers, executives, and directors, ensuring that personal interests do not compromise the interests of the Nordex Group. The Business Ethics Committee oversees this standard, which is reviewed regularly to address any breaches or organizational changes. The policy is for internal purposes and not publicly available.

Relevant sustainability matter: Corporate culture

• Crime Prevention and Anti-Fraud Policy: This policy aims to prevent criminal offenses, fraudulent practices, and unethical behavior. It applies to all employees, managers, executives, directors, and related third parties, ensuring that we maintain the highest standards of integrity. The Management Board oversees its implementation, ensuring that any illegal or fraudulent acts are promptly addressed. The policy is publicly available. [For further information, refer to our public website.]

Relevant sustainability matter: Corruption and bribery

Our corporate culture

G1-7, G1-9

Our corporate culture is built on the values of integrity, respect, collegiality and ownership, as outlined in our Codes of Conduct referenced above. We have established a framework to develop, promote, and evaluate our corporate culture. Central to this framework are our corporate values, which are introduced to all new employees during their e-Onboarding process. This ensures that every team member, from the outset,

Sustainability Statement Governance

understands and aligns with our core principles. Furthermore, we emphasize the importance of mature leadership within our company. Through comprehensive leadership training programs, we equip our leaders with the skills and knowledge necessary to embody and disseminate these values throughout the organization. These programs are designed to foster a culture of continuous improvement and ethical behavior. To evaluate the effectiveness of our corporate culture initiatives, we regularly conduct surveys and feedback sessions, allowing us to make informed adjustments and enhancements. This approach focuses on a dynamic, inclusive corporate culture that is aligned with our strategic objectives.

Our leadership training programs are key to promoting our corporate culture. They focus on developing leadership qualities essential for promoting our values and principles across the organization. By investing in the growth and development of our leaders, we aim to ensure that our corporate culture is consistently reinforced at all levels of the company.

Whistleblower scheme

G1-1-10-(a)-(c)

To support our commitment to fostering a culture of transparency and non-retaliation, the Corporate Compliance department operates the Online portal - a web-based reporting platform of our Whistleblower System "Notify!". This platform can be accessed 24/7, 365 days a year from any device with an internet connection and is available in all company languages. The Online portal provides a secure and convenient way for employees and third parties to report any compliance violations related to the Nordex Group's business activities and authorized representatives.

We take every report of compliance violations related to the Nordex Group's business activities and authorized representatives seriously, and follow up on each report, based on the principles of trust, confidentiality, good faith, impartiality, and protection of both the whistleblower and the accused person. This approach shall encourage employees and third parties to report any violations they may observe, even anonymously if they choose to do so.

The Online portal is operated by the Corporate Compliance department according to a defined standard process for validation, investigation, and conclusion, which ensures a proper and timely handling of concerns. First, the information is validated in an objective and confidential manner to ensure sufficient understanding of the issue and to check the plausibility and the potential risks for the Nordex Group, its representatives, assets, and reputation. If required, immediate actions are taken to address any urgent threat situation. Corporate Compliance evaluates the case and report it to the Business Ethics Committee which, as a steering committee, determines whether an investigation is needed and the responsible function to be involved. The Business Ethics Committee supervises the investigations of all significant violations of laws and the Codes of Conduct. Once the investigation is concluded, the relevant function elaborates a final report including the adequate corrective and/or preventive measures and follow up defined in light of the confirmed compliance violations. Such measures can encompass disciplinary and/or legal actions.

All our activities and decisions are based on the ethical guidelines and principles included in the United Nations Global Compact, the OECD Guidelines for Multinational Enterprises and the Universal Declaration of Human Rights. At the time being, we do not have policies on anti-corruption and -bribery consistent with UNCC, however we have plans to implement them by the first trimester of 2025. In this sense, we are committed to the ethical guidelines and principles of UNGC and OECD and operate using resources in full awareness of our legal, social, environmental, and economic responsibilities.

Every single person has a role to play in promoting ethical behavior and fighting against criminal offenses, corruption, fraud, or human rights or environmental violations, among others, at all levels of society. Nordex Group employees, our business partners' employees and the general public can use the Online portal to point out any type of compliance violation of a law or an external or internal regulation related to the Nordex Group's business activities, and its authorized representatives, related to Nordex's own activities, and in the Nordex Group's supply chain.

We currently have in place three reporting channels: for Nordex Group Representatives, concerns can be raised either personally, by telephone or via e-mail to the compliance points of contact, the online portal – our web-based platform that can be accessed 24/7,

Sustainability Statement Governance

365 days a year from any computer with an internet connection. Available in all company languages and for any person inside or outside Nordex Group - and the Corporate Compliance Help Desk for a direct dialogue with the compliance department via telephone (weekdays from 9:00 a.m. to 5:00 p.m. (CET); outside this time period, it is possible to leave a voicemail). E-mail and written communication via our Postbox and email address is also possible.

To raise awareness for our whistleblower scheme, we regularly launch clear and concise communications at all levels of the organization. We have, for instance, displayed posters with QR codes linked to our Whistleblower system policy and reporting channels at various Nordex locations worldwide, including wind farms and offices. Furthermore, we offer two distinct instructor-led training programs and two e-learning programs. While both cover essential core topics, they are tailored to suit different audiences, ensuring a comprehensive and customized learning experience. We maintain regular records of completion rates and provide detailed reports to our management levels, ensuring transparency and accountability throughout the training process.

Reports can be submitted anonymously wherever this is not restricted by country-specific regulations. The whistleblower who reports in good faith will be protected from any threats of retaliatory measures and actions. No person shall suffer disadvantages due to information provided in good faith, with reasonable belief and not for the purpose of personal gain. Any form of retaliation, i.e. any direct or indirect act or omission which causes some kind of harm or detriment to the whistleblower, including all forms of harassment, discrimination and acts of vindictiveness such as dismissal, disciplinary actions, demoting, reducing salary, threats, or bullying, may lead to disciplinary and/or legal actions.

The Nordex Group stands for confidentiality at all levels. The identity of the whistleblower may only be disclosed by obligations imposed by court order, government, EU or national law. All personal data provided by the whistleblower and implicated persons is processed in accordance with the European General Data Protection Regulation (GDPR) and applicable local data protection regulations. The Nordex Group seeks to ensure that the identity of the reporting person is not disclosed to anyone beyond the authorized staff members competent to receive or follow up on reports, unless the explicit consent of that person is given. Any processing of personal data carried out pursuant to the EU Directive shall be carried out in accordance with Regulation (EU) 2016/679 and Directive (EU) 2016/680.

Regarding Directive (EU) 2019/1937, we will explicitly incorporate it into our Whistleblower System (WBS) policy during the 2025 revision. While the directive is not currently mentioned explicitly, its requirements have already been implemented. We comply with the German "Hinweisgeberschutzgesetz," which is detailed in section 6 of our whistleblower system policy under Governing Principles: Confidentiality and Anonymity.

The whistleblower system is managed exclusively by the Corporate Compliance department. The team members responsible for handling reports received through the system are committed to staying informed and enhancing their professional skills in managing whistleblower cases. This is achieved through participation in various external training programs, courses, seminars, events, conferences, and certifications.

Business conduct training

G1-1-10-(g)-(h), G1-3-21-(a)-(c)

Under the prevention pillar of our Compliance Management System, we offer trainings on compliance policies and regulations. Through this element we aim to continuously raise awareness on the prevention of bribery and corruption, conflict of interest management and ethical conduct of our business partners. We regularly conduct riskbased trainings at all levels of the organization, including two distinct instructor-led training programs twice per month, two online training programs and compliance country visits.

The Compliance e-Onboarding holds a mandatory status for all new employees worldwide. The sessions are conducted twice a month via Teams, each lasting a concise 45 minutes, with the primary language of instruction being English. The curriculum of this training encompasses a range of topics, including the following:

• Understanding the Compliance function and its key elements

• Navigating our Code of Conduct for Employees
• Comprehending Compliance regulations related to Gifts and Hospitality, Conflict of Interest, and the fight against Corruption
• Familiarization with our Whistleblower System "notify!"

The Compliance Induction for Managers is a mandatory training program designed exclusively for Nordex Group Managers worldwide. The core objective of this program is to equip our managers with the essential knowledge and responsibilities required to prevent corruption and unethical conduct. Additionally, it fosters a strong awareness of their pivotal role in setting the "Tone from the Top" within our company. This one-hourtraining is conducted in English and twice per month via Teams. Following each session, participation is recorded, and we provide a straightforward evaluation of completion rates as part of our reporting to Management Levels. Key training topics include the following:

• Comprehensive understanding of compliance regulations, encompassing Gifts and Hospitality, Conflict of Interest and the fight against Corruption
• Analysis of business activities which require the involvement of Compliance staff
• Clarification of managerial responsibilities pertaining to compliance
• Fostering awareness and establishing the desired "Tone from the Top"

The online trainings Prevention of Bribery and Corruption (PBAC) and Code of Conduct are mandatory for all Nordex Group employees worldwide, including both white-collar employees and blue-collar service technicians and commissioners. The e-learnings are available in all Nordex languages and must be completed every two years. The trainings provide crucial information on topics such as the following:

• Recognizing bribery and corruption
• Handling gifts and hospitality
• Conflict of interest management and making decisions in the best interest of company instead of personal advantages
• The reporting via our Whistleblower System "notify!"

All Nordex employees are required to complete the online and instructor led trainings without exceptions. We keep record of all the employees that have completed the trainings and report the monthly statistics of completion for all employees with system access and no system access to the Business Ethics Committee and Management Board. For functions that are at higher risk of corruption and bribery due to their direct contact with third parties and the selection of business partners - the Service, Sourcing, and Sales departments - we ensure that 100% of the employees are covered by our training programs. Supervisory bodies also receive regular online training on anti-corruption aims to ensure they are well-equipped to oversee and enforce compliance within their respective areas.

The Compliance Country Visits initiative, which was launched in April 2023, serves as an additional platform to spread information on compliance and ethical behavior throughout the Nordex Group. During country visits we informed about the meaning of compliance, the compliance team, our recent activities, real-life scenarios of compliance violations and how to report suspected compliance breaches via our whistleblower system "notify!".

Management of relationships with suppliers G1-2

Our approach to supplier relationships is focused on building long-term partnerships based on mutual trust, respect, and shared values. We recognize that our suppliers play a critical role in our success, and we are committed to working collaboratively with them to achieve our sustainability goals. This involves promoting sustainable practices throughout our supply chain and working with our suppliers to reduce their environmental and social impact and improve their overall sustainability performance.

Governance

To manage negative impacts as well as risks related to our supply chain, we work closely with our suppliers to address any issues (actual and potential), as outlined in our Policy Statement Pursuant to the German Supply Chain Due Diligence Act (GSCA) - cf section on business conduct policies. Furthermore, we aim to implement a supplier management system in 2025 that will cover supplier assessments, audits, and ongoing monitoring activities.

While social and environmental criteria are part of the "Request for Information (RFI)" process, they are not decisive in the final supplier selection. However, we are continuously working towards integrating these criteria more comprehensively into our sourcing process to ensure alignment with our sustainability commitments.

We do not have a policy that specifically covers the prevention of late payments to suppliers.

Prevention and detection of corruption and bribery

G1-1-10-(e), G1-3

We have established procedures to investigate business conduct incidents, including corruption and bribery, promptly, independently, and objectively. We uphold a zerotolerance policy for all forms of corruption, recognizing it as the abuse of entrusted power for private gain, with bribery being the most common form. Any active or passive bribe aimed at influencing or receiving a benefit for the Nordex Group, its employees, or third parties is strictly prohibited. This includes illegal contributions to public officials and candidates for political parties and organizations. Our Compliance Management System is designed to promote corruption risk awareness and integrity, preventing possible compliance violations related to any form of corruption. We are committed to uncovering and addressing legal violations, investigating suspected breaches, and intervening immediately when necessary. Corruption risks are systematically reviewed across all company activities, supported by general and specific risk-based training to enhance awareness. Facilitation payments are strictly prohibited unless there is an imminent risk to personal freedoms, health, or life, in which case the incident must be reported and documented. Our procedures aims to ensure that all donations and sponsorships are

carefully assessed and approved by the appropriate departments. We also maintain vigilance for red flags such as personal commissions, excessive purchases from suppliers without business need, acceptance of poor-quality goods or services, and invoices with extra fees or unmatched outputs. Through these measures, we aim to ensure that our investigations into business conduct incidents are thorough, impartial, and aligned with our commitment to ethical business practices.

The Nordex Group enforces a zero-tolerance policy for all forms of corruption, strictly prohibiting any active or passive bribery, illegal contributions, and facilitation payments. Our Compliance Management System promotes awareness and integrity, aiming to prevent, detect, and address corruption through regular risk-based training and thorough reviews of company activities. All employees and associates are responsible for preventing corruption, and any attempts at bribery must be refused and reported immediately. Our whistleblower system "notify!" is open to any type of compliance violation, Including and not limited to cases related to bribery and corruption. For measures and procedures that are in place, please refer to the section on our whistleblower scheme.

We ensure compliance with trade sanctions and carefully assess donations and sponsorships to maintain ethical standards. The Nordex Group is committed to compliance, integrity, and ethical behavior, as outlined in the Nordex Group Code of Conduct for Employees.

Our Compliance Management System successfully promotes corruption risk awareness and integrity. This includes the prevention of possible misconduct and violations with regard to any form of corruption. Our aim is also to uncover and put an end to legal violations, to investigate suspected breaches in this regard and, if necessary, intervene immediately. Corruption risks are addressed when reviewing all the Nordex Group's company activities, and general and specific risk-based training is carried out in order to increase awareness. For detailed information, refer to the section on business conduct training.

Sustainability Statement

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

Governance

G1-3-18-(b), G1-3-18-(c)

Please refer to section G1-1-10-(a) for a detailed description of the role of the investigators and steering committee. Our Chief Compliance Officer reports on a regular basis to the Business Ethics Committee, the Management Board, the Supervisory Board and the German Workers Council, about the reports received and their status and resolution. All reporting information, including any information retained for statistical purposes, is made anonymous.

When reporting to the Business Ethics Committees and Management Board every month, Corporate Compliance is responsible for ensuring that every report received is kept in an accurate, current and confidential manner, same applies when reporting to the Supervisory Board twice a year and German Workers Council on a quarterly basis. All the activities conducted within the investigation process are reflected in an appropriate written document including a clear justification of the decisions taken.

Metrics and targets

Incidents of corruption or bribery

G1-4

During the reporting period, our company recorded no convictions, and there were no fines imposed for violations of anti-corruption and anti-bribery laws. This outcome underscores our adherence to legal and regulatory standards in our operations.

Regarding actions taken to address breaches in procedures and standards of anticorruption, it is important to note that the presumption of innocence applies. This means that no negative consequences will be imposed on anyone without sufficient evidence and the opportunity for clarification of facts and to defend oneself. Any action taken will be within an appropriate professional framework, in accordance with relevant legislation and internal works council agreements, where applicable.

Detailed information on incidents involving actors in the value chain, where Nordex or our employees are directly involved, is covered by the Notify! system, which has been introduced in the beginning of the section G1.

Political influence and lobbying activities

G1-5

As an international company active in manufacturing, installing, and servicing wind turbines, our business activities and projects are affected by several political and regulatory activities and decisions. Therefore, the Nordex Group represents and advocates for its interests with the respective stakeholders, either directly or through its engagement with sector-specific trade associations. This includes the following topics:

• Nordex strives for an expansion of renewables deployment, with a focus on onshore wind. Nordex advocates for an ambitious climate and renewable policy.

Relevant sustainability matter: Climate change mitigation

• Nordex advocates for good regulation, bridging the requirements of climate change, environmental protection, society, and industry. This includes a pragmatic approach to regulation that is not overburdening the manufacturing industry with bureaucracy and not negatively impacting competitiveness, while at the same time keeping the climate, environment, and society agenda.

Relevant sustainability matter: Climate change mitigation

We manage our lobbying activities at a regional level, with global coordination at our head office. This means that advocacy work within the respective national / regional trade associations and with regional, national and local stakeholders is covered by the respective national or regional units of Nordex. Lobbying activities that concern corporate, international and supranational aspects are covered by a coordinating senior staff function (Global Public Affairs) which is reporting directly to the CEO. This function also coordinates global and regional lobby activities. The Management of Nordex is informed about the lobbying activities on a regular basis and engages in advocacy activities, through associations and as well as bi- and multilateral meetings. The Supervisory Board is informed in the context of the respective topics.

Sustainability Statement Governance

When it comes to financial assistance and political contributions, the Nordex Group has established a Group-wide Donations Policy (cf. section Business conduct policies) that, among other topics, prohibits political donations and financial assistance to political parties or candidates seeking public office. The Nordex Group is registered in the EU Transparency Register (No. 284199650786-87) as well as in the German Transparency Register (No. R004917).

In the current reporting period (2024), we have not appointed any members to the administrative, management, or supervisory bodies at Nordex who held a comparable position in public administration (including regulators) in the 2 years preceding their appointment.

Payment practices

G1-6

This chapter provides information on the contractual payment terms and the performance with regard to payment. On average, the Nordex Group takes 65.32 days to pay an invoice. This is calculated starting from the recording of the invoice to the actual payment and weighted by the individual paid amount.

Generally, the Nordex Groups uses payment terms from 0 to 180 days. The most common payment terms are 30EOM5, 45EOM5 and 60EOM5. The term 30EOM5 implies a payment term of 30 days, with payment due on the 5th of the following month. The payment terms depend on individual negotiations.

In 2024, 80.41% of the payments were paid earlier or on time considering our weekly payment cycle (the percentage would be considerably lower if we excluded the payment cycle logic). The remaining 20% were paid later than contractually agreed, e.g. due to ongoing quality checks or other outstanding alignments with suppliers. In total, Nordex paid overall on weighted average by one day late. Our payment behavior is not influenced by any type of supplier, we neither differentiate on supplier location nor supplier size.

There are currently no legal proceedings for late payment outstanding against the Nordex Group. The Nordex Group has no specific sourcing policy related to the size of supplier.

This data is based on invoice data from our ERP system. However, due to the integration of a new ERP system, the detailed data from India necessary for this analysis is only available until October 2024. Hence, the Q4 data was extrapolated based on the actual spend in India. Furthermore, the potential inaccuracy due to the extrapolation is insignificant due to only Q4 missing and India's spend being only comparatively low in relation to the global spend. Similarly, due to the ERP system integration and the resulting partially lack of data for 2024, Brazil has been omitted from the analysis. The sourcing strategy in both India and Brazil aligns with the global approach; thus, we do not anticipate significant impacts on the overall data.

Remuneration report

Remuneration report

This remuneration report presents the components and effects of the remuneration logic and outlines the individual amounts of remuneration paid to the Management Board and Supervisory Board.

Detailed information concerning the remuneration systems for the Management and Supervisory Board members of Nordex SE may be found on the Company's website (https://ir.nordex-online.com/websites/Nordex/German/6000/corporate-governance.html).

Guidelines and principles of the remuneration system for the Management Board of Nordex SE

Nordex SE's corporate strategy is aimed at creating a competitive and global company with long-term sustainable and positive future prospects — with innovative products, decarbonization of the economy shall be promoted and a significant contribution to the fight against climate change shall be made. These strategic objectives are aimed at successfully developing Nordex SE, i.e. consolidating the Company's competitive global positioning and thus enhancing its value for its shareholders in the long term. The success of this development is measured using financial and non-financial performance criteria and is also considered accordingly in the remuneration system for the Company's Management Board members (in the following referred to as the remuneration system). Remuneration systems are corporate management tools. The Supervisory Board of Nordex SE is convinced that a suitably designed remuneration structure will provide effective incentives for the Management Board members to successfully implement the Company's corporate strategy. Therefore, the remuneration paid to Nordex SE's members of the Management Board includes variable components which reward achieving the targets set and which are reduced accordingly if the targets are not met and may even cease entirely in certain circumstances. This establishes a clear link between corporate success and remuneration.

The operational and strategic corporate planning reflects the implementation of the Company's corporate structure. This corporate planning thus documents the envisaged short- and medium-term development of the Nordex Group. For their part, the variable remuneration components depend, in particular, on the share price trend and the achievement of demanding performance criteria which are determined on the basis of the Company's corporate planning. Through this structure, the Company's remuneration system promotes its business strategy as well as its long-term development.

The following principles in particular are considered when determining the remuneration of the Management Board:

Remuneration of the members of the Management Board Management Board remuneration in the 2024 financial year

The remuneration system, which was approved in 2021 with a 99.37% majority at the Annual General Meeting of Nordex SE, applies for all service contracts newly concluded or extended after 5 May 2021. The service contracts of the members of the Management Board were adjusted to the new remuneration system in financial year 2022, specifically that of Dr. Ilya Hartmann effective 1 July 2022, and those of Mr. José Luis Blanco and Mr. Patxi Landa effective 1 January 2023. Since Management Board remuneration in the 2024 financial year contains elements of the old and the new remuneration system, this year's remuneration report provides information on both remuneration systems. Detailed information on the new remuneration system may be found on Nordex's website (https://ir.nordex-online.com/websites/Nordex/English/6000/ corporate-governance.html).

The remuneration of the Management Board comprises non-performance-related (fixed) and performance-related (variable) remuneration components. The latter reflect the Company's business performance in a given year as well as its long-term business performance. The fixed, non-performance-related remuneration comprises the annual base salary plus fringe benefits. The short-term variable remuneration (bonus) and the long-term variable remuneration (Performance Share Unit Plan, in the following also referred to as PSUP) will be granted on a performance-related and therefore variable basis.

Under Section 162 (1) sentence 1 of the German Stock Corporation Act (AktG), the Management and Supervisory Boards of a listed company are obliged to prepare an annual report on the remuneration awarded and due in the previous financial year to the current and former members of the Management and Supervisory Boards. The following is a clear and easily understandable overview of the remuneration awarded, i.e. all benefits paid to members of the Management and Supervisory Boards who discharged the functions serving as the basis for their remuneration throughout the 2024 financial year.

The remuneration report for financial year 2023 was approved by the Annual General Meeting on 23 April 2024 by a majority of 86.32%. Due to the high level of approval, no significant adjustments to its contents and structure were necessary.

Determination of the remuneration of the Management Board for the 2024 financial year

Target remuneration and remuneration structure

In determining the remuneration of the Management Board, the Supervisory Board is guided by the market position of Nordex SE – in particular, with regard to its sector, size (revenues, number of employees worldwide and market capitalization), country (headquarters location and reach of operations) – and the structure and amount of management remuneration at comparable companies as well as internal salary structures. The function and area of responsibility of the individual members of the Management Board are further criteria. In addition, in determining the amount of the total target remuneration the Supervisory Board has ensured that the proportion of the long-term variable remuneration exceeds that of the short-term variable remuneration. This approach fulfills the requirements of the German Stock Corporation Act and the provisions of the German Corporate Governance Code, as amended on 28 April 2022 (GCGC).

Fixed remuneration in the 2024 financial year

The fixed remuneration comprises an annual base salary paid out in equal monthly installments and fringe benefits customary in the market. These include the provision of a company car, which may also be used privately, and the payment of insurance premiums for invalidity and death coverage, and allowances for health and nursing care insurance.

The Company has also taken out a D&O insurance policy which also covers the service of the Management Board members. In accordance with the provisions of the German Stock Corporation Act, the policy stipulates a deductible.

Variable remuneration in the 2024 financial year

The variable remuneration components reflect the achievement of annual targets as well as the Company's long-term performance. The short-term variable remuneration (bonus) and the long-term variable remuneration (PSUP) incentivize the performance of the Management Board members from a variety of different perspectives, over assessment periods of varying duration and while taking various performance criteria into consideration.

The achievement of short-term operational targets is of primary significance for the selection of the performance criteria for the bonus. On the one hand, the PSUP focuses on the performance of Nordex SE shares (in the following also referred to as Nordex shares) by comparison with the capital market. Among other criteria, this evaluates the capital market's assessment of Nordex SE's strategic orientation and its implementation by the Management Board. On the other hand, since the redesign of the service contracts, the PSUP has also been dependent on ESG targets, namely achieving a proportion of women of 25% at management levels M1 to M4 and the reduction of (Scope 1 and Scope 2) GHG emissions. This target has been derived from the goals of our sustainability strategy. Including these ESG targets meets the requirements of the new remuneration system.

The performance criteria on which the variable remuneration is based in financial year 2024 and their strategic relevance are shown in the following table:

		Performance Share Unit
Performance criteria	Bonus	Plan	Strategic relevance
EBITDA less CAPEX in EUR million	x		Reviewing the development of profitability of the operating business
Working capital ratio	x		Ensuring efficient use of capital in the operating business
Relative total shareholder return		x	Long-term development of enterprise value compared with the capital market
Quality of order intake1	x		Ensuring target profitability of projects in order intake to secure future profitability
Occupational safety, health and environmental protection2	x		Protecting and promoting employees by ensuring occupational safety
Quality costs and technology management costs3	x		Promoting customer satisfaction through quality assurance
Proportion of women in management positions in the Nordex Group4		x	Achieve a minimum of 25% female representation at management levels M1 to M4 in line with the Nordex Group's sustainability strategy
Reduction of GHG emissions5		x	Reduction of (Scope 1 and Scope 2) GHG emissions in line with the Nordex Group's sustainability strategy

1 Gross contribution margin of order intake in EUR million.

2 Frequency of lost-time incidents in relation to total hours worked (lost-time incident frequency).

3 Cost of quality deviations and technology management measured as a percentage of total sale.

4 All management positions are evaluated with MERCER according to the IPE (International Position Evaluation) methodology.

5 Derived from the Science-based Targets (SBT) submitted by the Company in line with the 1.5 degree target to achieve the goals of the Paris Agreement.

Short-term variable remuneration (bonus)

An individual target amount is defined in the service contract of each Management Board member. The degree of target achievement is determined on the basis of financial and non-financial performance criteria.

The Supervisory Board individually determines these performance criteria on an annual basis for each Management Board member. The respective degree of target achievement is established at the end of the financial year. For financial year 2024, the Supervisory Board has defined the following performance criteria and weightings for the members of the Management Board:

Targets for short-term variable remuneration (bonus)

0% - 200% target achievement

The performance criteria are determined by the Supervisory Board at the beginning of each financial year.

Weighting of performance criteria	José Luis Blanco	Patxi Landa	Dr. Ilya Hartmann
EBITDA less CAPEX in EUR million	50%	50%	50%
Working capital ratio	20%	20%	30%
Quality of order intake1	20%	30%	20%
Occupational safety, health and environmental protection2	5%	–	–
Quality costs and technology management costs3	5%	–	–

1 Gross contribution margin of order intake in EUR million.

2 Frequency of lost-time incidents in relation to total hours worked (lost-time incident frequency).

3 Cost of quality deviations and technology management measured as a percentage of total sale.

Targets are derived from corporate planning, thus ensuring consistency with corporate strategy.

For all of the performance criteria, the possible degrees of target achievement are between 0% and 200%. A targeted range will be defined for each performance criterion. If the target value is reached, the degree of target achievement is 100% in each case; if the value falls below the minimum value, the degree of target achievement is 0%. The degree of target achievement is limited to 200% if the maximum value is matched or exceeded. Intermediate values are subject to linear interpolation.

Short-term variable remuneration (bonus) – target corridor

The degree of overall target achievement for a financial year is determined while taking into account each individual target achievement level and the weighting of the performance criteria. The bonus amount will be calculated on the basis of the specified target amount, with reference to the degree of overall target achievement. The payout amount is capped at 200% of the target amount.

The resulting individual remuneration corridor for the bonus for financial year 2024 is as follows:

	Minimum	Target	Maximum amount (200% of the target
EUR	amount	amount	amount)
José Luis Blanco	0	620,000	1,240,000
Patxi Landa	0	370,000	740,000
Dr. Ilya Hartmann	0	370,000	740,000

The following table shows the individual target achievement for the 2024 bonus.

Target achievement in %	José Luis Blanco	Patxi Landa	Dr. Ilya Hartmann
EBITDA less CAPEX in EUR million	143.74 %	143.74 %	143.74 %
Working capital ratio	79.50 %	79.50 %	79.50 %
Quality of order intake	192.01 %	192.01 %	192.01 %
Occupational safety, health and environmental protection	25.00 %	–	–
Quality costs and technology management costs	200.00 %	–	–
Overall level of target achievement	137.42 %	145.37 %	134.12 %

Long-term variable remuneration (PSUP)

The long-term variable remuneration component is a Performance Share Unit Plan (PSUP) which is based on phantom shares.

2021 – 2024 tranche

Dr. Ilya Hartmann was issued a tranche in 2021 with a performance period from 2021 to 2024, which is described in more detail below.

Long-term variable remuneration – 2021 – 2024 tranche

50% – 200% target achievement

The number of PSUs for a tranche that is decisive for payout amount depends on a share price-based target.

An individual target amount has been agreed with Dr. Ilya Hartmann. This amount is converted into performance share units (in the following also referred to as PSU). To do so, the target amount is divided by the average closing price of Nordex shares on the last 20 trading days prior to the start of the assessment period (in the following also referred to respectively as the initial number and the performance period).

The performance criterion is a comparison of the performance of the "relative total shareholder return" (in the following also referred to as RTSR) of Nordex shares with the arithmetic mean of the performance of the DAX, MDAX and TecDAX benchmark indices. The level of target achievement for Dr. Ilya Hartmann is calculated over a four-year performance period, starting on 1 January of the year of allocation.

Long-term variable remuneration (PSUP) – 2021 – 2024 tranche – RTSR trend corridor

A minimum of -50% and a maximum of +50% have been defined as the targeted range. An RTSR performance in line with the benchmark indices will represent a 100% target achievement level. If the benchmark indices are exceeded by 50% or more, this will represent a 200% target achievement level. If the trend for the RTSR of Nordex SE lags behind the RTSR trend for the benchmark indices by 50% or more, a 50% level of target achievement is assumed. Intermediate values are subject to linear interpolation.

The final number of PSUs is calculated by multiplying the initial number by the level of target achievement. This is multiplied by the average closing price of Nordex shares on the last 20 trading days prior to the end of the performance period to determine the payout amount. The PSUP payout amount is capped at 300% of the individual target amount. The amount will be paid out in cash as of the Management Board member's salary statement for the first month after the Annual General Meeting for the financial year following the end of the performance period.

Dr. Ilya Hartmann is required to hold shares valued at no less than 33% of his payout after tax and social security contributions for a period of at least one year.

Target achievement for the 2021 – 2024 Tranche

The target achievement for the PSUP tranche issued in 2021 is as follows:

EUR	Target amount	Average closing share price of Nordex shares prior to the start of the performan ce period	Initial number of PSUs	Target achieveme nt	Final number PSUs	Average closing share price of Nordex shares prior to the end of the performan ce period
Members of the Management Board in office as of 31 December 2024
José Luis Blanco	–	–	–	–	–	–
Patxi Landa	–	–	–	–	–	–
Dr. Ilya Hartmann	200,000	20.16	9,921	50 %	4,961	11.48

2022 – 2024 tranche

The 2022 - 2024 tranche of the PSUP for Mr. José Luis Blanco and Mr. Patxi Landa was issued before the service contracts were adapted to the new remuneration system and is described in more detail below. By way of derogation from this, Dr. Ilya Hartmann was issued a tranche in 2022 based on the new remuneration system with a performance period from 2022 to 2025. Information on this tranche will be provided in the remuneration report for financial year 2025.

Long-term variable remuneration – 2022 – 2024 tranche 50% - 200% target achievement

The number of PSUs for a tranche that is decisive for payout amount depends on a share price-based target.

An individual target amount has been agreed with the members of the Management Board. This amount is converted into performance share units (in the following also referred to as PSU). To do so, the target amount is divided by the average closing price of Nordex shares on the last 20 trading days prior to the start of the assessment period (in the following also referred to respectively as the initial number and the performance period).

The performance criterion is a comparison of the performance of the "relative total shareholder return" (in the following also referred to as RTSR) of Nordex shares with the arithmetic mean of the performance of the DAX, MDAX and TecDAX benchmark indices. The level of target achievement for Mr. José Luis Blanco and Mr. Patxi Landa is calculated over a three-year performance period, starting on 1 January of the year of allocation in each case.

Long-term variable remuneration (PSUP) – 2022 – 2024 tranche – RTSR trend corridor

A minimum of -50% and a maximum of +50% have been defined as the targeted range. An RTSR performance in line with the benchmark indices will represent a 100% target achievement level. If the benchmark indices are exceeded by 50% or more, this will represent a 200% target achievement level. If the trend for the RTSR of Nordex SE lags behind the RTSR trend for the benchmark indices by 50% or more, a 50% level of target achievement is assumed. Intermediate values are subject to linear interpolation.

The final number of PSUs is calculated by multiplying the initial number by the level of target achievement. This is multiplied by the average closing price of Nordex shares on the last 20 trading days prior to the end of the performance period to determine the payout amount. The PSUP payout amount is capped at 300% of the individual target amount. The amount will be paid out in cash as of the Management Board member's salary statement for the first month after the Annual General Meeting for the financial year following the end of the performance period.

The Management Board members participating in the 2022 –2024 tranche are obliged to hold shares worth at least 33% of their remaining payout amount after tax and social security deductions for a period of at least two years.

Target achievement for the 2022 – 2024 Tranche

The target achievement for the PSUP tranche issued in 2022 is as follows:

EUR	Target amount	Average closing share price of Nordex shares prior to the start of the performan ce period	Initial number of PSUs	Target achieve ment	Final number PSUs	Average closing share price of Nordex shares prior to the end of the performan ce period
Members of the Management Board in office as of 31 December 2024
José Luis Blanco	420,000	14.50	28,966	80.25%	23,245	11.48
Patxi Landa	250,000	14.50	17,241	80.25%	13,836	11.48
Dr. Ilya Hartmann	–	–	–	–	–	–

2024 – 2027 tranche

In financial year 2024, PSUs were granted to Mr. José Luis Blanco, Mr. Patxi Landa and Dr. Ilya Hartmann, the terms of which correspond to the new remuneration system.

The 2024 – 2027 tranche is structured as follows:

Long-term variable remuneration – 2024 – 2027 tranche

Long-term variable remuneration – 2024 – 2027 tranche – RTSR trend corridor

An individual target amount, which is converted into PSUs, has been agreed with the members of the Management Board. For this purpose, the target amount is divided by the average closing price of Nordex shares on the last 20 trading days prior to the start of the performance period (in the following also referred to as initial number).

Performance is determined based on two criteria. The first performance criterion (weighting: 80%) is a comparison of the performance of Nordex shares' RTSR with the arithmetic mean of the performance of the DAX, MDAX and TecDAX benchmark indices. The level of target achievement is calculated over a four-year performance period, starting on 1 January of the year of allocation. An RTSR performance in line with the benchmark indices will represent a 100% target achievement level. If the benchmark indices are exceeded by 50% or more, this will represent a 200% target achievement level. If the trend for the RTSR of Nordex SE lags behind the RTSR trend for the benchmark indices by 50% or more, a 0% level of target achievement is assumed. Intermediate values are subject to linear interpolation.

The reduction of (Scope 1 and Scope 2) GHG emissions by 21% within the performance period, i.e. by the end of 2027, was defined as a second performance criterion (with a weighting of 20%) in line with the Nordex Group's sustainability strategy. This performance criterion was derived from the Science-based Targets (SBT) defined by the Company in 2023, which are in line with the 1.5 degree target and serve to achieve the goals of the Paris Agreement. Whether the target has been achieved will be determined at the end of the 2027 performance period. A minimum reduction of GHG emissions of 15% and a maximum reduction of GHG emissions of 27% has been defined as the target range. Target achievement is subject to linear interpolation between 0% and 200%. Scope 1 emissions are greenhouse gas emissions caused directly by the Nordex Group, e.g. through the fuel consumed by company cars, trucks, commercial vehicles and chartered ships, and through the consumption of oil, gas and diesel fuel used for the generation of heat and electricity. Scope 2 emissions are greenhouse gas emissions that Nordex causes indirectly through the consumption of purchased electricity and district heating.

The degree of overall target achievement for a financial year is determined while taking into account each individual target achievement level and the weighting of the performance criteria.

The final number of PSUs is calculated by multiplying the initial number by the overall level of target achievement. This is multiplied by the average closing price of Nordex shares on the last 20 trading days prior to the end of the performance period to determine the payout amount. The PSUP payout amount is capped at 300% of the individual target amount. The amount will be paid out – at the Company's discretion either in cash or in Nordex shares – as of the Management Board member's salary statement for the first month after the Annual General Meeting for the financial year following the end of the performance period.

Long-term variable remuneration – 2024 – 2027 tranche – Reduction of (Scope 1 and Scope 2) GHG emissions

Allocation of the 2024 – 2027 tranches

The allocation of the PSUP tranches issued in 2024 is presented below:

Allocation of the 2024 – 2027 tranche in EUR	Target amount	Average closing share price of Nordex shares prior to the start of the performance period	Initial number of PSUs	Fair value per PSU at allocation1
José Luis Blanco	670,000	10.06	66,600	8.91
Patxi Landa	400,000	10.06	39,761	8.91
Dr. Ilya Hartmann	400,000	10.06	39,761	8.91

1 The fair value per PSU at allocation reflects both performance criteria.

The resulting individual remuneration corridor for the 2024 – 2027 tranche is as follows:

EUR	Minimum amount	Target amount	Maximum amount (300% of the target amount)
José Luis Blanco	0	670,000	2,010,000
Patxi Landa	0	400,000	1,200,000
Dr. Ilya Hartmann	0	400,000	1,200,000

Development of the portfolio of phantom shares in connection with the PSUP in financial year 2024

The following overview shows the development of the portfolio of PSUs held by the members of the Management Board in financial year 2024.

Current members

of the

Management

Board			Information on the PSUPs					Information on the 2024 financial year
	Opening balance						During the financial year	Closing balance
	Plan	Tranche	Performance period	Allocation price	Balance at the beginning of the financial year	Newly allocated PSUs	Change	PSUs exercised	Balance at the end of the financial year
José Luis Blanco	PSUP	2024	Jan 2024 - Dec 2027	10.06	0	66,600	0	0	66,600
		2023	Jan 2023 – Dec 2026	12.43	53,902	0	0	0	53,902
		2022	Jan 2022 – Dec 2024	14.5	28,966	0	-5,721	23,245	0
Patxi Landa	PSUP	2024	Jan 2024 - Dec 2027	10.06	0	39,761	0	0	39,761
		2023	Jan 2023 – Dec 2026	12.43	32,180	0	0	0	32,180
		2022	Jan 2022 – Dec 2024	14.5	17,241	0	-3,405	13,836	0
Dr. Ilya Hartmann	PSUP	2024	Jan 2024 - Dec 2027	10.06	0	39,761	0	0	39,761
		2023	Jan 2023 – Dec 2026	12.43	20,917	0	0	0	20,917
		2022 (Tranche II)1	Jan 2022 – Dec 2025	14.5	8,966	0	0	0	8,966
		2022 (Tranche I)1	Jan 2022 – Dec 2025	14.5	6,897	0	0	0	6,897
		2021	Jan 2021 – Dec 2024	20.16	9,921	0	-4,960	4,961	0

1 Compared to the 2022 (I) PSUP tranche, the 2022 (II) PSUP tranche has an additional performance criterion, namely "achieving a proportion of women in management positions".

Malus and clawback arrangements

The Supervisory Board did not make any use of the option to withhold or claw back variable remuneration components in the 2024 financial year.

Shareholding requirements

The Management Board members' new service contracts stipulate that they are obliged to purchase Nordex shares to the value of their annual base salary (gross) and hold these shares for the duration of their appointment and for a further two years after this appointment comes to an end.

An annual minimum investment amount equivalent to 25% of the net payout from the short-term variable remuneration applies until the full investment volume has been reached. This meets the requirements of the new remuneration system.

Remuneration awarded and due to the members of the Management Board who held office in the 2024 financial year

The following tables show the remuneration awarded and due to the members of the Management Board who held office in the 2024 financial year. In the following, for the Management Board members holding office the remuneration awarded is the remuneration for which the relevant service or performance period ended in the financial year.

Accordingly, as well as the annual base salary and the fringe benefits, the 2024 bonus and the PSUP with a 2021-2024 performance period (for Dr. Ilya Hartmann) and a 2022-2024 performance period (for Mr. José Luis Blanco and Mr. Patxi Landa) are shown as the remuneration granted for the 2024 financial year. In addition to the remuneration amounts, pursuant to section 162 (1) sentence 2 no. 1 AktG the relative proportion of the fixed and variable remuneration components is also indicated.

	José Luis Blanco						Dr. Ilya Hartmann
	2024	2024	2023	2023	2024	2024	2023	2023
Remuneration awarded and due	EUR	%	EUR	%	EUR	%	EUR	%
Annual base salary	660,000	37	660,000	55	430,000	43	400,000	66
Fringe benefits	4,828	0	4,733	0	24,482	2	24,178	4
Fixed remuneration	664,828	37	664,733	55	454,482	45	424,178	70
Short-term variable remuneration (bonus)	852,016	48	433,225	36	496,251	49	182,280	30
Performance Share Unit Plan 2022 - 2024	266,853	15
Performance Share Unit Plan 2021 - 2024					56,952	6
Performance Share Unit Plan 2021 – 2023			104,795	9
Long-term variable remuneration (Performance Share Unit Plan)	266,853	15	104,795	9	56,952	6	–	–
Total remuneration	1,783,697	100	1,202,753	100	1,007,685	100	606,458	100

2024	2023
		2023
%	EUR	%
38	430,000	57
1	7,254	1
39	437,254	58
47	260,110	34
14
	62,382	8
14	62,382	8
	759,746	100
	100

Percentages are rounded to full percentage points.

Maximum remuneration

The current service contracts define a maximum remuneration for all members of the Management Board that meets the requirements of the new remuneration system. This amounts to EUR 5,000,000 for Mr. José Luis Blanco and EUR 3,500,000 each for Mr. Patxi Landa and Dr. Ilya Hartmann. A final assessment as to whether the defined maximum remuneration amounts have been complied with can only be made once the amounts paid out from the 2024 – 2027 tranche of the PSUP have been determined for all Management Board members and can therefore be reported in the remuneration report for financial year 2027.

Benefits to former members of the Management Board

Pension payments to former members of the Management Board amounted to EUR 21,236 (2023: EUR 21,326) in financial year 2024, (net) provisions at the end of the financial year amounted to EUR 344,261 (2023: EUR 340,575), and interest expense in accordance with IAS 19 amounted to EUR 11,415 (2023: EUR 12,925).

Benefits upon termination of employment Benefits in the event of premature termination

If the Company revokes the appointment and terminates the service contract without good cause, the Company may release the Management Board members from duty while continuing to pay their salary. Severance payments limited to the remuneration for the remaining term of the service contract or to a maximum amount of two annual remuneration amounts.

Management Board members are not entitled to severance payments in case of good cause that would permit extraordinary termination in accordance with Section 626 of the German Civil Code (BGB), or in cases in which the service contract is terminated prematurely at the request of the Management Board member (through no fault of the company).

If the service contract or the appointment to the Management Board is terminated early in certain, more closely defined "bad leaver" cases (in particular if it is terminated by Nordex SE for good cause pursuant to Section 626 (1) of the German Civil Code (BGB) or if the member of the Management Board resigns before the end of the financial year without the Company being at fault), they shall forfeit their entitlement to the bonus and the PSUs whose performance period has not yet ended under the active Management Board members' service contracts without replacement.

Benefits in the event of regular termination

If the employment relationship ends before the end of the financial year or the performance period due to the regular expiry of the contract term, retirement, disability or death, the members of the Management Board are entitled to claims from the annual base salary, bonus and the PSUP on a pro rata basis. In addition, in the event of death, the spouse, partner and children of the Management Board member are jointly granted basic annual remuneration for six months on a pro rata basis as a transitional payment.

Remuneration of the members of the Supervisory Board

Under Article 18 (1) to (4) of the Articles of Incorporation, each Supervisory Board member is entitled to fixed remuneration of EUR 30,000 (2023: EUR 30,000) in consideration of the performance of their duties for each full financial year in which they are members of the Supervisory Board. The chairman of the Supervisory Board receives twice and his deputy one-and-a-half times the fixed remuneration received by a regular member of the Supervisory Board.

Each Supervisory Board member also receives fixed remuneration for membership of Supervisory Board committees. This amounts to EUR 3,000 (2023: EUR 3,000) for each full financial year in which the Supervisory Board member belonged to the committee. The chairman of a committee receives twice this amount.

The following table shows the Supervisory Board members' memberships and chairmanships on the various committees.

Supervisory Board member	Committee
Dr.-Ing. Wolfgang Ziebart (Chairman of the Supervisory Board)	Chairman of the Executive Committee and member of the Strategy and Technology Committee
Juan Muro-Lara (Deputy Chairman of the Supervisory Board)	Member of the Executive Committee and Audit Committee
Jan Klatten	Member of the Executive Committee and chairman of the Strategy and Technology Committee
Maria Isabel Blanco	Member of the Audit Committee
Martin Rey	Chairman of the Audit Committee
María Cordón	Member of the Strategy and Technology Committee

Supervisory Board members who have only belonged to the Supervisory Board or one of its committees for part of a given financial year will, for each commenced month of their service, receive one twelfth of the remuneration amount they are entitled to due to their membership.

According to Article 18 (5) of the Articles of Incorporation, Supervisory Board members receive reimbursement for expenses arising during the exercise of their duties. They are also reimbursed for any VAT incurred. The Company also pays the premiums for D&O liability insurance, which also includes the members of the Supervisory Board.

The following table shows the remuneration awarded and due to the active Supervisory Board members in the 2024 financial year. The remuneration awarded to Supervisory Board members is understood below to be the remuneration for which the performance on which the remuneration is based was performed in full in the 2024 financial year, irrespective of when the remuneration accrues to the Supervisory Board members. The Supervisory Board remuneration is purely fixed remuneration.

The remuneration of the Supervisory Board comprises the following:

	2024									2023
Remuneration awarded/ due to the Supervisory	Remuneration for			Total				Remuneration for	Total
Board	Fixed remuneration committee work		remuneration	Fixed remuneration		committee work		remuneration
	EUR	%	EUR	%	EUR	EUR	%	EUR	%	EUR
Dr.-Ing. Wolfgang Ziebart	60,000	87	9,000	13	69,000	60,000	87	9,000	13	69,000
Juan Muro-Lara	45,000	88	6,000	12	51,000	45,000	88	6,000	12	51,000
Jan Klatten	30,000	77	9,000	23	39,000	30,000	77	9,000	23	39,000
Maria Isabel Blanco	30,000	91	3,000	9	33,000	30,000	91	3,000	9	33,000
Martin Rey	30,000	83	6,000	17	36,000	30,000	83	6,000	17	36,000
María Cordón	30,000	91	3,000	9	33,000	30,000	91	3,000	9	33,000

Details of the relative development of the Management Board's remuneration, the remuneration of the rest of the workforce and the Company's earnings

The following table shows the development of the remuneration awarded and due to the Management Board and the Supervisory Board by comparison with the earnings trend of Nordex SE and the average remuneration received by all of the Company's employees on a full-time equivalent basis at the Nordex Group's German entities: Nordex SE, Nordex Energy SE & Co. KG and Nordex Germany GmbH. This excludes trainees, interns, working students and students preparing their diploma theses and employees on extended sick leave or parental leave.

The earnings trend is presented on the basis of the net income for the year of the Company as well as the Nordex Group.

Development of remuneration compared to the development of earnings and the remuneration of employees in %

Management Board members	Change 2024 vs. 2023	Change 2023 vs. 2022	Change 2022 vs. 2021	Change 2021 vs. 2020
José Luis Blanco	48.3%	-15.5%	0.8%	-28.6%
Patxi Landa	49.3 %	-16.7%	6.7%	-28.0%
Dr. Ilya Hartmann (since 01.01.2021)1	66.2 %	0.9%	63.9%	–
Christoph Burkhard (until 28.02.2021)	-	–	-92.8%	-2.0%
Former Management Board members	0.0%	4,6%	38.7%	12.1%
Supervisory Board members
Dr.-Ing. Wolfgang Ziebart	0.0%	0.0%	0.0%	0.0%
Juan Muro-Lara	0.0%	0.0%	0.0%	0.0%
Jan Klatten	0.0%	0.0%	0.0%	0.0%
Connie Hedegaard (until 31.05.2022)	-	–	-58.3%	0.0%
Maria Isabel Blanco (since 31.05.2022)	0.0%	50.0%	–	–
Martin Rey	0.0%	0.0%	0.0%	0.0%
Rafael Mateo (until 25.06.2021)	-	–	–	-50.0%
María Cordón (since 02.09.2021)	0.0%	0.0%	200%	–
Remuneration of employees
Employees in Germany	11.4 %	3.9%	17.1%	-5.6%

1 Figures for Dr. Ilya Hartmann corresponding to his Management Board membership since 1 January 2021.

Earnings	2024	Change in % 2024 vs. 2023	2023	Change in % 2023 vs. 2022	2022	Change in % 2022 vs. 2021	2021	Change in % 2021 vs. 2020	2020
Net income of Nordex SE in EUR thsd.	-285,226	-0.2%	-284,580	-14.9%	-247,731	-55.9%	-158,860	n/a	68,051.0
Net income of the Nordex Group in EUR thsd.	8,784	n.a.	-302,811	39.2%	-497,761	-116.3%	-230,156	-77.4%	-129,705.0

Independent Auditor's Assurance Report on Examination of the Remuneration Report pursuant to Section 162 (3) AktG

To Nordex SE, Rostock

Opinion

We have formally examined the remuneration report of Nordex SE, Rostock, for the financial year from January 1 to December 31, 2024, to determine whether the disclosures pursuant to Section 162 (1) and (2) AktG have been made in the remuneration report. In accordance with Section 162 (3) AktG, we have not examined the content of the remuneration report.

In our opinion, the accompanying remuneration report complies, in all material respects, with the disclosure requirements pursuant to Section 162 (1) and (2) AktG. Our opinion does not cover the content of the remuneration report.

Basis for Opinion

We conducted our examination of the remuneration report in compliance with Section 162 (3) AktG taking into account the IDW assurance standard: Examination of the remuneration report pursuant to Section 162 (3) AktG (IDW AsS 870 (09.2023). Our responsibilities under this regulation and this standard are further described in the "Our Responsibilities" section of our assurance report. Our audit firm has applied the IDW Standard on Quality Management 1: Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)). We have complied with our professional duties pursuant to the German Public Accountants Act [WPO] and the Professional Charter for Auditors/ Chartered Accountants [BS WP/vBP], including the independence requirements.

Responsibilities of the Management Board and the Supervisory Board

The management and the Supervisory Board of Nordex SE, Rostock are responsible for the preparation of the remuneration report, including the related disclosures, in accordance with the requirements of Section 162 AktG. The management and the Supervisory Board are also responsible for such internal control as they have determined necessary to enable the preparation of the remuneration report that is free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

Our Responsibilities

Our objectives are to obtain reasonable assurance about whether the remuneration report complies, in all material respects, with the disclosure requirements pursuant to Section 162 (1) and (2) AktG, and to issue an assurance report that includes our opinion.

We planned and performed our examination to obtain evidence about the formal completeness of the remuneration report by comparing the disclosures made in the remuneration report with the disclosures required by Section 162 (1) and (2) AktG. In accordance with Section 162 (3) AktG, we have not examined whether the disclosures are correct or individual disclosures are complete or whether the remuneration report is fairly presented.

Handling Potential Misleading Presentations

In connection with our examination our responsibility is to read the remuneration report by taking into account the findings of the audit of the annual financial statements and, in doing so, remain alert for indications of misleading presentations in the remuneration report to determine whether the disclosures are correct or individual disclosures are complete or whether the remuneration report is fairly presented.

If, based on the work we have performed, we conclude that there is such misrepresentation, we are required to report that fact. We have nothing to report in this regard.

Hamburg, 26 February 2025 KPMG AG Wirtschaftsprüfungsgesellschaft [Original German version signed by:]

Modder Göbel Wirtschaftsprüfer Wirtschaftsprüfer [German Public Auditor] [German Public Auditor]

Annual Integrated Report 2024

Consolidated statement of financial position

Consolidated statement of financial position

As of 31 December 2024

Assets

EUR thousand	Note	31.12.2024	31.12.2023
Cash and cash equivalents	1	1,151,438	925,923
Trade receivables	2	241,447	197,102
Contract assets from projects	3	838,229	780,352
Current contract assets from service	4	9,374	8,733
Inventories	5	909,369	1,265,691
Income tax receivables	6	22,975	20,205
Other current financial assets	7	135,810	101,112
Other current non-financial assets	8	293,634	253,638
Current assets		3,602,275	3,552,756
Property, plant and equipment	9	545,343	554,426
Goodwill	10	547,758	547,758
Capitalised development expenses	11	184,838	169,785
Prepayments made	12	83	48
Other intangible assets	13	16,040	14,071
Investments	14	941	3,431
Investments accounted for using the equity method	15	99,582	82,372
Non-current contract assets from services	4	39,462	37,243
Other non-current financial assets	16	27,635	48,725
Other non-current non-financial assets	17	36,523	29,774
Deferred tax assets	18	530,669	381,641
Non-current assets		2,028,874	1,869,275
Assets		5,631,150	5,422,031

Consolidated statement of financial position

Equity and liabilities

EUR thousand	Note	31.12.2024	31.12.2023
Current liabilities to banks	19	38,371	37,137
Trade payables	20	1,657,019	1,669,273
Contract liabilities from projects	3	995,286	1,319,553
Current contract liabilities from services	4	34,260	31,189
Income tax payables	6	13,414	23,853
Other current provisions	21	365,460	263,671
Other current financial liabilities	22	111,112	88,784
Other current non-financial liabilities	23	393,790	239,706
Current liabilities		3,608,714	3,673,165
Non-current liabilities to banks	19	6,500	6,500
Non-current contract liabilities from services	4	178,225	154,755
Pensions and similar obligations	24	2,969	2,512
Other non-current provisions	21	217,812	137,664
Other non-current financial liabilities	25	414,469	391,001
Other non-current non-financial liabilities	26	2,169	2,917
Deferred tax liabilities	18	203,675	75,401
Non-current liabilities		1,025,819	770,750
Subscribed capital		236,450	236,450
Capital reserves		1,099,421	1,381,551
Other retained earnings		-11,001	-10,977
Cash flow hedge reserve		6,876	-5,038
Reserve for cash flow hedge costs		-590	56
Foreign currency adjustment item		-154,451	-145,331
Consolidated net profit/ loss carried forward		-186,052	-480,115
Consolidated net profit/ loss		0	0
Share in equity attributable to shareholders of the parent	27	990,652	976,596
Non-controlling interests		5,965	1,520
Equity		996,617	978,116
Equity and liabilities		5,631,150	5,422,031

Consolidated income statement

For the period from 1 January to 31 December 2024

EUR thousand	Note	1.1.2024 – 31.12.2024	1.1.2023 – 31.12.2023
Sales	29	7,298,825	6,489,068
Changes in inventories and other own work capitalised	30	-298,279	61,796
Gross revenue		7,000,546	6,550,865
Cost of materials	31	-5,465,573	-5,566,019
Gross profit		1,534,973	984,846
Other operating income	32	81,196	273,306
Other operating expenses	33	-592,512	-626,364
Staff costs	34	-727,294	-629,763
Structural costs		-1,238,611	-982,821
EBITDA		296,363	2,025
Depreciation/amortisation	35	-180,997	-188,499
EBIT		115,366	-186,474
Loss from equity-accounting method		-424	-356
Other interest and similar income		17,388	11,430
Interest and similar expenses		-110,808	-135,249
Financial result	36	-93,845	-124,175
Net profit/loss from ordinary activities		21,521	-310,649
Income tax	37	-12,739	7,839
Consolidated net profit/loss		8,781	-302,811
Of which attributable to
shareholders of the parent		8,836	-302,831
non-controlling interests		-55	20
Earnings per share (in EUR)	38
Basic1		0.04	-1.33
Diluted2		0.04	-1.33

1 based on a weighted average of 236,450 million shares (previous year: 227,924 million shares)

2 based on a weighted average 236,450 million shares (previous year: 227,924 million shares)

Consolidated statement of comprehensive income

Consolidated statement of comprehensive income

For the period from 1 January to 31 December 2024

EUR thousand	1.1.2024 – 31.12.2024	1.1.2023 – 31.12.2023
Consolidated net profit/loss	8,781	-302,811
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	-9,120	-15,607
Cash flow hedges	17,520	13,708
Deferred taxes	-5,606	-4,387
Cash flow hedge costs	-949	-1,099
Deferred taxes	304	352
Items that are not reclassified to the consolidated income statement
Remeasurement of defined benefit plans	-36	-67
Deferred taxes	11	21
Consolidated comprehensive income	10,905	-309,890
Of which attributable to
shareholders of the parent	10,960	-309,910
Non-controlling interests	-55	20

Consolidated cash flow statement

For the period from 1 January to 31 December 2024

	EUR thousand	1.1.2024 – 31.12.2024	1.1.2023 – 31.12.2023
	Operating activities
	Consolidated profit/loss	8,781	-302,811
+	Depreciation/amortization of non-current assets	180,997	188,499
=	Consolidated profit/loss plus depreciation/amortization	189,778	-114,312
+/-	Decrease/increase in inventories	356,323	-162,538
-	Increase in trade receivables	-44,345	-27,196
-	Increase in contract assets from projects	-57,877	-60,161
-/+	Decrease/Increase in trade payables	-12,254	150,004
-/+	Decrease/increase in contract liabilities from projects	-324,267	266,495
=	Payments made for/received from changes in working capital	-82,421	166,604
-	Increase in other assets not allocated to investing or financing activities	-212,551	-136,141
+	Increase in pensions and similar obligations	457	151
+	Increase in other provisions	181,937	143,985
+	Increase in other liabilities not attributed to
	investing or financing activities	361,872	123,457
-/+	Gain/loss from the disposal of non-current assets	13,353	-40
-	Other interest and similar income	-17,389	-11,430
+	Interest received	12,852	7,622
+	Interest and similar expenses	110,808	135,249
-	Interest paid /transaction costs	-102,136	-121,984
+/-	Income tax	12,739	-7,839
-	Taxes paid	-50,986	-39,250
+	Other non-cash income	11,438	15,127
=	Payments received from other operating activities	322,396	108,907
=	Cash flow from operating activities	429,753	161,199

	EUR thousand	1.1.2024 – 31.12.2024	1.1.2023 – 31.12.2023
	Investing activities
+	Payments received from the disposal of property, plant and equipment/
	intangible assets	7,193	8,666
-	Payments made for investments in property, plant and equipment/
	intangible assets	-164,190	-132,882
+	Payments received from the disposal of long-term financial assets	4,226	357
-	Payments made for investments in long-term financial assets	-17,876	-19,216
+	Payments received from investment grants	11,564	1,896
=	Cash flow from investing activities	-159,083	-141,179
	Financing activities
-	Equity issuance fees	0	-2,223
+	Bank loans received	6,392	10,753
-	Bank loans repaid	-6,290	-19,000
-	Repayment of employee bond	-3,142	0
-	Repayment of corporate bond	0	-275,000
+	Shareholder loan received	0	275,000
+	Proceeds from convertible bonds	0	333,000
-	Lease liabilities repaid	-39,344	-38,372
+	Capital contribution by non-controlling interests	4,500	1,500
=	Cash flow from financing activities	-37,883	285,658
	Net change in cash and cash equivalents	232,787	305,678
+	Cash and cash equivalents at the beginning of the period	925,923	633,541
-	Cash and cash equivalents reducing the basis of consolidation	0	0
-	Exchange rate-induced change in cash and cash equivalents	-7,272	-13,296
=	Cash and cash equivalents at the end of the period	1,151,438	925,923

Consolidated statement of changes in equity

For the period from 1 January to 31 December 2024

			Other		Reserve for
	Subscribed	Capital	retained	Cash flow	cash flow
EUR thousand	capital	reserves	earnings	hedge reserve	hedge costs
1/1/2024	236,450	1,381,551	-10,977	-5,038	56
Additions from capital increase	0	0	0	0	0
Employee stock option program	0	3,097	0	0	0
Consolidated comprehensive income	0	0	-24	11,914	-645
Consolidated net profit/loss	0	0	0	0	0
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	0	0	0	0	0
Cash flow hedges	0	0	0	17,520	0
Deferred taxes	0	0	0	-5,606	0
Cash flow hedge costs	0	0	0	0	-949
Deferred taxes	0	0	0	0	304
Items that are not reclassified to the consolidated income statement
Revaluation of defined benefit pension plans	0	0	-36	0	0
Deferred taxes	0	0	11	0	0
Allocation of profit or loss	0	-285,226	0	0	0
12/31/2024	236,450	1,099,421	-11,001	6,876	-590

EUR thousand	Foreign currency adjustment item	Consolidated net profit/loss carried forward	Consolidated net profit	Share in equity attributable to shareholders of the parent	Non-controlling interests	Total
1/1/2024	-145,331	-480,115	0	976,596	1,520	978,116
Additions from capital increase	0	0	0	0	4,500	4,500
Employee stock option program	0	0	0	3,097	0	3,097
Consolidated comprehensive income	-9,120	0	8,836	10,960	-55	10,905
Consolidated net profit/loss	0	0	8,836	8,836	-55	8,781
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	-9,120	0	0	-9,120	0	-9,120
Cash flow hedges	0	0	0	17,520	0	17,520
Deferred taxes	0	0	0	-5,606	0	-5,606
Cash flow hedge costs	0	0	0	-949	0	-949
Deferred taxes	0	0	0	304	0	304
Items that are not reclassified to the consolidated income statement
Revaluation of defined benefit pension plans	0	0	0	-36	0	-36
Deferred taxes	0	0	0	11	0	11
Allocation of profit or loss	0	294,063	-8,836	0	0	0
12/31/2024	-154,451	-186,052	0	990,652	5,965	996,617

Consolidated statement of changes in equity

For the period from 1 January to 31 December 2023

			Other		Reserve for
	Subscribed	Capital	retained	Cash flow	cash flow
EUR thousand	capital	reserves	earnings	hedge reserve	hedge costs
1/1/2023	211,946	1,282,189	-10,932	-14,360	803
Additions from capital increase	24,504	322,229	0	0	0
Costs from capital increase	0	-2,223	0	0	0
Income tax	0	711	0	0	0
Employee stock option program	0	1,830	0	0	0
Equity-compound instrument (net of tax)	0	61,393	0	0	0
Consolidated comprehensive income	0	0	-46	9,322	-747
Consolidated net loss/profit	0	0	0	0	0
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	0	0	0	0	0
Cash flow hedges	0	0	0	13,708	0
Deferred taxes	0	0	0	-4,387	0
Cash flow hedge costs	0	0	0	0	-1,099
Deferred taxes	0	0	0	0	352
Items that are not reclassified to the consolidated income statement
Revaluation of defined benefit pension plans	0	0	-67	0	0
Deferred taxes	0	0	21	0	0
Allocation of profit or loss	0	-284,580	0	0	0
12/31/2023	236,450	1,381,551	-10,977	-5,038	56

	Foreign currency adjustment	Consolidated net profit/loss	Consolidated	Share in equity attributable to shareholders	Non-controlling
EUR thousand	item	carried forward	net profit/loss	of the parentl	interests	Total
1/1/2023	-129,723	0	0	0	0	0
Additions from capital increase	0	0	0	346,734	1,500	348,234
Costs from capital increase	0	0	0	-2,223	0	-2,223
Income tax	0	0	0	711	0	711
Employee stock option program	0	0	0	1,830	0	1,830
Equity-compound instrument (net of tax)	0	0	0	61,393	0	61,393
Consolidated comprehensive income	-15,607	0	-302,831	-309,910	20	-309,890
Consolidated net loss/profit	0	0	-302,831	-302,831	20	-302,811
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	-15,607	0	0	-15,607	0	-15,607
Cash flow hedges	0	0	0	13,708	0	13,708
Deferred taxes	0	0	0	-4,387	0	-4,387
Cash flow hedge costs	0	0	0	-1,099	0	-1,099
Deferred taxes	0	0	0	352	0	352
Items that are not reclassified to the consolidated income statement
Revaluation of defined benefit pension plans	0	0	0	-67	0	-67
Deferred taxes	0	0	0	21	0	21
Allocation of profit or loss	0	-18,251	302,831	0	0	0
12/31/2023	-145,331	-480,115	0	976,596	1,520	978,116

General information Accounting policies

Notes to the consolidated financial statements

General information

Nordex SE, a listed European Company, and its subsidiaries in Germany and in other countries develop, manufacture, and distribute wind power systems, particularly large multi-megawatt-class turbines. Nordex SE is domiciled at Erich-Schlesinger-Straße 50, 18059 Rostock, Germany. However, the Company's head office is located at Langenhorner Chaussee 600, 22419 Hamburg, Germany. It is listed in the Commercial Register of Rostock Local Court under number HRB 11500.

The shares of Nordex SE are admitted to regulated trading subject to the advanced admission obligations stipulated by Deutsche Börse; they are listed in the MDAX. Its nominal capital as of 31 December 2024 is EUR 236,450,364 (31 December 2023: EUR 236,450,364) and is divided into 236,450,364 (31 December 2023: 236,450,364) no-par value shares with a notional share of the share capital of EUR 1 each, which are fully paid up.

Nordex SE's consolidated financial statements for financial year 2024 were presented to the Supervisory Board for review on 21 February 2025 and were finally approved on 26 February 2025.

Accounting policies

Basis of preparation

The general significant accounting policies applied in preparing the consolidated financial statements are described below, whilst, for reasons of clarity, the accounting policies relating to a specific financial statement item are explained in the corresponding section.

In order to apply the accounting policies, management sometimes has to make assumptions and estimates. Significant estimates relate in particular to the determination of the recoverable amount in goodwill impairment testing (section 10), the impairment testing of deferred tax assets (section 18), the cost estimates for warranty provisions (section 21), and the cost-to-cost method in the project business and the service business (sections 3, 4 and 29). The nature of accounting impact of key accounting estimates and judgments is described in the relevant notes. Unless otherwise stated, these policies have been consistently applied to all the accounting periods presented.

The consolidated financial statements were prepared in accordance with Section 315e of the German Commercial Code (HGB) using the International Financial Reporting Standards (IFRS) as they are to be applied in the European Union. Therefore, all International Financial Reporting Standards and interpretations of the International Financial Reporting Interpretation Committee (IFRIC) binding for the 2024 reporting year were applied.

With the exception of Alfresco Renewable Energy Private Limited, Nordex India Private Limited, Ravi Urja Energy India Private Limited and Solar Fields Energy Photo Voltaic India Private Limited, whose financial year ends on 31 March, the financial year of Nordex SE and all of its subsidiaries included in the consolidated financial statements

generally corresponds to the calendar year. However, the calendar year is used Groupwide as the basis for preparing the consolidated financial statements.

The current /non-current classification of liabilities and assets provided for in IAS 1 is applied.

The consolidated financial statements are presented in thousands of euros.

In March 2022, the cumulative three-year inflation rate in Türkiye exceeded 100%. For this reason, Türkiye must be considered a hyperinflationary economy as defined by IAS 29 for reporting periods ending on or after 30 June 2022. In light of this, the financial statements of the Turkish subsidiary, which is based on the concept of historical cost, has been adjusted since then to reflect the overall changes in purchasing power. The price index (CPI) was 2,684.55 in December 2024 (December 2023: 1,859.38). Nordex recognized a net profit of EUR 1,434 thousand (net loss of EUR 2,833 thousand December 2023) due to hyperinflation adjustments.

Effects of new financial reporting standards

The new and revised standards and interpretations to be applied in 2024 as a result of endorsement by the European Union:

Standard/Interpretation		Published by the IASB	EU application date
Amendments to IFRS 161	Lease Liability in a Sale and Leaseback	9.2022	1.1.2024
Amendments to IAS 11	Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants	10.2022	1.1.2024
Amendments to IAS 7 and IFRS 71	Supplier Finance Arrangements	5.2023	1.1.2024

1 The application did not have any material effect on the consolidated financial statements. New and revised standards and interpretations which are not yet mandatory in 2024 and have not been adopted early by the Group:

Standard/Interpretation		Published by the IASB	EU application date
Amendments to IAS 211	Lack of Exchangeability	8.2023	1.1.2025
IFRS 182	Presentation and Disclosure in Financial Statements	4.2024	1.1.2027
IFRS 191 2	Subsidiaries without Public Accountability: Disclosures	5.2024	1.1.2027
Amendments to IFRS 9 and IFRS 72	Amendments to the Classification and Measurement of Financial Instruments	5.2024	1.1.2026
Amendments to IFRS 9 and IFRS 72	Contracts Referencing Nature dependent Electricity	5.2024	1.1.2026
Annual Improvements to IFRS – Volume 112	Annual Improvements to IFRS – Volume 11	7.2024	1.1.2026

1 The application is not expected to have any material effect on the consolidated financial statements. 2

Application date based on IASB. EU endorsement still pending.

The Group is currently assessing the impact of adopting IFRS 18, annual improvements to IFRS - Volume 11 and the amendments to IFRS 9 and IFRS 7 on the Group's Consolidated Financial Statements.

Companies consolidated

Subsidiaries are defined as all entities which are controlled by the group. The Group controls an investee if it has rights to variable returns from its involvement with the investee and if it has the ability to use its power over the investee to affect the amount of the investee's returns. An investee is consolidated from the day on which the investor gains control of it and ends when the investor loses control over it. Acquired subsidiaries are accounted for using the acquisition method. Upon initial consolidation, identifiable assets, liabilities and contingent liabilities are measured at their fair values at the acquisition date.

The Companies consolidated comprise 12 (31 December 2023: 12) domestic and 63 (31 December 2023: 63) non-domestic companies:

		Share in Capital / Voting Rights
		31.12.2024	31.12.2023
Company Name	Registered address	%	%
Nordex SE (Group parent)	Rostock, Germany	n/a	n/a
Alfresco Renewable Energy Private Limited	Bangalore, India	100.0	100.0
Apoderada Corporativa Nordex S.L.U.	Barasoain, Spain	100.0	100.0
Corporación Nordex Energy Spain, S.L.U.	Barasoain, Spain	100.0	100.0
Eólicos R4E S.A. de C.V., Tegucigalpa/Honduras	Tegucigalpa, Honduras	100.0	100.0
Industria Toledana de Energías Renovables, S.L.U. (ITER)	Barasoain, Spain	100.0	100.0
Limited Liability Company "Nordex Energy Ukraine"	Kyiv, Ukraine	100.0	100.0
Nordex Austria GmbH	Vienna, Austria	100.0	100.0
Nordex Belgium SRL	Wanze, Belgium	100.0	100.0
Nordex Beteiligungen GmbH	Hamburg, Germany	100.0	100.0

			Share in Capital / Voting Rights
		31.12.2024	31.12.2023
Company Name	Registered address	%	%
Nordex Blade Technology Centre
ApS	Stenstrup, Denmark	100.0	100.0
Nordex Blades Spain, S.A.U.	Barasoain, Spain	100.0	100.0
Nordex (Chile) SpA	Santiago de Chile, Chile	100.0	100.0
Nordex Education Trust	Cape Town, South Africa	100.0	100.0
Nordex Electrolyzers, S.L.	Barasoain, Spain	85.0	85.0
Nordex Elektrane d.o.o.	Zagreb, Croatia	100.0	100.0
Nordex Employee Holding GmbH	Hamburg, Germany	100.0	100.0
Nordex Energy Argentina S.A.	Buenos Aires, Argentina	100.0	100.0
Nordex Energy Brasil - Comércio E Indústria De Equipamentos
Ltda.	Sao Paulo, Brazil	100.0	100.0
Nordex Energy Chile S.A.	Santiago de Chile, Chile	100.0	100.0
Nordex Energy Colombia SAS	Bogota, Colombia	100.0	100.0
Nordex Energy d.o.o. Beograd	Belgrade, Serbia	100.0	100.0
Nordex Energy Ibérica S.A.U.	Barasoain, Spain	100.0	100.0
Nordex Energy Internacional, S.L.U.	Barasoain, Spain	100.0	100.0
Nordex Energy Ireland Limited	Limerick, Ireland	100.0	100.0
Nordex Energy Mexico S. de R.L. de C.V.	Mexico City, Mexico	100.0	100.0
Nordex Energy Romania SRL	Bucharest, Romania	100.0	100.0
Nordex Energy SE & Co. KG	Hamburg, Germany	100.0	100.0
Nordex Energy Servicios de Obra, S. de R.L. de C.V.	Mexico City, Mexico	100.0	100.0
Nordex Energy South Africa (RF) (Pty) Ltd	Cape Town, South Africa	100.0	100.0
Nordex Energy Spain, S.A.U.	Barasoain, Spain	100.0	100.0
NordexEnergy Uruguay S.A.	Montevideo, Uruguay	100.0	100.0

		Share in Capital / Voting Rights
		31.12.2024	31.12.2023
Company Name	Registered address	%	%
Nordex Enerji Anonim Şirketi	Istanbul, Türkiye	100.0	100.0
Nordex Engineering and Technology Private Limited	Bangalore, India	100.0	100.0
Nordex Finland Oy	Helsinki, Finland	100.0	100.0
Nordex Forum II GmbH & Co. KG	Hamburg, Germany	100.0	100.0
Nordex Forum II Verwaltungs GmbH	Hamburg, Germany	100.0	100.0
Nordex France SAS	Saint Denis, France	100.0	100.0
Nordex Germany GmbH	Hamburg, Germany	100.0	100.0
Nordex Grundstücksverwaltung GmbH	Hamburg, Germany	100.0	100.0
Nordex Hellas Monoprosopi EPE	Athens, Greece	100.0	100.0
Nordex India Manufacturing Private Limited	Bangalore, India	100.0	100.0
Nordex India Private Limited	Bangalore, India	100.0	100.0
Nordex International GmbH	Hamburg, Germany	100.0	100.0
Nordex International Services America, S. de R.L. de C.V.	Mexico City, Mexico	100.0	100.0
Nordex International Services Sp. z o.o.	Elbląg, Poland	100.0	100.0
Nordex Italia S.r.l.	Rome, Italy	100.0	100.0
Nordex Latvia, SIA	Rīga, Latvia	100.0	0.0
Nordex Manufacturing GmbH	Hamburg, Germany	100.0	100.0
Nordex Maritime, S.A.U.	Barasoain, Spain	100.0	100.0
Nordex Montenegro d.o.o.	Podgorica, Montenegro	100.0	0.0
Nordex Netherlands B.V.	Zwolle, The Netherlands	100.0	100.0
Nordex Norway AS	Oslo, Norway	100.0	100.0
Nordex Oceania Pty Ltd	Melbourne, Australia	100.0	100.0

		Share in Capital / Voting Rights
		31.12.2024	31.12.2023
Company Name	Registered address	%	%
Nordex Pakistan (Private) Limited	Islamabad, Pakistan	100.0	100.0
Nordex Polska Sp. z.o.o.	Warsaw, Poland	100.0	100.0
Nordex Portugal, Unipessoal Lda.	Porto, Portugal	100.0	100.0
Nordex Singapore Equipment Private Limited	Singapore, Singapore	100.0	100.0
Nordex Singapore Service Private Limited	Singapore, Singapore	100.0	100.0
Nordex Sverige AB	Uppsala, Sweden	100.0	100.0
Nordex Towers Colombia, SAS	Bogota, Colombia	100.0	100.0
Nordex Towers Spain, S.L.U.	Barasoain, Spain	100.0	100.0
Nordex UK Limited	Manchester, United Kingdom	100.0	100.0
Nordex USA, Inc.	Chicago, USA	100.0	100.0
Nordex USA Management LLC	Chicago, USA	100.0	100.0
Nordex Windpark Beteiligung GmbH	Hamburg, Germany	100.0	100.0
Nordex Windpower Perú, S.A.	Lima City, Perú	100.0	100.0
Nordex Windpower Rüzgar Enerjisi Sistemleri Anonim Şirketi	Istanbul, Türkiye	100.0	100.0
NPV Dritte Windpark GmbH & Co. KG	Hamburg, Germany	100.0	100.0
Parque Eólico Llay-Llay SpA, Chile	Santiago de Chile, Chile	100.0	100.0
Ravi Urja Energy India Private Limited	Bangalore, India	100.0	100.0
San Marcos Colon Holding, Inc.	Chicago, USA	100.0	100.0
Shanghai Nordex Windpower CO., LTD.	Shanghai, PR China	100.0	100.0
Solar Fields Energy Photo Voltaic India Private Limited	Bangalore, India	100.0	100.0
UAB Nordex Lithuania	Vilnius, The Republic of Lithuania	100.0	100.0

Accounting policies

There were two new entities which were consolidated for the first time and two entities which were de-consolidated in the financial year. The initial consolidation as well the deconsolidation of entities had no material effect on the net assets, financial position and results of operations of the Nordex Group.

Consolidated companies do not include investees that are insignificant individually and collectively in terms of the quantitative criteria of annual results, equity, total assets and employees as well as in terms of the qualitative criterion concerning the type of business activity.

For the purposes of liability consolidation, all receivables and liabilities from internal Group transactions between consolidated companies of EUR 14,719,725 thousand (31 December 2023: EUR 10,731,532 thousand) have been offset against each other.

In connection with the consolidation of expense and income, internal Group deliveries of services and goods, expenses and income arising from transfer transactions and profit and loss from internal Group transactions of EUR 5,224,151 thousand (31 December 2023: EUR 3,963,244 thousand) were eliminated.

Nordex SE has entered into profit and loss transfer agreements with Nordex Germany GmbH, Nordex Grundstücksverwaltung GmbH, Nordex International GmbH, Nordex Windpark Beteiligung GmbH and Nordex Manufacturing GmbH for tax purposes.

Corporate tax and trade tax groups have been established between Nordex SE and Nordex Germany GmbH, Nordex Grundstücksverwaltung GmbH, Nordex International GmbH, Nordex Windpark Beteiligung GmbH as well as Nordex Manufacturing GmbH.

Moreover, a corporate tax group has been established between Corporacion Nordex Energy Spain S.L.U. and Industria Toledana de Energias Renovables S.L.U., Nordex Blades Spain S.A.U., Nordex Energy Iberica S.A.U., Nordex Energy Internacional S.L.U., Nordex Energy Spain S.A.U., Nordex Electrolyzers S.L.U., Nordex Maritime S.A.U, Apoderada Corporativa Nordex S.L.U. and Nordex Towers Spain S.L.U. and also between Nordex USA Inc. and Nordex USA Management LLC, Nordex North America, Inc., Nordex USA Manufacturing LLC. and Big Berry Wind Farm, LLC.

A VAT tax group is existing between Nordex SE and Nordex Energy SE & Co. KG, Nordex Forum II GmbH & Co. KG, Nordex Forum II Verwaltungs GmbH, Nordex Germany GmbH, Nordex Grundstücksverwaltung GmbH, Nordex Windpark Verwaltungs GmbH and Nordex Windpark Beteiligung GmbH and also between Corporacion Nordex Energy Spain S.L.U., Nordex Blades Spain S.A.U., and Nordex Energy Spain S.A.U.

Currency translation

The consolidated financial statements are presented in euros, which is Nordex SE's functional and reporting currency.

Foreign-currency transactions are translated into the functional currency using the relevant exchange rates prevailing on the date of the transaction. Gains and losses resulting from the transaction-date translation are recognized through profit or loss.

Assets and liabilities of all Group companies with a functional currency other than euro are translated to euro on each reporting date using the exchange rate on such date, while income and expenses in each of the income statements are translated to euro using the monthly average exchange rate. If the use of the monthly average exchange rate does not result in a reasonable approximation of the cumulative effects that would have arisen had the exchange rate applicable on the dates of the individual transactions been applied, income and expenses are translated at the rates prevailing on the transaction dates. Any exchange differences are recognized through other comprehensive income as a separate item in other reserves in equity (foreign currency adjustments item).

Accounting policies

The following table sets out the exchange rates against the euro of the Group's most important foreign currencies:

Exchange rates EUR 1.00 equals		Average exchange rates for the financial year		Closing rates as of 31.12.
	2024	2023	2024	2023
AUD	1.6400	1.6283	1.6772	1.6263
BRL	5.8259	5.4015	6.4253	5.3618
CLP	1021.0050	908.1266	1033.8054	977.0396
GBP	0.8466	0.8699	0.8292	0.8691
INR	90.5272	89.3227	88.9332	91.9042
MXN	19.8185	19.1895	21.5504	18.7231
NOK	11.6279	11.4196	11.7950	11.2405
PLN	4.3058	4.5425	4.2750	4.3395
SEK	11.4310	11.4710	11.4590	11.0960
TRY	35.5619	25.7345	36.7377	32.6584
USD	1.0820	1.0816	1.0389	1.1050
ZAR	19.8329	19.1130	19.6194	20.3459

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Except for trade receivables, all financial instruments are initially recognized at fair value. Transaction costs increase or decrease the initial carrying amount if the financial instrument is not recognized at fair value through profit or loss.

For subsequent measurement, all financial assets are allocated to one of the following categories:

• Measured at amortized cost
• Measured at fair value through other comprehensive income
• Measured at fair value through profit or loss

By contrast, all financial liabilities are divided into the following categories:

• Measured at amortized cost
• Measured at fair value through profit or loss

For information on the Nordex Group, please refer to the disclosures made in the respective sections of the financial statement items, particularly the sections on other financial assets, other financial liabilities and equity. The Group does not apply the fair value option. There were no reclassifications in the financial year ended.

Regular way purchase or sale of financial assets can be recognized or derecognized using either trade date or settlement date accounting. The method applied must be applied consistently for purchases and sales of financial assets that belong to the same category. The Nordex Group uses settlement date accounting.

According to the impairment model under IFRS 9, an expected credit loss must be recognized for all financial instruments within the scope of this standard on initial recognition of the financial instrument. The gross carrying amount of a financial asset is reduced when there is no reasonable expectation of recovery. A write-off constitutes a derecognition event and write-offs can relate to a financial asset in its entirety, or to a portion of it.

At Nordex, this impairment model is mainly applicable to the following financial instruments:

• Trade receivables
• Contract assets from projects
• Contract assets from services

The expected credit loss is calculated based on a general impairment model (general approach). However, IFRS 9 also permits the use of a simplified impairment model (simplified approach) for trade receivables, contract assets and lease receivables.

The simplified impairment model is used within the Nordex Group. The lifetime expected credit loss is taken into consideration for this purpose, without any prior assessment of whether the credit risk has significantly increased since the date of addition. Nordex uses an impairment table to calculate the expected credit loss. The expected loss is determined by means of a flat-rate percentage which depends on the duration of the past-due period as well as forward looking information such as general economic conditions. Specific valuation allowances already recognized are not taken into consideration in determining the expected credit loss. Receivables that are not reasonably expected to be realizable in full or partially are written down accordingly. Due to the nature of the business and related experience,the Group considers a trade receivable with credit risk to default when the amount owed is more than 360 days past due.

Derivatives must always be measured at fair value. Changes in fair value are recognized in profit or loss for the period, unless an entity has decided to designate the derivative as a hedge in accordance with hedge accounting after all requirements for hedge accounting are met.

Hedge accounting is applied to all cash flow hedges for project and procurement transactions at the Nordex Group. These concern hedges of cash flows that are highly probable to occur as per the budget or planning of individual customer specific projects. In contrast, hedge accounting is not applied to the hedging of changes in the fair value of Nordex SE's receivables, since these generally comprise intra-Group financing in foreign currencies.

Financial assets and liabilities that are designated as hedged items or hedging instruments are therefore subject to the measurement under hedging accounting. These stipulate that hedge accounting is possible only if the clear hedging relationship between the hedged item and the hedge is documented and its efficacy is proved. Effectiveness is determined on the basis of the dollar offset method using a spot-to-spot approach. Only the spot component of the hedge instrument and not the full fair value is designated in hedge accounting. Any effective fair value change of the designated component is initially recognized in the cash flow hedge reserve and reclassified to profit or loss once the hedged item is realized or does not come to pass. The ineffective part of the cash flow hedge is immediately recognized in profit or loss. In contrast, the nondesignated components (forward and cross-currency basis points components) are not part of the hedge and would have to be accounted for outside hedge accounting. However, IFRS 9 does allow the fair value change of non-designated components to be recognized directly in equity as well, as these represent the costs associated with hedge accounting. Recognition has to be made via a separate item in equity, i.e. the reserve for cash flow hedge costs. The amounts accumulated in the reserve for cash flow hedge costs must also be reclassified from equity to profit and loss if the hedged item occurs or ceases to exist. Gains and losses on hedged procurement contracts are to be included in the initial costs of acquisition or in the other carrying amount of the hedged items.

Forward exchange transactions that do not satisfy the strict criteria for the application of hedge accounting are classified as financial assets measured at fair value through profit or loss.

Compound financial instruments

For its convertible bonds, Nordex recognized separately a financial liability presented within the line- item financial liabilities and an equity instrument presented in capital reserves. The liability component was initially measured at fair value, using the interest and principal payments discounted with a risk-adjusted interest rate of a comparable debt instrument without a conversion right. The equity component was initially measured at the residual value resulting from deduction of the fair value of the liability component from the fair value of the compound instrument as a whole. The liability is subsequently measured at amortized cost. The equity component is not measured subsequently.

Leases

According to the prevailing single lessee accounting model, the lessee is obliged to recognize assets for the right-of-use under lease contracts in the amount of the lease liabilities plus initial direct costs and adjusted for amounts already paid or received and liabilities in the amount of the present value of future lease payments.Lease payments are discounted at the interest rate underlying the lease if this can be determined. Otherwise, they are discounted at the lessee's incremental borrowing rate. The right of use is amortized during the term of the lease contract and the lease liability is paid off over time using the actuarial method. Nordex recognizes right of use assets and corresponding lease liabilities at the inception of the lease, except for low-value assets (value of less than EUR 5 thousand) and short-term leases (lease term of 12 months or less), including IT equipment. For contracts which are not capitalized, the Group recognizes the lease payments as an operating expense on a straight line basis over the lease term. Expenses related to variable lease payments not included in the measurement of lease liabilities are recognized in other operating expenses.

For information in the Nordex Group, please refer to the disclosure made in the respective sections of the financial statement, particularly the sections on property, plant and equipment, other financial liabilities, other operating income, other operating expenses, depreciation and amortization, and the financial result.

Share-based payment programs Employee stock option program

Within the scope of an employee loyalty scheme, Nordex SE grants certain employees pre-emption rights free-of-charge for shares of Nordex SE. Employees also have the option not to enroll in this program.

Each option granted confers an entitlement to purchase one no-par-value bearer share of Nordex SE. Overall, four tranches are to be issued under this program. They are issued once a year within a period of 15 trading days on the Frankfurt Stock Exchange, beginning on the third trading day following the publication of Nordex SE's third quarterly report. The first tranche was issued on 3 December 2021, a second one on 6 December 2022 and, a third one on 5 December 2023 and fourth one on 27 November 2024. Overall, up to the end of the term of this scheme a maximum of 3,500,000 options may be granted worldwide for all employees at all management and expert levels.

The term of these options will commence on the allocation date and ends upon expiry of a period of six years. The last allocation took place in November 2024, so the term for the overall program will end in December 2030.

The following terms must be fulfilled for the options to be exercised:

• Expiry of a waiting period of four years, starting as of the allocation date
• The share price upon exercise must be at least 15% higher than the share price as of the allocation date

The options may only be exercised during two periods in the Company's financial year: 30 trading days after the date of the publication of its annual financial statements or halfyearly report. Following the exercise of the option, the option holders may act as they see fit with shares which they receive.

		2024		2023
	Average exercise price of options	Number of options	Average exercise price of options	Number of options
Tranche 1
Amount on 1.1.	EUR 15.64	506,890	EUR 15.64	541,490
Options issued	0	0	0	0
Options exercised	0	0	0	0
Options forfeited	EUR 15.64	26,600	EUR 15.64	34,600
Amount on 31.12.	EUR 15.64	480,290	EUR 15.64	506,890
Tranche 2
Amount 1.1.	EUR 12.16	739,384	EUR 12.16	768,284
Options issued	0	0	0	0
Options exercised	0	0	0	0
Options forfeited	EUR 12.16	40,700	EUR 12.16	28,900
Amount on 31.12.	EUR 12.16	698,684	EUR 12.16	739,384
Tranche 3
Amount 1.1.	EUR 10.10	884,409	n/a	n/a
Options issued	0	0	EUR 10.10	884,409
Options exercised	0	0	0	0
Options forfeited	EUR 10.10	38,200	0	0
Amount on 31.12.	EUR 10.10	846,209	EUR 10.10	884,409
Tranche 4
Amount 1.1.	n/a	n/a	n/a	n/a
Options issued	EUR 11.60	950,260	0	0
Options exercised	0	0	0	0
Options forfeited	0	0	0	0
Amount on 31.12.	EUR 11.60	950,260	n/a	n/a
Amount on 31.12.	n/a	2,975,443	n/a	2,130,683
Options vested and exercisable on 31.12.	0	0	0	0

First, second, third and forth tranche options not yet exercisable at the end of the period have the following expiration dates and exercise prices:

	Issue date	Expiration date	Exercise price	Number of options on 31.12.2024	Number of options on 31.12.2023
Tranche 1	3.12.2021	2.12.2027	EUR 15.64	480,290	506,890
Tranche 2	6.12.2022	5.12.2028	EUR 12.16	698,684	739,384
Tranche 3	5.12.2023	4.12.2029	EUR 10.10	846,209	884,409
Tranche 4	27.11.2024	26.11.2030	EUR 11.60	950,260	n/a

Options issued may be first exercised after a period of 4 years, within specific exercise windows.

The total expense recognized in the period for the employee stock option program amounts to EUR 3,097 thousand (2023: EUR 1,830 thousand).

The fair value of the options issued is estimated using Monte Carlo simulations. The simulation includes the need for a minimum 15% increase in the share price prior to the exercise of the option, by comparison with the exercise price. The following parameters have been used for the Monte Carlo simulation:

	Tranche 4 – 31.12.2024	Tranche 3 – 31.12.2024	Tranche 2 – 31.12.2024	Tranche 1 – 31.12.2024
Share price on measurement date	EUR 11.73	EUR 10.49	EUR 12.54	EUR 14.84
Exercise price	EUR 11.60	EUR 10.10	EUR 12.16	EUR 15.64
Expected term	4 Years	4 Years	4 Years	4 Years
Expected volatility1	50.59%	54.73%	55.94%	52.49%
Risk-free interest rate	1.91%	2.09%	1.92%	-0.66%
Dividend	EUR 0	EUR 0	EUR 0	EUR 0

¹The expected volatility has been shown based on the historical volatility of Nordex SE stock over the expected term.

Annual Integrated Report 2024

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

The employee stock option program is designed as an equity settled program. A cash payment (settlement) is not envisaged, but it is possible in principle under the option terms.

Performance Share Units Plan

The long-term variable remuneration of the Management Board is structured as a performance share unit plan based on phantom stock.

2021 – 2024 tranche

Dr. Ilya Hartmann was issued a tranche in 2021 with a performance period from 2021 to 2024, which is described in more detail below.

An individual target amount has been agreed with Dr. Ilya Hartmann. This amount is converted into performance share units (in the following also referred to as PSU). To do so, the target amount is divided by the average closing price of Nordex shares on the last 20 trading days prior to the start of the assessment period (in the following also referred to respectively as the initial number and the performance period).

The performance criterion is a comparison of the performance of the "relative total shareholder return" (in the following also referred to as RTSR) of Nordex shares with the arithmetic mean of the performance of the DAX, MDAX and TecDAX benchmark indices.

The level of target achievement for Dr. Ilya Hartmann is calculated over a four-year performance period, starting on 1 January of the year of allocation.

A minimum of -50% and a maximum of +50% have been defined as the targeted range. An RTSR performance in line with the benchmark indices will represent a 100% target achievement level. If the benchmark indices are exceeded by 50% or more, this will represent a 200% target achievement level. If the trend for the RTSR of Nordex SE lags behind the RTSR trend for the benchmark indices by 50% or more, a 50% level of target achievement is assumed. Intermediate values are subject to linear interpolation.

The final number of PSUs is calculated by multiplying the initial number by the level of target achievement. This is multiplied by the average closing price of Nordex shares on the last 20 trading days prior to the end of the performance period to determine the payout amount. The PSUP payout amount is capped at 300% of the individual target amount. The amount will be paid out in cash as of the Management Board member's salary statement for the first month after the Annual General Meeting for the financial year following the end of the performance period.

Dr. Ilya Hartmann is required to hold shares valued at no less than 33% of his payout after tax and social security contributions for a period of at least one year.

2022 – 2024 tranche

The 2022 - 2024 tranche of the PSUP for Mr. José Luis Blanco and Mr. Patxi Landa was issued before the service contracts were adapted to the new remuneration system and is described in more detail below. By way of derogation from this, Dr. Ilya Hartmann was issued a tranche in 2022 based on the new remuneration system with a performance period from 2022 to 2025. Information on this tranche will be provided in the remuneration report for financial year 2025.

An individual target amount has been agreed with the members of the Management Board. This amount is converted into performance share units (in the following also referred to as PSU). To do so, the target amount is divided by the average closing price of Nordex shares on the last 20 trading days prior to the start of the assessment period (in the following also referred to respectively as the initial number and the performance period).

The performance criterion is a comparison of the performance of the "relative total shareholder return" (in the following also referred to as RTSR) of Nordex shares with the arithmetic mean of the performance of the DAX, MDAX and TecDAX benchmark indices. The level of target achievement for Mr. José Luis Blanco and Mr. Patxi Landa is calculated over a three-year performance period, starting on 1 January of the year of allocation in each case.

Accounting policies

A minimum of -50% and a maximum of +50% have been defined as the targeted range. An RTSR performance in line with the benchmark indices will represent a 100% target achievement level. If the benchmark indices are exceeded by 50% or more, this will represent a 200% target achievement level. If the trend for the RTSR of Nordex SE lags behind the RTSR trend for the benchmark indices by 50% or more, a 50% level of target achievement is assumed. Intermediate values are subject to linear interpolation.

The final number of PSUs is calculated by multiplying the initial number by the level of target achievement. This is multiplied by the average closing price of Nordex shares on the last 20 trading days prior to the end of the performance period to determine the payout amount. The PSUP payout amount is capped at 300% of the individual target amount. The amount will be paid out in cash as of the Management Board member's salary statement for the first month after the Annual General Meeting for the financial year following the end of the performance period.

The Management Board members participating in the 2022–2024 tranche are obliged to hold shares worth at least 33% of their remaining payout amount after tax and social security deductions for a period of at least two years.

2024 – 2027 tranche

In financial year 2024, PSUs were granted to Mr. José Luis Blanco, Mr. Patxi Landa and Dr. Ilya Hartmann, the terms of which correspond to the new remuneration system.

An individual target amount, which is converted into PSUs, has been agreed with the members of the Management Board. For this purpose, the target amount is divided by the average closing price of Nordex shares on the last 20 trading days prior to the start of the performance period (in the following also referred to as initial number).

Performance is determined based on two criteria. The first performance criterion (weighting: 80%) is a comparison of the performance of Nordex shares' RTSR with the arithmetic mean of the performance of the DAX, MDAX and TecDAX benchmark indices. The level of target achievement is calculated over a four-year performance period, starting on 1 January of the year of allocation. An RTSR performance in line with the benchmark indices will represent a 100% target achievement level. If the benchmark indices are exceeded by 50% or more, this will represent a 200% target achievement level. If the trend for the RTSR of Nordex SE lags behind the RTSR trend for the benchmark indices by 50% or more, a 0% level of target achievement is assumed. Intermediate values are subject to linear interpolation.

The reduction of (Scope 1 and Scope 2) GHG emissions by 21% within the performance period, i.e. by the end of 2027, was defined as a second performance criterion (with a weighting of 20%) in line with the Nordex Group's sustainability strategy. This performance criterion was derived from the Science-based Targets (SBT) defined by the Company in 2023, which are in line with the 1.5 degree target and serve to achieve the goals of the Paris Agreement. Whether the target has been achieved will be determined at the end of the 2027 performance period. A minimum reduction of GHG emissions of 15% and a maximum reduction of GHG emissions of 27% has been defined as the target range. Target achievement is subject to linear interpolation between 0% and 200%. Scope 1 emissions are greenhouse gas emissions caused directly by the Nordex Group, e.g. through the fuel consumed by company cars, trucks, commercial vehicles and chartered ships, and through the consumption of oil, gas and diesel fuel used for the generation of heat and electricity. Scope 2 emissions are greenhouse gas emissions that Nordex causes indirectly through the consumption of purchased electricity and district heating.

The degree of overall target achievement for a financial year is determined while taking into account each individual target achievement level and the weighting of the performance criteria.

The final number of PSUs is calculated by multiplying the initial number by the overall level of target achievement. This is multiplied by the average closing price of Nordex shares on the last 20 trading days prior to the end of the performance period to determine the payout amount. The PSUP payout amount is capped at 300% of the individual target amount.The amount will be paid out – at the Company's discretion either in cash or in Nordex shares – as of the Management Board member's salary statement for the first month after the Annual General Meeting for the financial year

Accounting policies

following the end of the performance period. However, Nordex intends to settle the amount in cash as equity-settlement is not envisaged.

	1.1.2024 number	Number of PSUs issued	Change in number2	Number of PSUs exercised1	31.12.2024 number
2024 tranche	0	146,122	0	0	146,122
2023 tranche	106,999	0	0	0	106,999
2022 tranche	62,070	0	-9,126	37,081	15,863
2021 tranche	9,921	0	-4,960	4,961	0
	178,990	146,122	-14,086	42,042	268,984

1 The number of PSUs exercised has been reported in accordance with the achievement of the performance criteria.

2 Fortified PSUs in line with target achievement of the performance criteria

	1.1.2023 number	Number of PSUs issued	Change in number2	Number of PSUs exercised1	31.12.2023 number
2023 tranche	0	106,999	0	0	106,999
2022 tranche	62,069	0	1	0	62,070
2021 tranche	43,155	0	-16,616	16,618	9,921
	105,224	106,999	-16,615	16,618	178,990

1 The number of PSUs exercised has been reported in accordance with the achievement of the performance criteria.

²Fortified PSUs in line with target achievement of the performance criteria

The total expense recognized in the period for the Performance Share Units Plan amounts to EUR 721 thousand (2023: EUR 580 thousand).

The carrying amount of liabilities arising from the Performance Share Units Plan amounts to EUR 1,549 thousand (31 December 2023: EUR 829 thousand).

The payout amount of liabilities for which the counterparty's right to receive cash has vested is EUR 483 thousand (31 December 2023: EUR 167 thousand).

The fair value of the four-year Performance Share Units Plan issued on 1 January 2024 is EUR 8.91 and has been estimated using a Monte Carlo simulation. The following parameters were used as part of the Monte Carlo simulation:

	1.1.2024
Share price on measurement date	EUR10.40
Expected term	4 years
Expected volatility	51.75%
Risk-free interest rate	1.51%
Dividend	EUR 0

The long-term variable remuneration of the Management Board will be settled in cash provided the target conditions are met.

Financial risk management

Financial risk management – purposes and methods

As an enterprise operating on an international level, the Nordex Group is exposed to financial risks in its operating business and financial transactions. These are primarily market, credit and liquidity risks. The purpose of financial risk management is to limit these risks by means of ongoing operating and finance-oriented activities. The Treasury department is responsible for implementing financial strategy and ongoing risk management. Further information can be found in the "opportunities and risk report".

Market risk

Foreign currency risk

The Group's business is exposed to fluctuations in exchange rates as a result of its international orientation. The main risks are associated with the Chinese Yuan and U.S. dollar. Foreign currency risks arise from expected future transactions and from assets and liabilities recognized in the statement of financial position. Currency risks arise as a result of financial instruments denominated in a currency other than the Group's functional currency and of a monetary nature; exchange rate-related differences from the translation of financial statements into the Group currency (translation risks) are ignored.

Foreign currency risks are mostly avoided by concluding contracts with customers that match the currencies of the corresponding project-related contracts with suppliers (natural hedge). Avoiding these risks is also being emphasized across projects, especially in the case of the U.S. dollar. Given the increase of the Asian supply chain over the recent years, Chinese yuan and Indian rupee with no corresponding revenues have become increasingly important. The Treasury department is carrying out a monthly evaluation of net currency risks exposure of such supply chain currencies and aims for a certain hedging ratio on the rolling 12 month risk exposure.

In order to hedge the foreign currency risks, derivative hedging instruments mainly in the form of forward exchange transactions are used. The derivative financial instruments are used solely for hedging purposes and not for trading or speculative purposes. The transactions are generally concluded centrally by Nordex SE as the parent company. Contracts for derivative financial instruments are entered only into with domestic and foreign banks whose ratings are continuously monitored. Nordex also mitigates risk by diversifying its trading partners. All transactions with derivative financial instruments are executed, monitored and audited in accordance with the applicable provisions of the European Market Infrastructure Regulation (EMIR). Moreover, certain transactions require the prior approval of the Management Board, which is additionally kept regularly informed of the extent of the risk positions resulting from the project business. As of 31 December 2024, most forward exchange transactions were denominated in Chinese yuan and United States dollar. The notional repayment amounts of outstanding forward foreign exchange transactions stand at EUR 135,780 thousand (31 December 2023: EUR 120,226 thousand); non-Euro denominated forward exchange contracts are measured in Euros and opposing currency flows cancel each other out.

The derivative hedging instruments included in hedge accounting are as follows:

	CNY EUR	CNY EUR	INR EUR
2024	thousand	thousand	thousand
Nominal value due in 2025	244,392	74,104	19,308
Nominal value due in 2026	0	0	0
Nominal value due in 2027	0	0	0
Total	244,392	74,104	19,308
Base currency	EUR	USD	USD
Average hedging rate	7.78	7.15	85.51

	BRL EUR	BRL EUR	CNY EUR	CNY EUR	INR EUR	INR EUR	USD EUR	CAD EUR
	thousa	thousa	thousa	thousa	thousa	thousa	thousa	thousa
2023	nd	nd	nd	nd	nd	nd	nd	nd
Nominal value
due in 2024	0		0 229,732	81,704	0	36,284	40,776	28,733
Nominal value
due in 2025	0	0	0	0	0	0	0	0
Nominal value
due in 2026	0	0	0	0	0	0	0	0
Total	0	0	229,732	81,704	0	36,284	40,776	28,733
Base currency	EUR	USD	EUR	USD	EUR	USD	EUR	USD
Average hedging
rate	n/a	n/a	7.72	7.08	n/a	83.28	1.08	1.36

The following results from the effectiveness test:

	Derivative assets		Derivative liabilities
	EUR/ CNY EUR		USD/ INR EUR	USD/ CNY EUR
2024	thousand		thousand	thousand
Nominal amount	244,392		19,308	74,104
Market value/carrying amount	7,193		-277	-1,041
Change in the value of the hedge to determine ineffectiveness	7,807		-261	-570
Change in the value of the hedged item to determine ineffectiveness	-7,814		265	574
Amount of cash flow hedge reserve for completed cash flow hedges	-7,425		261	570
Amount of reserve for cash flow hedge costs for active cash flow hedges
	614		16	471
Amount of cash flow hedge reserve for completed cash flow hedges	0		0	0
Amount of reserve for cash flow hedge costs for completed cash
flow hedges	0		0	0

	Derivative assets			Derivative liabilities
	EUR/ CNY EUR thousa	USD /INR EUR thousa	USD/ CNY EUR thousa	EUR/ CNY EUR thousa	USD/ CNY EUR thousa	USD/ CAD EUR thousa	USD/ INR EUR thousa	EUR/ USD EUR thousa
2023	nd	nd	nd	nd	nd	nd	nd	nd
Nominal amount	25,526				9,153 61,278 204,207 20,426 28,733 27,131 40,776
Market value/carrying amount	132	41	765	-2,736	-458	-751	-96	-1,095
Change in the value of the hedge to determine ineffectiveness	126	20	1,045	-2,597	-255	-805	-262	-1,179
Change in the value of the hedged item to determine ineffectiveness	-125	-19	-1,030	2,655	237	822	266	1,184
Amount of cash flow hedge reserve for completed cash flow hedges	762	-19	-708	2,597	255	805	262	1,179
Amount of reserve for cash flow hedge costs for active cash flow hedges	-6	-22	279	138	203	-54	-166	-83
Amount of cash flow hedge reserve for completed cash flow hedges	0	0	0	0	0	0	0	0
Amount of reserve for cash flow hedge costs for completed cash flow hedges	0	0	0	0	0	0	0	0

The ineffective part of the cash flow hedges directly recognized in the income statement in other operating expenses amounts to EUR -16 thousand ( 2023: EUR -15 thousand).

For the purposes of describing foreign currency risks, a currency sensitivity analysis is performed to determine the effects of hypothetical changes in relevant risk variables on the Company's net profit (after income tax) and equity. The relevant risk variables comprise all nonfunctional currencies in which the Nordex Group transacts financial instruments.

In the event of 10% appreciation or depreciation in the respective foreign currency against the reporting currency, the measurement of the primary monetary financial instruments (cash and cash equivalents, trade receivables and payables, contract assets from projects and liabilities to banks) would result in the following effects on post-tax profit:

	+10%	-10%
2024	EUR thousand	EUR thousand
EUR/USD	57,661	-47,177
EUR/CNY	-20,932	17,126

	+10%	-10%
2023	EUR thousand	EUR thousand
EUR/USD	39,881	-32,630
EUR/CNY	-9,829	8,042

The measurement of the forward exchange transactions entered into for hedging purposes but not included in hedge accounting would result in the following effects on net profit/loss and fair value:

The measurement of the forward exchange transactions entered into for hedging purpose and included in hedge accounting would result in the following effects on profit, fair value and the pre-tax and post-tax hedging reserve within equity:

	+10%	-10%
2024	EUR thousand	EUR thousand
EUR/AUD
Net profit/loss	-2,869	2,872
Fair value	-2,869	2,872
EUR/SEK
Net profit/loss	0	0
Fair value	0	0
EUR/USD
Net profit/loss	-25,179	25,221
Fair value	-25,179	25,221

	+10%	-10%
2023	EUR thousand	EUR thousand
EUR/AUD
Net profit/loss	-1,212	1,213
Fair value	-1,212	1,213
EUR/SEK
Net profit/loss	3,525	-3,515
Fair value	3,525	-3,515
EUR/USD
Net profit/loss	-29,369	29,467
Fair value	-29,369	29,467

	+10%	-10%
2024	EUR thousand	EUR thousand
EUR/CNY and USD/CNY
Net profit/loss	0	0
Fair value	32,287	-30,683
Hedge accounting reserve within equity, pre-tax	32,287	-30,683
Hedge accounting reserve within equity, post-tax	21,955	-20,864
EUR/USD
Net profit/loss	0	0
Fair value	0	0
Hedge accounting reserve within equity, pre-tax	0	0
Hedge accounting reserve within equity, post-tax	0	0
EUR/INR and USD/INR
Net profit/loss	0	0
Fair value	11,353	-10,938
Hedge accounting reserve within equity, pre-tax	11,353	-10,938
Hedge accounting reserve within equity, post-tax	7,720	-7,438

	+10%	-10%
2023	EUR thousand	EUR thousand
EUR/CNY and USD/CNY
Net profit/loss	16	16
Fair value	31,598	-29,444
Hedge accounting reserve within equity, pre-tax	31,614	-29,429
Hedge accounting reserve within equity, post-tax	21,497	-20,011
EUR/USD
Net profit/loss	0	0
Fair value	4,051	-4,037
Hedge accounting reserve within equity, pre-tax	4,051	-4,037
Hedge accounting reserve within equity, post-tax	2,754	-2,746
EUR/INR and USD/INR
Net profit/loss	0	0
Fair value	13,567	-12,674
Hedge accounting reserve within equity, pre-tax	13,567	-12,674
Hedge accounting reserve within equity, post-tax	9,226	-8,618

Interest risk

The Group has no assets or liabilities subject to variable interest rates entailing a material interest rate risk exposure.

Credit risk

The Group enters into business solely with investment-grade third parties. All new main customers wishing to enter into business with the Group on a credit basis undergo a credit check. As a matter of principle, a standardized approval procedure is carried out to address any credit risks before the order is accepted. In particular, the order is not accepted unless the project finance is guaranteed by a bank and /or a bank guarantee or a group bond has been issued. In addition, receivables are monitored on an ongoing basis by evaluating their creditworthiness using external sources to avert all material credit risks. There is no pronounced clustering of credit risks within the Group. The maximum credit risk is limited to the carrying amount in question. Trade receivables and contract assets from projects are additionally secured by means of guarantees, sureties and standby letters of credit of EUR 7,803,939 thousand (31 December 2023: EUR 6,911,152 thousand) or by means of retained ownership rights of EUR 419,115 thousand (31 December 2023: EUR 390,176 thousand)

Liquidity risk

The aim of the Group is to achieve a balance between incoming and outgoing payments. To this end, it tracks payments made and received in light of the maturities of the financial investments and assets as well as expected payment flows from operating activities and continuously manages Group liquidity.

As a matter of principle, the Nordex Group finances the projects via payments made by customers. With all projects, the payments are invoiced in line with the progress of work on the basis of the agreed contractual schedule. These prepayments are mainly guaranteed by means of the syndicated multi-currency facility and uncommitted Guarantee Facility Utilization Agreement.

Nordex uses cross-border cash pooling mechanisms or other in-house banking instruments to enhance the efficiency of group wide liquidity management. Group Treasury invests remaining liquidity positions conservatively with domestic and nondomestic banks. In addition, Group Treasury agrees with banks on proper interest rates scheme on major cash management lead accounts. Limits and counterparty risks are continuously monitored.

Debt instruments

Promissory note

On 6 April 2016, Nordex SE placed a promissory note with a volume of EUR 550,000 thousand for which Nordex Energy SE & Co. KG is jointly and severally liable with national and international investors. After repayments in April 2021 and April 2023, the promissory note currently is comprised of one tranche with an original term of ten years with fixed interest of 2.96%. The promissory note has been certified as a green financial instrument. As of 31 December 2024, the liability including accrued costs and interest recognized under liabilities to banks amounted to EUR 6,640 thousand (31 December 2023: EUR 6,642 thousand), of which EUR 140 thousand (31 December 2023: EUR 142 thousand) is current.

Syndicated multi-currency guarantee facility

Nordex SE also has a syndicated multi-currency guarantee facility currently in the amount of EUR 1,067,640 thousand (originally EUR 1,410,000 thousand) that runs until 9 April 2025 and in which the main Nordex Group companies hold joint and several liability. This multi-currency guarantee facility includes guaranteed cash credit lines in the amount of EUR 100,000 thousand, of which EUR 10,000 thousand was extended to an Indian subsidiary in financial year 2022. The amount extended to the Indian subsidiary was increased to EUR 20,000 thousand in financial year 2023.

As of 31 December 2024, EUR 400,560 thousand (31 December 2023: EUR 1,012,884 thousand) of the syndicated multi-currency guarantee facility had been drawn down in the form of guarantees. Ancillary credit facilities have also been set up under the syndicated multi-currency guarantee facility. As of 31 December 2024, the cash draw downs on these facilities recognized under current liabilities to banks amounted to EUR 19,115 thousand (31 December 2023: EUR 18,947 thousand).

The syndicated multi-currency guarantee facility is further subject to uniform and agreed financial covenants. The financial institutions may only terminate this multi-currency guarantee facility for good cause, such as non-compliance with the financial covenants. No covenants were breached as of 31 December 2024. There were no defaults or delays in payment regarding the cash drawings on the facility amounting to EUR 19,115 thousand.

Uncommitted Guarantee Facility Utilization Agreement

In 2023, Nordex SE entered into an uncommitted Guarantee Facility Utilization Agreement with Acciona, S.A. in which Acciona, S.A. offered, subject to certain terms and conditions, to make available to Nordex its uncommitted banking and surety guarantee facilities in the aggregate amount of up to EUR 1,300,000 thousand (originally EUR 600,000 thousand) under which Guarantees may be issued by different financial entities to fulfil the needs of Nordex Group. The facility is an alternative to the syndicated multi-currency guarantee facility to diversify the total bond capacity.

As of 31 December 2024, EUR 1,175,445 thousand (31 December 2023: EUR 377,606 thousand) of the facility had been drawn down in the form of guarantees and the amount payable in relation to the guarantee fee recognized under current liabilities amounted to EUR 8,972 thousand (31 December 2023: EUR 2,275 thousand).

Convertible bonds

In 2023, the Nordex Group successfully placed unsubordinated and unsecured green convertible bonds with a total nominal amount of EUR 333,000 thousand. The bonds have a term of seven years and a coupon of 4.25% as well as a conversion price of EUR 15.73.

The conversion right within the convertible bonds constitute an equity instrument, which is included in equity in the amount of EUR 61,393 thousand. The liability component is classified as a financial liability at amortized cost. As of 31 December 2024, the liability including accrued costs and interest recognized under financial liabilities amounted to EUR 258,378 thousand (31 December 2023: EUR 247,644 thousand).

Capital risk management

The main aims of capital risk management are to ensure sustained growth in enterprise value and to safeguard the Group's liquidity and credit rating. Equity as of 31 December 2024 stood at EUR 996,617 thousand (31 December 2023: EUR 978,116 thousand). The Group monitors its capital by means of the working capital employed. Working capital is defined as the sum of trade receivables, contract assets from projects and inventories less trade payables and contract liabilities from projects:

EUR thousand	31.12.2024	31.12.2023
Trade receivables	241,447	197,102
Contract assets from projects	838,229	780,352
Inventories	909,369	1,265,691
Trade payables	-1,657,019	-1,669,273
Contract liabilities from projects	-995,286	-1,319,553
	-663,261	-745,681
Sales	7,298,825	6,489,068
Working capital ratio	-9.1 %	-11.5 %

Group segment reporting

Group segment reporting

The Nordex Group is essentially a single-product company. The activities of the Nordex Group cover the development, production, marketing and servicing of wind power systems. In line with business activities, the reportable segments are Projects and Services segment.

The Projects segment comprises the new wind turbine business while the Service segment includes all activities associated with turbine support after commissioning. Income and expenses which can not be clearly allocated to the two segments are reported separately under not allocated. This category mainly comprises costs for global lead functions and corporate treasury activities. The transactions between the individual segments are based on Arm's Length Principle. Segment reporting follows the internal reports submitted to the chief operating decision maker, the Management Board of Nordex SE, on the basis of the accounting principles applied to the consolidated financial statements.

		Projects		Service		Not allocated		Consolidation1		Total
Euro thousand	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Sales	6,543,146	5,827,736	776,598	678,906	3	3,183	-20,923	-20,757	7,298,825	6,489,068
Changes in inventories and other own work capitalised	-296,985	64,281	-1,189	-2,463	-105	-22	0	0	-298,279	61,796
Cost of materials	-5,217,743	-5,301,645	-276,471	-278,172	7,719	-6,958	20,923	20,757	-5,465,573	-5,566,019
Other income and expenses	-710,560	-580,812	-375,879	-297,080	-333,168	-293,428	0	0	-1,419,608	-1,171,320
EBIT	317,858	9,560	123,059	101,191	-325,551	-297,225	0	0	115,366	-186,474
Other interest and similar income	0	0	0	0	17,388	11,430	0	0	17,388	11,430
Interest and similar expenses	0	0	0	0	-110,808	-135,249	0	0	-110,808	-135,249
Loss from equity-accounting method	0	0	0	0	-424	-356	0	0	-424	-356

1 As in the previous year, intrasegment sales are soley attributable to the service segment, whereas intrasegment cost of materials of EUR 20.923 thousand (2023: EUR 20.757 thousand) solely to Projects segment.

Group segment reporting

Non-current assets and sales break down by region as follows:

	Non-current assets 1	Sales
EUR thousand	31.12.2024	31.12.2023	2024	2023
Europe2	619,278	598,509	5,818,694	4,794,973
Latin America	57,306	51,032	669,506	1,249,512
North America	19,922	17,738	426,733	314,203
Rest of world	49,799	71,052	383,892	130,380
	746,305	738,330	7,298,825	6,489,068

1 Non-current assets include property, plant and equipment, capitalized development expenses, prepayments made and other intangible assets.

²of which non-current assets from Germany EUR 435,272 thousand (2023: EUR 408,444 thousand) and from Spain EUR 123,860 thousand (2023: EUR 149,479 thousand)

of which sales from Germany EUR 1,615,522 thousand (2023: EUR 1,096,297 thousand) and from Spain EUR 402,398 thousand (2023: EUR 363,438 thousand)

1

Notes to the statement of financial position

Notes to the statement of financial position

(1) Cash and cash equivalents

Cash and cash equivalents include cash in hand and sight deposits. Deposits which are immediately callable are subject to variable interest rates.

Cash and cash equivalents amount to EUR 1,151,438 thousand (31 December 2023: EUR 925,923 thousand). Of the cash and cash equivalents, EUR 5,333 thousand cannot be freely transferred within the Group due to foreign exchange restrictions resulting from the Russia-Ukraine conflict.

No impairments need to be recognized.

Pursuant to IFRS 9, cash and cash equivalents are classified as financial assets measured at amortized cost. Given the short residual terms to maturity, amortized cost equals the fair value as in the previous year.

(2) Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If the receipt of payments is expected within one year or less (or within the normal operating cycle of the business if longer), they are classified as current assets.

Trade receivables amount to EUR 241,447 thousand (31 December 2023: EUR 197,102 thousand).

Trade receivables are not subject to interest and are generally due for settlement within 30 to 90 days.

The following impairment was recognized on trade receivables in the year under review and in the previous year:

EUR thousand	2024	2023
Impairment as at 01.01	16,129	10,040
Utilization	-2,242	-158
Reversals1	-5,448	-2,096
Additions2	27,807	8,343
Impairment as at 31.12.	36,246	16,129

The reversal is shown in the income statement under other operating income.

2 The addition is shown in the income statement under other operating expenses.

Impairment of trade receivables determined in accordance with the disclosures made in the section on financial instruments are as follows:

31.12.2024	Impaired						Not impaired	Total
EUR thousand		Not past due	Past due less than 30 days	Past due 31 to 90 days	Past due 91 to 180 days	Past due 181 to 360 days	Past due 361 days and more
Trade receivables (fully secured)
(gross)	0	72,067	25,251	27,374	4,950	10,407	26,401	166,451
Expected loss rates	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %
Impairment	0	0	0	0	0	0	0	0
Trade receivables (fully secured) (net)	0	72,067	25,251	27,374	4,950	10,407	26,401	166,451
Trade receivables with credit risk (gross)	29,224	40,631	13,311	15,812	5,133	2,454	4,677	111,242
Expected loss rates	100.0 %	0.1 %	0.3 %		2.5 % 12.5 % 50.0 % 100.0 %			32.6 %
Impairment	29,224	41	40	395	642	1,227	4,677	36,246
Trade receivables with credit risk (net)	0	40,590	13,271	15,417	4,492	1,227	0	74,996

31.12.2023	Impaired						Not impaired	Total
EUR thousand		Not past due	Past due less than 30 days	Past due 31 to 90 days	Past due 91 to 180 days	Past due 181 to 360 days	Past due 361 days and more
Trade receivables (fully secured) (gross)	0	81,462	21,783	15,026	7,217	11,150	23,561	160,200
Expected loss rates	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %	0.0 %
Impairment	0	0	0	0	0	0	0	0
Trade receivables (fully secured) (net)	0	81,462	21,783	15,026	7,217	11,150	23,561	160,200
Trade receivables with credit risk (gross)	8,339	8,023	15,375	8,295	3,027	3,340	5,480	51,879
Expected loss rates	100.0 %	0.1 %	0.3 %		2.5 % 12.5 % 50.0 % 100.0 %			31.1 %
Impairment	8,339	8	46	207	378	1,670	5,480	16,129
Trade receivables with credit risk (net)	0	8,015	15,329	8,088	2,648	1,670	0	35,750

In the financial years 2024 and 2023, no unimpaired receivables were derecognized.

Pursuant to IFRS7 and IFRS9, trade receivables are classified as financial assets measured at amortized cost. The fair value did not differ significantly from amortized cost in the year under review; in the previous year, the fair value corresponded to amortized cost.

(3) Contract assets and contract liabilities from projects

Contract assets from projects include unfinished contracts whose revenues are recognized over time in accordance with IFRS 15.

The contract assets primarily relate to the Group's rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional.

Contracts assets and contract liabilities from projects developed as follows:

	Contract assets from projects		Contract liabilities from projects
EUR thousand	2024	2023	2024	2023
Amount on 1.1	780,352	720,191	1,319,553	1,053,058
Increases as a result of changes in the measure of progress and other adjustments	357,539	206,521	-	-
Revenue recognised that was included in the contract liability balance at the beginning of the period	-		- -1,003,428	-657,399
Transfers from contract assets recognised at the beginning of the period to receivables	-299,661	-146,360	-	-
Payments received, excluding amounts recognised as revenue during the period	-		- 679,161	923,894
Amount on 31.12.	838,229	780,352	995,286	1,319,553

Due to the collateralization with guarantees, sureties and stand-by letters of credit, no impairments need to be recognized on contract assets from projects.

(4) Contract assets and contract liabilities from services

The contract assets from services relate to maintenance contracts where the percentage of completion exceeds the payments received. In contrast, the contract liabilities from services concern maintenance contracts where the payments received exceed the percentage of completion.

Contracts assets and contract liabilities from services developed as follows:

		Contract assets from services	Contract liabilities from services
EUR thousand	2024	2023	2024	2023
Amount on 1.1	45,976	42,228	185,944	187,223
Addition, new service contracts	5,173	4,849	26,625	16,113
Addition to existing service contracts	9,186	10,200	31,362	15,772
Disposal of existing service contracts	-7,755	-4,804	-21,628	-15,729
Disposal of completed service contracts	-3,744	-6,498	-9,818	-17,435
Amount on 31.12.	48,836	45,976	212,485	185,944

The contract assets primarily relate to the Group's rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional.

Of the contract assets, EUR 9,374 thousand (31 December 2023: EUR 8,733 thousand) are current and EUR 39,462 thousand (31 December 2023: EUR 37,243 thousand) are non-current, while of the service contract liabilities from services, EUR 34,260 thousand (31 December 2023: EUR 31,189 thousand) are current and EUR 178,225 thousand (31 December 2023: EUR 154,755 thousand) are non-current.

The expected loss ratio for contract assets from service corresponds to the ratio of 0.1% applicable to trade receivables with a credit risk that are not past due. For reasons of materiality, the impairments resulting from this in the amount of EUR 49 thousand (31 December 2023: EUR 46 thousand) have not been recognized, however.

Historical cost is calculated using the average method. The production costs include production-related full costs calculated on the basis of normal capacity utilization.

Inventories are reviewed for impairments as of the reporting date and appropriate loss allowances are recognized if necessary.

Inventories break down as follows:

EUR thousand	31.12.2024	31.12.2023
Raw materials and suppliers	615,801	590,796
Work in progress	191,313	542,498
Prepayments made	102,255	132,397
	909,369	1,265,691

Raw materials and supplies primarily comprise production and service material.

Work in progress mainly relates to wind power systems under construction from customer contracts where sales are recognized at a point in time.

The carrying amount of the inventories includes the following impairment adjustments:

EUR thousand	2024	2023
Impairment on 01.01.	47,957	37,184
Utilization	-4	0
Reversals	-6,659	0
Additions	30,070	10,773
Impairment as at 31.12.	71,364	47,957

Utilization of impairment is related specifically to reductions in aged inventories, while additions primarily relate to inventories with limited usability.

Notes to the statement of financial position

The carrying amount of the impaired inventories is EUR 77,251 thousand (31 December 2023: EUR 42,072 thousand).

(6) Income tax receivables and payables

Income tax receivables of EUR 22,975 thousand (31 December 2023: EUR 20,205 thousand) mainly stem from Nordex France SAS., Nordex Energy Mexico S.de R.L. de C.V, Nordex SE and Nordex USA Inc., while the liabilities from income taxes amounting to EUR 13,414 thousand (31 December 2023: EUR 23,853 thousand) are mainly attributable to Nordex Windpower Peru S.A., Nordex Hellas Monoprosopi EPE, Nordex Enerji Anonim Sirketi, and Nordex Polska Sp.z.o.o.

(7) Other current financial assets

274 Nordex SE

Other current financial assets break down as follows:

EUR thousand	31.12.2024	31.12.2023
Creditors with debit accounts	79,833	45,638
Receivable from the sale of shares in ACCIONA Nordex Green Hydrogen, S.L. (former Nordex H2, S.L.)	17,570	17,570
Forward exchange transactions	11,539	4,369
Insurance and compensation claims	1,366	5,650
Receivables from ACCIONA Nordex Green Hydrogen, S.L.	3,660	5,548
Deposits	2,682	3,249
Other	19,160	19,089
Total	135,810	101,112

Annual Integrated Report 2024

(5) Inventories

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

Notes to the statement of financial position

Pursuant to IFRS 7 and IFRS 9, the balances not relating to forward exchange transactions reported under other current financial assets are classified as financial assets measured at amortized cost. Given the short residual terms to maturity, amortized costs amounting to EUR 124,270 thousand (31 December 2023: EUR 96,744 thousand) equals the fair value as in the previous year.

Pursuant to IFRS 7 and IFRS 9, the forward exchange transactions reported in other current financial assets in the scope of hedge accounting (cash flow hedges) are classified as effective hedging instruments measured at fair value through other comprehensive income. The fair value amounts to EUR 11,105 thousand (31 December 2023: EUR 1,040 thousand).

Pursuant to IFRS 7 and IFRS 9, the other forward exchange transactions reported under other current financial assets are classified as financial assets measured at fair value through profit or loss. The fair value amounts to EUR 434 thousand (31 December 2023: EUR 3,329 thousand). The forward rates and prices are calculated on the basis of the spot price on the reporting date in light of any discounts or premiums for the remaining term of the contract.

(8) Other current non-financial assets

Other current non-financial assets break down as follows:

EUR thousand	31.12.2024	31.12.2023
Tax receivables	274,913	232,677
Prepaid expenses	15,894	18,909
Other	2,827	2,052
	293,634	253,638

Tax receivables primarily concern current input tax assets Nordex Energy Brasil – Comercio e Industria de Equipamentos Ltda. in the amount of EUR 21,140 thousand (31 December 2023: EUR 59,684 thousand), Nordex Energy SE & Co. KG in the amount of EUR 32,857 thousand (31 December 2023: EUR 10,200 thousand), Nordex India Private Limited in the amount of EUR 24,907 thousand (31 December 2023: EUR 27,170 thousand), NX Energy Mexico S. de R.L. de C.V. in the amount of EUR 9,352 thousand (31 December 2023: EUR 16,638 thousand), Nordex India Manufacturing Private Limited. in the amount of EUR 24,153 thousand (31 December 2023: EUR 11,347 thousand) Nordex Elektrane d.o.o. in the amount of EUR 36,468 thousand (31 December 2023: EUR 2,304 thousand), Nordex Energy South Africa (RF) (Pty) Ltd in the amount of 17,015 (31 December 2023: EUR 1,178 thousand), Nordex Enerji Anonim Sirketi in the amount of EUR 34,452 thousand (31 December 2023: EUR 8,431 thousand) and Nordex Energy Ireland Limited. in the amount of EUR 6,693 thousand (31 December 2023: EUR 12,793 thousand).

Prepaid expenses chiefly comprise costs pertaining to other periods for the multicurrency guarantee facility, license fees and to suppliers.

(9) Property, plant and equipment

Property, plant and equipment are recognized at historical cost and, where subject to wear and tear, depreciated. Historical cost includes the cost directly attributable to the acquisition or construction.

In accordance with IAS 20.24, government grants and assistance received for acquiring non-current assets are deducted from historical cost.

Depreciation is calculated on a straight-line basis over the expected useful life of the assets. For this purpose, the historical cost is written down to the residual carrying amount over the expected useful life of the assets as follows:

	Useful life	Depreciation rate
Land and buildings (depreciation calculated for building only)	10 – 33 years	3% – 10%
Technical equipment and machinery	3 – 25 years	4% – 33.33%
Tools and equipment	2 – 18 years	5.56% – 50%

Property, plant and equipment breaks down as follows:

EUR thousand	31.12.2024	31.12.2023
Land and buildings	188,227	179,598
Technical equipment and machinery	124,109	149,499
Other fixtures and fittings, tools and equipment	188,237	183,870
Assets under construction	36,697	31,170
Prepayments made	8,073	10,289
	545,343	554,426

Property, plant and equipment is tested for impairment in accordance with IAS 36 if there are indications of impairment.

Land and buildings, and other fixtures and fittings, tools and equipment include lease assets. Additions and carrying amount as of 31 December 2024 and 1 January 2024 are as follows:

	31.12.2024		1.1.2024
EUR thousand	Additions	Carrying amount	Carrying amount
Land and buildings -lease assets	38,695	113,203	95,995
Technical equipment and machinery-lease assets	74	83	32
Other facilities, operating and office equipment -lease assets	19,361	77,423	77,382
	58,131	190,709	173,409

The capitalized right-of-use assets from leases relate mainly to administrative and production buildings, warehouses, a cargo vessel, company vehicles and production equipment (e.g. lifting platforms). The additions (2023: 30,425) refer to the leasing of administrative and production buildings, company vehicles, as well as the reassessment of existing lease contracts due to the exercise of extension options.

Cash outflows for leases in the current financial year amounted to EUR 66,225 thousand as of 31 December 2024 (31 December 2023: EUR 62,203 thousand).

For a detailed overview of movements in property, plant and equipment, we refer to the statement of changes in property, plant and equipment and intangible assets attached to the notes to the consolidated financial statements.

(10) Goodwill

Goodwill represents the excess of the acquisition cost of an acquired company over the fair value of the Group's shares of its net identifiable assets on the date of acquisition.

For the purpose of the impairment testing, goodwill is allocated to cash-generating units (CGUs) at the date of acquisition. Once a year or if there is an indication of impairment, the Group tests on the level of the CGUs to which goodwill has been allocated whether goodwill is impaired (impairment only approach) or not.

The derivation of fair value less cost of disposal (FVLCOD) for both Projects and Service CGUs is based on following key assumptions:

• Long-term revenue growth rates, gross profit margin (Projects CGU), structural costs (comprising of staff costs and other operating expenses) and EBITDA margin (Service CGU) are budgeted for the next three years in accordance with corporate strategy and business plan.
• Our detailed planning incorporates a strategy to maintain revenue growth consistent with the preceding three years. Subsequently, a conservative, zero-growth projection is applied for the two years following the detailed planning period. Key assumptions reflect management's assessment of industry trends, informed by historical internal and external data.
• Sustained gross profit margin improvement is projected, predicated on implemented quality assurance and stable procurement costs.
• Planned scaling and cost-reduction initiatives anticipate a sub-proportional increase in structural costs relative to revenue.

To our shareholders Combined Group management report Corporate Governance Consolidated financial statements Notes Additional information

• Consequently, a sustainable EBITDA margin expansion is anticipated throughout the planning horizon, based on the projected sub-proportional increase in structural costs relative to revenue.
• Discount rates that reflects the return that investors would require if they were to choose an investment that would generate cash flows of amounts, timing and risk profile equivalent to those the entity expects to derive from the asset.

The fair value less costs of disposal for the two CGUs, Projects and Service, is determined on the basis of a discounted cash flow method and is based on the budget for 2025 as well as for four subsequent budget years derived from the Company's medium-term forecast. Income beyond the five-year period has been extrapolated based on a steady growth rate of 1.00% (2023: 1.00%). The underlying parameters, such as sales growth and margins, are determined based on expertise gained in the past, current economic conditions, and forecasts by external industry experts. The fair value determined for both CGUs is assigned to Level 3 in the fair value hierarchy.

The after-tax discount rate is 10.45% (31 December 2023: 10.34%) for the Projects CGU and 10.93% (31 December 2023: 10.88%) for the Service CGU which are based on the concept of Weighted Average Cost of Capital (WACC). The discount rate is based on a risk-free interest rate of 2.60% (31 December 2023: 2.22%), a market risk premium of 6.7% (31 December 2023: 7%) and a beta factor of 1.10 (31 December 2023: 1.12). The beta factor and the ratio of the market value of equity to the market value of debt were determined using a CGU-specific peer group.

As in the previous year, goodwill amounts to EUR 547,758 thousand and, as in the previous year, EUR 500,486 thousand is attributable to the Projects CGU and EUR 47,272 thousand to the Service CGU, EUR 537,798 thousand there of resulted from the purchase price allocation of Acciona Windpower.

As in the previous year, no impairment was recognized in the 2024 financial year, as the recoverable amount for the Projects and Service CGUs is above the carrying amount of the assets plus the carrying amount of the goodwill of the two CGUs.

A sensitivity analysis for the individual cash-generating units (CGUs) considers any changes in the key assumptions deemed possible. The sensitivity analysis was performed in isolation for all significant influencing factors; that is, a change in the fair value of a cash-generating unit is caused only by a reduction or an increase in the respective influencing factor. The sensitivity analyses of all key assumptions does not result in an impairment for any of the CGUs.

For a detailed overview of goodwill, we refer to the statement of changes in property, plant and equipment and intangible assets attached to the notes to the consolidated financial statements.

(11) Capitalized development expenses

The cost of production for these assets includes all costs directly attributable to the production process as well as production-related overhead and borrowing costs. Borrowing costs that are directly attributable to the production of a qualifying asset are capitalized until all work for its intended use is substantially completed; otherwise, they are recognized as an expense in the period in which they are incurred. A qualifying asset exists if the production of the asset normally takes longer than one year. Furthermore, development expenses may only be capitalized if the entity has the ability and intent to complete and use the asset and is able to provide evidence how the asset will generate future economic benefits.

Capitalized development expenses are amortized on a straight-line basis over the period in which project is expected to generate sales, but no longer than five years. Furthermore, the Group reviews the value of capitalized development expenses once a year; an impairment is recognized for any development measures that are found to be technically outdated.

As of the reporting date, capitalized development expenses amounted to EUR 184,838 thousand (31 December 2023: EUR 169,785 thousand). In financial year 2024, development expenses amounting to EUR 51,026 thousand (2023: EUR 46,381 thousand) were capitalized, of which EUR 46,244 thousand (2023: EUR 42,709 thousand) concern capitalized development expenses for which amortization has not yet begun. Additions comprise in particular the enhancement and development of the Generation Delta wind turbines, Software developments as well as

the electrolyzer project development. The additions include borrowing costs of EUR 4,197 thousand (31 December 2023: EUR 2,918 thousand) at a borrowing rate of 7.62% (31 December 2023: 7.30%). Additional development expenses of EUR 35,886 thousand arising in 2024 (2023: EUR 36,633 thousand) did not meet the criteria for capitalization and were therefore expensed in profit or loss. The capitalization ratio therefore amounts to 58.71% (31 December 2023: 55.87%).

For a detailed overview of capitalized development costs, we refer to the statement of changes in property, plant and equipment and intangible assets attached to the notes to the consolidated financial statements.

(12) Prepayments made

Prepayments made are recognized at cost.

Prepayments made amounted to EUR 83 thousand (31 December 2023: EUR 48 thousand).

For a detailed overview of prepayments made we refer to the statement of changes in property, plant and equipment and intangible assets attached to the notes to the consolidated financial statements.

(13) Other intangible assets

Assets that have definite useful lives are reported at historical cost less accumulated amortization.

Amortization is calculated on a straight-line basis over the expected useful life of the assets, which are deemed to end no later than upon the expiry of the corresponding right. The following useful lives are assumed for this purpose:

	Useful life	Depreciation rate
Licenses, software and similar right	2 – 5 years	20% – 50%

Other intangible assets amount to EUR 16,040 thousand (31 December 2023: EUR 14,071 thousand).

For a detailed overview of other intangible assets, we refer to the statement of changes in property, plant and equipment and intangible assets attached to the notes to the consolidated financial statements.

(14) Investments

Investments include investments in affiliated non-consolidated companies and equity investments. Investments in affiliated non-consolidated companies relate to companies that the Group controls but are insignificant in terms their operations, both individually and collectively. Equity investments refer to companies that are not controlled by the group. Investments mainly comprise project companies. However, project development is not carried out by the companies, which is why the value of the companies does not increase. Costs therefore correspond to the fair value.

Investments break down as follows:

EUR thousand	31.12.2024	31.12.2023
Investments in affiliated non-consolidated companies	558	3,223
Equity investments	383	208
	941	3,431

Shares are held in the following affiliated non-consolidated companies:

EUR thousand	31.12.2024	31.12.2023
Project companies	533	3,198
Nordex Windpark Verwaltung GmbH, Hamburg	25	25
	558	3,223

The project companies hold various rights in connection with internally developed wind power projects, mainly building permits. No impairments were recognized in 2024 (2023: EUR 0 thousand).

The purpose of Nordex Windpark Verwaltung GmbH is to acquire and manage investments in trading companies whose purpose is particularly to acquire, develop, install and operate wind farms and to assume personal liability and management responsibility for such entities.

Investments are held in the following entities:

EUR thousand	31.12.2024	31.12.2023
Parc Eolien du Val Aux Moines, Paris/France	13	13
RenerCycle S.L., Pamplona/Spain	370	195
	383	208

Parc Eolien du Val Aux Moines operates a wind farm.

RenerCycle S.L. is still in its start-up phase. The company's business purpose is the recycling of wind turbines aimed at achieving the sustainability goal of no waste.

The shares of these entities are unlisted and there is no intention to sell as of 31 December 2024.

For further details on shareholdings, we refer to the list of shareholdings as of 31 December 2024 attached to the notes to the consolidated financial statements.

Investments are classified, in accordance with IFRS 9 as financial assets measured at fair value through other comprehensive income. Investments mainly comprise project companies. As in the previous year, the fair value largely corresponds to the costs due to insignificant operating activities.

(15) Investments accounted for using the equity method

The investments accounted for using the equity method comprise investment in a joint venture.

A joint venture is an arrangement over which the Group has joint control, whereby it has rights to its net assets of the arrangement, rather than having rights to its assets and obligations to its liabilities.

Investments in joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the comprehensive income of equity-accounted investments until the date that significant influence or joint control ceases.

EUR thousand	31.12.2024	31.12.2023
Investment in a joint venture
ACCIONA Nordex Green Hydrogen, S.L,
Barasoain/Spain1	99,582	82,372
	99,582	82,372

The company was renamed in 2023 from Nordex H2 S.L

Joint venture

1

.

ACCIONA Nordex Green Hydrogen, S.L, is managed jointly based on an agreement with Acciona, with each shareholder having a 50% stake in the company. The company and its subsidiaries are mainly involved in development projects related to green hydrogen that are not limited to a specific region. The investment is accounted for using the equity method.

Consolidated financial information of ACCIONA Nordex Green Hydrogen, S.L accounted for using the equity-method is as follows:

Statement of financial position
EUR thousand	31.12.2024	31.12.2023
Current assets
Liquid funds	12,455	10,808
Other current assets	155,095	142,972
Total current assets	167,550	153,780
Non-current assets	35,280	16,439
Total assets	202,830	170,219
Current liabilities
Financial liabilities (w/o Trade payables)	2,937	2,904
Other current liabilities	3,479	2,810
Total current liabilities	6,416	5,713
Non-current liabilities
Financial liabilities	2,669	5,179
Other non-current liabilities	0	1
Total non-current liabilities	2,669	5,180
Total liabilities	9,085	10,893
Net assets	193,745	159,326

Income statement
EUR thousand	2024	2023
Revenue	2	0
EBITDA	-630	-726
Depreciation	-457	-179
Financial result	827	118
Income tax	-591	113
Net loss	-851	-674

Reconciliation to the carrying amount presented as an investment in the statement of financial position:

EUR thousand	31.12.2024	31.12.2023
Net assets	193,745	159,326
Proportion attributable to the Nordex group in %	50 %	50 %
Proportion of net assets attributable to Nordex Group	96,873	79,663
Goodwill	2,709	2,709
Carrying amount	99,582	82,372

For further details on shareholdings, we refer to the list of shareholdings as of 31 December 2024 attached to the notes to the consolidated financial statements.

(16) Other non-current financial assets

Other non-current financial assets break down as follows:

EUR thousand	31.12.2024	31.12.2023
Receivable from the sale of shares in ACCIONA Nordex Green Hydrogen, S.L. (formerly Nordex H2, S.L.)	16,865	33,730
Receivables from non-consolidated affiliated companies and investments	1,291	5,511
Fixed-term deposits	2,514	2,889
Deposits	2,771	2,551
Loan	4,194	4,044
	27,635	48,725

Receivables from non-consolidated affiliated companies and investments concern the financing of project companies in particular.

Impairments amount to EUR 1,514 thousand (31 December 2023: EUR 1,514 thousand).

Pursuant to IFRS 7 and IFRS 9, the balances reported under other non-current financial assets are classified as financial assets measured at amortized cost.

Given the market interest rates apply, amortized cost amounting to EUR 27,635 thousand (31 December 2023: EUR 48,725 thousand) equals the fair value due as in the previous year.

(17) Other non-current non-financial assets

The other non-current non-financial assets break down as follows:

EUR thousand	31.12.2024	31.12.2023
Prepaid expenses	9,707	5,508
Tax assets	26,817	24,266
	36,523	29,774

Prepaid expenses chiefly comprise costs pertaining to other periods for license fees and the multi-currency guarantee facility.

Tax assets relate to input tax assets in Nordex Energy Brasil – Comercio e Industria de Equipamentos Ltda.

(18) Deferred tax assets and tax liabilities

Deferred tax assets and liabilities are netted in cases in which there is a legally enforceable right to offset and deferred tax assets and liabilities are based on income taxes levied by the same tax authority where there is an intention to settle the balances on a net basis.

As of 31 December 2024, a rounded tax rate of 32.00% (31 December 2023: 32.00%) was applied for the purpose of calculating domestic deferred taxes.

The deferred tax assets and liabilities arising in connection with recognition and measurement differences in the following items of the statement of financial position as well as unused tax losses, interest carryforwards and tax credits break down as follows:

	Deferred tax assets		Deferred tax liabilities
EUR thousand	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Contract assets from projects and service	0	0	245,723	158,355
Property, plant and equipment/ intangible assets	47,927	3,941	96,795	89,260
Other assets	13,538	31,528	22,259	15,402
Contract liabilities from projects and service	91,999	92,319	0	0
Provisions	61,648	56,379	2,747	5,409
Other liabilities	110,794	74,052	74,559	110,184
Unused tax losses	406,074	377,131	0	0
Unused interest carryforwards	190	34,915	0	0
Unused tax credits	36,907	14,585	0	0
	769,077	684,850	442,083	378,610
Netting	-238,408	-303,209	-238,408	-303,209
	530,669	381,641	203,675	75,401

The Nordex Group recognizes deferred tax assets on deductible temporary balance sheet differences, unused tax losses, interest carryforwards and tax credits where it can be assumed that sufficient taxable profits will be generated in the future that can be offset against deductible temporary balance sheet differences, unused tax losses, and tax credits. Deferred tax assets are recognized on the basis of medium-term forecasts for the relevant subsidiaries, taking into account tax groups for income tax purposes. The forecast period for the probability of using deferred tax assets is five years as of 31 December 2024 (31 December 2023: five years). The global economic outlook remained generally subject to considerable uncertainty in 2024, as Russia's continuing aggression in the Ukraine and the potential for the escalation of the Middle East conflict in particular was adversely affecting the world in a variety of ways. In addition, the results of the US presidential election created further political and economic uncertainty for the upcoming years, with the potential escalation of trade disputes and thus the further fragmentation of the world seen as a major risk. Given that we expected macro environment to remain highly volatile, the Company's business performance and the assumptions underlying these forecasts were still subject to considerable uncertainty in 2024. Based on the measures initiated, we are applying a forecast period covering five years beyond 2024. Further information on this can be found in the "Combined Group management report".

As the consolidated tax group parent, Nordex SE recognizes deferred tax assets on deductible temporary balance sheet differences and unused tax losses. The nondomestic subsidiaries within the Nordex Group recognize deferred tax assets for deductible temporary balance sheet differences, unused tax losses, and tax credits taking into account the national tax rates and minimum tax rates applicable and make allowance for any restrictions in the length of time in which the tax losses, and tax credits may be utilized.

In total deferred tax assets of EUR 366,468 thousand (2023: EUR 374,821 thousand) were not recognized as they are not expected to materialize within the forecast period which mainly relate to deductible temporary differences of EUR 76,689 thousand (2023: EUR 40,412 thousand) and unused tax losses of EUR 224,071 thousand (2023: EUR 294,966 thousand).

Based on the measures introduced, no additional write-down of deferred tax was made as of 31 December 2024 and 31 December 2023 despite the continued volatile market environment.

The Management Board of Nordex SE currently estimates that of the existing corporate tax loss carryforwards of EUR 857,890 thousand (2023: EUR 962,629 thousand) and of the existing trade tax losses of EUR 762,211 thousand (2023: EUR 886,192 thousand) EUR 857,890 thousand (2023: EUR 957,316 thousand) and EUR 762,211 thousand (2023: EUR 880,879 thousand), respectively, can be utilized. The relevant legislation does not stipulate any maximum period in which losses must be utilized in Germany.

The Nordex Group has the following loss carryforwards for which no deferred tax assets have been recognized:

		Corporate Tax		Local Tax
EUR thousand	31.12.2024	31.12.2023	31.12.2024	31.12.2023
Forfeitable in less than 1 year	15,031	16,348	0	0
Forfeitable within 2 to 5 years	45,474	44,765	0	0
Forfeitable within 6 to 9 years	9,542	106,263	0	8,156
Forfeitable in more than 9
years	67,961	238,178	0	26,446
Non-forfeitable	748,545	735,122	254,086	256,603
	886,553	1,140,676	254,086	291,205

In addition, an amount of EUR 8,259 thousand (2023: EUR 30,362 thousand) of tax credits is estimated not to be utilized within the forecast period. EUR 1,127 thousand (2023: EUR 2,290 thousand) of the total are likely to expire in less than 1 year, EUR 3,473 thousand (2023: EUR 24,632 thousand) are forfeitable within 2 to 9 years, while an amount of EUR 3,659 thousand (2023: EUR 3,440 thousand) is considered nonforfeitable.

No deferred tax assets have been recognized for available interest carryforwards with an amount of EUR 215,649 thousand (2023: EUR 40,411 thousand). Thereof EUR 157,332 thousand (2023: EUR 1,226 thousand) are forfeitable within 2 to 9 years, the residual amount can be used unlimited. Further, no deferred tax assets have been recognized for deductible temporary balance sheet differences with an amount of EUR 266,875 thousand (2023: EUR 166,338 thousand).

Deferred tax assets of EUR 315,304 thousand (2023: EUR 311,576 thousand) have been predominantly recognized for entities in Germany, Spain and the USA which sustained losses in the previous year or the period under review as they are likely to be covered by taxable profits within the forecast period. The taxable profits are derived from expected EBT for the relevant subsidiaries. The Management Board is confident that sufficient taxable profits will be available in the future to offset the impact from recognized deferred tax assets as per 31 December 2024.

This management assessment is based on the confirmed order intake for financial year 2024, Nordex Group's transfer pricing policy as well as quality assurance and risk contingency measures undertaken for potential warranty costs related to individual and serial damages in addition to statutory warranties for old technology generation. Based on a substantially revised and enlarged quality management, Nordex has not been experiencing comparable issues with new technology generations. Further, the Nordex Group was able to accelerate its order intake in the last years, exceeding internal expectations.

Due to the business model Nordex Group records order intakes well in advance to the completion of projects and is the basis for a strong order book. Based on the order book the revenues for the next years are largely secured. In the 2024 reporting year, the Projects segment generated sales of EUR 6,543 million, while the Service segment generated EUR 777 million. The order intake for the Projects segment increased by around 20% to around EUR 7,461 million compared to 2023 and for the Service segment by around 114.5% to EUR 1,981 million. As a result, the order book of confirmed orders for the Project segment amounts to a total of EUR 7.8 billion at the end of 2024 and for the Service segment of around EUR 5.0 billion. Geographically, Europe (2024: 83%) including Spain and Germany as well as North America including Canada (2024: 9%) can be considered the main contributors to the order book for the Project segment. In addition, it is expected that the execution of the projects will also create opportunities for new service contracts in the future. As a result, prospects of sufficient taxable profits will be available in Germany and Spain to offset the impact from the reversal of deductible temporary differences, interest and losses carried forward as well as tax credits. Given the promising market outlook in North America and a transfer pricing policy aligned with route to market strategies, stable taxable profits are sustainably secured.

No deferred tax liabilities were recognized for temporary differences in connection with shares in subsidiaries in the amount of EUR 27,565 thousand (2023: EUR 32,668 thousand) as it is not likely that these temporary differences will be reversed in the foreseeable future.

The changes in deferred taxes are as follows:

EUR thousand	2024	2023
Amount on 1.1.	306,240	276,380
Recognized in the income statement	25,116	58,810
Recognized in capital reserves1	0	-28,003
Recognized in other comprehensive income	-5,291	-4,013
Foreign currency translation	928	3,066
Amount on 31.12.2	326,993	306,240

1 In 2023, as part of the capital increase, pro rata taxes on the transaction costs were recognized in capital reserves without impacting profit or loss. Furthermore, deferred tax on the capital surplus and transaction costs from the successful placement of the convertible bond amounting to EUR 28,891 thousand were recognized in capital reserve in line with IAS 12.23.

2 The table shows the total net amount of deferred tax assets and deferred tax liabilities presented on the balance sheet on 1 January and 31 December 2024.

The deferred tax assets include long-term deferred tax assets before netting in the amount of EUR 612,920 thousand (2023: EUR 489,095 thousand). In the case of deferred tax liabilities, EUR -129,712 thousand (2023: EUR -256,553 thousand) relate to the long-term portion of the deferred tax liabilities formed before netting.

(19) Liabilities to banks

Liabilities to banks are measured at amortized cost after deducting transaction costs using the effective interest method.

More detailed information on the liabilities to banks is provided in the section on debt instruments.

Maturity schedule including interest due in the future

	Up to 3	3 to 12		More than 5
EUR thousand	months	months	1 to 5 years	years	Total
31.12.2024	19,115	19,447	6,692	0	45,255
31.12.2023	37,137	194	6,883	0	44,214

Pursuant to IFRS 7 and IFRS 9, liabilities to banks are classified as financial liabilities measured at amortized cost. The fair value amounts to EUR 44,522 thousand (31 December 2023: EUR 42,988 thousand), of which EUR 38,419 thousand (31 December 2023: EUR 37,184 thousand) would be classified as current.

(20) Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer)

Trade payables amount to EUR 1,657,019 thousand (31 December 2023: EUR 1,669,273 thousand).

Maturity schedule

EUR thousand	Up to 3 months	3 to 12 months	Total
31.12.2024	1,610,471	46,548	1,657,019
31.12.2023	1,643,379	25,894	1,669,273

Pursuant to IFRS 7 and IFRS 9, trade payables are classified as financial liabilities measured at amortized cost. Given the short residual terms to maturity, amortized cost equals the fair value as in the previous year.

(21) Other provisions

Provisions are recognized if the Group has a present legal or actual obligation as a result of a past event, it is more likely than not that an outflow of resources embodying economic benefits will be necessary to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are calculated on the basis of prudent estimates accounting for all discernible risks at the level of their probable occurrence. Provisions are recognized at the present value of the expenditure expected to be required to settle the obligation discounted at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Movements in other provisions break down as follows:

EUR thousand	01.01.24	Utilization	Reversals	Additions	31.12.2024
Warranties	361,778	-84,828	-47,313	315,198	544,836
Other	39,556	-14,471	-8,991	22,341	38,435
	401,335	-99,299	-56,304	337,540	583,272

The provisions for warranties predominantly cover risks arising from possible claims for damages in the service and project business. This also includes individual and serial damage in addition to the statutory warranty. The estimated warranty costs are accrued upon recognizing the sale of the product. The costs are based on actual historical costs incurred and estimated future costs related to current sales, and are updated periodically.

In principle, warranties are granted for a period of two years following the passing of ownership of the wind turbines, and in individual cases for a period of five years. The warranty provisions only include the standard guarantee to repair or replace faulty products. Any service guarantees purchased by customers are reflected in service contracts.

Other provisions mainly concern other services and project risks, costs of preparing the annual financial statements, supplier risks and legal uncertainties. The increase in provisions in the financial year concerns, among other things, statutory warranties resulting from higher operational volumes (i.e.. increased installed fleet) and additional expected expenses in connection with quality improvement programs for old technology generation. Based on a substantially revised and enlarged quality management, Nordex has not been experiencing comparable issues with new technology generations.

Other provisions comprise other non-current provisions of EUR 217,812 thousand (31 December 2023: EUR 137,664 thousand), which are expected to be utilized after the end of the 2025 financial year and of which in turn EUR 217,298 thousand (31 December 2023: EUR 130,845 thousand) relate to provisions for warranties. The amount derived from discounting the non-current provisions of EUR -2,687 thousand (2023: EUR -1,553 thousand) is reported within the additions.

(22) Other current financial liabilities

Other current financial liabilities break down as follows:

EUR thousand	31.12.2024	31.12.2023
Employee bond	0	3,273
Leases	36,678	35,110
Forward exchange transactions	4,808	7,165
Guarantee commissions	14,345	9,289
Debtors with credit balances	40,004	769
Convertible bonds	4,545	2,050
Other	10,732	31,128
	111,112	88,784

The amount of lease liabilities corresponds to the present value of future lease payments.

More detailed information on the convertible bonds is provided in the section on debt instruments.

Maturity schedule including future interest

(excluding leasing and forward currency transactions)

EUR thousand	Up to 3 months	3 to 12 months	Total
31.12.2024	85,151	7,156	92,307
31.12.2023	71,768	19,122	90,890

Maturity schedule including interest on leases due in the future

EUR thousand	Up to 3 months	3 to 12 months	Total
31.12.2024	10,212	27,802	38,014
31.12.2023	13,429	22,755	36,185

Pursuant to IFRS 7 and IFRS 9, the balances not relating to forward exchange transactions reported under other current financial liabilities (and without leases not allocated to a measurement category) are classified as financial liabilities measured at amortized cost. Given the short residual terms to maturity, amortized cost amounting to EUR 69,627 thousand (31 December 2023: EUR 46,509 thousand) equals the fair value as in the previous year.

Pursuant to IFRS 7 and IFRS 9, the forward exchange transactions reported in other current financial liabilities in the scope of hedge accounting (cash flow hedges) are classified as effective hedging instruments measured at fair value through other comprehensive income. The fair value amounts to EUR 1,318 thousand (31 December 2023: EUR 7,143 thousand).

Pursuant to IFRS 7 and IFRS 9, the other forward exchange transactions reported under other current financial liabilities are classified as financial liabilities measured at fair value through profit or loss. The fair value amounts to EUR 3,490 thousand (31 December 2023: EUR 22 thousand). The forward rates and prices are calculated on the basis of the spot price on the reporting date in the light of any discounts or premiums for the remaining term of the contract.

(23) Other current non-financial liabilities

Other current non-financial liabilities break down as follows:

EUR thousand	31.12.2024	31.12.2023
Accruals	245,283	143,135
Tax liabilities	124,155	80,169
Liabilities for social security	6,578	7,038
Other	17,774	9,363
	393,790	239,705

Accruals primarily comprise trailing project costs of EUR 129,576 thousand (31 December 2023: EUR 60,307 thousand) and liabilities in connection with staff of EUR 85,760 thousand (31 December 2023: EUR 58,206 thousand).

The tax liabilities mainly relate to VAT of EUR 94,408 thousand (31 December 2023: EUR 58,294 thousand) and to withholding tax of EUR 22,654 thousand (31 December 2023: EUR 15,681 thousand).

(24) Pensions and similar obligations

Pension provisions are recognized to cover defined benefit obligations towards eligible active and former employees at Nordex SE and Nordex Energy SE & Co. KG. A defined benefit plan determines an amount of pension benefits that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and salary. The benefits are based on individual commitments. The employees are not required to make any contribution of their own. The provision on the statement of financial position for defined benefit plans corresponds to the present value of the defined benefit obligation (DBO) as of the reporting date. The DBOs are calculated annually by independent actuarial experts using the projected unit credit method. The present value of the DBO is calculated by discounting the expected future cash outflows using the interest rate of high-quality corporate bonds. The corporate bonds are denominated in the currency of the payout amounts and have maturities corresponding to the pension obligations. Actuarial gains and losses that are based on experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income in equity in the period in which they arise. The refinancing of pension provisions is not based on any external plan assets.

Notes to the statement of financial position

They are shown on the statement of financial position as follows:

EUR thousand	2024	2023
Obligation as 1.1.	2,512	2,361
Current service cost	455	113
Interest expense	29	33
Retirement benefit payments	-63	-63
Actuarial gains/losses	36	67
Of which from changes in demographic assumptions	0	0
Of which from changes in actuarial assumptions	23	53
Of which adjustments based on historical data	13	14
	2,969	2,512

The obligation as of 31 December equals the amount shown on the statement of financial position.

The following amounts were recognized in the income statement:

EUR thousand	2024	2023
Current service cost	455	113
Interest expense	29	33
	484	147

Other comprehensive income breaks down as follows:

EUR thousand	2024	2023
Actuarial gains/losses	36	67
	36	67

Annual retirement benefit payments of EUR 63 thousand (2023: EUR 63 thousand) are expected in the future year.

The calculation is based on the following actuarial assumptions:

	2024	2023
Applied interest rate	3.17%	3.46%
Wage and salary trend	n/a	n/a
Pension trend	2.00%	2.00%

If the interest rate applied were +0.5 percentage points higher, the obligation would drop to EUR 2,930 thousand (31 December 2023: EUR 2,473 thousand). If the interest rate applied were -0.5 percentage points lower, the obligation would increase to EUR 3,011 thousand (31 December 2023: EUR 2,555 thousand ).

The obligations have terms between 9 and 10 years (31 December 2023: between 9 and 11 years)

The statistical probability data set out in Prof. Dr. K. Heubeck 2018 G mortality tables was used as the biometric basis for calculations.

(25) Other non-current financial liabilities

Other non-current financial liabilities break down as follows:

EUR thousand	31.12.2024	31.12.2023
Leases	154,728	140,617
Loans	5,907	4,790
Convertible Bonds	253,833	245,594
	414,469	391,001

More detailed information on the convertible bonds is provided in the section on debt instruments.

The amount of lease liabilities corresponds to the present value of future lease payments.

Annual Integrated Report 2024

Maturity schedule including interest due in the future (without leases)

EUR thousand	1 to 5 years	More than 5 years	Total
31.12.2024	56,738	349,705	406,443
31.12.2023	30,174	271,367	301,541

Maturity schedule including interest on lease liabilities due in the future

EUR thousand	1 to 5 years	More than 5 years	Total
31.12.2024	117,101	70,120	187,221
31.12.2023	100,701	65,266	165,967

Pursuant to IFRS 7 and IFRS 9, the balances reported under other non-current financial liabilities (without leases not allocated to a measurement category) are classified as financial liabilities measured at amortized cost. The amortized cost amounts to EUR 259,740 thousand (31 December 2023: EUR 250,384 thousand). The fair value as of the reporting date is EUR 371,272 thousand (31 December 2023: EUR 335,578 thousand).

(26) Other non-current non-financial liabilities

Other non-current non-financial liabilities break down as follows:

EUR thousand	31.12.2024	31.12.2023
Tax liabilities	2,119	2,868
Other	50	50
	2,169	2,918

The tax liabilities exist towards the Brazilian tax authorities.

(27) Equity

Equity breaks down as follows:

EUR thousand	31.12.2024	31.12.2023
Subscribed capital	236,450	236,450
Capital reserves	1,099,421	1,381,551
Other retained earnings	-11,001	-10,977
Cash flow hedge reserve	6,876	-5,038
Reserve for cash flow hedge costs	-590	56
Foreign currency adjustment item	-154,451	-145,331
Consolidated net profit/loss carried forward	-186,052	-480,115
Consolidated net profit	0	0
Share in equity attributable to shareholders of
the parent	990,652	976,596

Subscribed capital amounts to EUR 236,450,364 (31 December 2023: EUR 236,450,364) and is divided into EUR 236,450,364 (31 December 2023: EUR 236,450,364) fully paid-up no-par-value shares, each with a notional share in capital of EUR 1.

The capital reserves include the equity component of convertible bonds, which amounts to EUR 61,393 thousand (after deferred tax deduction of EUR 28,891 thousand).

Regarding the employee stock option program, please refer to the information in the section on share-based payment programs.

The following table shows the changes in the cash flow hedge reserve before deferred taxes:

EUR thousand	31.12.2024	31.12.2023
Amount on 1.1.	-7,409	-21,117
Realization of hedged items	3,639	31,258
Gain / Losses from effective hedges	13,881	-17,549
Amount on 31.12	10,111	-7,409

The following table shows the changes in the reserve for cash flow hedge costs before deferred taxes:

Specifically: In accordance with a resolution passed at the Annual General Meeting on 23 April 2024,

the Management Board was authorized subject to the Supervisory Board's approval to utilize Authorized Capital I to increase the Company's share capital once or repeatedly on or before 22 April 2027 by up to EUR 23.645.036,00 in total, in return for cash or nonIn accordance with a resolution passed at the Annual General Meeting on 27 March 2023, the Management Board was authorized subject to the Supervisory Board's approval to utilize Contingent Capital I to contingently increase the Company's share capital by up to EUR 21,194,623.00 by issuing up to 21,194,623 new no-par-value bearer shares. Contingent Capital I is used to grant no-par value bearer shares as of the exercise of conversion or option rights (or upon fulfillment of corresponding conversion obligations) or else as of the exercise of an option held by the Company, instead of paying the amount of money due, either in whole or in part to grant no-par value shares of the Company to the holders of convertible bonds or bonds with warrants issued by the Company in return for a cash contribution and on the basis of the Annual General Meeting's authorizing resolution in the period from 27 March 2023 to the end of 26 March 2026.

In 2023, the Company issued unsubordinated and unsecured green convertible bonds with a total nominal amount of EUR 333 million and a nominal amount of EUR 100,000 each, due on 14 April 2030. The shareholders' pre-emption rights were disapplied. The number of shares into which the convertible bonds are to be converted is determined by dividing the nominal amount by the conversion price. The conversion price was set at

In accordance with a resolution passed at the Annual General Meeting on 23 April 2024, the Management Board was authorized subject to the Supervisory Board's approval to utilize Authorized Capital II to increase the Company's share capital once or repeatedly on or before 22 April 2027 by up to EUR 47.290.072,00 in total, in return for cash capital contributions, by issuing new no-par-value bearer shares. The Management Board did not make use of this authorization.

In accordance with a resolution passed at the Annual General Meeting on 27 March 2023, the Management Board was authorized subject to the Supervisory Board's approval to utilize Authorized Capital III to increase the Company's share capital once or repeatedly on or before 26 March 2026 by up to EUR 6,358,387.00 in total, in return for cash or non-cash capital contributions, by issuing new no-par-value bearer shares. The Management Board did not make use of this authorization.

cash capital contributions, by issuing new no-par-value bearer shares. The Management Board did not make use of this authorization.

Notes to the statement of financial position

To our shareholders	Combined Group management report	Corporate Governance	Consolidated financial statements	Notes	Additional information

Amount on 31.12							-867				82
							Nordex SE's net loss for the financial year 2024 determined in accordance with the
German	Commercial		Code	of	EUR		285,226,341.37	(2023	annual		loss:

EUR thousand 31.12.2024 31.12.2023 Amount on 1.1. 82 1,181 Realization of hedged items 0 -1,111 Losses/ Gain from effective hedges -949 12

German Commercial Code of EUR 285,226,341.37 (2023 annual loss: EUR 284,579,675.30) was fully compensated by a withdrawal of EUR 285,226,341.37 from capital reserves.

Further details of the changes in the individual equity items can be found in the attached consolidated statement of changes in equity.

As of 31 December 2024, the Company had Authorized Capital I of EUR 23,645,036.00, equivalent to 23,645,036 shares (2023: EUR 21,194,622.00), Authorized Capital II of EUR 47.290.072,00, equivalent to 47.290.072 shares (2023: EUR 42,389,245.00), Authorized Capital III of EUR 6,358,387.00, equivalent to 6,358,387 shares (2023: EUR 6,358,387.00 equivalent to 6,358,387 shares), Contingent Capital I of EUR 21,194,623.00, equivalent to 21,194,623 shares (2023: EUR 21,194,623.00, equivalent to 21,194,623 shares),Contingent Capital II of EUR 3,500,000.00 equivalent to 3,500,000 shares (no change compared to the previous year) and Contingent Capital III of EUR 23,645,036.00, equivalent to 23,645,036 shares. Each share represents a notional share of EUR 1.00 in the Company's share capital.

Overall, only new shares accounting for up to 40% of the share capital as of the Annual General Meeting's resolution on 23 April 2024, i.e. 94,580,145 new shares, may be issued on the basis of all of the authorizations and capital available to the Company (including the authorization to issue convertible bonds and stock options to senior managers and experts of the Group).

				EUR 15.73 and is subject to customary market adjustment mechanisms. The initial
				conversion price of EUR 15.73 results in a conversion into an initial 21,169,739 shares in

the Company, corresponding to just under 10% of the share capital at the time of the resolution and at the time the authorization is exercised.

Contingent Capital II is intended for the fulfillment of subscription rights granted from stock options of senior managers and experts of the Company and the other companies of the Nordex Group in Germany and other countries as well as the members of the management boards of Nordex Group companies which are granted on or before 4 May 2026, on the basis of the authorization provided by the Annual General Meeting on 5 May 2021. To date, 579,190 pre-emption rights have been granted to Nordex Group senior managers and experts in a first tranche in 2021, 768,284 pre-emption rights in a second tranche from 2022, 884,409 pre-emption rights in a third tranche in the 2023 and 950,260 in a fourth tranche in the reporting year.

In accordance with a resolution passed at the Annual General Meeting on 23 April 2024, the Management Board was authorized subject to the Supervisory Board's approval to utilize Contingent Capital III to contingently increase the Company's share capital by up to EUR 23,645,036.00 by issuing up to 23,645,036 new no-par-value bearer shares. Contingent Capital III is used to grant no-par value bearer shares as of the exercise of conversion or option rights (or upon fulfillment of corresponding conversion obligations) or else as of the exercise of an option held by the Company, instead of paying the amount of money due, either in whole or in part to grant no-par value shares of the Company to the holders of convertible bonds or bonds with warrants issued by the Company in return for a cash contribution and on the basis of the Annual General Meeting's authorizing resolution in the period from 23 April 2024 to the end of 22 April 2027. The Management Board did not make use of this authorization.

Treasury shares

Based on the resolution passed at the Annual General Meeting on 6 June 2023, the Management Board is authorized on or before 5 June 2028 subject to the approval of the Supervisory Board to purchase treasury shares up to an amount of 10% of the Company's share capital as of the Annual General Meeting's resolution and to use this for any purpose permitted by law. These shares may be used, among other things, for the purpose of mergers and acquisitions, they may be offered to senior managers and employees of the Company or affiliated companies as employee shares and they may be used in fulfilling conversion rights or conversion obligations resulting from convertible bonds or employee option rights. The shareholders' pre-emption rights are disapplied in these cases. These treasury shares may also be called in or sold to shareholders or third parties – while disapplying the shareholders' pre-emption rights – for a cash price which is not significantly below the stock exchange price as of the sale.

No use was made of the authorization to purchase own shares in the reporting period.

(28) Additional disclosures on financial instruments

The following table shows the financial assets and liabilities as well as their fair values and their allocation to the fair value hierarchy defined in IFRS 13 that should be applied when determining the fair value of a financial instrument:

2024
EUR thousand	Level 1	Level 2	Level 3	Total
Financial assets
Forward exchange transactions in the scope of hedge accounting (cash flow
hedges)	0	11,105	0	11,105
Other forward exchange transactions	0	434	0	434
Financial liabilities
Liabilities to banks	0	44,522	0	44,522
Convertible bonds	366,050	0	0	366,050
Forward exchange transactions in the scope of hedge accounting (cash flow
hedges)	0	1,318	0	1,318
Other forward exchange transactions	0	3,490	0	3,490
Loans	0	5,222	0	5,222

2023
EUR thousand	Level 1	Level 2	Level 3	Total
Financial assets
Forward exchange transactions in the scope of hedge accounting (cash flow
hedges)	0	1,040	0	1,040
Other forward exchange transactions	0	3,329	0	3,329
Financial liabilities
Liabilities to banks	0	42,988	0	42,988
Convertible bonds	331,268	0	0	331,268
Employee bond	0	3,273	0	3,273
Forward exchange transactions in the scope of hedge accounting (cash flow
hedge)	0	7,143	0	7,143
Other forward exchange transactions	0	22	0	22
Loans	0	4,310	0	4,310

Assets and liabilities whose fair values are based on market values derived from active markets are assigned to Level 1. An active market is assumed if the market values are determined on a regular basis and are based on actual, recurring transactions.

The convertible bonds are allocated to Level 1 because they were admitted to trading on the non-regulated open market segment of the Frankfurt Stock Exchange.

Fair values which cannot be determined by reference to active market are derived from measurement models, which primarily take account of observable market data and generally do not include specific company estimates. Such financial instruments are assigned to Level 2. Liabilities to banks and Loans correspond to level 2. The same applies to the forward currency transactions. Forward currency transactions are reported as other financial assets and liabilities in the statement of financial position.

The fair value of the forward exchange transactions is calculated using the forward exchange rate at the reporting date. The fair value calculation of liabilities to banks and loans was based on the market yield curve according to the zero coupon method considering credit spread.

If material assumptions underlying the measurement are not based on observable market data, the financial instruments concerned are classified as Level 3.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no reclassifications between levels, neither in comparison with the previous year nor during the year under review.

Net gains and losses from financial instruments break down by category as follows:

2024		Other
EUR thousand	Interest	net gain/loss	Total
Financial assets measured at amortized cost	17,389	12,308	29,698
Financial liabilities measured at amortized cost	-38,111	-29,235	-67,346
Financial assets and liabilities measured at fair value through profit or loss	0	-18,952	-18,952
	-20,722	-35,879	-56,601

2023	Other
EUR thousand	Interest	net gain/loss	Total
Financial assets measured at amortized cost	11,430	151,374	162,805
Financial liabilities measured at amortized cost	-64,912	-156,809	-221,720
Financial assets and liabilities measured at fair value through profit or loss	0	-2,632	-2,632
	-53,481	-8,066	-61,548

The net gains and losses were otherwise mostly due to foreign currency translation effects.

Notes to the income statement

The maturities of the derivative financial instruments are structure as follows:

2024	Up to 3	3 to 12		More than
EUR thousand	months	months	1 to 5 years	5 years	Total
Derivative with negative fair value
Cash outflow in EUR	0	0	0	0	0
Cash outflow in USD	33,646	64,672	0	0	98,318

2023 EUR thousand	Up to 3 months	3 to 12 months	1 to 5 years	More than 5 years	Total
Derivative with negative fair value
Cash outflow in EUR	111,575	228,042	0	0	339,617
Cash outflow in USD	53,104	0	0	0	53,104

Notes to the income statement

(29) Sales

The Nordex Group generates sales from projects and services. The transaction prices derived from the contractual terms and conditions for the production and sale of wind turbines and for service contracts include fixed and, to a lesser extent, variable consideration. The estimated amounts of the variable consideration will only be included in the transaction prices where it is highly probable that no significant cancellation of sales will arise as a result of the elimination of uncertainty regarding the size of the variable amounts.

In the case of project contracts, sales are recognized either at a point in time when control is transferred to the customer or over time using the cost-to-cost method, depending on the respective scope of the contract.

Sales for standardized turbine types are recognized at the point in time when control of the fully operational turbine is transferred to the customer. Control is generally transferred to the customer upon erection of the fully functional turbine. Costs are recognized in inventories until sales are recognized at a point in time.

Sales for customer-specific tailored turbines for which there is no alternative use and for which there is a legally enforceable claim to payment for the service provided are recognized over time. Under the cost-to-cost method, the stage of completion is determined by comparing the costs incurred with the budgeted costs and recognizing sales in proportion to the stage of completion to best measure the progress of projects.

Notes to the income statement

Servicing wind turbines can involve the maintenance and remote monitoring, availability guarantee and repairs of the wind turbines, depending on the respective scope of the contract. The sales generated from service contracts will be recognized over time and distributed across the years covered by the contract in line with a distribution of costs of the respective contract to best measure the degree of completion. The degree of completion of the individual service contracts is based on historical experience while considering the current expectations.

Revenue from contracts with customers break down to the Projects and Service segments as follows:

EUR thousand	2024	2023
Projects	6,543,146	5,827,736
Service	776,598	678,906
Not allocated	3	3,183
Intrasegment consolidation	-20,923	-20,757
	7,298,825	6,489,068

The timing of sales recognition from projects is as follows:

EUR thousand	1.1.-31.12.2024	1.1.-31.12.2023
Project sales recognized at a point in time	801,004	1,683,882
Project sales recognized over time	5,742,142	4,143,854
	6,543,146	5,827,736

The increase in consolidated sales is attributable to higher average selling price, higher activity levels and growth in service revenue.

The total amount of the transaction price allocated to the remaining performance obligation from projects amounts to EUR 5,525,684 thousand (2023: EUR 5,568,468 thousand) and the total amount of the transaction price allocated to the remaining short- and long-term performance obligation from service contracts is EUR 212,485 thousand (2023: EUR 185,944 thousand). The amounts do not include variable consideration which is constrained. Revenues from projects are generally realized in the next twelve months, while revenues from service contracts are realized over the average remaining term of nine years.

Sales recognized in the reporting period included at the start of the period in the net amount of contract liabilities from projects and contract liabilities from services relate to the Projects segment in the amount of EUR 1,003,428 thousand (2023: EUR 657,399 thousand) and to the Service segment in the amount of EUR 31,189 thousand (2023: EUR 34,016 thousand ).

The amount of revenue reduced in 2024 from performance obligations satisfied (or partially satisfied) in previous years, mainly due to the change in the transaction price was EUR -12,085 thousand (2023: EUR -14,819 thousand).

Nordex does not expect to have any material contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a result, it does not adjust any of the transaction prices for the time value of money.

(30) Changes in inventories and other own work capitalized

Changes in inventories stand at EUR -351,186 thousand (2023: EUR 18,333 thousand).

Own work capitalized is valued at EUR 52,907 thousand (2023: EUR 43,463 thousand) and as in the previous year, relates to capitalized expenses for developing and enhancing new and existing wind turbines.

1

Notes to the income statement

(31) Cost of materials

The cost of materials breaks down as follows:

EUR thousand	2024	2023
Cost of raw materials and other supplies	3,531,256	3,754,585
Cost of services purchased	1,934,317	1,811,434
	5,465,573	5,566,019

Cost of raw materials and other supplies mainly comprise expenses for construction components.

The cost of purchased services primarily results from third-party freight, third-party services and commissions for order processing and order provisions.

(32) Other operating income

Other operating income breaks down as follows:

EUR thousand	2024	2023
Forward exchange transactions	37,725	87,500
Currency transaction gains	6,861	149,279
Indemnity and damages received	13,304	6,674
Gains from the disposal of assets	1,419	3,889
Reversal of impairment losses	5,448	2,096
Research and development grant	2,371	2,141
Other	14,067	21,727
	81,196	273,306

(33) Other operating expenses

Other operating expenses break down as follows:

EUR thousand	2024	2023
Forward exchange transactions	56,677	90,132
Currency translation losses	29,235	156,809
Travel expenses	71,666	69,417
Legal and consulting costs	70,067	58,049
Other staff costs	33,216	38,777
Maintenance	39,997	38,362
Security service, occupancy and building costs	28,436	27,187
Leases	26,881	23,821
Patent fees	18,644	16,014
IT costs	18,113	17,044
Insurance	20,677	14,969
Impairment of trade receivables	27,807	8,343
Training	9,067	9,010
Other taxes	16,008	17,546
Telecommunications	5,564	6,413
Bank fees	2,496	3,708
Advertising	4,710	3,483
Office supplies	3,058	3,001
Losses from the disposal of assets	14,277	341
Others	95,917 8	23,938
	592,512	626,364

Includes EUR 46,377 thousand for customer compensation, resulting from a litigation settlement.

Notes to the income statement

Of the expenses for leases, EUR 26,881 thousand (2023: EUR 23,821 thousand) relates to leases which were not capitalized, of which EUR 18,831 thousand (2023: EUR 14,056 thousand) relates to expenses for short-term leases, EUR 2,198 thousand (2023: EUR 2,693 thousand) to expenses for leases for low-value assets excluding expenses for short-term leases of leases of low-value assets, EUR 2,587 thousand (2023: EUR 2,032 thousand) is attributable to expenses for variable lease payments not included in the measurement of lease liabilities and EUR 3,265 thousand (2023: EUR 5,040 thousand) is attributable to the service component.

(34) Staff costs

Staff costs break down as follows:

EUR thousand	2024	2023
Wages and salaries	609,148	521,407
Social security and expenditure on retirement
benefits and support	118,146	108,356
	727,294	629,763

Staff costs include expense of EUR 455 thousand (2023: EUR 113 thousand) for defined benefit plans and EUR 103 thousand (2023: EUR 106 thousand) for defined contribution pension plans. In addition, EUR 15,901 thousand (2023: EUR 13,854 thousand ) were made as employer contributions to the statutory pension insurance in Germany, also as a defined contribution pension plan.

The Group headcount was as follows:

Reporting date	2024	2023	Change
Office staff	5,199	4,965	234
Technical staff	5,206	5,168	38
	10,405	10,133	272
Average
Office staff	5,111	4,719	392
Technical staff	5,211	4,978	233
	10,322	9,697	625

The increase in the number of employees is mainly attributable to production and service business, due to the higher business volumes is partially offset by the decrease in employees in Brazil and Mexico.

(35) Depreciation /amortization

Depreciation and amortization break down as follows:

EUR thousand	2024	2023
Depreciation of property, plant and equipment	140,987	146,685
Amortization of capitalized development expenses	35,272	38,067
Amortization of other intangible assets	4,737	3,747
	180,997	188,499

Depreciation includes EUR 40,574 thousand (2023: EUR 38,417 thousand) for depreciation on lease assets, of this amount EUR 21,812 thousand (2023: EUR 21,582 thousand) is related to land and buildings and EUR 18,762 thousand (2023: EUR 16,835 thousand) to other fixtures and fittings, tools and equipment.

(36) Financial result

The financial result breaks down as follows:

EUR thousand	2024	2023
Income from investments	0	0
Loss from equity-accounting method	-424	-356
Net profit/loss from investments	-424	-356
Other interest and similar income	17,389	11,430
Interest and similar expenses	-110,808	-135,249
Interest result	-93,419	-123,819
	-93,845	-124,175

Loss from equity-accounting method reflects the share of loss of joint venture.

Notes to the income statement

Interest income and expense arises primarily from deposits with banks, guarantee commissions, convertible bonds and the revolving credit facility. Furthermore, of the interest expenses EUR 8,329 thousand (2023: EUR 6,803 thousand) is attributable to leases.In the financial year 2023, capitalized financing costs amounting to EUR 12,304 thousand were expensed in the financial result due to the conversion of shareholder loans into equity.

(37) Income tax

As of 31 December 2024, a tax rate of 31.82% (31 December 2023: 31.82%) was applied for the purpose of calculating domestic current taxes. The respective tax rate was calculated using a rate of 15.83% (31 December 2023: 15.83%) including the solidarity surcharge for corporate tax and 15.99% (31 December 2023: 15.99%) for trade tax.

Income tax breaks down as follows:

EUR thousand	2024	2023
Domestic income tax	-11,106	-15,190
Of which for other periods	0	0
Foreign income tax	-26,750	-35,781
Of which for other periods	782	-5,299
Current income tax	-37,856	-50,971
Deferred taxes	25,116	58,810
Total income tax	-12,739	7,839

Tax income from deferred taxes in the amount of EUR 25,116 thousand (2023: tax income EUR 58,810 thousand) is attributable to changes in temporary balance sheet differences and unused tax loss, interest carryforwards and tax credits.

Deferred tax income amounting to EUR 42,224 thousand (2023: deferred tax expenses EUR 19,460 thousand) are related to the origination and reversal of temporary balance sheet differences.

The expected income taxes that results from applying the tax rate of 31.82% (2023: 31.82%) on the net profit from ordinary activities of EUR 21,521 thousand (2023: EUR -310,649 thousand), differs from the total income taxes as follows:

EUR thousand	2024	2023
Expected income tax expense/income	-6,848	98,849
Differences in non-domestic tax rates	11,579	-3,736
Tax-free income	5,494	5,199
Tax effects from equity-accounted investments	-138	-55
Changes in tax rates and tax legislation	-661	385
Non-deductible expenses	-5,903	-6,304
Tax effects from previous years	-2,991	12,248
Impairments	3,251	-75,641
Other tax effects	-16,619	-23,106
Total income tax expense/income	-12,739	7,839

The other tax effects primarily result from non-creditable foreign income taxes amounting to EUR 11,106 thousand as of 31 December 2024 (2023: EUR 15,190 thousand)

Nordex Group is a multinational group with an annual revenue of more than EUR 750 million and is therefore subject to the OECD rules on the global minimum taxation (OECD Pillar 2). OECD Pillar 2 was implemented into European law by means of the directive dated 14th of December 2022 and will be applicable for financial years starting after 31st of December 2023. The EU directive was implemented into German law in December 2023. The worldwide development of the legislation is closely monitored. Acciona, S.A. was determined as Ultimate Parent Entity. In so far Nordex SE is considered a Partially Owned Parent Entity under the scope of OECD Pillar 2. The computation of the country-specific effective tax rate under the rules of OECD Pillar 2 requires to consider all relevant constituent entities on level of Acciona, S.A. An additional tax burden may occur for the Nordex Group, in case the determined effective tax rate per jurisdiction is below the global minimum tax rate of 15% for countries in which constituent entities of the Nordex Group are located.

Notes to the income statement

As regards the first-time application of the global minimum taxation for the financial year 2024, a material tax impact of the global minimum taxation is not expected. This relates mainly to the expected application of the temporary Safe Harbour which is based on the country-by-country reporting for multinational enterprises. The current tax expense for the global minimum tax for countries which are not subject to the temporary Safe Harbour is expected to amount to approximately EUR 38 thousand as of 31 December 2024 (2023: EUR 0 thousand).

The Nordex Group applies the exception in recognizing and disclosing information on deferred tax assets and deferred tax liabilities in connection with the OECD Pillar 2 in accordance with the changes to IAS 12 published in May 2023.

(38) Earnings per share Basic

Basic earnings per share (EPS) are calculated by dividing profit or loss attributable to the shareholders by the average number of shares outstanding:

		2024	2023
	EUR
Consolidated net profit/loss for the year	thousand	8,781	-302,811
	EUR
Of which shareholders of the parent	thousand	8,836	-302,831
Weighted average number of shares		236,450,364	227,924,267
Basic earnings per share	EUR	0.04	-1.33

Diluted

Diluted earnings per share are calculated, in contrast to basic earnings per share, by adding all conversation rights and options to the average number of ordinary shares outstanding. Diluted earnings per share also stand at EUR 0.04 (2023: EUR -1.33).

Other financial obligations and contingent liabilities

There are no future cash outflows from leases which the Nordex Group has entered into, but which have not yet begun.

Moreover, principally in the real estate segment there are lease contracts with extension and termination options. However, these are not considered to be reasonably certain and therefore have not been recognized. However, utilization of these extension and termination options is reviewed annually and they will be recognized in the statement of financial position in case of a change of view.

Contractual obligations of EUR 648 thousand (31 December 2023: EUR 288 thousand) apply as of the reporting date with respect to investments in property, plant and equipment for obligations which have not yet been settled.

The Nordex Group has contingent liabilities arising from pending litigation in connection with its operating business; as the probability of an outflow of resources as of the reporting date was not sufficiently determinable, no provisions have been set aside in this connection.

There are guarantees to affiliated non-consolidated project companies, which are not expected to be utilized, amounting to EUR 648 thousand (2023: EUR 648 thousand), while there are no contingent liabilities to associated companies.

Related party disclosures

Related party disclosures

In the fiscal year, the Nordex group has business relations with Acciona Group, nonconsolidated subsidiaries, joint venture and companies under control of CEO of Nordex SE. Transactions with these related parties result in general from the delivery and service relations in the ordinary course of business on arm's length terms; the extent of the business relations is presented below.

Acciona Group

As of the reporting date, Acciona, S.A. is the majority shareholder of Nordex SE with a share of 47.1% (31 December 2023: 47.1%) and as a result Nordex is fully consolidated by Acciona, making Acciona, S.A. the ultimate parent company.

The balances and transactions with companies from the Acciona Group are set out in the following table. These transactions relate predominately to the sale and service of wind turbines. Besides the transactions from the operative business, Nordex SE has also entered into an uncommitted Guarantee Facility Utilization Agreement with Acciona, S.A.

	Balances outstanding Assets1 (+) / liabilities1 (–)		Transaction amount income (+) / expenses (–)
EUR thousand	31.12.2024	31.12.2023	2024	2023
Aegc Forty Mile Wind Lp	26,761/0	0/-36,737	188,076/0	174/-4
Acciona Energy South Africa Global, Pty. Ltd.	52,535/0	0/0	57,962/-146	0/0
Acciona Generación Renovable, S.A.	39,229/-27,658	25,546/-40,476	47,630/-12	49,763/-1,784
Acciona Energy Australia Global, Pty. Ltd.	21,191/0	38,006/-16	13,635/-13,892	108,357/0
Acciona Energija D.O.O.	0/-495	0/-6,630	15,077/0	20,995/0
Energía Renovable del Sur, S.A.	838/0	1,320/-3,258	11,989/0	31,784/-9,218
Vjetroelektrana Opor, D.O.O.	0/-1,045	0/0	9,356/0	0/0
Acciona Energy Oceanía Construction, Pty. Ltd.	8,597/0	0/-942	16,365/-3,206	0/-3,629
Acciona Common Ventures, S.L.	34,435/0	51,300/0	705/0	705/0
Acciona Energía Chile, SpA.	0/-416	14/-376	166/-226	2,281/-1,028
Acciona Logística, S.A.	0/-51,898	0/-60,519	0/-11,793	0/-11,528
Acciona, S.A.	0/–9,025	0/–2,410	0/-26,825	0/-29,261
Acciona Forwarding, S.A.	1,928/0	1,763/0	674/-508	266/-2,958
Acciona Energía Global, S.L.	0/0	0/-84,055	0/0	0/0
Green Pastures Wind I, LLC	0/-4,813	0/0	0/-9,626	0/0
Green Pastures Wind II, LLC	0/-4,813	0/0	0/-9,626	0/0
Other2	5,725/-2,610	8,705/-1,397	5,373/-2,456	3,410/-5,570

1 Assets mainly include contract assets from projects as well as receivables; liabilities also include contract liabilities from projects.

2 Other mainly comprise transactions related to the service contracts with San Roman Wind I, LLC, Mt. Gellibrand Wind Farm Pty. Ltd. and Acciona Logística De Transporte Spa

The sales revenue of EUR 188,076 thousand with Aegc Forty Mile Wind Lp relates to the construction of the wind park in Alberta, Canada. The revenue of EUR 57,962 thousand is generated from the construction of two wind parks in South Africa with Acciona Energy South Africa Global Global, Pty. Ltd.

Related party disclosures

During the construction of the Australian wind park, EUR 13,635 thousand in sales revenue is generated with Acciona Energy Australia Global Pty Ltd, and EUR 16,365 thousand in sales revenue is generated with Acciona Energy Oceanía Construction, Pty. Ltd.

The sales revenue of EUR 47,630 thousand with Acciona Generación Renovable S.A. results from the sale of construction components and material deliveries for the construction of wind parks in Spain. The revenue of EUR 15,077 thousand with Acciona Energija d.o.o. relates to the construction of two wind parks in Croatia. With Energía Renovable del Sur, revenue of EUR 11,989 thousand is generated for the construction of the wind park in Peru. The revenue of EUR 9,356 thousand with Vjetroelektrana Opor, d.o.o. results from the construction of the wind park in Croatia.

The income and the related receivables from Acciona Common Ventures, S.L. (former Corporaciòn Eòlica Catalana, S.L.) result from the sale of the shares in ACCIONA Nordex Green Hydrogen, S.L, (former Nordex H2 S.L). The liabilities to and expenses vis-à-vis Acciona Logistica S.A. result from the cargo vessel leased from August 2022.

In financial year 2023, Nordex SE entered into an uncommitted Guarantee Facility Utilization Agreement with Acciona, S.A., in this context the financial expenses amount to EUR 17,853 thousand. More detailed information on the uncommitted Guarantee Facility Utilization is provided in the section on debt instruments.

Orders to deliver and assemble wind power systems in the amount of EUR 0 thousand (2023: EUR 455,938 thousand) were placed by Acciona Energia S.A.during the financial year 2024.

Nordex USA, Inc. incurred expenses of EUR 9,626 thousand with Green Pastures Wind I, LLC and EUR 9,626 thousand with Green Pastures Wind II, LLC. as part of a settlement agreement relating to the supply of turbine equipment for wind energy projects in USA.

ACCIONA Nordex Green Hydrogen, S.L.

The shares held in ACCIONA Nordex Green Hydrogen, S.L, (50.00%) are classified as investment in joint venture.

The balances and transactions with this company are set out in the following table:

	Balances outstanding Receivables (+) / liabilities (–)		Income (+) / expense (–)	Transaction amount
EUR thousand	31.12.2024	31.12.2023	2024	2023
ACCIONA Nordex Green Hydrogen, S.L.	3,660/0	6,315/0	2,730/0	2,680/0

The business relations with ACCIONA Nordex Green Hydrogen, S.L. result from the development of green hydrogen projects.

Non-consolidated entities

There are receivables of EUR 4,006 thousand (31 December 2023: EUR 2,353 thousand) and liabilities of EUR 31 thousand (31 December 2023: EUR 0) relating to nonconsolidated entities, as well as income of EUR 1,061 thousand (2023: EUR 399 thousand) and expenses of EUR 256 thousand (2023: EUR 6 thousand).

For further details on shareholdings, we refer to the list of shareholdings as of 31 December 2024, attached to the notes to the consolidated financial statements.

Companies under control of CEO of Nordex SE

During the financial year, Nordex Energy Spain sold products in the amount of EUR 12,938 thousand and services in the amount of EUR 262 thousand to companies under the control of the CEO on arm's length terms. There are receivables of EUR 75 thousand as a result of these transactions.

Consolidated cash flow statement

Remuneration of management in key positions

IAS 24.17 requires that key management personal remuneration in the Company is disclosed; this includes remuneration of the members of the Management Board and the Supervisory Board in office during the year under review. This is shown in the table below:

EUR thousand	2024	2023
Short-term employee benefits	3,704	2,663
Share-based payment	888	187
	4,592	2,850

Short-term employee benefits include the Management Board's fixed remuneration, fringe benefits and bonus as well as fixed remuneration (EUR 225 thousand) and remuneration for the Supervisory Board's committee activities (EUR 36 thousand). The bonus for the Management Board is measured based on financial criteria (EBITDA minus CAPEX, working capital and quality of order intake) and non-financial criteria (occupational safety, health and environmental protection, and quality and technology management costs).

The share-based payment corresponds to the expenses recognized in the Group's income statement in the financial year.

The obligations recognized as of the reporting date for the remuneration of management in key positions amount to EUR 1,549 thousand (31 December 2023: EUR 829 thousand) and relate to the share-based payment under the performance share unit plans of the Management Board.

In accordance with HGB, the total granted remuneration of the Company's executive bodies amounted to EUR 5,005 thousand in the financial year (Management Board: EUR 4,744 thousand and Supervisory Board: EUR 261 thousand). Of this amount, EUR 1,301 thousand relates to the fair value of the share-based payment granted under the Performance Share units plan for the Executive Board at the grant date in 2024. In total 146,122 PSUs (Phantom shares) were issued in the financial year.

The Management Board was not granted any loans, nor were any guarantees or other warranties made for it.

Pension provisions of EUR 344 thousand had been set aside as of December 31, 2024 to cover entitlement vesting to two former members of the Management Board with total remuneration amounting to EUR 21 thousand in the financial year.

Consolidated cash flow statement

The consolidated cash flow statement analyses changes in the cash and cash equivalents in the course of the year as a result of cash inflows and outflows. The changes in the items of the statement of financial position used for determining changes in the consolidated cash flow statement cannot be directly derived from the statement of financial position as currency translation effects, changes to the companies consolidated and non-cash transactions are eliminated.

Of the cash flow from operating activities in the amount of EUR 429,753 thousand (2023: EUR 161,199 thousand), EUR 189,778 thousand (2023: EUR -114,312 thousand) result from the consolidated net result excluding depreciation/amortization. Changes in working capital resulted in payments made of EUR -82,421 thousand (2023: payments received of EUR 166,604 thousand). Payments received from other operating activities stand at EUR 322,396 thousand (2023: EUR 108,907 thousand). This means that cash flow from operating activities has been negatively influenced by the changes in working capital and positively with payments received from other operating activities.

Cash flow from investing activities amounted to EUR -159,083 thousand (2023: EUR -141,179 thousand). Investments of EUR 95,900 thousand (2023: EUR 79,082 thousand) were made in property, plant and equipment and EUR 17,570 thousand in joint venture, ACCIONA Nordex Green Hydrogen, S.L (2023: EUR 15,000 thousand). Development projects of EUR 51,026 thousand (2023: EUR 46,381 thousand) were capitalized. In 2024, government grants of EUR 11,546 thousand mainly related to facilitate the development of electrolyzers for green hydrogen production, contingent upon the final product meeting certain performance specifications.

Consolidated cash flow statement

Cash flow from financing activities amounted to EUR -37,883 thousand (2023: EUR 285,658 thousand) and is mainly attributable to repayment of employee bond and lease liabilities.

The reconciliation of cash flow from financing activities to changes in liabilities from financing activities is as follows:

31.12.2024 EUR thousand	Liabilities to banks	Leases	Employee bond	Convertible bonds
Amount on 1.1.	43,637	175,727	3,273	247,644
Cash flows from financing activities	102	-39,344	-3,142	0
Interest and transaction costs	-1	8,329	203	24,887
Foreign currency translation	1,134	105	0	0
New leases	0	54,918	0	0
Payment of interest (shown as operating cash flow)	0	-8,329	-334	-14,153
Employee stock option
program	0	0	0	0
Allocation of profit or loss	0	0	0	0
Amount on 31.12.	44,872	191,405	0	258,378

EUR thousand	Subscribed capital	Capital reserves	Non controlling interests
Amount on 1.1.	236,450	1,381,551	1,520
Cash flows from financing activities	0	0	4,500	-37,883
Interest and transaction costs	0	0	0
Foreign currency translation	0	0	0
New leases	0	0	0
Payment of interest (shown as operating cash flow)	0	0	0
Employee stock option program	0	3,097	0
Profit attributable to non-controlling interests	0	0	-55
Amount on 31.12.	236,450	1,384,648	5,965

Consolidated cash flow statement

						Converti
31.12.2023	Liabilites		Corporat	Employe	Sharehol	ble
EUR thousand	to banks	Leases	e bond	e bond	der loan	bonds
Amount on 1.1.	53,117	189,481	282,289	3,484	50,396	0
Cash flows from financing
activities	-8,247		-38,372 -275,000	0	275,000	333,000
Interest and transaction costs	308	6,803	1,648	183	26,681	12,004
Foreign currency translation	-1,540	-1,606	0	0	0	0
New leases	0	26,223	0	0	0	0
Payment of interest and
transaction costs (shown as
operating cash flow)	0	-6,803	-8,938	-395	-5,344	-7,076
Debt-Equity SWAP	0	0	0		0 -346,734	0
Equity-compound instrument	0	0	0	0	0	-90,284
Income tax	0	0	0	0	0	0
Employee stock option
program	0	0	0	0	0	0
Allocation of profit or loss	0	0	0	0	0	0
Amount on 31.12.	43,637	175,727	0	3,273	0	247,644

	Subscribed	Capital	Non controlling
EUR thousand	capital	reserves	interests
Amount on 1.1.	211,946	1,282,189	0
Cash flows from financing activities	0	-2,223	1,500 285,658
Foreign currency translation	0	0	0
New leases	0	0	0
Debt-Equity SWAP	24,504	322,229	0
Equity-compound instrument	0	61,393	0
Income tax	0	711	0
Employee stock option program	0	1,830	0
Allocation of profit or loss	0	0	0
Profit attributable to non-controlling
interests	0	0	20
Amount on 31.12.	236,450	1,666,130	1,520

Events after the reporting date Corporate Governance Code declaration pursuant to Section 161 of the German Stock Corporation Act (AktG) Utilization of practical expedients

Events after the reporting date

On 27th January 2025, it was announced that ,going forward, the management board of Nordex SE will comprise two board members, with José Luis Blanco as Chief Executive Officer (CEO) and Dr. Ilya Hartmann as Chief Financial Officer (CFO), bearing overall responsibility for the management of the Nordex Group, as Patxi Landa, Chief Sales Officer (CSO) of Nordex SE transitions to a new role as Head of Nordex Capital after stepping down from his current role.

As of 31 January 2025, lenders under the Syndicated multi-currency guarantee facility agreed to a one-year extension of the facility's maturity date to April 2026.

Corporate Governance Code declaration pursuant to Section 161 of the German Stock Corporation Act (AktG)

The Management Board and Supervisory Board of Nordex SE have updated their Compliance Declaration for 2025 dated 25 February 2025 and made it available for examination by the shareholders on the Internet at http://ir.nordex-online.com/websites / Nordex/ German /6100 / .html.

Please use the following internet address for the English translation: http://ir.nordexonline.com/websites/Nordex/English/6100/declaration-of-conformity.html

Utilization of practical expedients

In accordance with Section 264b of HGB, Nordex Energy SE & Co. KG is exempt from the requirement to prepare notes and a management report as well as to publish the annual financial statements for the financial year ending on 31 December 2024. Nordex Germany GmbH, Nordex Grundstücksverwaltung GmbH, Nordex International GmbH, Nordex Windpark Beteiligung GmbH, Nordex Beteiligungen GmbH and Nordex Manufacturing GmbH are exempt from the obligation to prepare notes to financial statements and a management report and from disclosure requirements for the financial year ended 31 December 2024 in accordance with Section 325 HGB due to the application of provisions contained in Section 264 (3) HGB.

Pursuant to Article 403 Part 9 Book 2 of the Dutch Civil Code, Nordex Netherlands B.V. is exempt from the obligation for its annual financial statements to be audited in the Netherlands. In this context, Nordex SE has issued a 403 Liability Statement in which it declares that it is jointly and severally liable for the debts of Nordex Netherlands B.V.

Nordex SE Management Board and Supervisory Board

Management Board

José Luis Blanco Diéguez, Hamburg/Germany Chief Executive Officer (Chairman of the Management Board)

Dr. Ilya Hartmann, Hamburg/ Germany Chief Financial Officer

Patxi Landa Esparza, Madrid/Spain Chief Sales Office (until 22 January 2025)

Utilization of practical expedients

Supervisory Board

Dr.-Ing. Wolfgang Ziebart, Starnberg / Germany

Chairman of the Supervisory Board, chairman of the Executive Committee and member of the Strategy and Technology Committee

• Self-employed consultant
• Chairman Shareholder Committee Hella GmbH & Co.KGaA (publicly listed)

Juan Muro-Lara, Madrid/Spain

Vice chairman of the Supervisory Board, member of the Executive Committee and member of the Audit Committee

• Chief Strategy & Corporate Development Officer of Acciona,S.A. (Acciona Group, listed)
• Chairman of the Board of Directors of BESTINVER, S.A.
• Chairman of the Board of Directors of BESTINVER GESTIÓN, S.A. SGIIC
• Chairman of the Board of Directors of SOLIDEO, S.L
• Chairman of the board of directors of SCUTUM LOGISTIC, S.L. (Acciona Group)
• Member of the board of directors of QEV EXTREME, S.L.
• Vice Chairman of the board of directors of BESTINVER GESTIÓN, S.A. SGIIC
• Chairman of the board of directors of BESTINVER PENSIONES EGFP, S.A.

Maria Cordón, Madrid/Spain

Member of the Strategy and Technology Committee

• Head of the CEO office at Acciona, S.A. (Acciona Group, listed)
• Member of the Steering Committee of Acciona, S.A.
• Member of the Audit Committee of Eve Holding, Inc (listed)
• Member of the board of directors of Eve Holding, Inc. (listed)

Maria Isabel Blanco Alvarez, London/Great Britain Member of the Audit Committee

• Head of Impact, Sustainable Infrastructure and Energy, at the European Bank for Reconstruction and Development

Jan Klatten, Munich/Germany

Member of the Executive Committee and chairman of the Strategy and Technology Committee

• Managing Ownerr of momentum Beteiligungsgesellschaft GmbH
• Managing Owner of momentum infra2 GmbH
• Managing Owner of momentum infra 4 Verwaltungs GmbH

Martin Rey, Traunstein/Germany Chairman of the Audit Committee

• Lawyer and managing shareholder of Maroban GmbH
• Member of the Investment Committee at IST Investmentstiftung für Personalvorsorge
• Chairman of the supervisory board of clearvise AG (listed)
• Chairman of the advisory board O2 Power Ltd. (not listed)

Auditor's fee

Following the selection process, the 2024 Annual General Meeting elected KPMG AG, Wirtschaftsprüfungsgesellschaft, Hamburg, as the new audit firm for the 2024 fiscal year.

The following fees were incurred for services provided by KPMG AG, Wirtschaftsprüfungsgesellschaft, in the fiscal year 2024.

EUR thousand	2024
Auditing services	1,131
Other assurance services	448
	1,579

The auditing services include the fees for the consolidated financial statements audit, the legally required audit of Nordex SE and its German subsidiaries. The other assurance services comprise fees for the audit of the non - financial statement and assurance services for covenant-certificates.

The total fee incurred for the remaining KPMG network of firms amounted to EUR 1,210 thousand for audit services and EUR 33 thousand for tax services.

Nordex SE Rostock, 26 February 2025

José Luis Blanco, Chairman of the Management Board

Dr. Ilya Hartmann, member of the Management Board

Statement of changes in property, plant and equipment and intangible assets

Statement of changes in property, plant and equipment and intangible assets

For the period from 1 January to 31 December 2024

						Cost
EUR thousand	Opening balance 01.01.2024	Additions	Disposals	Reclassifcations	Curency translation	Closing balance 31.12.2024
Property.plant and equipment
Land and buildings	327,191	41,237	-28,354	372	2,611	343,058
Technical equipment and machinery	539,230	24,431	-15,695	506	-6,803	541,670
Other fixtures and fittings, tools and equipment	380,595	64,304	-16,715	3,706	-218	431,671
Assets under construction	31,216	17,749	-8,490	-2,849	-809	36,817
Prepayments made	10,289	6,310	-497	-8,054	25	8,073
Total	1,288,523	154,030	-69,751	-6,320	-5,194	1,361,289
Intangible assets
Goodwill	552,259	0	0	0	0	552,260
Capitalized development expenses	581,899	51,026	-1,319	381	30	632,017
Prepayments made	1,719	42	-6	0	0	1,755
Other intangible assets	167,949	5,659	-9,350	5,939	-233	169,963
Total	1,303,826	56,726	-10,674	6,320	-203	1,355,995

Statement of changes in property, plant and equipment and intangible assets

Depreciation/amortization/impairment losses Carrying amount Carrying amount EUR thousand Opening balance 01.01.2024 Additions Disposals Reclassifcations Curency translation Closing balance 31.12.2024 31.12.2024 31.12.2023 Property plant and equipment Land and buildings 147,593 28,786 -22,083 -1 536 154,831 188,227 179,598 Technical equipment and machinery 389,732 51,435 -15,570 -20 -8,016 417,561 124,109 149,499 Other fixtures and fittings, tools and equipment 196,726 60,767 -14,387 66 262 243,434 188,237 183,870 Assets under construction 46 0 0 -46 120 120 36,697 31,170 Prepayments made 0 0 0 0 0 0 8,073 10,289 Total 734,097 140,987 -52,040 0 -7,099 815,946 545,343 554,426 Intangible assets Goodwill 4,501 0 0 0 0 4,501 547,758 547,758 Capitalized development expenses 412,113 35,272 -206 0 -1 447,178 184,838 169,785 Prepayments made 1,672 0 0 0 0 1,672 83 48 Other intangible assets 153,877 4,737 -4,321 0 -371 153,923 16,040 14,071 Total 572,164 40,010 -4,527 0 -372 607,275 748,720 731,662

Statement of changes in property, plant and equipment and intangible assets

Statement of changes in property, plant and equipment and intangible assets

For the period from 1 January to 31 December 2023

						Cost
EUR thousand	Opening balance 01.01.2023	Additions	Disposals	Reclassifcations	Curency translation	Closing balance 31.12.2023
Property.plant and equipment
Land and buildings	312,120	21,842	-4,161	-1,401	-1,209	327,191
Technical equipment and machinery	533,479	22,182	-9,186	-4,175	-3,069	539,230
Other fixtures and fittings, tools and equipment	334,304	46,820	-5,583	7,258	-2,226	380,572
Assets under construction	23,824	9,429	-9	-1,681	-347	31,216
Prepayments made	1,594	9,234	-500	0	-39	10,289
Total	1,205,321	109,507	-19,440	0	-6,890	1,288,499
Intangible assets
Goodwill	552,259	0	0	0	0	552,259
Capitalized development expenses	535,564	46,381	0	0	-46	581,899
Prepayments made	1,706	13	0	0	0	1,719
Other intangible assets	165,170	5,509	0	0	-2,730	167,949
Total	1,254,699	51,904	0	0	-2,776	1,303,826

Statement of changes in property, plant and equipment and intangible assets

				Depreciation/amortization/impairment losses	Carrying amount	Carrying amount
EUR thousand	Opening balance 01.01.2023	Additions	Disposals	Curency translation	Closing balance 31.12.2023	31.12.2023	31.12.2022
Property plant and equipment
Land and buildings	121,294	29,237	-1,682	-1,257	147,593	179,598	190,826
Technical equipment and machinery	334,683	62,433	-5,700	-1,684	389,732	149,499	198,797
Other fixtures and fittings, tools and equipment	147,347	55,015	-3,907	-1,754	196,702	183,870	186,955
Assets under construction	46	0	0	0	46	31,170	23,778
Prepayments made	0	0	0	0	0	10,289	1,595
Total	603,370	146,685	-11,289	-4,694	734,072	554,426	601,951
Intangible assets
Goodwill	4,501	0	0	0	4,501	547,758	547,758
Capitalized development expenses	374,052	38,067	0	-4	412,113	169,785	161,512
Prepayments made	1,672	0	0	0	1,672	48	34
Other intangible assets	152,642	3,747	0	-2,511	153,877	14,071	12,528
Total	532,867	41,814	0	-2,516	572,164	731,662	721,832

		Share in capital	Net profit/loss	Equity
	Currency	in %	01.01. – 31.12.2024	01.01. – 31.12.2024	Equity investment via
Consolidated affiliated companies (figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
Nordex SE, Rostock/Germany (Group
1 parent)	EUR	0.00	-285,226,341	1,425,118,256	—
Alfresco Renewable Energy Private 2 Limited, Bangalore/India	EUR	99.99/0.01	-2,291,698	425,502	Nordex Windpark Beteiligung GmbH/ Nordex Energy Internacional S.L.U.
Apoderada Corporativa Nordex S.L.U., Barasoain/Spain	EUR	100.00	-4,580	-3,262	Corporacion Nordex Energy Spain S.L.
Corporación Nordex Energy Spain S.L.U., Barasoain/Spain	EUR	100.00	3,691,281	650,369,305	Nordex SE
Eolicos R4E S.A. de C.V., Tegucigalpa/Honduras	EUR	99.66/0.44	-2,200,780	-15,980,616	Nordex USA Management LLC/Big Berry Wind Farm LLC
Industria Toledana de Energias – Renovables S.L.U., Barasoain/Spain	EUR	100.00	0	0	Nordex Energy Spain S.A.U.
Limited Liability Company "Nordex Energy Ukraine", Kyiv/Ukraine	EUR	100.00	-203,812	-1,900,306	Nordex International GmbH
Nordex Energy Servicios de Obra, S. de R.L. de C.V., Mexico City/Mexico	EUR	99.9975/0.0025	328,254	-1,331,157	NX Energy Mexico S. de R.L. de C.V./ Nordex Energy Internacional S.L.U.
Nordex Austria GmbH, Vienna/Austria	EUR	100.00	259,905	-22,759	Nordex International GmbH
Nordex Belgium SRL, Wanze/Belgium	EUR	100.00	506,453	1,170,578	Nordex SE
Nordex Beteiligungen GmbH, Hamburg/ Germany	EUR	100.00	-13,922	-6,216	Nordex SE
Nordex Blade Technology Center ApS, Stenstrup/Denmark	EUR	100.00	2,745,627	15,652,973	Nordex SE
Nordex Blades Spain S.A.U., Barasoain/Spain	EUR	100.00	3,712,024	44,523,908	Nordex Energy Spain S.A.U.
Nordex (Chile) SpA, Santiago de Chile/Chile	EUR	100.00	-2,007,422	-10,616,420	Nordex Windpark Beteiligung GmbH

	Currency	Share in capital in %	Net profit/loss 01.01. – 31.12.2024	Equity 01.01. – 31.12.2024	Equity investment via
Consolidated affiliated companies
(figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
Nordex Education Trust,
Cape Town/South Africa	EUR	100.00	-210,955	2,943,817	Nordex Energy South Africa RF (Pty.) Ltd.
Nordex Elektrane d.o.o., Zagreb/Croatia	EUR	100.00	4,178,128	13,799,813	Nordex Energy Internacional S.L.U.
Nordex Electrolyzers S.L., Barasoain/Spain	EUR	85.00	-361,090	12,074,339	Corporacion Nordex Energy Spain S.L.
Nordex Employee Holding GmbH,
Hamburg/Germany	EUR	100.00	-87,031	129,081	Nordex SE
Nordex Energy Argentina S.A., Buenos					Nordex Energy Internacional S.L.U./Nordex
Aires/Argentina	EUR	97.8/2.2	-18,924,997	-14,599,372	Energy Spain S.A.U.
Nordex Energy Brasil – Comercio e
Industria de Equipamentos Ltda.,					Nordex Energy Internacional S.L.U./Nordex
Sao Paulo/Brazil	EUR	99.00/1.00	-120,166,484	-49,035,933	Energy Spain S.A.U.
Nordex Energy Chile S.A., Santiago de					Nordex Energy Internacional S.L.U./Nordex
Chile/Chile	EUR	99.00/1.00	-873,368	4,227,562	Energy Spain S.A.U.
Nordex Engineering and Technology					Nordex Manufacturing GmbH/Nordex
Pty Ltd, Chennai/India	EUR	99.99/0.01	-709,373	2,964,948	Energy Internacional S.L.U.
Nordex Engery Colombia S.A.S.,
Bogota/Colombia	EUR	100.00	-106,879	-1,219,695	Nordex Energy Internacional S.L.U.
Nordex Energy d.o.o. Beograd,
Belgrade/Serbia	EUR	100.00	-935,844	3,754,434	Nordex International GmbH
Nordex Energy Ibérica S.A.U,
Barasoain/Spain	EUR	100.00	887,275	11,559,964	Nordex International GmbH
Nordex Energy Internacional S.L.,
Barasoain/Spain	EUR	100.00	-21,200,054	240,443,050	Nordex Energy Spain S.A.U.
Nordex Energy Ireland Ltd., Limerick/
Ireland	EUR	100.00	4,295,076	31,247,526	Nordex International GmbH
Nordex Energy Mexico S. de R.L. de C.V.,					Nordex Energy Internacional S.L.U./Nordex
Mexico City/Mexico	EUR	99.97/0.03	-2,534,431	20,123,314	Energy Spain S.A.U.
Nordex Energy Romania S.r.l.,
Bucharest/Romania	EUR	100.00	1,207,252	6,255,787	Nordex International GmbH
Nordex Energy SE & Co. KG,
1 Hamburg/Germany	EUR	99.996/0.004	0	25,000	Nordex SE/Nordex Beteiligungen GmbH

	Currency	Share in capital in %	Net profit/loss 01.01. – 31.12.2024	Equity 01.01. – 31.12.2024	Equity investment via
Consolidated affiliated companies
(figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
Nordex Energy South Africa RF (Pty.) Ltd., Cape Town/South Africa	EUR	80.00/20.00	9,795,153	-892,726	Nordex Energy SE & Co. KG/ Nordex Education Trust
Nordex Energy Spain S.A.U., Barasoain/Spain	EUR	100.00	13,260,968	258,553,426	Corporacion Nordex Energy Spain S.L.
NordexEnergy Uruguay S.A.,
Montevideo/Uruguay	EUR	100.00	1,103,227	4,516,661	Nordex International GmbH
Nordex Enerji A.S., Istanbul/ Türkiye	EUR	6.321/93.482/ 0.066/0.066/ 0.066	13,466,760	69,712,983	Nordex International GmbH/Nordex SE/ Nordex Energy SE & Co. KG/ Nordex Windpark Beteiligung GmbH/ Nordex Grundstücksverwaltung GmbH
Nordex Finland Oy, Helsinki/Finland	EUR	100.00	16,455,545	28,659,342	Nordex SE
Nordex Forum II GmbH & Co. KG, Hamburg/Germany	EUR	100.00	5,909	370,745	Nordex Energy SE & Co. KG
Nordex Forum II Verwaltungs GmbH, Hamburg/Germany	EUR	100.00	323	9,106	Nordex Energy SE & Co. KG
Nordex France S.A.S., Saint Denis/France	EUR	100.00	8,723,004	24,742,552	Nordex International GmbH
Nordex Germany GmbH, Hamburg/ 1 Germany	EUR	99.996/0.004	0	30,000	Nordex SE/Nordex Beteiligungen GmbH
Nordex Grundstücksverwaltung GmbH, 1 Hamburg/Germany	EUR	100.00	0	52,000	Nordex SE
Nordex Hellas Monoprosopi EPE, Athens/Greece	EUR	100.00	3,163,049	8,145,357	Nordex Energy SE & Co. KG
Nordex India Manufacturing Private Limited, Bangalore/India	EUR	99.99/0.01	19,277,780	49,096,851	Nordex Manufacturing GmbH/Nordex International GmbH
Nordex India Private Limited, Bangalore/India	EUR	99.99/0.01	12,772,372	16,485,020	Nordex Energy Internacional S.L.U./Nordex Energy Spain S.A.U.
Nordex International GmbH, Hamburg/ Germany	EUR	100.00	0	25,000	Nordex SE
Nordex International Services America S de RL de CV, Mexico City/Mexico 4	EUR	99.9975/0.0025	-1,227,421	-802,893	Nordex Energy International GmbH/Nordex Energy SE & Co. KG
Nordex International Services SP. z.o.o., Elblag/Poland	EUR	100.00	-1,568,969	-5,365,977	Nordex International GmbH

List of shareholdings

	Currency	Share in capital in %	Net profit/loss 01.01. – 31.12.2024	Equity 01.01. – 31.12.2024	Equity investment via
Consolidated affiliated companies
(figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
Nordex Italia S.r.l., Rome/Italy	EUR	100.00	2,839,653	14,091,033	Nordex International GmbH
Nordex Latvia SIA, Riga/Latvia4	EUR	100.00	100,509	103,309	Nordex International GmbH
Nordex Manufacturing GmbH, Hamburg/
Germany	EUR	100.00	0	25,000	Nordex SE
Nordex Maritime S.A.U., Barasoain/Spain	EUR	100.00	17,458	103,462	Nordex International GmbH
Nordex Montenegro d.o.o., Podgorica/
Montenegro4	EUR	100.00	-40,135	-40,135	Nordex International GmbH
Nordex Netherlands B.V., Zwolle/Netherlands	EUR	100.00	-4,952,906	-75,340,050	Nordex SE
Nordex Norway AS,
Oslo/Norway	EUR	100.00	3,058,582	4,772,342	Nordex SE
Nordex Oceania Pty. Ltd.,
Melbourne/Australia	EUR	100.00	-3,607,441	8,054,124	Nordex Energy Internacional S.L.U.
Nordex Pakistan (Private) Ltd.,
Islamabad/Pakistan	EUR	100.00	3,494,698	-6,465,648	Nordex Energy SE & Co. KG
Nordex Polska Sp. z o.o.,					Nordex International GmbH/Nordex Energy
Warsaw/Poland	EUR	99.00/1.00	24,114,177	45,478,907	SE & Co. KG
Nordex Portugal Unipessoal Lda.,
Porto/Portugal	EUR	100.00	-549,996	4,453,083	Nordex SE
Nordex Singapore Equipment Private Ltd., Singapore/Singapore	EUR	100.00	2,844	-7,341,381	Nordex Energy SE & Co. KG
Nordex Singapore Service Private Ltd.,
Singapore/Singapore	EUR	100.00	-3,011,472	-6,494,618	Nordex Energy SE & Co. KG
Nordex Sverige AB, Uppsala/Sweden	EUR	100.00	1,784,962	8,093,120	Nordex International GmbH
Nordex Towers Colombia SAS,
Bogota/Colombia	EUR	100.00	1,167,238	474,714	Nordex Energy Internacional S.L.U.
Nordex Towers Spain S.L.U., Barasoain/
Spain	EUR	100.00	-3,136	105,981	Nordex Energy Spain S.A.U.
Nordex UK Ltd.,
Manchester/United Kingdom	EUR	100.00	3,908,155	10,453,408	Nordex International GmbH

		Share in capital	Net profit/loss	Equity
	Currency	in %	01.01. – 31.12.2024	01.01. – 31.12.2024	Equity investment via
Consolidated affiliated companies
(figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
Nordex USA Inc., Chicago/USA					Nordex Energy Internacional S.L.U./Nordex
	EUR	78.35/21.65	-10,916,944	-228,796,699	International GmbH
Nordex USA Management LLC,
Chicago/USA	EUR	100.00	-357	73,481	Nordex USA Inc.
Nordex Windpark Beteiligung GmbH,
1 Hamburg/Germany	EUR	100.00	0	25,000	Nordex SE
Nordex Windpower Peru S.A., Lima City/					Nordex Energy Internacional S.L.U./Nordex
Peru	EUR	99.99/0.01	2,610,353	3,599,980	Energy Spain S.A.U.
Nordex Windpower Rüzgar Enerjisi
Sistemleri Anonim Şirketi, Istanbul/Türkiye	EUR	100.00	-2,499,959	-10,715,982	Nordex Energy Internacional S.L.U.
NPV Dritte Windpark GmbH & Co. KG,
Hamburg/Germany	EUR	100.00	-17,734	-102,769	Nordex Grundstücksverwaltung GmbH
Parque Eólico Llay-Llay SpA, Santiago de
Chile/Chile	EUR	100.00	-10,675	-1,998,578	Nordex (Chile) SpA
Ravi Urja Energy India Private Limited					Nordex Windpark Beteiligung GmbH/
Bangalore/India2	EUR	99.99/0.01	-6,690,726	2,167,413	Nordex Energy Internacional, S.L.U.
San Marcos Colon Holding, Inc., Chicago/
USA	EUR	100.00	-93,866	-17,603	Nordex Windpark Beteiligung GmbH
Shanghai Nordex Windpower CO., LTD
Shanghai/China	EUR	100.00	368,192	1,659,417	Nordex Energy Internacional S.L.U.
Solar Fields Energy Photo Voltaic India					Nordex Windpark Beteiligung GmbH/
Private Limited, Bangalore/India2	EUR	99.99/0.01	-3,613,401	-825,297	Nordex Energy Internacional, S.L.U.
UAB Nordex Lithuania, Vilnius/Lithunia	EUR	100.00	7,003,749	4,180,648	Nordex SE

	Currency	Share in capital in %	Net profit/loss 01.01. – 31.12.2024	Equity 01.01. – 31.12.2024	Equity investment via
Non-consolidated affiliated companies
(figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
ATRIA Wind Farm I SAPI SA de CV, General Bravo ( New Mexico) /Mexico	EUR	100.00	0	0	Nordex Energy Mexico S. de R.L. de C.V.
ATRIA Wind Farm II SAPI SA de CV, General Bravo ( New Mexico)/ Mexico	EUR	100.00	0	0	Nordex Energy Mexico S. de R.L. de C.V.
Big Berry Wind Farm LLC, Chicago/USA3	EUR	100.00	0	0	Nordex USA Management, LLC
Eoles Futur Eurowind France S.A.S., 3 Paris/France	EUR	100.00	45,506	-433,642	Nordex France S.A.S.
Farma Wiatrowa Kwidzyn 3 Sp. z o.o., Warsaw/Poland	EUR	99.00/1.00	-1,726	-2,573,110	Nordex Windpark Beteiligung GmbH/ Nordex Energy SE & Co. KG
NAWM Servicios Administrativos, 3,'5 Mexico City/Mexico	EUR	99.995/0.005	-320,522	-1,068	NX Energy Mexico S. de R.L. de C.V./ Nordex Energy Internacional S.L.U.
Nordex Energy Servicios Operación y Mantenimiento, S. de R.L. de C.V., Mexico City/Mexico3, 4	EUR	0.0025/99.9975	0	0	Nordex Energy Internacional S.L.U./Nordex Energy México S. de R.L. de C.V.
Nordex North America, Inc., Chicago/ USA3,4	EUR	78.35/21.65	0	0	Nordex Energy Inernacional, S.L.U./Nordex International GmbH
Nordex USA Manufacturing, LLC, Chicago/ USA 3, 4	EUR	100.00	0	0	Nordex North America, Inc.
Nordex Windpark Verwaltung GmbH, 3 Hamburg/Germany	EUR	100.00	2,909	50,017	Nordex SE
Parque Eolico Hacienda Quijote SpA, 3, 5 Santiago/Chile	EUR	100.00	-200,657	-2,136	Nordex (Chile) SpA
Parque Eolico Vasco Viejo S.A., 3, 6 Buenos Aires/Argentina	EUR	60.00	-31,337	-9,067	Nordex Windpower S.A.
Sechste Windpark Support 3 GmbH & Co. KG, Hamburg/Germany	EUR	100.00	-19,661	-155,239	Nordex Grundstücksverwaltung GmbH
Shri Saai Pasumai Private Limited, 2,3 Bangalore/India	EUR	99.99/0.01	-1,297,628	234,017	Nordex Windpark Beteiligung GmbH/ Nordex Energy Internacional S.L.U.
Terral Energy Private Limited, 2,3 Bangalore/India	EUR	99.99/0.01	-6,704	-18,099	Nordex Windpark Beteiligung GmbH/ Nordex Energy Internacional S.L.U.
Ventus Kwidzyn Sp. z.o.o., Górki/Poland3	EUR	100.00	-3,888	-982,617	Farma Wiatrowa Kwidzyn Sp. z o.o.

	Currency	Share in capital in %	Net profit/loss 01.01. – 31.12.2024	Equity 01.01. – 31.12.2024	Equity investment via
Joint Venture
(figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
ACCIONA Nordex Green Hydrogen S.L., Barasoain/Spain3	EUR	50.00	1,263,365	66,504,282	Nordex SE
Alto dos Ventos Energia Renovável Ltda., Pendencias; Rio Grande do Norte/Brazil3	EUR	50.00	-276,196	-260,660	ACCIONA Nordex Green Hydrogen, S.L.
ANGH Participaciones, S.L., Barasoain/Spain3, 4	EUR	50.00	0	3,000	ACCIONA Nordex Green Hydrogen, S.L.
Darwin SpA, Santiago de Chile/Chile3	EUR	50.00	-4,088	-2,545	ACCIONA Nordex Green Hydrogen, S.L.
Frontera SpA, Santiago de Chile/Chile3	EUR	50.00	-400,281	-614,426	ACCIONA Nordex Green Hydrogen, S.L.
H2V Magallanes SpA, Santiago de Chile/Chile3	EUR	50.00	-199,189	88,144	ACCIONA Nordex Green Hydrogen, S.L.
Mesquite H2 LLC, Chicago/USA3	EUR	50.00	17,734	18,095	ACCIONA Nordex Green Hydrogen, S.L.
					ACCIONA Nordex Green Hydrogen, S.L./
Orkeke S.A., Buenos Aires/Argentina3	EUR	47.5/2.5	56,457	1,799,043	Nordex Windpark Beteiligung GmbH
ORNX Boujdour S.A.S.U., Laayoune/Morocco 3, 4	EUR	50.00	-660,564	-560,564	ORNX Boujdour S.L.
ORNX Boujdour S.L., Barasoain/Spain3, 4	EUR	50.00	3,194	50,000	ORNX Morocco, S.L.
ORNX Dahkla, S.A.S.U., Dakhla/Morocco3, 4	EUR	50.00	-603,059	-503,059	ORNX Dakhla S.L.
ORNX Dakhla S.L., Barasoain/Spain3, 4	EUR	50.00	3,194	50,000	ORNX Morocco, S.L.
ORNX Laayoune 1 Industrial, S.A.S.U., Laayoune/Morocco3, 4	EUR	50.00	-191,302	-91,302	ORNX Laayoune 1 S.L.
ORNX Laayoune 1, S.A.S.U., Laayoune/Morocco3, 4	EUR	50.00	-1,012,578	-912,578	ORNX Laayoune 1 S.L.
ORNX Laayoune 1 S.L., Barasoain/Spain3, 4	EUR	50.00	3,194	50,000	ORNX Morocco, S.L.
ORNX Morocco Services, S.A.S.U., Barasoain/Spain3, 4	EUR	50.00	-40,393	459,607	ORNX Morocco, S.L.
ORNX Morocco, S.L., Barasoain/Spain3, 4	EUR	25.00	-568,011	-468,011	ACCIONA Nordex Green Hydrogen, S.L.
, Chicago/USA3 Pinedale H2 LLC	EUR	50.00	-145,543	-240,087	ACCIONA Nordex Green Hydrogen, S.L.
, Wyoming/USA3 Pronghorn H2 LLC	EUR	50.00	-355,395	-576,503	ACCIONA Nordex Green Hydrogen, S.L.
, Chicago/USA3, 4 Sidewinder H2 LLC	EUR	50.00	40,498	41,429	ACCIONA Nordex Green Hydrogen, S.L.
Waawaata S.A.S., Bogotá D.C./Colombia3	EUR	50.00	-528,485	-449,176	ACCIONA Nordex Green Hydrogen, S.L.

	Currency	Share in capital in %	Net profit/loss 01.01. – 31.12.2024	Equity 01.01. – 31.12.2024	Equity investment via
Other shareholdings (non-consolidated)
(figures as per statutory financial statements or financial statements prepared based on uniform Group accounting principles in EUR)
Parc Eolien du Val Aux Moines SAS, Paris/
3 France	EUR	34.92	599,714	-188,328	Nordex Employee Holding GmbH
3 RenerCycle S.L. Pamplona/Spain	EUR	6.25	0	0	Nordex Energy Spain S.A.U.

¹Profit and loss transfer agreement; net profit/loss and equity after transfer of profit or loss

2 Different financial year from 1 April to 31 March

3 Preliminary annual financial statements as of 31 December 2024

4 Initial consolidation in 2024

⁵Figures from the previous year 31.12.2023

6 Figures from the previous year 31.12.2022

As of 31 December 2024

Independent auditor's report

Independent Auditor's Report

To Nordex SE, Rostock

Report on the Audit of the Consolidated Financial Statements and of the Combined Management Report

Opinions

We have audited the consolidated financial statements of Nordex SE, Rostock, and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2024, and consolidated income statement, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the financial year from 1 January to 31 December 2024 and notes to the consolidated financial statements, including significant information on the accounting policies. In addition, we have audited the management report of the Company and the Group (combined management report) of Nordex SE, Rostock, for the financial year from 1 January to 31 December 2024.

In accordance with German legal requirements, we have not audited the content of those components of the combined management report specified in the "Other Information" section of our auditor's report.

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) (hereinafter referred to as "IFRS Accounting Standards") as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at 31 December 2024, and of its financial performance for the financial year from 1 January to 31 December 2024, and
• the accompanying combined management report as a whole provides an appropriate view of the Group's position. In all material respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our opinion on the combined management report does not cover the content of those components of the combined management report specified in the "Other Information" section of the auditor's report.

Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the combined management report.

Basis for the Opinions

We conducted our audit of the consolidated financial statements and of the combined management report in accordance with Section 317 HGB and the EU Audit Regulation No 537/2014 (referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management Report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional

responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2)(f) of the EU Audit Regulation, we declare that we have not provided nonaudit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the combined management report.

Key Audit Matters in the Audit of the Consolidated Financial Statements

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 January to 31 December 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.

Impairment testing of goodwill

Please refer to the notes to the consolidated financial statements, Section "Accounting policies/Basis of preparation", for further information on the accounting policies applied and assumptions used. Disclosures of the amount of goodwill is provided in the notes to the consolidated financial statements under note 10. Explanatory notes on the economic development of the segments are provided in the "Segment development" section of the group management report.

THE FINANCIAL STATEMENT RISK

Goodwill totalling EUR 548 million was recognised in the consolidated financial statements of the Company under the statement of financial position item "Goodwill". At 10% of total assets, these account for a considerable share of the assets.

Goodwill is subject to impairment testing by the company on the level of the operating segments "projects" and "services" as cash-generating units once a year without specific cause. If indications of impairment arise during the year, an ad hoc/indicator-based goodwill impairment test is also performed during the year. For goodwill impairment testing, the carrying amount is compared with the recoverable amount of the cashgenerating unit. If the carrying amount exceeds the recoverable amount, an impairment loss is recognised. The recoverable amount is the higher amount of fair value less costs to sell and value in use of the cash-generating unit. The recoverable amount was determined based on the fair value less costs of disposal. The cut-off date for impairment testing is 31 December 2024.

The basis for measurement is typically the present value of the future cash flows of the respective cash-generating units. In this regard, the starting point is management's medium-term planning, which is extrapolated with assumptions regarding long-term growth rates. Expectations about future market developments and assumptions about how expected geopolitical and economic developments will affect the Group's business activities are also considered. Further assumptions relate to the growth rate of revenue in the terminal value and the free cash flows in the terminal value derived therefrom as well as the discount rate used. As a result of the performed impairment testing, a need to recognise impairment losses was not identified.

Impairment testing of goodwill is complex and based on a number of assumptions requiring judgement. These include the estimated future cash flows of the respective cash-generating units, the growth rates as well as the discount rates applied, also in light of the consequences of geopolitical and economic developments on the Group's business activities. There is the risk for the consolidated financial statements that any existing impairment as at the reporting date was not identified.

OUR AUDIT APPROACH

We assessed the appropriateness of the significant assumptions as well as the Company's calculation methods. To this end, we discussed the expected future cash flows with those responsible for planning. In addition, we reconciled the projected business and earnings performance with the medium-term planning prepared by the Management Board and approved by the Supervisory Board. In addition, we evaluated management's estimation of how geopolitical and economic developments will affect the Group's business activities, and verified their assessment in the calculation of future cash flows. We also assessed the consistency of the assumptions with general and industry-specific market expectations.

Furthermore, we verified the quality of the Company's previous forecasts by comparing the budgets of previous financial years with actual results and by analysing deviations. We compared the assumptions and data underlying the weighted average cost of capital – in particular the risk-free rate, the market risk premium and the beta factor – with our own assumptions and publicly available information with the involvement of our valuation experts.

With the involvement of our valuation experts, we used our own calculations to assess the methodically and mathematically appropriate implementation of the valuation method used for the valuation performed by the Company and analysed deviations.

In order to take forecast uncertainty into account, we examined the impact of potential changes in revenue, cost of materials and structure costs on the value in use by calculating alternative scenarios and comparing these with the values stated by the Company (sensitivity analysis).

OUR OBSERVATIONS

The calculation method used for impairment testing of goodwill is appropriate and in line with the accounting policies to be applied. The Company's assumptions and data underlying the measurement are appropriate.

Recognition of revenue recognised over time from project business

For information on the accounting policies applied, please refer to the explanatory notes in the "Accounting policies/Basis of preparation" section in the notes to the consolidated financial statements. Disclosures on revenue from project business and construction contracts and the gross amounts due from and to customers can be found under note 3 "Contract assets and liabilities from projects" and note 29 "Revenue" in the notes to the consolidated financial statements.

THE FINANCIAL STATEMENT RISK

Revenue from projects amounting to EUR 6,543 million was generated in financial year 2024. This results from the production and sale of wind turbines.

The majority of this revenue (EUR 5,742 million) results from installed customer-specific wind turbines, for which there is no alternative use and an enforceable right to payment for the services provided exists. Revenue is recognised over time for this type of wind turbine. The remaining revenue from projects relates to standardised types of wind turbines and is recognised at the point in time when control of the goods is transferred to the customer.

As at 31 December 2024, the gross amount due from customers for contract work (contract assets) was EUR 838 million and the gross amount due to customers for contract work (contract liabilities) was EUR 1,041 million.

Revenue recognised over time is recognised based on the stage of completion at the end of the reporting period. The stage of completion is determined using the proportion of contract costs incurred compared with the estimated total contract costs (cost-to-cost method).

Determining revenue recognised over time from the project business is complex and based on estimates, especially regarding the

• estimation of the total contract costs including projected cost increases and the
• determination of the stage of completion.

There is the risk for the consolidated financial statement of Nordex SE that the recognition of the incurred costs and the estimation of the total costs as initial values for estimating the stage of completion (cost-to-cost) in project business include elements that cannot be recognised or have not been incurred, and that both revenue and earnings arising from these services may be allocated to the wrong financial year.

OUR AUDIT APPROACH

Based on our understanding of the process, we assessed the design and implementation of selected internal controls, especially regarding the procedure for recognising already incurred contract costs and estimating expected contract costs as well as the method for determining the respective stages of completion.

We performed the following audit procedures (among others) for wind energy projects selected based on statistical procedures:

• Analysis of the agreements underlying the selected construction contracts
• Reconciliation of the actual cost allocated to the contracts with internal cost schedules and external documents

In addition, we performed the following audit procedures (among others):

• Enquiries of selected project managers, including questions regarding estimates of total contract costs, existing risks and the status of the projects
• Evaluation of assumptions for estimating total contract costs for selected projects, including analyses of current project progress and any deviations from budget
• Assessment of computational accuracy of the determined stage of completion and the proper presentation of construction contracts in the consolidated statement of financial position and the consolidated income statement

OUR OBSERVATIONS

Nordex SE's approach to recognition of revenue recognised over time from project business is appropriate. The assumptions underlying the financial reporting are appropriate overall.

Other Information

Management and/or the Supervisory Board are/is responsible for the other information. The other information comprises the following components of the combined management report, whose content was not audited:

• the Group non-financial statement included in the "Sustainability statement" section of the combined management report,
• the combined corporate governance statement of the Company and the Group included in the "Corporate governance statement of Nordex SE" section of the combined management report, and
• the information extraneous to management reports on the effectiveness of the internal control and risk management system included in the "Statement on the adequacy and effectiveness of the internal control and risk management system" section.

The other information also includes the remaining parts of the annual report. The other information does not include the consolidated financial statements, the combined management report information audited for content and our auditor's report thereon.

Our opinions on the consolidated financial statements and on the combined management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information

• is materially inconsistent with the consolidated financial statements, with the combined management report information audited for content or our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and the Supervisory Board for the Consolidated Financial Statements and the Combined Management Report

Management is responsible for the preparation of consolidated financial statements that comply, in all material respects, with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition, management is responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, management is responsible for the preparation of the combined management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, management is responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.

The Supervisory Board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the combined management report.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management Report

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the consolidated financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.

We exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control or of these arrangements and measures.
• Evaluate the appropriateness of accounting policies used by management and the reasonableness of estimates made by management and related disclosures.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB.
• Plan and perform the audit of the consolidated financial statements to obtain sufficient appropriate audit evidence regarding the financial information of the entities

or business segments within the Group to provide a basis for our opinions on the consolidated financial statements and on the combined management report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our opinions.

• Evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with [German] law, and the view of the Group's position it provides.
• Perform audit procedures on the prospective information presented by management in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by management as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the actions taken or safeguards applied to eliminate independence threats.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

Other Legal and Regulatory Requirements

Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the Combined Management Report Prepared for Publication Purposes in Accordance with Section 317 (3a) HGB

We have performed assurance work in accordance with Section 317 (3a) HGB to obtain reasonable assurance about whether the rendering of the consolidated financial statements and the combined management report (hereinafter the "ESEF documents") contained in the electronic file ___ [clear identification of the file containing the examined ESEF documents; ___ algorithm; ___ hash value] made available and prepared for publication purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic reporting format ("ESEF format"). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the combined management report into the ESEF format and therefore relates neither to the information contained in these renderings nor to any other information contained in the file identified above.

In our opinion, the rendering of the consolidated financial statements and the combined management report contained in the electronic file made available, identified above and prepared for publication purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated financial statements and the accompanying combined management report for the financial year from 1 January to 31 December 2024, contained in the "Report on the Audit of the Consolidated Financial Statements and the Combined Management Report" above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the file identified above.

We conducted our assurance work on the rendering of the consolidated financial statements and the combined management report contained in the file made available and identified above in accordance with Section 317 (3a) HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication Purposes in Accordance with Section 317 (3a) HGB (IDW AsS 410 (06.2022)). Our responsibility in accordance therewith is further described below. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)).

The Company's management is responsible for the preparation of the ESEF documents including the electronic rendering of the consolidated financial statements and the combined management report in accordance with Section 328 (1) sentence 4 item 1 HGB and for the tagging of the consolidated financial statements in accordance with Section 328 (1) sentence 4 item 2 HGB.

In addition, the Company's management is responsible for such internal control that they considered necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB for the electronic reporting format.

The Supervisory Board is responsible for overseeing the process of preparing the ESEF documents as part of the financial reporting process.

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise professional judgement and maintain professional scepticism throughout the assurance work. We also:

• Identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.

Annual Integrated Report 2024

326 Nordex SE Annual Integrated Report 2024

• Evaluate the technical validity of the ESEF documents, i.e. whether the file made available containing the ESEF documents meets the requirements of the Commission Delegated Regulation (EU) 2019/815, as amended as at the reporting date, on the technical specification for this electronic file.
• Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated financial statements and the audited combined management report.
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of Commission Delegated Regulation (EU) 2019/815, as amended as at the reporting date, enables an appropriate and complete machine-readable XBRL copy of the XHTML rendering.

Further Information pursuant to Article 10 of the EU Audit Regulation

We were elected as auditor of the consolidated financial statements at the Annual General Meeting on 4 April 2024. We were engaged by the Supervisory Board on 1 August 2024. We have been the auditor of the consolidated financial statements of Nordex SE without interruption since financial year 2024.

We declare that the opinions expressed in this auditor's report are consistent with the additional report to the Audit Committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

Other Matter – Use of the Auditor's Report

Our auditor's report must always be read together with the audited consolidated financial statements and the audited combined management report as well as the examined ESEF documents. The consolidated financial statements and combined management report converted to the ESEF format – including the versions to be entered in the German Company Register [Unternehmensregister] – are merely electronic renderings of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the examined ESEF documents made available in electronic form.

German Public Auditor Responsible for the Engagement

The German Public Auditor responsible for the engagement is Andreas Modder.

Hamburg, 25 February 2025

KPMG AG Wirtschaftsprüfungsgesellschaft [Original German version signed by:]

gez. Modder Wirtschaftsprüfer [German Public Auditor] gez. Göbel Wirtschaftsprüfer [German Public Auditor] Independent auditor's report

Independent auditor's report to the Group Sustainability Statement

Assurance report of the independent German Public Auditor on a limited assurance engagement in relation to the Group Sustainability Statement⁹

To Nordex SE

Assurance Conclusion

We have conducted a limited assurance engagement on the Group Sustainability Statement, included in section "Sustainability Statement" of the combined management report of Nordex SE for the financial year from January 1 to December 31, 2024. The Group Sustainability Statement was prepared to fulfil the requirements of Directive (EU) 2022/2464 of the European Parliament and of the Council of December 14, 2022 (Corporate Sustainability Reporting Directive, CSRD) and Article 8 of Regulation (EU) 2020/852 and to fulfil the requirements of Sections 315b and 315c of the HGB [Handelsgesetzbuch: German Commercial Code] for a group non-financial statement.

The prior year's disclosures marked as unaudited are not subject to our assurance engagement.

Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the accompanying Group Sustainability Statement is not prepared, in all material respects, in accordance with the requirements of the CSRD and Article 8 of Regulation (EU) 2020/852, Sections 315b and 315c HGB for a group non-financial statement and the supplementary criteria presented by the executive directors of the Company. This assurance conclusion includes that nothing has come to our attention that causes us to believe that:

• the accompanying Group Sustainability Statement does not comply, in all material respects, with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the entity to identify information to be included in the Group Sustainability Statement (the materiality assessment) is not, in all material respects, in accordance with the description set out in section "Double materiality assessment methodology" of the Group Sustainability Statement, or

• the disclosures in section "Disclosures pursuant to Article 8 of Regulation (EU-) 2020/852 (Taxonomy Regulation)" of the Group Sustainability Statement do not comply, in all material respects, with Article 8 of Regulation (EU) 2020/852.

We do not express an assurance conclusion on the prior year's disclosures marked as unaudited.

Basis for the Assurance Conclusion

We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our responsibilities under ISAE 3000 (Revised) are further described in the section "German Public Auditor's Responsibilities for the Assurance Engagement on the Group Sustainability Statement".

We are independent of the entity in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. Our audit firm has applied the requirements for a system of quality control as set forth in the IDW Quality Management Standard issued by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW): Requirements for Quality Management in the Audit Firm

9 Our engagement applied to the German version of the Group Sustainability Statement 2024. This text is a translation of the assurance report of the independent German Public Auditor issued in German language, whereas the German text is authoritative.

Independent auditor's report to the Group Sustainability Statement

(IDW QMS 1 (09.2022)) and International Standard on Quality Management (ISQM) 1 issued by the IAASB. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our assurance conclusion.

Responsibilities of the Executive Directors and the Supervisory Board for the Group Sustainability Statement

The executive directors are responsible for the preparation of the Group Sustainability Statement in accordance with the requirements of the CSRD and the applicable German legal and other European requirements as well as with the supplementary criteria presented by the executive directors of the Company and for designing, implementing and maintaining such internal control that they have considered necessary to enable the preparation of a Group Sustainability Statement in accordance with these requirements that is free from material misstatement, whether due to fraud (i.e., fraudulent sustainability reporting in the Group Sustainability Statement) or error.

This responsibility of the executive directors includes establishing and maintaining the materiality assessment process, selecting and applying appropriate reporting policies for preparing the Group Sustainability Statement, as well as making assumptions and estimates and ascertaining forward-looking information for individual sustainabilityrelated disclosures.

The Supervisory Board is responsible for overseeing the process for the preparation of the Group Sustainability Statement.

Inherent Limitations in Preparing the Group Sustainability Statement

The CSRD and the applicable German legal and other European requirements contain wording and terms that are subject to considerable interpretation uncertainties and for which no authoritative, comprehensive interpretations have yet been published. As such wording and terms may be interpreted differently by regulators or courts, the legality of measurements or evaluations of sustainability matters based on these interpretations is uncertain. As further set forth in section "Disclosures in relation to specific circumstances" of the Group Sustainability Statement, the quantification of the nonfinancial performance indicators mentioned there is also subject to inherent limitations due to significant estimations and measurement uncertainties.

These inherent limitations also affect the assurance engagement on the Group Sustainability Statement.

German Public Auditor's Responsibilities for the Assurance Engagement on the Group Sustainability Statement

Our objective is to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether any matters have come to our attention that cause us to believe that the Group Sustainability Statement has not been prepared, in all material respects, in accordance with the CSRD, the applicable German legal and other European requirements and the supplementary criteria presented by the Company's executive directors, and to issue an assurance report that includes our assurance conclusion on the Group Sustainability Statement.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgment and maintain professional skepticism. We also:

• obtain an understanding of the process used to prepare the Group Sustainability Statement, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the Group Sustainability Statement.
• identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. In addition, the risk of not detecting a material misstatement in information obtained from sources not within the entity's control (value chain information) is ordinarily higher than the risk of not detecting a material misstatement in information obtained from sources within the entity's control, as both the entity's executive directors and we as practitioners are ordinarily subject to restrictions on direct access to the sources of the value chain information.

• consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial unavoidable risk that future events will differ materially from the forward-looking information.

Summary of the Procedures Performed by the German Public Auditor

A limited assurance engagement involves the performance of procedures to obtain evidence about the sustainability information. The nature, timing and extent of the selected procedures are subject to our professional judgment.

In performing our limited assurance engagement, among others, we:

• evaluated the suitability of the criteria as a whole presented by the executive directors in the Group Sustainability Statement.
• inquired of the executive directors and relevant employees involved in the preparation of the Group Sustainability Statement about the preparation process, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the Group Sustainability Statement, and about the internal controls relating to this process.
• evaluated the reporting policies used by the executive directors to prepare the Group Sustainability Statement.
• evaluated the reasonableness of the estimates and related information provided by the executive directors. If, in accordance with the ESRS, the executive directors estimate the value chain information to be reported for a case in which the executive directors are unable to obtain the information from the value chain despite making reasonable efforts, our assurance engagement is limited to evaluating whether the executive directors have undertaken these estimates in accordance with the ESRS and assessing the reasonableness of these estimates, but does not include identifying information in the value chain that the executive directors were unable to obtain.
• performed analytical procedures and made inquiries in relation to selected information in the Group Sustainability Statement.

• evaluated local data collection, validation and reporting processes as well as the reliability of selected data during site visits on selected sites.

Independent auditor's report to the Group Sustainability Statement

• considered the presentation of the information in the Group Sustainability Statement.
• considered the process for identifying taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Group Sustainability Statement.

Restriction of Use/Clause on General Engagement Terms

This assurance report is solely addressed to Nordex SE.

The engagement, in the performance of which we have provided the services described above on behalf of Nordex SE, was carried out on the basis of the General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften (Allgemeine Auftragsbedingungen für Wirtschaftsprüferinnen, Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) dated as of January 1, 2024 (www.kpmg.de/AAB_2024). By taking note of and using the information as contained in our report each recipient confirms to have taken note of the terms and conditions stipulated in the aforementioned General Engagement Terms (including the limitation of our liability for negligence to EUR 4 Mio as stipulated in No. 9) and acknowledges their validity in relation to us.

Hamburg, 26 February 2025 KPMG AG Wirtschaftsprüfungsgesellschaft [Original German version signed by:]

Modder Wirtschaftsprüfer [German Public Auditor] Edelmann Wirtschaftsprüferin [German Public Auditor]

185

Nordex SE Annual Report 2023 Responsibility statement

Responsibility statement RESPONSIBILITY STATEMENT

Other information Responsibility statement

RESPONSIBILITY STATEMENT IN ACCORDANCE WITH SECTIONS 297 (2) 4 AND 315 (1) 6 OF THE GERMAN COMMERCIAL CODE RESPONSIBILITY STATEMENT IN ACCORDANCE WITH SECTIONS 297 (2) 4 AND 315 (1) 6 OF THE GERMAN COMMERCIAL CODE To the best of our knowledge, and in accordance with the

applicable reporting principles for financial reporting, the

To the best of our knowledge, and in accordance with the applicable reporting principles for financial reporting, the consolidated financial statements give a true and fair view of the Group, and the management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group. consolidated financial statements give a true and fair view of the Group, and the management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Nordex SE, Rostock, 26 February 2025 Nordex SE, Rostock, 20 February 2024

José Luis Blanco, Chairman of the Management Board

Dr. Ilya Hartmann, Member of the Management Board

Patxi Landa, Member of the Management Board

List of abbreviations

ASP: Average Selling Price

BWE: German Wind Energy Association

CAPEX: Capital Expenditure

CCF: Corporate Carbon Footprint

CEO: Chief Executive Officer

CFO: Chief Financial Officer

CoC: Code of Conduct

COE: Cost of Energy

CSO: Chief Sales Officer

CSRD: Corporate Sustainability Reporting Directive

DAX: German stock index

DIBt: Deutsches Institut für Bautechnik

DMA: Double materiality assessment

DPMS: Data Protection Management System

D&I: Diversity and inclusion

DNSH: Do No Significant Harm

EAC: Energy Attribute Certificate

EBIT: Earnings Before Interest and Taxes

EBIT Margin: Ratio of EBIT to sales

EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

EBITDA Margin: Ratio of EBITDA to sales

EBT: Net profit/loss from ordinary activities

ECB: European Central Bank

EMEA: European, Middle East and Asia

ESG: Environmental, Social, and Governance

ESRS: European Sustainability Reporting Standards

EU: European Union

EUR: Euro

GHG: Greenhouse gas

GSCA: German Supply Chain Act GW: Gigawatt

HASPAX: Hamburg economic strength index

HGB: German Commercial Code

IEA: International Energy Agency

IECRE: Certification to Standards Relating to Equipment for Use in Renewable Energy Applications

IFRS: International Financial Reporting Standards

ILO: International Labour Organisation

IMF: International Monetary Fund

IPP: Independent Power Producers

List of abbreviations

IRA: Inflation Reduction Act

IRO: impacts, risks and opportunities

IT: Information Technology

KPIs: Key Performance Indicators

LATAM: Latin America

LCA: Life Cycle Assessment

LME: London Metal Exchange

LTIF: Lost Time Injury Frequency

MDAX: Mid-Cap-DAX

MW: Megawatt

MWh: Megawatt-hour ÖkoDAX: German stock market index which includes ten companies in the renewable energy sector

OEM: Original equipment manufacturer

OECD: Organisation for Economic Co-operation and Development

PPA: Purchase Price Allocation

PSUP: Performance Share Unit Plan

R&D: Research and Development

RENIX X: Renewable Energy Industrial Index

SBTi: Science Based Targets initiative

SVHC: Substances of Very High Concern

TCFD: Task Force on Climate-related Financial Disclosures

TecDAX: Technology DAX

TRIR: Total Recordable Incident Rate

TW: Terawatt

UN: United Nations

UNGC: United Nations Global Compact

US: United States of America

USD: United States Dollar

Financial calendar, publishing information and contact

Financial calendar, publishing information and contact

Financial calendar

Date
2/27/2025	Publication of 2024 Annual Report
4/30/2025	Publication of quarterly financial report (call-date Q1)
5/6/2025	Annual General Meeting
7/28/2025	Publication of half-yearly financial report
11/4/2025	Publication of quarterly financial report (call-date Q3)

Publishing information and contact

Published by

Nordex SE Investor Relations Langenhorner Chaussee 600 22419 Hamburg Germany

Telephone + 49 40 30030 – 1000 Fax + 49 40 30030 – 1101

investor-relations@nordexonline.com

Investor Relations Team

Anja Siehler Telephone +49 (0)162 3515 334

Tobias Vossberg Telephone + 49 173 4573 633 Editing & Text Nordex SE, Hamburg

Photography Nordex SE, Hamburg

Consulting, Concept & Design Silvester Group

Disclaimer

This Annual Report contains forward-looking statements that relate to macroeconomic developments, the business and the net assets, financial position and results of operations of the Nordex Group. Forward-looking statements by definition do not depict the past and are in some instances indicated by words such as "believe", "anticipate", "predict", "plan", "estimate", "aim", "expect", "assume" and similar expressions. Forward-looking statements are based on the Company's current plans, estimates, projections and forecasts, and are therefore subject to risks and uncertainties that could cause actual development or the actual results or performance to differ materially from the development, results or performance expressly or implicitly assumed in these forward-looking statements. Readers of this Annual Report are expressly cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Annual Report. Nordex SE does not intend and does not undertake any obligation to revise these forward-looking statements. The English version of the Group Annual Report constitutes a translation of the original German version. Only the German version is legally binding.

Nordex SE

Investor Relations Langenhorner Chaussee 600 22419 Hamburg Germany

Telephone + 49 40 30030 – 1000 Fax + 49 40 30030 – 1101

www.nordex-online.com investor-relations@nordex-online.com