Nordex SE

Investor Presentation • May 11, 2020

Nordex Group Nordex SE – Financial figures Q1/2020

11th May 2020

› All financial figures within this presentation are unaudited.

• › This presentation was produced in May 2020 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction. This presentation is confidential. Any reproduction or distribution of this presentation, in whole or in part, without Nordex SE's prior written consent is expressly prohibited.
• › This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such "aim", "anticipate", "believe", "estimate", "expect", "forecast", "guidance", "intend", "objective", "plan", "predict", "project", and "will be" and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forward-looking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate.

| 3 Agenda

Executive summary	José Luis Blanco
Covid-19	José Luis Blanco
Markets and orders	Patxi Landa
Financials	Christoph Burkhard
Operations and technology	José Luis Blanco
Withdrawal guidance 2020	José Luis Blanco
Q&As	All
Key takeaways	José Luis Blanco

Executive summary

Q1/2020 RESULTS

• › Q1/2020 business results in line with expectations.
• › Successful refinancing of multi-currency guarantee facility of EUR 1.21bn until April 2023.
• › Order intake in Q1/2020 increased by 59% to 1.6 GW compared to previous year quarter.
• › 85% of the order intake in Q1/2020 accounts for latest turbine generation Delta4000.
• › Book-to-bill-ratio of 1.37 in Q1/2020 indicating further growth.
• › Withdrawal of guidance for financial year 2020 due to Covid-19 pandemic.

Impact of Covid-19 pandemic on Nordex business performance

Health & safety of all Nordex employees and business partners is top priority Global cross-functional Covid-19 taskforce established to assess the situation continuously

Ensure business continuity at all possible options

Strong focus on supply chain continuity

Clear focus on working capital and cash flow management

Management priorities Global environment Impact on Nordex

• Covid-19 pandemic started in China causing disruptions globally
• Shutdowns and restrictions impacting value chain at different stages and at different times
• Travel and transport restrictions limiting mobility for people as well as for goods

• Increasing demand of green energy expected for the time post Covid-19

• Reduced capacity utilization due to temporary shutdowns (e.g. Mexico)

• Higher costs related to disruptions in project execution
• Delays in installations leading to an increase of inventories
• Negotiations with customers and suppliers on Liquidated Damages (LD) and prolongation costs
• Delays in ramping up and enlarging the supply chain

| 6 Markets & orders

• › Strong order intake in Q1/2020 compared to previous year quarter: EUR 1,185m (EUR 810m in Q1/2019)
• › Stable ASP of EUR 0.72m/MW in Q1/2020 compared to FY 2019

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

• › Largest orders from Norway, Chile, Great Britain, Turkey and Finland in Q1/2020
• › 85% of order intake in Q1/2020 accounted for latest turbine generation Delta4000

Comments

• › Service sales share amounted to 10.6% of group sales in Q1/2020
• › Service EBIT margin of 18.0% in the first three months 2020
• › 97.7% average availability of WTGs under service
• › Strong service order backlog of over EUR 2.6bn at the end of Q1/2020

| 8 Markets & orders

Combined order backlog of around EUR 8.4bn at the end of Q1/2020

Order backlog turbines (EUR m) Order backlog service (EUR m)

• › Order backlog of EUR 5,820m at the end of Q1/2020 due to continuously high order intake over the last quarters
• › Well balanced distribution on Nordex focus markets: Europe (58%), Latin America (18%), North America (16%), Rest of World (8%)

› 8,054 wind turbines under service at the end of Q1/2020 corresponding to 20.6 GW

Multi-currency guarantee facility successfully refinanced – international syndicate further supports Nordex' growth path

Details:		Lead banks:
Amount:	1.21bn EUR	BNP Paribas
Duration:	3 years (until April 2023)	Commerzbank
Renewal option:	1+1 year	HSBC
Number of banks & insurances:	21	Intesa Sanpaolo
Purpose:	Issuance of guarantees	UniCredit Bank
Security:	Pari passu, unsecured
ESG rating provider:	ISS ESG
ESG company rating:	B

| 10 Financials

Income statement Q1/2020

in EUR m	Q1/2020	Q1/2019	abs. change
Sales	964.6	398.9	565.7
Total revenues	1,021.5	583.6	437.9
Cost of materials	-865.2	-441.1	-424.1
Gross profit	156.3	142.5	13.8
Personnel costs	-89.7	-85.0	-4.7
Other operating (expenses)/income	-53.5	-54.2	0.7
EBITDA	13.1	3.3	9.8
Depreciation/amortization	-36.8	-33.6	-3.2
EBIT	-23.7	-30.4	6.7
Net profit	-38.0	-35.0	-3.0
Gross margin*	16.2%	35.7%
EBITDA margin	1.4%	0.8%
EBIT margin w/o PPA	-1.7%	-5.9%

Comments

• › Sales of EUR 965m and EBITDA margin of 1.4% in line with expectations
• › PPA depreciation totaled EUR 7.2m in Q1/2020 (EUR 6.8m in previous year quarter)

| 11 Financials

Balance sheet Q1/2020

in EUR m	31.03.20	31.12.19	abs. change	Δ in %
Non-current assets	1,454.2	1,488.9	-34.7	-2.3
Current assets	2,638.1	2,513.8	124.3	4.9
Total assets	4,092.4	4,002.7	89.7	2.2
Equity	707.4	745.4	-38.0	-5.1
Non-current liabilities	871.2	914.2	-43.0	-4.7
Current liabilities	2,513.8	2,343.2	170.6	7.3
Equity and total liabilities	4,092.4	4,002.7	89.7	2.2
Net debt*	-156.4	-84.0
Working capital ratio**	-7.5%	-9.1%
Equity ratio	17.3%	18.6%

Comments

• › Cash position of EUR 432m at the end of Q1/2020 (EUR 510m year-end 2019)
• › Balance sheet prolongation based on increased assets and liabilities due to high activity level

Financial figures Q1/2020 | 11 May 2020

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

| 12 Financials

Working capital development Q1/2020

› Low working capital ratio supported by ongoing stringent working capital management

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

• › High business activity leads to an increase in inventories largely offset by trade payables
• › Working capital remains on low level due to consistently high order intake in Q1/2020

| 13 Financials

Cash flow statement Q1/2020

in EUR m	Q1/2020	Q1/2019
Cash flow from operating activities before net working capital	-10.3	3.2
Cash flow from changes in working capital	-11.5	-57.9
Cash flow from operating activities	-21.8	-54.7
Cash flow from investing activities	-35.1	-21.6
Free cash flow	-56.9	-76.3
Cash flow from financing activities	-6.7	-2.4
Change in cash and cash equivalents*	-63.6	-78.8

Comments

• › Cash flow from operating activities mainly impacted by working capital development
• › Cash flow from investing activities reflects further expansion of supply chain management
• › Cash flow from financing activities primarily driven by repayment of EIB loan

| 14 Financials

CAPEX (in EUR m) Comments

• › Investments in Q1/2020 mainly consists of:
  • Investments in blade production facilities in Mexico and Spain
  • Investments in tooling and equipment for international projects
  • Investments in product development
• › Intangible assets remain on the same level compared to previous year quarter

| 15 Financials

Capital structure Q1/2020

Net debt*/EBITDA** Equity ratio (in %)

› Leverage ratio remains further below own ambition level of 1.5

› Equity ratio at stable level at the end of Q1/2020

Installations (MW) Production

• › Total installations of 269 WTGs in 21 countries in Q1/2020 (Q1/2019: 84 WTGs)
• › Geographical split: 60% Europe, 15% Latin America, 13% North America and 12% Rest of World

• › Output turbines of 448 units in Q1/2020: 210 GER, 147 ESP, 61 IND, 23 BRA and 7 ARG
• › Inhouse blade production of 321 units in Q1/2020: 168 GER, 108 IND and 45 MEX
• › Outscourced blade production of 528 units in Q1/2020

Guidance 2020 withdrawn due to Covid-19 pandemic*

Sales:	EUR 4.2 - 4.8bn	Withdrawn
EBITDA:	EUR 160 - 240m	Withdrawn
Working capital ratio:	<0%	Withdrawn
CAPEX:	min. EUR 140m**	Withdrawn

Financial figures Q1/2020 | 11 May 2020

*The management board of Nordex has decided on May 5th to withdraw the guidance for the financial year 2020. **Depending on the market situation and the pace of the further development of the supply chain.

| 18 Q&As

Time for your questions

Remaining strong order intake momentum with increasing share of new turbine generation Delta4000.

Sustainable service business generating steady cash flows.

Guidance for financial year 2020 withdrawn due to Covid-19 pandemic leading to a temporary impact on business performance.

Overall global demand for green energy will further grow supporting the recovery of the economy post Covid-19.

|

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IF YOU HAVE ANY QUESTIONS PLEASE CONTACT THE INVESTOR RELATIONS TEAM:

Felix Zander Tobias Vossberg Rolf Becker

Nordex SE Langenhorner Chaussee 600 22419 Hamburg Germany

Phone: +49-40-30030-1000 Email: investor-relations@nordex-online.com Web: www.nordex-online.com