Nordex SE

Investor Presentation • May 11, 2021

Nordex Group Nordex SE – Financial figures Q1/2021

11 May 2021

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› All financial figures within this presentation are unaudited.

• › This presentation was produced in May 2021 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction. This presentation is confidential. Any reproduction or distribution of this presentation, in whole or in part, without Nordex SE's prior written consent is expressly prohibited.
• › This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such "aim", "anticipate", "believe", "estimate", "expect", "forecast", "guidance", "intend", "objective", "plan", "predict", "project", and "will be" and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forward-looking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate.

Introduction	José Luis Blanco
Markets and orders	Patxi Landa
Financials	Dr Ilya Hartmann
Operations and technology	José Luis Blanco
Guidance FY 2021	José Luis Blanco
Strategic targets	José Luis Blanco
Q&As	All
Key takeaways	José Luis Blanco

| 4 Introduction

Executive summary Q1/2021
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Q1/2021 RESULTS
Sales	EBITDA margin	Working capital ratio
EUR 1,251m	0.8%	-7.6%

• › Order intake of 1.25 GW in Q1/2021 shows a good start into 2021.
• › 73% of the order intake accounts for Delta4000 turbine series.
• › Sales increased to EUR 1,251m compared to EUR 965m last year reflecting high activity level.
• › EBITDA margin of 0.8% as expected due to challenging market environment and ongoing Covid-19 pandemic.
• › Refinancing of SSD secured via shareholder loan from anchor shareholder Acciona successfully executed.
• › Nordex share included in the mid cap index (MDAX) of Deutsche Boerse Group since 22 March 2021.
• › Guidance for FY 2021 maintained.

| 5 Markets & orders

• › Solid order intake in Q1/2021 against the backdrop of the industry`s soft start into 2021
• › Order intake totaled EUR 911m in Q1/2021 (EUR 1,185m in the previous year period)
• › Increased ASP of EUR 0.73m/MW in Q1/2021 compared to 0.72m/MW in the previous year period

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

• › Orders received from 11 different countries in Q1/2021
• › Largest single markets in Q1/2021: Spain, Turkey, Germany and Finland
• › 73% of the order intake accounts for Delta4000 turbine generation in the first quarter 2021

Steady growth in service business Q1/2021

Comments

• › Service sales share totaled 8.6% of group sales in Q1/2021
• › Service EBIT margin of 16.5% in the first three months 2021
• › 97% average availability of WTGs under service in Q1/2021
• › Service order book remains strong of around EUR 2.8bn at the end of the first quarter 2021

| 7 Markets & orders

Combined order book of over EUR 7.9bn at the end of Q1/2021

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

• › Order book of around EUR 5.1bn at the end of Q1/2021 due to continuously good order intake
• › Order book development due to pick up in execution (EUR 5.3bn YE 2020)
• › Distribution of the markets in Q1/2021: Europe (68%), Latin America (16%), North America (12%) and Rest of World (4%)

› 8,558 wind turbines under service at the end of Q1/2021 corresponding to 22.6 GW

| 8 Financials

Income statement Q1/2021

in EUR m (rounded figures)	Q1/2021	Q1/2020	abs. change
Sales	1,251	965	286
Total revenues	1,121	1,022	99
Cost of materials	-905	-865	-40
Gross profit	216	156	60
Personnel costs	-118	-90	-28
Other operating (expenses)/income	-88	-54	-34
EBITDA	10	13	-3
Depreciation/amortization	-38	-37	-1
EBIT	-28	-24	-4
Net profit	-55	-38	-17
Gross margin*	17.3%	16.2%
EBITDA margin	0.8%	1.4%
EBIT margin w/o PPA	-1.8%	-1.7%

Comments

• › Strong sales of EUR 1,251m at the end of Q1/2021 reflects increased execution level
• › EBITDA margin of 0.8% as expected in Q1/2021
• › PPA depreciation amounted to EUR 5.4m in Q1/2021 (EUR 7.2m in previous year quarter)

| 9 Financials

Balance sheet Q1/2021

in EUR m (rounded figures)	31.03.21	31.12.20	abs. change	Δ in %
Non-current assets	1,523	1,526	-3	-0.2
Current assets	2,754	2,884	-130	-4.5
Total assets	4,277	4,410	-133	-3.0
Equity	693	774	-81	-10.4
Non-current liabilities	841	653	188	28.9
Current liabilities	2,743	2,984	-241	-8.1
Equity and total liabilities	4,277	4,410	-133	-3.0
Net debt*	33	41
Working capital ratio**	-7.6%	-6.3%
Equity ratio	16.2%	17.5%

Comments

• › Cash position of EUR 743m at the end of Q1/2021 (EUR 778m at year-end 2020)
• › Refinancing of promissory notes (SSD) of EUR 215m successfully executed in April 2021

Financial figures Q1/2021 | 11 May 2021

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

| 10 Financials

Working capital development Q1/2021

• › Despite ongoing disruptions due to Covid-19 working capital further improved compared to year-end 2020
• › Low working capital ratio supported by ongoing stringent working capital management

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

› Decrease in inventories driven by ongoing high installations

| 11 Financials

in EUR m	Q1/2021	Q1/2020
Cash flow from operating activities before net working capital	-37.3	-10.3
Cash flow from changes in working capital	82.7	-11.5
Cash flow from operating activities	45.5	-21.8
Cash flow from investing activities	-35.1	-35.1
Free cash flow	10.4	-56.9
Cash flow from financing activities	-45.9	-6.7
Change in cash and cash equivalents*	-35.4	-63.6

Comments

• › Cash flow from operating activities mainly supported by positive working capital development
• › Cash flow from investing activities reflects ongoing expansion of supply chain and blade production facilities
• › Cash flow from financing activities largely determined by utilization of shareholder loan more than compensated by repayments under RCF and EIB facility

| 12 Financials

CAPEX (in EUR m) Comments

• › Investments in Q1/2021 mainly consists of:
  • Investments in blade production facilities in India
  • Investments in moulds
  • Investments in installation and transport tooling and equipment
• › Increase in intangible assets due to higher level of development costs compared to previous year period

| 13 Financials

Capital structure Q1/2021

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

› Leverage ratio stays further below own ambition level of 1.5 at the end of Q1/2021

› Equity ratio slightly decreased due to negative net result

Installations (MW) Production

• › Total installations of 356 WTGs in 20 countries in Q1/2021 (Q1/2020: 269 WTGs)
• › Geographical split (MW) in Q1/2021: 57% Europe, 21% North America, 16% Latin America and 6% Rest of World

• › Output turbines amounted to 304 units in Q1/2021: 174 GER, 118 ESP and 12 BRA
• › Inhouse blade production of 383 units in Q1/2021: 172 GER, 95 MEX, 82 ESP and 34 IND
• › Outscourced blade production of 570 units in the first quarter 2021

| 15 Guidance

Sales:	EUR 4.7 – 5.2bn
EBITDA margin:	4.0 – 5.5%
Working capital ratio:	below -6%
CAPEX:	approx. EUR 180m

Please note the assumptions underlying the guidance are subject to greater uncertainties than normal.

| 16 Strategic targets

Sales:	~ EUR 5.0bn (in the short term)
EBITDA margin:	8% in FY 2022
Capacity:	6 GW+

| 17 Q&As

› Positive business development expected in 2021 with increasing EBITDA margin in the course of the year.

› Demand for Delta4000 series remains promising, even for new rotor variants.

› Volatility and inflation in commodities, ongoing Covid-19 pandemic and logistical risks may have an impact in the short term.

› However in the medium term prices could structurally improve, as the wind industry remains one of the key pillars in the global drive to achieve net zero emissions.

› Challenging situation in India due to Covid-19, causing some delays in the ramp up.

› Guidance for financial year 2021 confirmed.

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

Felix Zander

Phone: +49-40-30030-1116 Email: fzander@nordex-online.com

Tobias Vossberg

Phone:	+49-40-30030-2502
Email:	tvossberg@nordex-online.com

Rolf Becker

Phone:	+49-40-30030-1892
Email:	rbecker@nordex-online.com

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

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