Nordex SE

Investor Presentation • Jul 28, 2025

Nordex Group Sustained momentum: Q2/2025 performance

28th July 2025

Financial figures Q2/2025 | 28 July 2025

• › All financial figures within this presentation are unaudited and rounded, numbers may not add.
• › This presentation was produced in July 2025 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction.
• › This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such "aim", "anticipate", "believe", "estimate", "expect", "forecast", "guidance", "intend", "objective", "plan", "predict", "project", and "will be" and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forward-looking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate.

Markets and Operations José Luis Blanco

Guidance and Outlook José Luis Blanco

Q&A All

Introduction José Luis Blanco

Financials Dr. Ilya Hartmann

Key takeaways José Luis Blanco

| 4 Introduction

Staying the course: solid progress in Q2/2025 delivering improved margins and another positive FCF quarter

1	Growing order book1	Turbine order book in € grew by 28% YoY • • Service order book in € grew by 32% YoY	> €14 bn Combined order book
2	Improving profitability1	• EBITDA of €108 m, up 64% YoY EBITDA margin grew by 223 bp YoY • • Further increase of Service EBIT margin to 17.7%	5.8% EBITDA margin
3	Generating cash1	Strong positive FCF of €145 m (vs €94 m in Q2/2024) • • Increased positive net income to €31 m (vs €0.5 m in Q2/2024)	€942 m in net cash
4	Strategically well positioned	Strategically well positioned: capitalizing on positive sentiment • towards renewables in Europe and Germany Maintaining position in Europe and focus on further • strengthening our position	# 2 globally for order intake2

¹All figures mentioned refer to Q2/2025.

²Source: Wood Mackenzie 2025, Global Wind Turbine Order Database, January 2025, issued in February 2025; firm orders only.

| 5 Introduction

Continued strong demand in Europe and stable market conditions

Onshore installation forecast ex-China¹ (GW)

Nordex past order intake² (GW)

	Europe		North America		Latin America		RoW
--	--------	--	---------------	--	---------------	--	-----

• › Nordex well positioned market leader in Europe
• › Ongoing strong demand from core markets e.g. Germany, Türkiye, Nordics and the Baltic states

› North America:

• › Continued strong market position in Canada
• › View on the US market remains unchanged; it continues to be a key market for wind energy
• › Australia: A market with promising potential
• › Stable supply chain and pricing
• › Operations on track with a slightly stronger performance expected in the second half of the year

¹Source: WoodMac, 1H 2025 Global Wind Market Outlook. ²Group segment "Projects".

Markets and Operations José Luis Blanco

Guidance and Outlook José Luis Blanco

Q&A All

Introduction José Luis Blanco

Financials Dr. Ilya Hartmann

Key takeaways José Luis Blanco

Strong order momentum continued: Order intake of €2.2 bn, up +83%

Order intake turbine¹ (MW)

Order intake turbine¹ by regions (MW in %)

• › Order intake value increased by around 83% to €2,244 m in Q2/2025 (€1,225 m in Q2/2024)
• › Orders received from 9 different countries with increased ASP of €0.97 m/MW in Q2/2025 (€0.96 m/MW in Q2/2024)
• › Increase in ASP driven by scope and regional mix effects, overall pricing remained stable
• › Strongest single markets in Q2/2025 were Germany,

Türkiye and Latvia

Order book further strengthened: Combined order book of €14.3 bn

Order book turbines¹ (€m)

Order book service (€m)

Geographical distribution of the turbine order book ((€m, Q2/2025)

› Strong growth of the turbines order book to around €8.9 bn in Q2/2025, up 28% YoY

› 13,468 wind turbines under service agreement

corresponding to 46 GW at the end of Q2/2025

› Order book primarily driven by ongoing strong

turbine order intake momentum across various

regions over the last years

Service EBIT margin on a steady path back to previous highs

Sales (€m)

EBIT/EBIT Margin (€m;%)

• › Share of service sales amounted to around 11% of group sales in Q2/2025
• › Service EBIT margin reached 17.7% in the second

quarter, a significant YoY improvement

• › 97% average availability of WTGs under service in the Q2/2025
• › Average tenor of the service contracts of around

13 years

8

10

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14

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30

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Operational performance in line with expectations

› Total installations of 337 WTGs in 16 countries

(365 WTGs in Q2 previous year)

› A total of 281 turbines were produced in Q2/2025

› Q2 turbine production down based on project

scheduling and in line with expectations

Markets and Operations José Luis Blanco

Guidance and Outlook José Luis Blanco

Q&A All

Introduction José Luis Blanco

Financials Dr. Ilya Hartmann

Key takeaways José Luis Blanco

| 11

Income statement Q2/2025

in € m1	Q2/2025	Q2/2024	abs. change	Δ in %
Sales	1,874	1,860	13	0.7
Total revenues	1,853	1,796	56	3.1
Cost of materials	-1,388	-1,437	49	-3.4
Gross profit	465	360	105	29.3
Personnel costs	-188	-171	-18	10.3
Other operating (expenses)/income	-169	-123	-45	36.8
EBITDA	108	66	42	64.3
Depreciation/amortization	-42	-44	2	-2.6
EBIT	66	22 44		n/a
Net income	31	0	31	n/a
Gross margin2	24.8%	19.3%
EBITDA margin	5.8%	3.5%
EBIT margin	3.5%	1.2%

• › Sales on a comparable level compared to previous year quarter
• › Another strong gross margin of 24.8% recorded, up from 19.3% in Q2/2024
• › EBITDA margin further improved to

5.8%, up both YoY and sequentially, reflecting improving underlying business

› Strong increase in positive net income of €31 m, after €8 m in Q1/2025

| 13 Financials

Balance sheet Q2/2025

in € m1	30.06. 2025	31.12. 2024	abs. change	Δ in %
Current assets	3,616	3,602	14	0.4
Non-current assets	2,052	2,029	23	1.1
Total assets	5,668	5,631	37	0.7
Current liabilities	3,566	3,609	-43	-1.2
Non-current liabilities	1,084	1,026	58	5.6
Equity	1,018	997	21	2.2
Equity and total liabilities	5,668	5,631	37	0.7
Net cash2	942	848
ratio3 Working capital	-7.5%	-9.1%
Equity ratio	18.0%	17.7%

• › Strong cash level of ~€1.2bn at the end of the quarter
• › Equity ratio slightly increased compared to previous quarter, primarily driven by equity growth

¹May not add due to rounded figures ²Cash and cash equivalents less bank borrowings, bonds and shareholder loan 3Based on last twelve months sales

| 14 Financials

Solid balance sheet KPIs supporting the operating business

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

WC development² (€m)

Working capital ratio³ (%)

• › Net cash growth supported by underlying business performance
• › Equity ratio remaining on a robust level
• › Working capital ratio aligned with
• expectations to prepare for higher activity levels in H2/2025

¹Cash and cash equivalents less bank borrowings, bonds and shareholder loan ²May not add due to rounded figures ³Based on last twelve months sales

| 15 Financials

Positive FCF generation based on strong operational performance

Free Cash Flow¹(€m)

	Q2/2025	Q2/2024
Cash flow from operating activities before net working capital	232	79
Cash flow from changes in working capital	-54	51
Cash flow from operating activities	179	130
Cash flow from investing activities	-33	-36
Free cash flow2	145	94
Cash flow from financing activities	-14	-9
Change in cash and cash equivalents	131	85

› Strong FCF generation in Q2 driven by ongoing robust operational performance

Capex (€m)

• › Investments in blade and nacelle production facilities, moulds and tooling
• › Investments in installation and transport tooling and equipment for projects
• › CAPEX spending expected to pick up in H2

¹ May not add due to rounded figures ² Operating cash flow minus investing activities

Markets and Operations José Luis Blanco

Guidance and Outlook José Luis Blanco

Q&A All

Introduction José Luis Blanco

Financials Dr. Ilya Hartmann

Key takeaways José Luis Blanco

Guidance for FY 2025 confirmed: Solid profitable growth expected

	2024	H1/2025	2025 guidance
Sales:	€7.3 bn	€3.3 bn	€7.4 – 7.9 bn
EBITDA margin:	4.1%	5.7%	5.0% to 7.0%
Working capital ratio:	-9.1%	-7.5%	below -9%
CAPEX:	€153 m	€64 m	approx. ~€200 m

Reiterating that our path to 8% EBITDA margin target is well on track

Financial figures Q2/2025 | 28 July 2025

| 18 Q&As

Financial figures Q2/2025 | 28 July 2025

Guidance confirmed and good visibility in terms of margin trajectory mediumterm 3

Well on track to deliver our 8% EBITDA mid-term margin target

| 20 Appendix

• › Mid-term EBITDA margin target
• › Order intake and installations
• › Order book development
• › Key financial KPIs development
• › Income statement development
• › Balance sheet development
• › Cash flow development
• › Segment results development
• › Working capital development
• › Net cash development
• › Key financial metrics half-year base

Clear path to increase profitability to sustainable levels

Quarterly order intake and installations

Order intake development in MW

Installations in MW

Financial figures Q2/2025 | 28 July 2025

| Appendix 23

Quarterly order book development

Order book development in € m

| 24 Appendix

Sales (€bn) Project Service

EBITDA (€m)

^{66 72}

Q3/ 2024

Net cash (debt)² (€m)

WC ratio³ (%)

Q2/ 2024

107

Q4/ 2024 80

Q1/ 2025 108

Q2/ 2025

Equity ratio (%)

Financial figures Q2/2025 | 28 July 2025

¹ Gross profit in relation to sales ²Cash and cash equivalents less bank borrowings, bonds and shareholder loan ³Based on last twelve months sales

| Appendix 25

Quarterly income statement development

in € m1	Q2/ 2023	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025
Sales	1,536	1,724	2,012	1,574	1,860	1,671	2,194	1,435	1,874
Total revenues	1,556	1,625	2,127	1,458	1,796	1,593	2,153	1,555	1,853
Cost of materials	-1,371	-1,308	-1,752	-1,149	-1,437	1,232	-1,648	-1,164	-1,388
Gross profit	186	316	375	309	360	361	505	391	465
Personnel costs	-151	-161	-170	-167	-171	-176	-213	-196	-188
Other operating (expenses)/income	-34	-107	-137	-90	-123	-114	-185	-115	-169
EBITDA	1	48	69	52	66	72	107	80	108
Depreciation/amortization	-42	-46	-50	-45	-44	-46	-47	-44	-42
EBIT	-41	2	19	7	22	26	60	35	66
Net income	-84	-35	31	-13	1	4	18	8	31
Gross margin2	12.1%	18.3%	18.6%	19.6%	19.3%	21.6%	23.0%	27.3%	24.8%
EBITDA margin	0.0%	2.8%	3.4%	3.3%	3.5%	4.3%	4.9%	5.5%	5.8%
EBIT margin	-2.7%	0.1%	0.9%	0.4%	1.2%	1.6%	2.7%	2.4%	3.5%

¹ May not add due to rounded figures ² Gross profit in relation to sales

Quarterly balance sheet development

in € m1	30.06.23	30.09.23	31.12.23	31.03.24	30.06.24	30.09.24	31.12.24	31.03.25	30.06.25
Current assets	3,025	3,242	3,553	3,273	3,410	3,355	3,602	3,609	3,616
Non-current assets	1,771	1,758	1,869	1,915	2,038	1,954	2,029	2,026	2,052
Total assets	4,796	5,000	5,422	5,188	5,448	5,309	5,631	5,635	5,668
Current liabilities	3,145	3,369	3,673	3,392	3,456	3,408	3,609	3,600	3,566
Non-current liabilities	659	692	771	832	1,019	921	1,026	1,041	1,084
Equity	992	939	978	964	974	980	997	994	1,018
Equity and total liabilities	4,796	5,000	5,422	5,188	5,448	5,309	5,631	5,635	5,668
Net cash2	360	344	631	359	446	583	848	824	942
ratio3 Working capital	-9.6%	-10.2%	-11.5%	-7.0%	-7.4%	-7.3%	-9.1%	-8.3%	-7.5%
Equity ratio	20.7%	18.8%	18.0%	18.6%	17.9%	18.5%	17.7%	17.6%	18.0%

Financial figures Q2/2025 | 28 July 2025

¹May not add due to rounded figures.

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

| Appendix 27

Quarterly cash flow statement development

in € m1	Q2/ 2023	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025
Cash flow from operating activities before net working capital	-112	-6	244	65	79	193	176	97	232
Cash flow from changes in working capital	-31	35	106	-267	51	-9	142	-71	-54
Cash flow from operating activities	-143	29	350	-203	130	184	318	26	179
Cash flow from investing activities	-24	-31	-47	-51	-36	-25	-47	-22	-33
Free cash flow2	-167	-2	303	-254	94	159	271	4	145
Cash flow from financing activities	305	-8	-14	-8	-9	-16	-5	-10	-14
Change in cash and cash equivalents	138	-10	289	-262	85	144	266	-6	131

Financial figures Q2/2025 | 28 July 2025

¹May not add due to rounded figures. ²Operating cash flow minus investing activities.

| Appendix 28

Quarterly segment results development

in € m1	Q2/ 2023	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025
Projects sales	1,384	1,551	1,824	1,413	1,688	1,474	1,968	1,245	1,670
Service sales	153	178	196	166	177	201	233	197	207
Not allocated + consolidation sales	-1	-5	-9	-5	-5	-4	-7	-6	-3
Total sales	1,536	1,724	2,012	1,574	1,860	1,671	2,194	1,435	1,874
Projects EBIT	-34	54	95	55	68	83	112	106	102
Service EBIT	17	27	34	25	27	32	39	33	37
Not allocated + consolidation EBIT	-25	-79	-111	-73	-73	-89	-91	-104	-73
Total EBIT	-41	2	19	7	22	26	60	35	66
Project EBIT Margin	-2.5%	3.5%	5.2%	3.9%	4.0%	5.6%	5.7%	8.5%	6.1%
Service EBIT Margin	11.3%	15.1%	17.4%	15.1%	15.4%	16.0%	16.6%	16.8%	17.7%
Total EBIT Margin	-2.7%	0.1%	0.9%	0.4%	1.2%	1.6%	2.7%	2.4%	3.5%

| 29 Appendix

Quarterly working capital development

in € m1	Q2/ 2023	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025
Trade receivables	131	185	197	140	171	195	241	259	315
Contract assets from projects	717	753	780	935	1,027	796	838	809	774
Inventories	1,140	1,245	1,266	1,114	1,022	1,102	909	982	910
Trade payables	-1,270	-1,573	-1,669	-1,418	-1,710	-1,654	-1,657	-1,482	-1,372
Contract liabilities from projects	-1,323	-1,250	-1,320	-1,251	-1,040	-960	-995	-1,161	-1,167
Working Capital	-605	-639	-746	-479	-529	-521	-663	-593	-539
/ Sales (12-month value)	6,321	6,297	6,489	6,846	7,170	7,117	7,299	7,160	7,173
Working Capital Ratio2	-9.6%	-10.2%	-11.5%	-7.0%	-7.4%	-7.3%	-9.1%	-8.3%	-7.5%

Financial figures Q2/2025 | 28 July 2025

¹May not add due to rounded figures. 2Based on actual sales figures.

Quarterly net cash development

in € m1	Q2/ 2023	Q3/ 2023	Q4/ 2023	Q1/ 2024	Q2/ 2024	Q3/ 2024	Q4/ 2024	Q1/ 2025	Q2/ 2025
Current liabilities to banks	-39	-39	-37	-39	-39	-31	-38	-44	-36
Non-current liabilities to banks	-7	-7	-7	-7	-7	-7	-7	0	0
Convertible bond	-243	-249	-248	-254	-253	-259	-258	-265	-264
Employee bond	-3	-3	-3	-3	-3	-3	0	0	0
Shareholder loan	0	0	0	0	0	0	0	0	0
Cash and cash equivalents	651	642	926	661	747	882	1,151	1,132	1,242
Net Cash (Debt)	360	344	631	359	446	583	848	824	942

| Appendix 31

Key financial metrics – annual base

in € m1	H1/2022	H1/2023	H1/2024	H1/2025
Sales	2,126	2,753	3,435	3,309
Total revenues	2,220	2,799	3,254	3,408
Cost of materials	-1,974	-2,505	-2,585	-2,552
Gross profit	246	294	670	856
Personnel costs	-302	-299	-338	-384
Other operating (expenses)/income	-117	-109	-213	-284
EBITDA	-173	-114	118	188
Depreciation/amortization	-88	-93	-89	-87
EBIT	-261	-207	29	101
Net income	-283	-299	-13	39
Gross margin2	11.6%	10.7%	19.5%	25.9%
EBITDA margin	-8.1%	-4.2%	3.4%	5.7%
EBIT margin	-12.2%	-7.4%	0.9%	3.0%
Net cash	244m	360m	446m	942m
Working Capital	-10.8%	-9.6%	-7.4%	-7.5%
Equity ratio	17.9%	20.7%	17.9%	18.0%
Free cash flow	-287	-282	-160	149

Financial figures Q2/2025 | 28 July 2025

¹May not add due to rounded figures. ²Gross profit in relation to sales.

| Appendix 32

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

|

34

IF YOU HAVE ANY QUESTIONS PLEASE CONTACT:

Anja K. Siehler Head of Investor Relations phone: +49 (0)162 351 53 34 email: asiehler@nordex-online.com

Tobias Vossberg Director Investor Relations phone: +49 (0)173 4573 63 3 email: tvossberg@nordex-online.com

Rafaela Gunzburger Manager Investor Relations phone: +49 (0)152 041 43 62 email: rgunzburger@nordex-online.com

Nordex SE

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