Nordex SE

Quarterly Report • Apr 25, 2025

Q1

QUARTERLY STATEMENT For the period from 1 January to 31 March 2025

Key figures at a glance

Nordex Group key figures

		31.03.2025	31.03.2024	Change (%)
Earnings
Sales	EUR million	1,435.2	1,574.2	–8.8
Gross profit	EUR million	391.1	309.0	26.6
EBITDA	EUR million	79.6	52.1	52.6
Net income	EUR million	7.9	–13.1	n.a.
EBIT	EUR million	35.1	6.9	407.9
Free cash flow	EUR million	4.0	–254.0	n.a.
Capital expenditure	EUR million	24.9	33.9	–26.7
Earnings per share¹	EUR	0.03	–0.06	–150.0
EBITDA margin	%	5.5%	3.3%	2.2pp
Employees
Employees (31.03)	Number	10,559	10,214	3.4
Staff costs	EUR million	–196.2	–167.4	17.2
Staff cost ratio	%	13.7%	10.6%	3.0pp
Company-specific performance indicators
Order intake, projects segment	EUR million	1,889.8	1,764.9	7.1
Order book, projects segment	EUR million	8,248.7	7,333.3	12.5
Installed capacity	MW	1,045.8	1,102.9	–5.2
Order intake, service segment	EUR million	393.4	308.8	27.4
Order book, service segment	EUR million	5,207.8	3,791.3	37.4
Turbine availability	%	97%	97%
Statement of financial position as of 31.03.2025 and 31.12.2024
Net Liquidity	EUR million	823.7	848.2	–2.9
Total assets	EUR million	5,635.3	5,631.2	0.1
Equity	EUR million	994.2	996.6	–0.2
Equity ratio	%	17.6%	17.7%	–0.1pp
Working capital ratio	%	–8.3%	–9.1%	0.8pp

¹ Earnings per share – based on a weighted average of 236.450 million shares (previous year: 236.450 million shares)

Consolidated statement of financial position

As of 31 March 2025

Assets

EUR thousand	31.03.2025	31.12.2024
Cash and cash equivalents	1,131,867	1,151,438
Trade receivables	258,809	241,447
Contract assets from projects	808,999	838,229
Current contract assets from service	8,546	9,374
Inventories	982,155	909,369
Income tax receivables	29,067	22,975
Other current financial assets	98,125	135,810
Other current non-financial assets	291,773	293,634
Current assets	3,609,341	3,602,275
Property, plant and equipment	507,458	545,343
Goodwill	547,758	547,758
Capitalised development expenses	186,009	184,838
Prepayments made	77	83
Other intangible assets	14,810	16,040
Investments	931	941
Investments accounted for using the equity method	98,670	99,582
Non-current contract assets from services	43,073	39,462
Other non-current financial assets	28,139	27,635
Other non-current non-financial assets	30,802	36,523
Deferred tax assets	568,236	530,669
Non-current assets	2,025,964	2,028,874
Assets	5,635,305	5,631,150

Consolidated statement of financial position

As of 31 March 2025

Equity and liabilities

EUR thousand	31.03.2025	31.12.2024
Current liabilities to banks	43,502	38,371
Trade payables	1,481,647	1,657,019
Contract liabilities from projects	1,161,003	995,286
Current contract liabilities from services	33,142	34,260
Income tax payables	27,794	13,414
Other current provisions	377,254	365,460
Other current financial liabilities	85,284	111,112
Other current non-financial liabilities	390,414	393,790
Current liabilities	3,600,039	3,608,714
Non-current liabilities to banks	0	6,500
Non-current contract liabilities from services	188,270	178,225
Pensions and similar obligations	3,300	2,969
Other non-current provisions	214,960	217,812
Other non-current financial liabilities	411,224	414,469
Other non-current non-financial liabilities	2,154	2,169
Deferred tax liabilities	221,144	203,675
Non-current liabilities	1,041,052	1,025,819
Subscribed capital	236,450	236,450
Capital reserves	1,100,516	1,099,421
Other retained earnings	–11,001	–11,001
Cash flow hedge reserve	–8,093	6,876
Reserve for cash flow hedge costs	–312	–590
Foreign currency adjustment item	–151,140	–154,451
Consolidated net loss carried forward	–186,052	–186,052
Consolidated net profit	7,941	0
Share in equity attributable to shareholders of the parent	988,310	990,652
Non-controlling interests	5,904	5,965
Equity	994,213	996,617
Equity and liabilities	5,635,305	5,631,150

Consolidated income statement

For the period from 1 January to 31 March 2025

EUR thousand	1.1.2025 – 31.3.2025	1.1.2024 – 31.3.2024
Sales	1,435,221	1,574,200
Changes in inventories and other own work capitalized	120,216	–116,447
Gross revenue	1,555,436	1,457,753
Cost of materials	–1,164,298	–1,148,779
Gross profit	391,138	308,974
Other operating income	8,592	12,020
Other operating expenses	–123,988	–101,508
Staff costs	–196,188	–167,360
Structural costs	–311,585	–256,848
EBITDA	79,553	52,126
Depreciation/amortisation	–44,438	–45,213
EBIT	35,116	6,914
Loss from equity-accounting method	–912	–349
Other interest and similar income	6,045	4,013
Interest and similar expenses	–28,992	–26,930
Financial result	–23,859	–23,266
Net profit/loss from ordinary activities	11,256	–16,353
Income tax	–3,377	3,271
Consolidated net profit/ loss	7,879	–13,082
Of which attributable to
shareholders of the parent	7,941	–13,038
non-controlling interests	–62	–44
Earnings per share (in EUR)
Basic 1	0.03	–0.06
Diluted1	0.03	–0.06

¹ based on a weighted average of 236.450 million shares (previous year: 236.450 million shares)

Consolidated statement of comprehensive income

EUR thousand	1.1.2025 – 31.3.2025	1.1.2024 – 31.3.2024
Consolidated net profit/loss	7,879	–13,082
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	3,311	–7,146
Cash flow hedges	–22,012	8,128
Deferred taxes	7,044	–2,601
Cash flow hedge costs	409	–224
Deferred taxes	–131	72
Consolidated comprehensive income	–3,500	–14,853
Of which attributable to
shareholders of the parent	–3,438	–14,809
Non-controlling interests	–62	–44

Consolidated cash flow statement

EUR thousand	1.1.2025 – 31.3.2025	1.1.2024 – 31.3.2024
Operating activities
Consolidated net profit/loss	7,879	–13,082
+ Depreciation/amortization of non-current assets	44,438	45,213
= Consolidated profit plus depreciation/amortization	52,317	32,131
–/+ Increase/decrease in inventories	–72,786	151,254
–/+ Increase/decrease in trade receivables	–17,362	56,670
+/– Decrease/increase in contract assets from projects	29,230	–154,686
– Decrease in trade payables	–175,373	–251,340
+/– Increase/decrease in contract liabilities from projects	165,717	–68,892
= Payments made from changes in working capital	–70,574	–266,993
+/– Decrease/increase in other assets not allocated to investing or financing activities	13,524	–70,590
+ Increase in pensions and similar obligations	331	28
+ Increase in other provisions	8,942	63,994
+ Increase in other liabilities not attributed to investing or financing activities	436	37,709
+/– Loss/Gain from the disposal of non-current assets	7,177	–237
– Other interest and similar income	–6,045	–4,013
+ Interest received	4,275	1,869
+ Interest and similar expenses	28,992	26,930
– Interest paid /transaction costs	–24,343	–20,100
+/– Income tax	3,377	–3,271
– Taxes paid	–9,651	–3,590
+ Other non-cash income	17,140	3,646
= Payments received from other operating activities	44,156	32,377
= Cash flow from operating activities	25,899	–202,486

Consolidated cash flow statement

	EUR thousand	1.1.2025 – 31.3.2025	1.1.2024 – 31.3.2024
	Investing activities
+	Payments received from the disposal of property, plant and equipment/intangible assets	564	270
–	Payments made for investments in property, plant and equipment/intangible assets	–24,875	–34,111
+	Payments received from the disposal of long-term financial assets	2,438	200
–	Payments made for investments in long-term financial assets	0	–17,549
=	Cash flow from investing activities	–21,873	–51,190
	Financing activities
+	Bank loans received	0	867
–	Lease liabilities repaid	–9,818	–9,256
=	Cash flow from financing activities	–9,818	–8,389
	Net change in cash and cash equivalents	–5,792	–262,064
+	Cash and cash equivalents at the beginning of the period	1,151,438	925,923
–	Exchange rate-induced change in cash and cash equivalents	–13,778	–2,721
=	Cash and cash equivalents at the end of the period
	(Cash and cash equivalents as shown in the consolidated statement of financial position)	1,131,867	661,137

Consolidated statement of changes in equity

	Subscribed	Capital	Other retained	Cash flow hedge	Reserve for cash flow	Foreign currency adjustment	Consolidated net loss carried	Consolidated	Share in equity attributable to share holders of	Non controlling
EUR thousand	capital	reserves	earnings	reserve	hedge costs	item	forward	net profit	the parent	interests	Total
1.1.2025	236,450	1,099,421	–11,001	6,876	–590	–154,451	–186,052	0	990,652	5,965	996,617
Employee stock option program	0	1,095	0	0	0	0	0	0	1,095	0	1,095
Consolidated comprehensive income	0	0	0	–14,968	278	3,311	0	7,941	–3,438	–62	–3,500
Consolidated net profit/loss	0	0	0	0	0	0	0	7,941	7,941	–62	7,879
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	0	0	0	0	0	3,311	0	0	3,311	0	3,311
Cash flow hedges	0	0	0	–22,012	0	0	0	0	–22,012	0	–22,012
Deferred taxes	0	0	0	7,044	0	0	0	0	7,044	0	7,044
Cash flow hedge costs	0	0	0	0	409	0	0	0	409	0	409
Deferred taxes	0	0	0	0	–131	0	0	0	–131	0	–131
31.3.2025	236,450	1,100,516	–11,001	–8,093	–312	–151,140	–186,052	7,941	988,310	5,904	994,213

Consolidated statement of changes in equity

						Foreign	Consolidated		Share in equity attributable
EUR thousand	Subscribed capital	Capital reserves	Other retained earnings	Cash flow hedge reserve	Reserve for cash flow hedge costs	currency adjustment item	net loss carried forward	Consolidated net loss	to share holders of the parent	Non controlling interests	Total
1.1.2024	236,450	1,381,551	–10,977	–5,038	56	–145,331	–480,115	0	976,596	1,520	978,116
Employee stock option program	0	925	0	0	0	0	0	0	925	0	925
Consolidated comprehensive income	0	0	0	5,527	–152	–7,146	0	–13,038	–14,809	–44	–14,853
Consolidated net loss	0	0	0	0	0	0	0	–13,038	–13,038	–44	–13,082
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation difference	0	0	0	0	0	–7,146	0	0	–7,146	0	–7,146
Cash flow hedges	0	0	0	8,128	0	0	0	0	8,128	0	8,128
Deferred taxes	0	0	0	–2,601	0	0	0	0	–2,601	0	–2,601
Cash flow hedge costs	0	0	0	0	–224	0	0	0	–224	0	–224
Deferred taxes	0	0	0	0	72	0	0	0	72	0	72
31.3.2024	236,450	1,382,475	–10,977	489	–97	–152,476	–480,115	–13,038	962,711	1,476	964,187

Responsibility statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim reporting, the interim consolidated financial statements for the first three months as at 31 March 2025 give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim 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 material opportunities and risks associated with the expected development of the group for the remaining months of the financial year.

Nordex SE, Rostock, April 2025

José Luis Blanco, Chief Executive Officer (CEO)

Dr. Ilya Hartmann, Chief Financial Officer (CFO)

Financial calendar, publishing information and contact

Financial calendar

Date
4/25/2025	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 Team Anja Siehler	Editing & Text Nordex SE, Hamburg
Investor Relations	Telephone
	+49 (0)162 3515 334	Photography
Langenhorner		Nordex SE, Hamburg
Chaussee 600	Tobias Vossberg
22419 Hamburg	Telephone	Consulting,
Germany	+ 49 173 4573 633	Concept & Design
		Silvester Group
Telephone		www.silvestergroup.com
+ 49 40 30030 – 1000
Fax
+ 49 40 30030 – 1101

www.nordex-online.com investor-relations@nordexonline.com

Disclaimer

This Quarterly 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 Quarterly Report are expressly cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. Nordex SE does not intend and does not undertake any obligation to revise these forward-looking statements. The English version of the Quarterly 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 www.nordex-online.com investor-relations@nordex-online.com