Nordex Group starts 2023 with sales of EUR 1.2 billion

• Installations at 1.3 GW
• EBITDA margin at minus 9.4 percent
• Order intake of 1.0 GW
• Working capital ratio at minus 10.6 percent
• Financing structure strengthened by debt-to-equity swap and convertible bond
• Guidance for 2023 confirmed

Hamburg, 12 May 2023. The Nordex Group (ISIN: DE000A0D6554) generated sales of EUR 1,217 million (Q1/2022: EUR 933 million). This sales growth in the first three months of the year is attributable to higher installation output than at the start of the previous year. Both the average installed capacity (in MW) per turbine and the number of installed wind turbines increased.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter amounted to minus EUR 114.9 million (Q1/2022: minus EUR 88.9 million), resulting in an EBITDA margin of minus 9.4 percent (Q1/2022: minus 9.5 percent).

Operating performance

The Nordex Group erected 276 wind turbines in 19 countries with an aggregate output of 1,319 MW in the first quarter of 2023. In the prior-year quarter, 197 wind turbines with an aggregate output of 867 MW were installed in 12 countries. In terms of installed capacity (in MW), 54 percent was attributable to Europe, 25 percent to Latin America, 14 percent to North America and 7 percent to the rest of the world. As a result of significantly higher installation figures, sales in the Projects segment rose by 30.3 percent to EUR 1,068 million in the reporting period (Q1/2022: EUR 820 million). The Service segment also continued its positive trend with an increase in sales of 31.3 percent to EUR 151.8 million (Q1/2022: EUR 115.7 million).

Production output in turbine assembly was 217 turbines (Q1/2022: 304 units) with a nominal output of 1,078 MW (Q1/2022: 1,495 MW). The Company produced 233 rotor blades (Q1/2022: 270 units) with external suppliers manufacturing an additional 888 rotor blades (Q1/2022: 702 rotor blades).

Order intake (excluding the Service segment) rose slightly to EUR 917 million (Q1/2022: EUR 903 million), despite a decline in total nominal output to 1,021 MW (Q1/2022: 1,165 MW). This order volume was entirely attributable to eight European countries, with Estonia, Germany and Lithuania as the largest individual markets. The order book in the Projects segment grew to EUR 6.5 billion by the end of the quarter (Q1/2022: EUR 6.3 billion). The order book in the Service segment increased by 12.0 percent, from EUR 3.0 billion to EUR 3.4 billion. The total order book for both segments thus came to EUR 9.9 billion (Q1/2022: EUR 9.3 billion).

Key financial figures at a glance

As of the end of March 2023, the Nordex Group had cash and cash equivalents of EUR 518.0 million (31 December 2022: EUR 633.5 million) and a net cash position of EUR 103.7 million (31 December 2022: EUR 244.3 million). The working capital ratio as a percentage of consolidated sales was minus 10.6 percent (31 December 2022: minus 10.2 percent). Compared with the end of the previous year, total assets fell slightly by 4.4 percent to EUR 4.5 billion as of 31 March 2023 (31 December 2022: EUR 4.8 billion). The equity ratio was 15.0 percent (31 December 2022: 18.5 percent).

At the beginning of May, the Nordex Group successfully completed the swap of shareholder loans from Acciona totaling EUR 347 million into equity at a price of 14.15 EUR per share as resolved at the extraordinary general meeting on 27th March 2023. The conversion of the loans into equity will significantly reduce the interest burden by around EUR 46 million on an annual basis and further strengthen the capital structure. As a result of this transaction, the new share capital now increases to around 236.5 million shares with Acciona S.A.’s stake in the company reaching 47.08 per cent.

Additionally, the Nordex Group also issued a convertible bond in early April and bolstered its liquidity with issue proceeds of EUR 333 million. Both measures are not reflected in the current figures.

“Overall, the year began as expected and we increased our installation output in the first quarter. We are still focused on processing our order book efficiently, as the high costs associated with old projects are still adversely impacting our margins. In this respect, we expect to steadily improve our profit margin over the course of the year due to our revised pricing and contract arrangements. Overall, we continue to see improving volumes in our key markets, on the back of positive political momentum” said José Luis Blanco, CEO of the Nordex Group.

The complete report for the first quarter of 2023 is now available for download on the Nordex Group’s website in the Investor Relations section under “Publications” (ir.nordex-online.com).

Nordex Group key financials

Contact for press inquiries:
Nordex SE

Antje Eckert

Phone: +49 (0) 174 6833 920

[email protected]

Contact for investor inquiries:
Nordex SE

Felix Zander

Phone: +49 150 0929 4029

[email protected]

Tobias Vossberg

Phone: +49 +173 457 3633

[email protected]