• EBITDA margin reaches breakeven in Q2, bringing H1 EBITDA margin to minus 4.2 percent
• H1 Installations reach 3.1 gigawatts
• Order book at EUR 9.8 billion
• Working capital at minus 9.6 percent
• Capital structure strengthened with financing transactions
• Guidance for 2023 and mid-term strategic target of 8 percent EBITDA margin confirmed

Hamburg, 27 July 2023. The Nordex Group (ISIN: DE000A0D6554) completed the first half of 2023 as expected in terms of business performance. Sales increased to around EUR 2.8 billion (H1/2022: EUR 2.1 billion). Total performance, which also includes changes in inventories, increased by 26 percent to EUR 2.8 billion (H1/2022: EUR 2.2 billion). Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached breakeven in the second quarter with EUR 0.6 million totaling to minus EUR 114.3 million in the first half 2023 (H1/2022: minus EUR 173.3 million). As a result, H1 EBITDA margin improved to minus 4.2 percent (H1/2022: minus 8.1 percent).

Operating performance

In the first six months of 2023 the order intake of the Nordex Group in the Projects segment (i.e., excluding services) was 2.6 GW (H1/2022: 3.0 GW) and corresponds to new orders worth EUR 2,354 million being on the same level as in the previous year (H1/2022: EUR 2,357 million). This order intake is attributed to 16 European Countries. At the end of the first half of the year, the Nordex Group’s order book increased slightly to EUR 9.8 billion (H1 2022: EUR 9.7 billion), consisting of EUR 6.4 billion (H1 2022: EUR 6.7 billion) in the Projects segment and EUR 3.4 billion (H1 2022: EUR 3.1 billion) in the Service segment.

In the first half of 2023, production in turbine assembly reached 2,886 MW, just below the previous year’s volume of 2,935 MW. The number of rotor blades produced rose to 2,224 (H1/2022: 2,162), of which the Company itself produced 506 (H1/2022: 573) while 1,718 rotor blades were sourced from external suppliers (H1/2022: 1, 589).

The Nordex Group installed 632 wind turbines in 22 countries with a total output of 3.1 GW in the first six months of 2023 (H1 2022: 416 wind turbines in 16 countries with a total output of 1.9 GW). Of the installations carried out in the period under review (in MW), 60 percent were attributable to Europe, 25 percent to Latin America, 8 percent to North America, and 7 percent to the region “Rest of the world”. This increase had a considerable impact on sales in the Projects segment, which rose to EUR 2.5 billion from EUR 1.9 billion in the first half of the year. Sales in the Service segment rose by 35 percent to EUR 305 million in the first half of the year (H1 2022: EUR 226 million).

Key financial figures at a glance

Total assets were nearly equal to the end of 2022 with around EUR 4.8 billion. The equity ratio was 20.7 percent as of 30 June 2023 (31 December 2022: 18.5 percent). As of the reporting date, the Group had cash and cash equivalents of EUR 651 million (31 December 2022: EUR 634 million) thus again leading to a net liquidity position in the amount of EUR 360 million (31 December 2022: EUR 244 million). The working capital ratio as a percentage of consolidated sales was minus 9.6 percent (31 December 2022: minus 10.2 percent).

The Nordex Group is confirming its guidance for the current financial year of achieving consolidated sales of EUR 5.6 to 6.1 billion and an EBITDA margin of minus 2 to plus 3 percent. Capital expenditure is expected to reach approximately EUR 200 million, while the working capital ratio as a percentage of consolidated sales is predicted to be below minus 9 percent. The Nordex Group also confirms its strategic medium-term goal of achieving an EBITDA margin of 8 percent.

Debt-to-equity swap and convertible bond strengthen balance sheet structure

Following the extraordinary general meeting, the Nordex Group announced the successful conclusion of the debt-to-equity swap. In the process, receivables from two shareholder loans including accrued interest totaling EUR 347 were converted into equity. As a result of this capital increase through contributions in kind, the Company’s share capital increased by 24.5 million new no-par-bearer shares.

In addition, the Nordex Group issued a new, unsubordinated, and unsecured green convertible bond maturing on 14 April 2030. The total nominal amount was EUR 333 million. The convertible bonds can be converted into new and/or existing no-par bearer Nordex shares at a price of EUR 15.73 per share starting in 2028.

“The second quarter performance was in line with our expectations. We have improved our installation run rate compared with the previous year and further strengthened our balance sheet through a couple of transactions. Our order intake momentum continues to be healthy as we enter the second half of the year. The aim is to continue this path and process our orders efficiently and successfully,” says José Luis Blanco, CEO of the Nordex Group.

Reporting information

The complete interim report for the first half of 2023 is now available on the Nordex Group’s website in the Investor Relations section under “Publications” (ir.nordex-online.com). The Group interim management report and the condensed interim consolidated financial statements were not reviewed by an auditor.

Nordex Group key financials

Contact for press inquiries:
Nordex SE
Antje Eckert
Phone: +49 174 6833 920
[email protected]

Contact for investor inquiries:
Nordex SE
Felix Zander
Phone: +49 152 0902 4029
[email protected]

Tobias Vossberg
Phone: +49 173 457 3633
[email protected]

Torben Rennemeier
Phone: +49 152 3461 7954
[email protected]