Wind turbine sales in the first nine months grow by 14 percent to €5.1 billion. EBITDA margin improves to 3.7 percent.
Working capital remains stable at -7.3 percent
€159 million of free cash flow generation in the third quarter. EBITDA margins for the full year are expected to be closer to the upper end of the margin guidance.
The Nordex Group (ISIN: DE000A0D6554) reported robust financial performance for the first nine months of 2024, with sales increasing by 14 percent to EUR 5.1 billion (9M/2023: EUR 4.5 billion). Total performance, including changes in inventories, rose by 10 percent to EUR 4.8 billion (9M/2023: EUR 4.4 billion).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) significantly improved to EUR 189 million in the first nine months of 2024 (9M/2023: EUR minus 67 million). Until September, profitability gradually increased to an EBITDA margin of 3.7 percent (9M/2023: minus 1.5 percent) and reached a margin of 4.3 percent in the third quarter 2024 with an EBITDA of EUR 71.5 million (Q3/2023: EUR 48 million, 0.1 percent). Given the strong development, the full-year EBITDA margin is expected to be closer to the top end of the margin guidance range of 3 to 4 percent.
“I am very pleased with the operational progress over the past nine months, demonstrating a consistent increase in profitability each quarter and aligning with our expectations. In the third quarter again, we achieved a positive net profit and a positive free cash flow, showing a consistent and sustainable progress. This puts us on a strong path to further improve profitability and reach our mid-term goal of an 8 percent EBITDA margin,” says José Luis Blanco, CEO of the Nordex Group.
Operational performance
In the Projects segment, the Nordex Group recorded order intake of 5.1 GW for the first nine months 2024, up from 4.9 GW in the period of comparison in 2023. This represents a 4 percent increase, with a total value of new orders reaching EUR 4.6 billion (9M/2023: EUR 4.1 billion). These orders were received from 23 countries and span various turbine variants. As of September 2024, the Nordex Group’s order book stood at EUR 11.5 billion, compared to EUR 10.2 billion in September 2023. This comprises EUR 6.9 billion (9M/2023: EUR 6.7 billion) in the Projects segment and EUR 4.6 billion (9M/2023: EUR 3.6 billion) in the Service segment.
In the first nine months of 2024, turbine assembly production reached 5,090 MW, marking a 1.1 percent increase compared to the same period last year (9M/2023: 5,032 MW). Additionally, rotor blade production rose to 3,823 units, up from 3,353 units in the same period of 2023. Of these, 1,138 rotor blades were produced in-house (9M/2023: 802), while 2,685 (9M/2023: 2,556) were sourced from external suppliers.
The Nordex Group successfully installed 944 wind turbines across 24 countries, totaling 5.0 GW in the first nine months of 2024, in line with internal planning. This compares to 1,090 wind turbines in 24 countries with a total output of 5.5 GW in the same of 2023. Of the installations carried out in the period under review (in MW), 73 percent were attributable to Europe, 15 percent to Latin America, 7 percent to the region “Rest of the World” and 5 percent to North America.
Sales in the Projects segment rose by 14 percent to EUR 4.6 billion in the first nine months of this year, up from EUR 4.0 billion in the comparable period of 2023. The Service segment also experienced growth, with sales increasing by 13 percent to EUR 543 million (9M/2023: EUR 482 million).
Key financial figures at a glance
Total assets were at approximately EUR 5.3 billion, slightly lower than the EUR 5.4 billion at the end of 2023. The equity ratio increased to 18.5 percent compared to 18.0 percent as of 31 December 2023. As of the reporting date, the Group cash and cash equivalents stood at EUR 882 million (31 December 2023: EUR 926 million), leading to a healthy net cash position of EUR 583 million (31 December 2023: EUR 631 million). The working capital ratio as a percentage of consolidated sales was minus 7.3 percent (31 December 2023: minus 11.5 percent, 30 June 2024: minus 7.4 percent). Free cash flow in the first nine months of 2024 reached breakeven (9M/2023: minus EUR 226 million) and was supported by EUR 159 million in the third quarter 2024 (Q3/2023: minus EUR 167 million) primarily due to positive working capital developments.
Reporting information
The quarterly statement for the first nine months of the 2024 financial year is now available on the Nordex Group’s website in the Investor Relations section under ‘Publications’ (ir.nordex-online.com). The quarterly statement and the condensed consolidated interim financial statements were neither audited nor reviewed by an auditor.
Nordex Group key financials for the first nine months
| (in EUR million) | 30.09.2024 | 30.09.2023 | Change (%) |
| Sales | 5,105 | 4,477 | 14.0 |
| thereof Service segment | 543.5 | 482.5 | 12.6 |
| Gross revenue | 4,847 | 4,424 | 9.6 |
| EBITDA | 189.5 | -66.6 | n/a |
| EBITDA margin | 3.7 % | -1.5 % | 5.2 PP |
| EBIT margin | 1.1 % | -4.6 % | 5.7 PP |
| Consolidated net profit/loss | -8.7 | -333.7 | n/a |
| Capital expenditure | 110.1 | 83.0 | 32.7 |
| Free cash flow | -0.4 | -283.4 | n/a |
| Order intake (Projects) | 4,572 | 4,143 | 10.4 |
| Order intake (Service) | 1,469 | 742 | 97.8 |
| Order book (Projects) | 6,852 | 6,655 | 3.0 |
| Order book (Service) | 4,642 | 3,594 | 29.2 |
| (in EUR million) | 30.09.2024 | 31.12.2023 | Change (%) |
| Working capital ratio | -7.3 % | -11.5 % | 4.2 PP |
| Liquidity | 882.3 | 925.9 | -4.7 |
| Net liquidity | 582.5 | 631.4 | -7.7 |
| Equity ratio | 18.5 % | 18.0 % | 0.5 PP |
The Group has installed around 52 GW of wind power capacity in over 40 markets in its corporate history and generated consolidated sales of around EUR 6.5 billion in 2023. The Company currently has more than 10,200 employees with a manufacturing network that includes factories in Germany, Spain, Brazil, India, USA and Mexico. Its product portfolio is focused on onshore turbines in the 4 to 6 MW+ classes which are designed to meet the market requirements of countries with limited available space and regions with constrained grid capacity.
