Nordex SE
ISIN: DE000A0D6554
WKN: A0D655
07 November 2024 07:00AM

EQS-News: Nordex Group delivers consistent revenue growth with increasing profitability in the first nine months

Nordex SE · ISIN: DE000A0D6554 · EQS - Company News
Land: Deutschland · Primärmarkt: Deutschland · EQS News ID: 2024223

EQS-News: Nordex SE / Key word(s): 9 Month figures
Nordex Group delivers consistent revenue growth with increasing profitability in the first nine months

07.11.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


  • Nine month sales grows by 14 percent to EUR 5.1 billion
  • EBITDA margin improves to 3.7 percent
  • Working capital stable at minus 7.3 percent
  • EUR 159 million of free cash flow generation in the third quarter
  • Full-year EBITDA margins expected to be closer to the top end of the margin guidance

 

Hamburg, November 07 2024. 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 31.12.2024 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

 

About the Nordex Group

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.

 

Contact for press inquiries:
 

Nordex SE

Felix Losada

Phone: 040 / 300 30 – 1141

flosada@nordex-online.com

 

Contact for investor inquiries:
 

Nordex SE

Anja Siehler

Phone: +49 162 3515 334

asiehler@nordex-online.com

 

Tobias Vossberg

Phone: +49 173 457 3633

tvossberg@nordex-online.com



07.11.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: Nordex SE
Erich-Schlesinger-Straße 50
18059 Rostock
Germany
Phone: +49 381 6663 3300
Fax: +49 381 6663 3339
E-mail: investor-relations@nordex-online.com
Internet: www.nordex-online.com
ISIN: DE000A0D6554
WKN: A0D655
Indices: MDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 2024223

 
End of News EQS News Service

2024223  07.11.2024 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2018 2019 2020 2021 2022 2023 2024e
Umsatzerlöse1 2.459,12 3.284,57 4.650,74 5.443,95 5.693,56 6.489,07 7.480,00
EBITDA1,2 101,66 123,83 93,95 52,67 -244,27 2,03 255,00
EBITDA-Marge3 4,13 3,77 2,02 0,97 -4,29 0,03 3,41
EBIT1,4 -54,18 -19,58 -61,84 -107,33 -426,68 -186,47 65,00
EBIT-Marge5 -2,20 -0,60 -1,33 -1,97 -7,49 -2,87 0,87
Jahresüberschuss1 -83,85 -72,98 -129,71 -230,16 -497,76 -302,81 -60,00
Netto-Marge6 -3,41 -2,22 -2,79 -4,23 -8,74 -4,67 -0,80
Cashflow1,7 124,93 37,98 -352,20 127,56 -350,09 161,20 0,00
Ergebnis je Aktie8 -0,86 -0,73 -1,21 -1,68 -2,71 -1,33 -0,27
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben
Legende

1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

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INVESTOR-INFORMATIONEN
©boersengefluester.de
Nordex
WKN ISIN Rechtsform Börsenwert IPO Einschätzung Plus Code
A0D655 DE000A0D6554 SE 2.716,82 Mio € 02.04.2001 Halten 9F5GM2G2+7X
* * *
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV KBV KCV KUV
17,41 19,80 0,88 -16,16 2,94 16,85 0,42
Dividenden
Dividende '2022
in €
Dividende '2023
in €
Dividende '2024e
in €
Div.-Rendite '2024e
in %
0,00 0,00 0,00 0,00%
Finanztermine
Hauptversammlung Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
06.05.2025 14.05.2024 25.07.2024 14.11.2024 27.02.2025
Performance-Angaben
Abstand 60-Tage-Linie Abstand 200-Tage-Linie Performance YtD Kursveränderung 52 Wochen IPO
Akt. Kurs (EoD)
+0,97%
11,49 €
ATH 111,10 €
-7,38% -12,08% +10,48% +17,13% -87,23%

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