Nordex has wind power orders for 7.4 GW

Consolidated sales of wind turbines increase to 6.5 billion euros.
2023 EBITDA margin reaches breakeven. Working capital ratio at -11.5 percent.

Nordex (ISIN: DE000A0D6554) today released preliminary results for fiscal year 2023 and confirms its guidance for the year. According to these preliminary results, the company recorded an increase in consolidated sales of 6.5 billion euros (previous year: 5.7 billion euros) and exceeded the upper end of the forecast range of 5.6 to 6.1 billion euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) broke even for the full year at €2.0 million (previous year: minus €244 million). This corresponds to an EBITDA margin of zero percent (previous year: minus 4.3 percent) and is broadly in the middle of the guidance range of minus 2 percent to plus 3 percent.

Nordex has improved its working capital ratio in relation to consolidated sales to -11.5 percent (previous year: -10.2 percent). The proportion is therefore again clearly below the recommended nine percent.

Investments in 2023 amounted to around €131 million (previous year: €205 million), which is well below the planned figure of around €200 million.

Nordex finished the year with a strong order intake of 7.4 GW (previous year: 6.3 GW), maintaining stable prices with a promising order outlook.

“2023 was a transition year with a step forward in the right direction. Looking back, business performance has evolved as assumed at the beginning of the year. After a weak start, as expected, we gradually improved each quarter with a stronger second half of the year. Overall, we have reached the break-even point in terms of profitability and have now laid a good foundation for our future business development,” explains José Luis Blanco, CEO of the Nordex Group.

The figures announced with this press release are preliminary. Nordex Group will publish final and audited results for fiscal year 2023 along with forecasts for 2024 on February 29, 2024.

The Group has installed around 44 GW of wind energy capacity in more than 40 markets and generated revenues of €6.5 billion in 2023. The company currently employs a workforce of approx. 10,000. Joint manufacturing capacity includes factories in Germany, Spain, Brazil, the United States (suspended), India and Mexico. The product portfolio focuses on onshore wind turbines from class 4 to 6.X MW, which are tailored to the market requirements of countries with limited space and regions with limited grid capacity.