Slide 1: Sustained momentum: Q2/2025 performance
| Nordex Group Sustained momentum: Q2/2025 performance 28th July 2025 Financial figures Q2/2025 | 28 July 2025
Slide 2: Disclaimer
2| Disclaimer › All financial figures within this presentation are unaudited and rounded, numbers may not add. › This presentation was produced in July 2025 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not consti
Slide 3: Agenda
3| Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco Financial figures Q2/2025 | 28 July 2025
Slide 4: Staying the course: solid progress in Q2/2025 delivering improved margins and another positive FCF quarter
4 | Introduction Staying the course: solid progress in Q2/2025 delivering improved margins and another positive FCF quarter 1 • Turbine order book in € grew by 28% YoY Growing > €14 bn order book1 • Service order book in € grew by 32% YoY Combined order book 2 • EBITDA of €108 m, up 64% YoY Improvin
Slide 5: Continued strong demand in Europe and stable market conditions
5 | Introduction Continued strong demand in Europe and stable market conditions Onshore installation forecast ex-China1 (GW) EMEA North America Latin America RoW › Nordex well positioned – market leader in Europe +12% 61.5 › Ongoing strong demand from core markets e.g. 50.6 Germany, Türkiye, Nordics
Slide 6: Agenda
6| Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco Financial figures Q2/2025 | 28 July 2025
Slide 7: Strong order momentum continued: Order intake of €2.2 bn, up +83%
7 | Markets and operations Strong order momentum continued: Order intake of €2.2 bn, up +83% Order intake turbine1 (MW) +82% › Order intake value increased by around 83% to 2,310 €2,244 m in Q2/2025 (€1,225 m in Q2/2024) 1,271 › Orders received from 9 different countries with increased ASP of €0.97
Slide 8: Order book further strengthened: Combined order book of €14.3 bn
8 | Markets and operations Order book further strengthened: Combined order book of €14.3 bn Order book turbines1 (€m) Order book service (€m) +28% +32% › Strong growth of the turbines order book to 8,853 5,473 6,890 4,142 around €8.9 bn in Q2/2025, up 28% YoY › 13,468 wind turbines under service agr
Slide 9: Service EBIT margin on a steady path back to previous highs
9 | Markets and operations Service EBIT margin on a steady path back to previous highs Sales (€m) +17% › Share of service sales amounted to around 11% 207 177 of group sales in Q2/2025 › Service EBIT margin reached 17.7% in the second Q2/2024 Q2/2025 quarter, a significant YoY improvement EBIT/EBIT
Slide 10: Operational performance in line with expectations
10 | Markets and operations Operational performance in line with expectations Installations (MW) Europe LatAm North America RoW › Total installations of 337 WTGs in 16 countries +5% (365 WTGs in Q2 previous year) 1,869 1,959 › A total of 281 turbines were produced in 75% 87% 14% Q2/2025 3% 10% 8% 2%
Slide 11: Agenda
11 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco Financial figures Q2/2025 | 28 July 2025
Slide 12: Income statement Q2/2025
12 | Financials Income statement Q2/2025 abs. › Sales on a comparable level compared to in € m1 Q2/2025 Q2/2024 Δ in % change previous year quarter Sales 1,874 1,860 13 0.7 Total revenues 1,853 1,796 56 3.1 › Another strong gross margin of 24.8% Cost of materials -1,388 -1,437 49 -3.4 recorded, up f
Slide 13: Balance sheet Q2/2025
13 | Financials Balance sheet Q2/2025 in € m1 30.06. 31.12. abs. Δ in % › Strong cash level of ~€1.2bn at the end of 2025 2024 change the quarter Current assets 3,616 3,602 14 0.4 Non-current assets 2,052 2,029 23 1.1 › Equity ratio slightly increased compared to previous quarter, primarily driven b
Slide 14: Solid balance sheet KPIs supporting the operating business
14 | Financials Solid balance sheet KPIs supporting the operating business Net cash (debt)1 (€m) Equity ratio (%) 18.5 › Net cash growth supported by underlying 942 17.9 18.0 848 17.7 17.6 824 business performance 583 446 › Equity ratio remaining on a robust level › Working capital ratio aligned wit
Slide 15: Positive FCF generation based on strong operational performance
15 | Financials Positive FCF generation based on strong operational performance Free Cash Flow1 (€m) Q2/2025 Q2/2024 Cash flow from operating activities before net › Strong FCF generation in Q2 driven by 232 79 working capital ongoing robust operational performance Cash flow from changes in working
Slide 16: Agenda
16 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco Financial figures Q2/2025 | 28 July 2025
Slide 17: Guidance for FY 2025 confirmed: Solid profitable growth expected
17 | Guidance and Outlook Guidance for FY 2025 confirmed: Solid profitable growth expected 2024 H1/2025 2025 guidance Sales: €7.3 bn €3.3 bn €7.4 – 7.9 bn EBITDA margin: 4.1% 5.7% 5.0% to 7.0% Working capital ratio: -9.1% -7.5% below -9% CAPEX: €153 m €64 m approx. ~€200 m Reiterating that our path
Slide 18: Time for your questions
18 | Q&As Time for your questions Questions Answers Financial figures Q2/2025 | 28 July 2025
Slide 19: Key takeaways: Well on track to deliver our 8% EBITDA mid-term margin target
19 | Key takeaways Key takeaways 1 2 3 Strong second Guidance quarter in terms of Focus on generating confirmed and order intake - consistent good visibility in confident in our positive and terms of margin ability to sustain sustainable free trajectory medium- this positive cash flows term trajecto
Slide 20: Appendix
20 | Appendix Appendix › Mid-term EBITDA margin target › Order intake and installations › Order book development › Key financial KPIs development › Income statement development › Balance sheet development › Cash flow development › Segment results development › Working capital development › Net cash
Slide 21: Clear path to increase profitability to sustainable levels
21 | Appendix Clear path to increase profitability to sustainable levels WIP WIP WIP Growing Additional ✓ service business volumes from Europe 8% with and the EBITDA Better margins Americas Legacy execution margin and lower reverting to orders external historical completely headwinds levels delivere
Slide 22: Quarterly order intake and installations
22 | Appendix Quarterly order intake and installations Order intake development in MW FY 2023: 7,358 MW FY 2024: 8,336 MW 3,253 2,466 2,310 2,251 2,086 2,182 1,620 1,726 1,271 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Installations in MW FY 2023: 7,253 MW FY 2024: 6,641
Slide 23: Quarterly order book development
23 | Appendix Quarterly order book development Order book development in € m Service Projects 14,326 13,457 12,778 11,495 11,125 11,032 5,473 10,537 5,208 10,249 9,804 4,974 3,791 4,142 4,642 3,594 3,626 3,418 8,853 7,804 8,249 6,911 7,333 6,890 6,853 6,387 6,655 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2
Slide 24: Key financial KPIs development
24 | Appendix Key financial KPIs development Sales (€bn) EBITDA (€m) Margins (%) Project Service Gross1 EBITDA EBIT 27.3 24.8 23.0 2,194 107 108 21.6 1,860 1,874 19.3 1,671 80 1,435 72 4.9 5.5 5.8 66 4.3 3.5 2.7 3.5 1.6 2.4 1.2 Q2/ Q3/ Q4/ Q1/ Q2/ Q2/ Q3/ Q4/ Q1/ Q2/ Q2/ Q3/ Q4/ Q1/ Q2/ 2024 2024 20
Slide 25: Quarterly income statement development
25 | Appendix Quarterly income statement development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2023 2023 2023 2024 2024 2024 2024 2025 2025 Sales 1,536 1,724 2,012 1,574 1,860 1,671 2,194 1,435 1,874 Total revenues 1,556 1,625 2,127 1,458 1,796 1,593 2,153 1,555 1,853 Cost of materials -1,371 -1,3
Slide 26: Quarterly balance sheet development
26 | Appendix Quarterly balance sheet development in € m1 30.06.23 30.09.23 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 Current assets 3,025 3,242 3,553 3,273 3,410 3,355 3,602 3,609 3,616 Non-current assets 1,771 1,758 1,869 1,915 2,038 1,954 2,029 2,026 2,052 Total assets 4,796
Slide 27: Quarterly cash flow statement development
27 | Appendix Quarterly cash flow statement development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2023 2023 2023 2024 2024 2024 2024 2025 2025 Cash flow from operating activities before net -112 -6 244 65 79 193 176 97 232 working capital Cash flow from changes -31 35 106 -267 51 -9 142 -71 -54 in
Slide 28: Quarterly segment results development
28 | Appendix Quarterly segment results development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2023 2023 2023 2024 2024 2024 2024 2025 2025 Projects sales 1,384 1,551 1,824 1,413 1,688 1,474 1,968 1,245 1,670 Service sales 153 178 196 166 177 201 233 197 207 Not allocated + -1 -5 -9 -5 -5 -4 -7 -6
Slide 29: Quarterly working capital development
29 | Appendix Quarterly working capital development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2023 2023 2023 2024 2024 2024 2024 2025 2025 Trade receivables 131 185 197 140 171 195 241 259 315 Contract assets from 717 753 780 935 1,027 796 838 809 774 projects Inventories 1,140 1,245 1,266 1,114 1
Slide 30: Quarterly net cash development
30 | Appendix Quarterly net cash development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2023 2023 2023 2024 2024 2024 2024 2025 2025 Current liabilities to -39 -39 -37 -39 -39 -31 -38 -44 -36 banks Non-current liabilities to -7 -7 -7 -7 -7 -7 -7 0 0 banks Convertible bond -243 -249 -248 -254 -253 -
Slide 31: Key financial metrics – annual base
31 | Appendix Key financial metrics – annual base in € m1 H1/2022 H1/2023 H1/2024 H1/2025 Sales 2,126 2,753 3,435 3,309 Total revenues 2,220 2,799 3,254 3,408 Cost of materials -1,974 -2,505 -2,585 -2,552 Gross profit 246 294 670 856 Personnel costs -302 -299 -338 -384 Other operating (expenses)/inc
Slide 32: Abbreviations
32 | Appendix Abbreviations › ASP – Average Selling Price (Calculated as price/MW) › bn – billions › EMEA – Europe, Middle East and Africa › FCF – Free Cash Flow › FY – Financial Year ending December › GW – Gigawatts › LatAM – Latin America › m – millions › MGF – Multi Guarantee Facility › MW - Mega
Slide 33: Nordex publication dates & events in 2025
33 | Nordex publication dates & events in 2025 Montega - Hamburger Investorentage Berenberg Goldman Sachs Publication Q2 German Corporate Conference figures 2025 28 JUL 28 AUG 2 SEP 4 SEP 23 SEP 24 SEP Barclays – Annual CEO Energy Baader Investment Power Conference Conference Commerzbank Oddo BHF Co
Slide 34: Contact details
34 | Contact details IF YOU HAVE ANY QUESTIONS PLEASE CONTACT: Anja K. Siehler Head of Investor Relations phone: +49 (0)162 351 53 34 email: asiehler@nordex-online.com Tobias Vossberg Director Investor Relations phone: +49 (0)173 4573 63 3 email: tvossberg@nordex-online.com Rafaela Gunzburger Manage