Nordex Se · XETR:NDX1
Nordex — 9M 2024 Earnings Presentation
26 slides from Nordex's earnings presentation, Nov 7, 2024
Slide 1: Nordex SE – Financial figures 9M/2024
| Nordex Group Nordex SE – Financial figures 9M/2024 7th November 2024 Financial figures 9M/2024 | 7 November 2024
Slide 2: Disclaimer
2| Disclaimer › All financial figures within this presentation are unaudited. › This presentation was produced in November 2024 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of
Slide 3: Agenda
3| Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco Appendix Financial figures 9M/2024 | 7 November 2024
Slide 4: Executive summary 9M/2024
4 | Introduction Executive summary 9M/2024 Operations Sales: › Order intake grew to 5.1 GW in the first nine months of 2024 (9M/2023: 4.9 GW) with ASP of €0.90 m/MW, another quarter with stable pricing (9M/2023: €0.85 m/MW) €5.1 bn › Order intake momentum expected to continue on the back of positive
Slide 5: Robust order intake in 9M/2024
5 | Markets & orders Robust order intake in 9M/2024 Order intake turbine* (in MW) Order intake turbine* by regions (in MW in %) Europe North America Latin America RoW 7,358 6,326 2,466 5,083 +4% Q4 1,902 73% 73% 86% 9M 4,424 4,892 6% 13% 21% 4% 1% 8% 12% 2% FY 2022 FY 2023 9M/2024 FY 2022 FY 2023 9M
Slide 6: Order book remains strong – total order book of over €11.5 bn
6 | Markets & orders Order book remains strong – total order book of over €11.5 bn Order book turbines (€ m) Order book service (€ m) +3% +29% 6,655 6,852 4,642 6,523 3,594 3,144 9M/2022 9M/2023 9M/2024 9M/2022 9M/2023 9M/2024 › Healthy growth of the order book to around €6.9 › 12,625 wind turbines
Slide 7: Service EBIT margin on track to return to former profitability levels
7 | Markets and orders Service EBIT margin on track to return to former profitability levels Service revenues (€ m) Comments 678 › Share of service sales amounted to 10.6% of 574 +13% group sales 196 543 Q4 176 › Service EBIT margin of 15.5% in 9M/2024 shows expected moderate improvement in the marg
Slide 8: Income statement 9M/2024
8 | Financials Income statement 9M/2024 in € m (rounded figures) 9M/2024 9M/2023 abs. change Δ in % Comments Sales 5,105 4,477 628 14.0 › Sales increased by around 14% Total revenues 4,847 4,424 423 9.6 to €5.1 bn YoY reflecting higher ASPs, higher activity levels and Cost of materials -3,817 -3,814
Slide 9: Balance sheet 9M/2024
9 | Financials Balance sheet 9M/2024 in € m 30.09.24 31.12.23 abs. change Comments (rounded figures) Cash and cash equivalents 882 926 -44 › Robust liquidity levels of around €962 m including cash Non-current assets 1,954 1,869 85 facility under MGF at the end Current assets without cash and of Q3/2
Slide 10: Working capital development Q3/2024
10 | Financials Working capital development Q3/2024 Working capital ratio (in % of sales)* Working capital development (in € m)* -7.0 -7.3 -7.4 FY 2024 guidance: -530 56 -521 -9.8 -9.6 80 -10.2 -10.2 below -9% -207 -10.6 -11.5 80 Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q2/ Receiva- Inven- Prepay- Pay- Q
Slide 11: Reaching FCF breakeven in 9M/2024
11 | Financials Reaching FCF breakeven in 9M/2024 in € m (rounded figures) 9M/2024 9M/2023 Comments Cash flow from operating activities › Cash flow from operating 336 -249 before net working capital activities before net working capital driven by normalized Cash flow from changes in working operatio
Slide 12: Total investments 9M/2024
12 | Financials Total investments 9M/2024 CAPEX (in € m) Comments Property, plant, equipment Intangible assets › CAPEX spending in line with expectations: FY 2022: €205 m FY 2023: €131 m • Investments in blade and nacelle production facilities, moulds and tooling 125 • Investments in installation an
Slide 13: Solid capital structure in Q3/2024
13 | Financials Solid capital structure in Q3/2024 (Net debt)/net cash (in € m)* Equity ratio (in %) 631 583 18.8 18.6 446 18.5 18.0 17.9 344 359 Q3/ Q4/ Q1/ Q2/ Q3/ Q3/ Q4/ Q1/ Q2/ Q3/ 2023 2023 2024 2024 2024 2023 2023 2024 2024 2024 › Net cash levels further increased towards the end of › Equity
Slide 14: Operational performance 9M/2024
14 | Operations & technology Operational performance 9M/2024 Installations (MW) Production 7,253 Turbine assembly (MW) Total blade production (#) In-house outsourced 1,717 +14% -10% +1% 5,221 4,981 5,032 5,090 3,823 Q4 1,618 3,353 1,138 802 5,536 9M 3,603 2,685 2,551 FY 2022 FY 2023 9M/2024 9M/2023
Slide 15: 2024 guidance confirmed
15 | Guidance and Outlook 2024 guidance confirmed 9M/2024 2024 guidance Sales: €5,105 m €7.0 - 7.7 bn EBITDA margin: 3.7% 3.0% to 4.0% Working capital ratio: -7.3% below -9% CAPEX: €~110 m approx. €175 m Mid term target of 8% EBITDA margin reaffirmed Financial figures 9M/2024 | 7 November 2024
Slide 16: Time for your questions
16 | Q&As Time for your questions Answers Questions Financial figures 9M/2024 | 7 November 2024
Slide 17: Key takeaways
17 | Key takeaways Key takeaways Ambitious wind targets across our core markets underpin the sustainable case for 1 the wind industry in the mid- to long-term Substantial order intake pipeline for Nordex with stability in selling prices, supply 2 chain and cost base Consistently improving EBITDA mar
Slide 18: Appendix
18 | Appendix Appendix › Quarterly order intake and installations › Quarterly order book development › Quarterly income statement › Quarterly balance sheet development › Quarterly cash flow development Appendix Financial figures 9M/2024 | 7 November 2024
Slide 19: Quarterly order intake and installations
19 | Appendix Quarterly order intake and installations Order intake development in MW FY 2022: 6,326 MW FY 2023: 7,358 MW 9M/2024: 5,083 MW 2,466 2,251 2,086 1,836 1,902 1,620 1,726 1,422 1,165 1,271 1,021 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Instal
Slide 20: Quarterly order book development
20 | Appendix Quarterly order book development Order book development in € m 11,495 +23% 11,125 11,032 10,537 10,249 9,738 9,667 9,791 9,863 9,804 9,340 3,791 4,642 4,142 3,626 3,594 3,061 3,144 3,256 3,405 3,418 3,041 6,911 7,333 6,890 6,677 6,523 6,535 6,458 6,655 6,853 6,299 6,387 Q1/2022 Q2/2022
Slide 21: Quarterly income statement development
21 | Appendix Quarterly income statement development in € m (rounded figures) Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Sales 1,217 1,536 1,724 2,012 1,574 1,860 1,671 Total revenues 1,243 1,556 1,625 2,127 1,458 1,796 1,593 Cost of materials -1,135 -1,371 -1,308 -1,752 -1,149 -1,437 1
Slide 22: Quarterly balance sheet development
22 | Appendix Quarterly balance sheet development in € m (rounded 31.03.23 30.06.23 30.09.23 31.12.23 31.03.24 30.06.24 30.09.24 figures) Non-current assets 1,788 1,771 1,758 1,869 1,915 2,038 1,954 Current assets 2,758 3,025 3,242 3,553 3,273 3,410 3,355 Total assets 4,546 4,796 5,000 5,422 5,188 5
Slide 23: Quarterly cash flow statement development
23 | Appendix Quarterly cash flow statement development in € m (rounded figures) Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Cash flow from operating activities before net working -133 -112 -6 244 65 79 193 capital Cash flow from changes in 57 -31 35 106 -267 51 -9 working capital Cash f
Slide 24: Abbreviations
24 | Appendix Abbreviations › FCF – Free Cash Flow › YoY – Year over Year › QoQ – Quarter over Quarter › m – millions › bn – billions › GW – Gigawatts › MGF – Multi Guarantee Facility › MW - Megawatts › FY – Financial Year ending December › ASP – Average Selling Price (Calculated as price/MW) › W/C
Slide 25: Nordex publication dates & events in 2024 and 2025
25 | Nordex publication dates & events in 2024 and 2025 Kepler Cheuvreux Deutsches German Corporate Publication Eigenkapitalforum, Conference, Frankfurt Q3/2024 Frankfurt 7 Nov 24 20 Nov 24 25 Nov 24 3 Dec 24 22 Jan 25 27 Feb 25 Goldman Sachs Annual Industrials BNP Paribas CEO Publication Conference
Slide 26: Contact details
26 | Contact details IF YOU HAVE ANY QUESTIONS PLEASE CONTACT: Anja 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 Nordex SE Langenhorner Chaus