Slide 1: Nordex SE: Q1/2026 results
| Nordex SE: Q1/2026 results Margins improving further and execution on track April 27, 2026 Financial figures Q1/2026 | April 27, 2026
Slide 2: Disclaimer
2| Disclaimer › All financial figures within this presentation are unaudited and rounded, numbers may not add. › This presentation was produced in April 2026 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not const
Slide 3: Agenda
3| Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance 2026 José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures Q1/2026 | April 27, 2026
Slide 4: Q1/2026: Positive start into the year with margin improvement
4 | Introduction Q1/2026: Positive start into the year with margin improvement Strong presence in the German market Project order intake ✓ Europe represented 97% of total project order intake, 1.9 GW most important market were Germany, Türkiye and -14.3% YoY Sweden Delivering performance Total reven
Slide 5: Agenda
5| Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance 2026 José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures Q1/2026 | April 27, 2026
Slide 6: Q1 order intake of €1.7 bn
6 | Markets and operations Q1 order intake of €1.7 bn Order intake turbine1 (MW) -14% › Order intake in value slightly lower by around 2,182 1,869 9.7% to €1,707 m in Q1/2026 (Q1/2025: €1,890 m) › Orders received from 13 different countries with increased ASP of €0.91 m/MW in Q1/2026 (Q1/2025: Q1/20
Slide 7: Order book further strengthened
7 | Markets and operations Order book further strengthened Combined order book of c.€17 bn Order book turbines1 (€m) Order book service (€m) +27% +24% › Turbines order book remained over €10 bn in 10,495 6,473 8,249 5,208 Q1/2026, corresponding to an increase of 27% YoY › 13,929 wind turbines under
Slide 8: Service EBIT margin recovery continues
8 | Markets and operations Service EBIT margin recovery continues Sales (€m) +11% › Share of service sales amounted to around 14% 218 197 of total group sales in Q1/2026 › Service EBIT margin of 19.2% continues to grow Q1/2025 Q1/2026 › 97% average availability of WTGs under service in EBIT/EBIT Mar
Slide 9: Operational performance in line with annual activity plan
9 | Markets and operations Operational performance in line with annual activity plan Installations (MW) Europe LatAm North America RoW › Strong increase in installations to 227 turbines +10% in 14 countries (180 turbines in 12 countries in 1,155 1,046 Q1/2025) 75% 86% 19% 2% › Turbine production inc
Slide 10: Agenda
10 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance 2026 José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures Q1/2026 | April 27, 2026
Slide 11: Income statement Q1/2026
11 | Financials Income statement Q1/2026 abs. › Sales increased by around 11% to in € m1 Q1/2026 Q1/2025 Δ in % change Sales 1,588 1,435 152 10.6 €1.6 bn, reflecting higher activity levels Total revenues 1,581 1,555 25 1.6 in both project and service Cost of materials -1,115 -1,164 50 -4.3 › Gross m
Slide 12: Balance sheet Q1/2026
12 | Financials Balance sheet Q1/2026 in € m1 31.03. 31.12. abs. Δ in % › Continued strong cash level of ~€1.8 bn 2026 2025 change at the end of Q1/2026 Current assets 4,783 4,751 32 0.7 › Equity ratio further increased to 19.4% Non-current assets 2,123 2,001 122 6.1 at the end of Q1/2026, primarily
Slide 13: Balance sheet KPIs Q1/2026: Underscoring robust operating business
13 | Financials Balance sheet KPIs Q1/2026: Underscoring robust operating business Net cash (debt)1 (€m) Equity ratio (%) 1,625 1,518 19.4 › Cash level slightly lower due to normalizing 19.0 18.3 1,073 17.6 18.0 working capital from the year-end levels 942 824 › Equity ratio further increased to 19.
Slide 14: FCF generation Q1/2026: Strong operational performance offset by working capital normalization
14 | Financials FCF generation Q1/2026: Strong operational performance offset by working capital normalization Free Cash Flow1 (€m) Q1/2026 Q1/2025 Cash flow from operating activities before › Robust operational performance enhancing 175 96 net working capital cash flow from operating activities Cas
Slide 15: Agenda
15 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance 2026 José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures Q1/2026 | April 27, 2026
Slide 16: Guidance for FY 2026
16 | Guidance and Outlook Guidance for FY 2026 FY 2025 Q1/2026 Guidance 2026 Sales: €7.6 bn €1.6 bn €8.2 – 9.0 bn EBITDA margin: 8.4% 8.2% 8.0% - 11.0% Working capital ratio: -12.4% -9.0% below -9% CAPEX: €169 m €27 m approx. €200 m Reiterate the mid-term EBITDA margin target of 10-12% Financial fig
Slide 17: Questions Answers
17 | Q&As Time for your questions Questions Answers Financial figures Q1/2026 | April 27, 2026
Slide 18: Agenda
18 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance 2026 José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures Q1/2026 | April 27, 2026
Slide 19: Key takeaways
19 | Key takeaways Key takeaways 1 2 3 Positive start into Focus on generating Guidance for 2026 the year positive and confirmed with solid order intake sustainable free focused on – confident to see cash flows mid term target and sustained order with good visibility for return to intake trajectory
Slide 20: Appendix
20 | Appendix Appendix › 2025 Sustainability highlights › 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: Quarterly order intake and installations
21 | Appendix Quarterly order intake and installations Order intake development in MW FY 2024: 8,336 MW FY 2025: 10,214 MW 3,552 3,253 2,182 2,310 2,170 2,086 1,726 1,869 1,271 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Installations in MW FY 2024: 6,641 MW FY 2025: 7,66
Slide 22: Quarterly order book development
22 | Appendix Quarterly order book development Order book development in € m Service Projects 16,969 16,094 14,912 14,326 13,457 6,473 12,778 5,972 11,495 5,588 11,125 11,032 5,473 5,208 4,974 3,791 4,142 4,642 10,122 10,495 8,853 9,324 7,804 8,249 7,333 6,890 6,853 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q
Slide 23: Key financial KPIs development
23 | Appendix Key financial KPIs development Sales (€bn) EBITDA (€m) Margins (%) Project Service Gross1 EBITDA EBIT 29.4 27.3 28.0 27.8 24.8 2,539 307 12.1 1,874 8.0 8.2 1,706 1,588 1,435 5.5 5.8 10.0 136 131 108 5.5 5.6 80 3.5 2.4 Q1/ Q2/ Q3/ Q4/ Q1/ Q1/ Q2/ Q3/ Q4/ Q1/ Q1/ Q2/ Q3/ Q4/ Q1/ 2025 202
Slide 24: Quarterly income statement development
24 | Appendix Quarterly income statement development Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ in € m1 2024 2024 2024 2024 2025 2025 2025 2025 2026 Sales 1,574 1,860 1,671 2,194 1,435 1,874 1,706 2,539 1,588 Total revenues 1,458 1,796 1,593 2,153 1,555 1,853 1,803 2,544 1,581 Cost of materials -1,149 -1,4
Slide 25: Quarterly balance sheet development
25 | Appendix Quarterly balance sheet development in € m1 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 31.12.25 31.03.26 Current assets 3,273 3,410 3,355 3,602 3,609 3,616 3,822 4,751 4,783 Non-current assets 1,915 2,038 1,954 2,029 2,026 2,052 2,067 2,001 2,123 Total assets 5,188
Slide 26: Quarterly cash flow statement development
26 | Appendix Quarterly cash flow statement development Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ in € m1 2024 2024 2024 2024 2025 2025 2025 2025 2026 Cash flow from operating activities before net 65 79 193 176 97 232 125 291 175 working capital Cash flow from changes -267 51 -9 142 -71 -54 55 341 -244 i
Slide 27: Quarterly segment results development
27 | Appendix Quarterly segment results development Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ in € m1 2024 2024 2024 2024 2025 2025 2025 2025 2026 Projects sales 1,413 1,688 1,474 1,968 1,245 1,670 1,505 2,316 1,378 Service sales 166 177 201 233 197 207 219 240 218 Not allocated + -5 -5 -4 -7 -6 -3 -18 -1
Slide 28: Quarterly working capital development
28 | Appendix Quarterly working capital development Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ in € m1 2024 2024 2024 2024 2025 2025 2025 2025 2026 Trade receivables 140 171 195 241 259 315 218 197 217 Contract assets from 935 1,027 796 838 809 774 931 1,305 1,303 projects Inventories 1,114 1,022 1,102 909
Slide 29: Quarterly net cash development
29 | Appendix Quarterly net cash development Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ in € m1 2024 2024 2024 2024 2025 2025 2025 2025 2026 Current liabilities to -39 -39 -31 -38 -44 -36 -34 -34 -34 banks Non-current liabilities to -7 -7 -7 -7 0 0 0 0 0 banks Convertible bond -254 -253 -259 -258 -265 -264
Slide 30: Key financial metrics – annual base
30 | Appendix Key financial metrics – annual base in € m1 FY 2022 FY 2023 FY 2024 FY 2025 Sales 5,694 6,489 7,298 7,554 Total revenues 5,991 6,551 7,000 7,754 Cost of materials -5,505 -5,566 -5,465 -5,716 Gross profit 486 985 1,535 2,039 Personnel costs -588 -630 -727 -820 Other operating (expenses)
Slide 31: Abbreviations
31 | 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 32: Nordex publication dates & events in 2026
32 | Nordex publication dates & events in 2026 GS Utilities and Clean Deutsche Bank Publication Energy Conference European Champions figures Q2/2026 Conference 5 MAY 19 May 20 May 27 May 24 JUN 29 JUL Berenberg European Conference 2026 Nordex Manhattan AGM Jefferies Midcap Conference Financial figur
Slide 33: Contact details
33 | 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