Nordex Se · XETR:NDX1
Nordex — Q2 2026 Earnings Presentation
39 slides from Nordex's earnings presentation, Jul 29, 2026
Slide 1: Nordex SE: Q2/2026 results
| Nordex SE: Q2/2026 results Sustained execution driving profitability and cash generation July 29, 2026 Financial figures Q2/2026 | July 29, 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 July 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 consti
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 Q2/2026 | July 29, 2026
Slide 4: Q2/2026: Momentum continues with double-digit margins and solid FCF
4 | Introduction Q2/2026: Momentum continues with double-digit margins and solid FCF Healthy pipeline & 800+ MW US orders Project order intake ✓ Europe represented 74% of total project order intake 3.1 GW 32% YoY ✓ Germany and the US were the largest markets Strong revenue growth Total revenues ✓ Pr
Slide 5: Building momentum in the US
5 | Introduction Building momentum in the US › c.800 MW of orders booked from a healthy mix of US Utilities, Geographic footprint American and international IPPs as of June 30 › Further customer engagement ongoing › Factory ramp up progressing Iowa Plant Chicago Office › Proven track record with 9.2
Slide 6: Agenda
6| 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 Q2/2026 | July 29, 2026
Slide 7: Q2 order intake of ~€3.0 bn
7 | Markets and operations Q2 order intake of ~€3.0 bn Order intake turbine1 (MW) +32% › Order intake in value 32.6% higher, amounting to 3,054 €2,977 m in Q2/2026 (Q2/2025: €2,244 m) 2,310 › Orders received from 10 different countries with stable ASP of €0.97 m/MW in Q2/2026 (Q2/2025: 9 Q2/2025 Q2/
Slide 8: Order book further strengthened
8 | Markets and operations Order book further strengthened Combined order book of more than €18 bn Order book turbines1 (€m) Order book service (€m) +31% +24% › Turbine order book increased to €11.6 bn in 11,578 6,807 8,853 5,473 Q2/2026, up 31% YoY › Service portfolio exceeded 50 GW for the first Q
Slide 9: Service EBIT margin progressing towards 20%+
9 | Markets and operations Service EBIT margin progressing towards 20%+ Sales (€m) +8% › Share of Service sales amounted to around 10% 223 207 of total group sales in Q2/2026 › Service EBIT margin of 19.7% shows steady Q2/2025 Q2/2026 progress EBIT/EBIT Margin (€m;%) › 97% average availability of WT
Slide 10: Operational performance in line with annual activity plan
10 | Markets and operations Operational performance in line with annual activity plan Installations (MW) › Installations totaled 1.2 GW, 211 turbines across Europe LatAm North America RoW 15 countries (Q2/2025: 337 turbines across 16 -40% countries) 1,959 › Installations developed as expected, refle
Slide 11: Agenda
11 | 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 Q2/2026 | July 29, 2026
Slide 12: Income statement Q2/2026
12 | Financials Income statement Q2/2026 in € m1 Q2/2026 Q2/2025 abs. Δ in % › Sales increased by around 16% to change €2.2 bn, reflecting higher activity levels Sales 2,179 1,874 305 16.3 in both Project and Service Total revenues 2,128 1,853 275 14.8 Cost of materials -1,543 -1,388 -155 11.2 › Gro
Slide 13: Balance sheet Q2/2026
13 | Financials Balance sheet Q2/2026 in € m1 30.06. 31.12. abs. Δ in % › Continued strong gross cash level of 2026 2025 change ~€2.0 bn at the end of Q2/2026 Current assets 4,942 4,751 191 4.0 › Equity ratio further increased to 20.6% Non-current assets 2,127 2,001 127 6.3 at the end of Q2/2026, pr
Slide 14: Balance sheet KPIs Q2/2026
14 | Financials Balance sheet KPIs Q2/2026: Underscoring robust operating business Net cash (debt)1 (€m) Equity ratio (%) 1,673 20.6 1,625 1,518 › Strong operational performance more than 19.4 19.0 1,073 18.3 offset working capital normalization, driving 942 18.0 cash growth › Equity ratio further i
Slide 15: Nordex strengthens financial headroom while further reducing financing costs
15 | Financials Nordex strengthens financial headroom while further reducing financing costs: new €2.5 billion guarantee facility Key features of new Multi-Currency Guarantee Facility YTD gross interest cost development (€m) signed in July 2026 ✓ Much larger facility of approx. €2.5 bn supporting fu
Slide 16: FCF generation Q2/2026
16 | Financials FCF generation Q2/2026: Strong operational performance drives positive FCF despite working capital normalization Free Cash Flow1 (€m) Q2/2026 Q2/2025 › Robust operational performance driving Cash flow from operating activities before cash flow from operating activities 267 232 net wo
Slide 17: Agenda
17 | 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 Q2/2026 | July 29, 2026
Slide 18: Policy support and auction activity underpin long-term market growth
18 | Guidance and Outlook Policy support and auction activity underpin long-term market growth Nordex strengthening its position in Europe and North America Onshore installation forecast1 › Germany: ~6 GW auctioned YTD, with total 2026 auction volume (ex-China) expected at ~12 GW; auction prices nor
Slide 19: Guidance for FY 2026
19 | Guidance and Outlook Guidance for FY 2026 FY 2025 H1/2026 Guidance 2026 Sales: €7.6 bn €3.8 bn €8.2 – 9.0 bn EBITDA margin: 8.4% 9.4% 8.0% - 11.0% Working capital ratio: -12.4% -8.3% below -9% CAPEX: €169 m €73 m approx. €200 m Reiterate the mid-term EBITDA margin target of 10-12% Financial fig
Slide 20: On track to achieve the 10-12% mid-term EBITDA margin target
20 | Guidance and Outlook On track to achieve the sustainable 10-12% mid-term EBITDA margin target: H1 2026 actuals confirm progress Mid term target: EBITDA margin bridge Status update 1 Volume 3 2 ✓› Sales grew by 14% YoY ✓› Strong order intake in H1 including 1 H1/2026: 9.4% orders in the US 10-12
Slide 21: Agenda
21 | 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 Q2/2026 | July 29, 2026
Slide 22: Time for your questions
22 | Q&As Time for your questions Questions Answers Financial figures Q2/2026 | July 29, 2026
Slide 23: Agenda
23 | 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 Q2/2026 | July 29, 2026
Slide 24: Key takeaways
24 | Key takeaways Key takeaways 1 2 3 Consistent margin Guidance for 2026 improvement Increasing financial confirmed with solid order intake flexibility with focused on incl the US – positive free cash mid term target and provides confidence flow generation and return to for the year-end signing of
Slide 25: Appendix
25 | Appendix Appendix › 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 development Financial figures Q2
Slide 26: Project quarterly order intake and installations
26 | Appendix Project quarterly order intake and installations Order intake development in MW FY 2024: 8,336 MW FY 2025: 10,214 MW H1 2026: 4,923 MW 3,552 3,253 3,054 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 Q2/2026 Installatio
Slide 27: Quarterly order intake development
27 | Appendix Quarterly order intake development Order intake development in € m Service Projects FY 2024: € 7,461 m FY 2025: C 9,321 m H1 2026: C 4,683 m FY 2024: € 1,981 m FY 2025: € 1,681 m H1 2026: C 1,202 m 3,738 3,495 3,402 563 512 519 2,682 438 2,390 2,239 2,283 2,298 2,074 287 393 683 309 1,
Slide 28: Quarterly order book development
28 | Appendix Quarterly order book development Order book development in € m Service Projects 18,385 16,969 16,094 14,912 14,326 6,807 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 11,578 10,122 10,495 8,853 9,324 7,804 8,249 7,333 6,890 6,853 Q1/2024 Q2/20
Slide 29: Key financial KPIs development
29 | Appendix Key financial KPIs development Sales (€bn) EBITDA (€m) Margins (%) Project Service Gross1 EBITDA EBIT 29.4 28.0 27.8 26.9 24.8 2,539 307 12.1 2,179 10.3 1,874 224 8.0 8.2 1,706 1,588 5.8 10.0 136 131 8.1 108 5.5 5.6 3.5 Q2/ Q3/ Q4/ Q1/ Q2/ Q2/ Q3/ Q4/ Q1/ Q2/ Q2/ Q3/ Q4/ Q1/ Q2/ 2025 2
Slide 30: Quarterly income statement development
30 | Appendix Quarterly income statement development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2024 2024 2024 2025 2025 2025 2025 2026 2026 Sales 1,860 1,671 2,194 1,435 1,874 1,706 2,539 1,588 2,179 Total revenues 1,796 1,593 2,153 1,555 1,853 1,803 2,544 1,581 2,128 Cost of materials -1,437 1,23
Slide 31: Quarterly balance sheet development
31 | Appendix Quarterly balance sheet development in € m1 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 31.12.25 31.03.26 30.06.26 Current assets 3,410 3,355 3,602 3,609 3,616 3,822 4,751 4,783 4,942 Non-current assets 2,038 1,954 2,029 2,026 2,052 2,067 2,001 2,123 2,127 Total assets 5,448
Slide 32: Quarterly cash flow statement development
32 | Appendix Quarterly cash flow statement development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2024 2024 2024 2025 2025 2025 2025 2026 2026 Cash flow from operating activities before net 79 193 176 97 232 125 291 175 267 working capital Cash flow from changes 51 -9 142 -71 -54 55 341 -244 -27 i
Slide 33: Quarterly segment results development
33 | Appendix Quarterly segment results development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2024 2024 2024 2025 2025 2025 2025 2026 2026 Projects sales 1,688 1,474 1,968 1,245 1,670 1,505 2,316 1,378 1,963 Service sales 177 201 233 197 207 219 240 218 223 Not allocated + -5 -4 -7 -6 -3 -18 -17 -
Slide 34: Quarterly working capital development
34 | Appendix Quarterly working capital development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2024 2024 2024 2025 2025 2025 2025 2026 2026 Trade receivables 171 195 241 259 315 218 197 217 158 Contract assets from 1,027 796 838 809 774 931 1,305 1,303 1,358 projects Inventories 1,022 1,102 909 982
Slide 35: Quarterly net cash development
35 | Appendix Quarterly net cash development Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ in € m1 2024 2024 2024 2025 2025 2025 2025 2026 2026 Current liabilities to -39 -31 -38 -44 -36 -34 -34 -34 -10 banks Non-current liabilities to -7 -7 -7 0 0 0 0 0 0 banks Convertible bond -253 -259 -258 -265 -264 -271
Slide 36: Key financial metrics – annual base
36 | Appendix Key financial metrics – annual base in € m1 FY 2022 FY 2023 FY 2024 FY 2025 H1/2026 Sales 5,694 6,489 7,298 7,554 3,767 Total revenues 5,991 6,551 7,000 7,754 3,708 Cost of materials -5,505 -5,566 -5,465 -5,716 -2,657 Gross profit 486 985 1,535 2,039 1,051 Personnel costs -588 -630 -72
Slide 37: Abbreviations
37 | 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 38: Nordex publication dates & events in 2026
38 | Appendix Nordex publication dates & events in 2026 Barclays Energy & Goldman/Berenberg Publication Power Conference German Corporate results Q3/2026 Conference 2 Sep 8 Sep 9 Sep 21 Sep 22 Sep 30 OCT Jefferies Corporate Conference Commerzbank & Oddo BHF Corporate Wind Energy Hamburg Conference F
Slide 39: Contact details
39 | Appendix 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 Rafaela Gunzburger Manager Investor Relations phone: +49 (0)152 041 43 62 email: rgunzburger@nordex-online.com Financial fi