Nordex Se · XETR:NDX1
Nordex — Q3 2025 Earnings Presentation
33 slides from Nordex's earnings presentation, Nov 4, 2025
Slide 1: Accelerated performance in Q3/2025
| Nordex Group Accelerated performance in Q3/2025 November 4, 2025 Financial figures Q3/2025 | 4 November 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 November 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 co
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 Q3/2025 | 4 November 2025
Slide 4: Delivering on our promise: Strong nine-month performance drives margin upgrade
4 | Introduction Delivering on our promise: Strong nine-month performance drives margin upgrade Order intake turbine (MW) Sales (€m) Steady increase in profitability 1 +6% levels with increased EBITDA +17% margins 6,661 5,105 5,014 4,477 4,892 5,083 Strong execution in the project 2 business 9M/2023
Slide 5: Upgraded FY guidance: strong Q3/2025 performance with higher margins and continuous FCF generation
5 | Introduction Upgraded FY guidance: strong Q3/2025 performance with higher margins and continuous FCF generation 1 Growing • Turbine order book in € grew by 36% YoY €15 bn • Service order book in € grew by 20% YoY order book1 Combined order book 2 • EBITDA of €136 m, up 90% YoY Strong 8.0% • Stro
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 Q3/2025 | 4 November 2025
Slide 7: Solid delivery in Q3: Order intake of €2.0 bn, up 27%
7 | Markets and operations Solid delivery in Q3: Order intake of €2.0 bn, up 27% Order intake turbine1 (MW) +26% › Order intake in value increased by around 27% 2,170 1,726 to €2,012 m in Q3/2025 (Q3/2024: €1,583 m) › Orders received from 16 different countries with ASP of €0.93 m/MW in Q3/2025 (Q3/
Slide 8: Order book further strengthened: Combined order book of around €15 bn
8 | Markets and operations Order book further strengthened: Combined order book of around €15 bn Order book turbines1 (€m) Order book service (€m) +36% +20% › Turbines order book rose to over €9.3 bn in 9,324 5,588 4,642 Q3/2025, corresponding to an increase of 36% YoY 6,852 › 13,808 wind turbines u
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) +9% › Share of service sales amounted to around 13% 219 201 of total group sales in Q3/2025 › Another increase in the Service EBIT margin to Q3/2024 Q3/2025 18.6% - this continuous improvement is alread
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 › Strong increase in installations to 420 WTGs in +28% 20 countries (352 turbines in Q3/2024) 2,576 2,010 › Q3 turbine production increased in line with project 82% 72% 13%
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 Q3/2025 | 4 November 2025
Slide 12: Income statement Q3/2025
12 | Financials Income statement Q3/2025 abs. › Sales at a similar level YoY; driven by in € m1 Q3/2025 Q3/2024 Δ in % change seasonal mix and supplier related delays in Sales 1,706 1,671 35 2.1 Türkiye Total revenues 1,803 1,593 209 13.1 Cost of materials -1,325 -1,232 -93 7.6 › Further increase in
Slide 13: Balance sheet Q3/2025
13 | Financials Balance sheet Q3/2025 in € m1 30.09. 31.12. abs. Δ in % › Robust cash level of ~€1.4bn at the end of 2025 2024 change September 2025 Current assets 3,822 3,602 220 6.1 Non-current assets 2,067 2,029 38 1.9 › Equity ratio further increased compared to previous quarter, mainly 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 18.3 › Strong underlying business performance 1,073 18.0 17.7 17.6 942 drives net cash growth 848 824 583 › Equity ratio further increased to 18.3% at the end of Q3/2025 Q3/ Q4/ Q1/
Slide 15: Positive FCF generation based on strong operational performance
15 | Financials Positive FCF generation based on strong operational performance Free Cash Flow1 (€m) Q3/2025 Q3/2024 Cash flow from operating activities before net › Strong FCF generation continued in 125 193 working capital Q3/2025 as a result of ongoing strong Cash flow from changes in working cap
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 Q3/2025 | 4 November 2025
Slide 17: Guidance for FY 2025 upgraded Mid term target of 8% EBITDA margin within reach
17 | Guidance and Outlook Guidance for FY 2025 upgraded New 2025 2024 9M/2025 Old guidance guidance Sales: €7.3 bn €5.0 bn €7.4 – 7.9 bn €7.4 – 7.9 bn EBITDA margin: 4.1% 6.5% 5.0% to 7.0% 7.5% to 8.5% Working capital ratio: -9.1% -8.2% below -9% below -9% CAPEX: €153 m €97 m approx. ~€200 m approx.
Slide 18: Time for your questions
18 | Q&As Time for your questions Questions Answers Financial figures Q3/2025 | 4 November 2025
Slide 19: Key takeaways
19 | Key takeaways Key takeaways 1 2 3 Positive free cash Strong third quarter flow generation in terms of order Strong execution to continue driven intake - confident in projects and by additional profits in our ability to service lead to and continued sustain this guidance upgrade working capital
Slide 20: Appendix
20 | 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 Q3
Slide 21: Quarterly order intake and installations
21 | 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 2,170 1,726 1,271 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Installations in MW FY 2023: 7,253 MW FY 2024: 6,641
Slide 22: Quarterly order book development
22 | Appendix Quarterly order book development Order book development in € m Service Projects 14,912 14,326 13,457 12,778 11,495 5,588 11,125 11,032 5,473 10,249 10,537 5,208 4,974 3,791 4,142 4,642 3,594 3,626 8,853 9,324 7,804 8,249 6,911 7,333 6,890 6,853 6,655 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/
Slide 23: Key financial KPIs development
23 | Appendix Key financial KPIs development Sales (€bn) EBITDA (€m) Margins (%) Project Service Gross1 EBITDA EBIT 27.3 28.0 24.8 2,194 136 23.0 21.6 1,874 8.0 1,671 1,706 107 108 1,435 4.9 5.5 5.8 80 4.3 72 5.5 2.7 3.5 1.6 2.4 Q3/ Q4/ Q1/ Q2/ Q3/ Q3/ Q4/ Q1/ Q2/ Q3/ Q3/ Q4/ Q1/ Q2/ Q3/ 2024 2024 2
Slide 24: Quarterly income statement development
24 | Appendix Quarterly income statement development Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ in € m1 2023 2023 2024 2024 2024 2024 2025 2025 2025 Sales 1,724 2,012 1,574 1,860 1,671 2,194 1,435 1,874 1,706 Total revenues 1,625 2,127 1,458 1,796 1,593 2,153 1,555 1,853 1,803 Cost of materials -1,308 -1,7
Slide 25: Quarterly balance sheet development
25 | Appendix Quarterly balance sheet development in € m1 30.09.23 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 Current assets 3,242 3,553 3,273 3,410 3,355 3,602 3,609 3,616 3,822 Non-current assets 1,758 1,869 1,915 2,038 1,954 2,029 2,026 2,052 2,067 Total assets 5,000
Slide 26: Quarterly cash flow statement development
26 | Appendix Quarterly cash flow statement development Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ in € m1 2023 2023 2024 2024 2024 2024 2025 2025 2025 Cash flow from operating activities before net -6 244 65 79 193 176 97 232 125 working capital Cash flow from changes 35 106 -267 51 -9 142 -71 -54 55 in w
Slide 27: Quarterly segment results development
27 | Appendix Quarterly segment results development Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ in € m1 2023 2023 2024 2024 2024 2024 2025 2025 2025 Projects sales 1,551 1,824 1,413 1,688 1,474 1,968 1,245 1,670 1,505 Service sales 178 196 166 177 201 233 197 207 219 Not allocated + -5 -9 -5 -5 -4 -7 -6 -3
Slide 28: Quarterly working capital development
28 | Appendix Quarterly working capital development Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ in € m1 2023 2023 2024 2024 2024 2024 2025 2025 2025 Trade receivables 185 197 140 171 195 241 259 315 218 Contract assets from 753 780 935 1,027 796 838 809 774 931 projects Inventories 1,245 1,266 1,114 1,022 1
Slide 29: Quarterly net cash development
29 | Appendix Quarterly net cash development Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ in € m1 2023 2023 2024 2024 2024 2024 2025 2025 2025 Current liabilities to -39 -37 -39 -39 -31 -38 -44 -36 -34 banks Non-current liabilities to -7 -7 -7 -7 -7 -7 0 0 0 banks Convertible bond -249 -248 -254 -253 -259 -2
Slide 30: Key financial metrics – annual base
30 | Appendix Key financial metrics – annual base in € m1 FY 2022 FY 2023 FY 2024 9M/2025 Sales 5,694 6,489 7,298 5,014 Total revenues 5,991 6,551 7,000 5,211 Cost of materials -5,505 -5,566 -5,465 -3,877 Gross profit 486 985 1,535 1,333 Personnel costs -588 -630 -727 -593 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 2025 and 2026
32 | Nordex publication dates & events in 2025 and 2026 German Equity Forum, Frankfurt Publication Q3 figures 2025 Publication FY figures 2025 4 Nov 25 Nov 1 Dec 20 Jan 26 Feb Kepler Cheuvreux German Corporate Conference, Goldman Sachs Conference, Frankfurt London Financial figures Q3/2025 | 4 Novem
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