Slide 1: Nordex SE: Q4/2025 results
| Nordex SE: Q4/2025 results Delivering as promised: Sustaining our profitable growth path Nordex Group February 25, 2026 Financial figures FY 2025 | February 25, 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 February 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 co
Slide 3: Agenda
3| Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Strategic Outlook José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures FY 2025 | February 25, 2026
Slide 4: From volatility to profitable growth
4 | Introduction From volatility to profitable growth Delivering the course we set Period of volatility Stabilization Profitable growth Key actions behind the turnaround (2021-2022) (2023-2024) (2025+) Revenue growth (€bn) › Strengthened market positioning 7.3 7.6 through a focused strategy & custom
Slide 5: Mid term target achieved
5 | Introduction Mid term target achieved Setting a new ambitious path ahead 10.2 GW 1 2026 guidance › Sustainable improvement Order intake +23% YoY across all KPIs 8.4% Capital allocation 2 › Introducing shareholders return policy EBITDA margin +430 bps YoY 3 Mid-term target €863 m › Upgrading our
Slide 6: Increasing market share continued
6 | Introduction Increasing market share continued Leading in Europe and re-building our position in Americas Global market share (ex-China) #1 in Europe 4th year in a row Rebuilding market share in Americas (total c.57 GW order intake) (total c.19 GW order intake) (total c.11 GW order intake) 9% 11
Slide 7: Strong Q4/2025 performance
7 | Introduction Strong Q4/2025 performance Robust order intake and delivery across all key metrics 1 Turbine order book in € grew by 30% YoY Growing • €16 bn • Service order book in € grew by 20% YoY order book Combined order book 2 • EBITDA of €307 m, up 188% YoY Strong • Strong growth in EBITDA m
Slide 8: Agenda
8| Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Strategic Outlook José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures FY 2025 | February 25, 2026
Slide 9: Strong order intake in Q4 of €3.2 bn
9 | Markets and operations Strong Order intake delivery in Q4 of €3.2 bn Reaching a record high order intake of €9.3 bn (10.2 GW) for FY 2025 Order intake turbine1 (MW) +9% › Order intake in value increased by around 10% 3,552 3,253 to €3,175 m in Q4/2025 (Q4/2024: €2,889 m) › Orders received from 1
Slide 10: Order book further strengthened
10 | Markets and operations Order book further strengthened Combined order book of around €16 bn Order book turbines1 (€m) Order book service (€m) +30% +20% › Turbines order book crossed €10 bn in Q4/2025, 10,122 5,972 7,804 4,974 corresponding to an increase of 30% YoY › 13,868 wind turbines under
Slide 11: Service EBIT margin recovery
11 | Markets and operations Service EBIT margin recovery Successfully returned to prior highs Sales (€m) +3% › Share of service sales amounted to around 9% of 233 240 total group sales in Q4/2025 › Service EBIT margin reached to our targeted margin Q4/2024 Q4/2025 of 19.0% EBIT/EBIT Margin (€m;%) ›
Slide 12: Operational performance in line with expectations
12 | Markets and operations Operational performance in line with expectations Installations (MW) Europe LatAm North America RoW › Strong increase in installations to 376 turbines +25% in 20 countries (283 turbines in 18 countries in 2,083 1,660 Q4/2024) 67% 86% 21% 0% › Q4 turbine production increas
Slide 13: Agenda
13 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Strategic Outlook José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures FY 2025 | February 25, 2026
Slide 14: 2025 Guidance fully met
14 | Financials 2025 Guidance fully met Achieved margin towards the upper end of the upgraded guidance 2025 initial 2025 upgraded 2025 actuals guidance guidance Sales: €7.4-7.9 bn €7.4-7.9 bn €7.6 bn ✓ EBITDA margin: 5.0% to 7.0% 7.5% to 8.5% 8.4% ✓ Working capital ratio: -9.0% -9.0% -12.4% ✓ CAPEX:
Slide 15: Income statement Q4/FY 2025
15 | Financials Income statement Q4/FY 2025 › Sales increased by around 16% to FY FY Q4/ Q4/ in € m 1 Δ in % Δ in % 2025 2024 2025 2024 €2.5 bn quarter, reflecting higher ASPs, Sales 7,554 7,299 3.5 2,539 2,194 15.8 higher activity levels and growth in Total revenues 7,754 7,001 10.8 2,544 2,153 18.
Slide 16: Balance sheet Q4/2025
16 | Financials Balance sheet Q4/2025 in € m 1 31.12. 31.12. abs. Δ in % › Record high cash level of ~€1.9 bn at the 2025 2024 change end of FY 2025 Current assets 4,751 3,602 1,149 31.9 › Equity ratio further increased to 19.0% Non-current assets 2,001 2,029 -28 -1.4 at the end of the year, primari
Slide 17: Balance sheet KPIs
17 | Financials Balance sheet KPIs Underscoring robust operating business Net cash (debt)1 (€m) Equity ratio (%) 1,625 19.0 › Strong underlying business performance 18.3 17.7 18.0 drives net cash growth 1,073 17.6 848 942 824 › Equity ratio further increased to 19.0% at the end of Q4/2025 Q4/ Q1/ Q2
Slide 18: High FCF generation
18 | Financials High FCF generation Strong operational performance and robust working capital management Free Cash Flow1 (€m) FY 2025 FY 2024 Q4/2025 Q4/2024 › Strong FCF generation continued in the last Cash flow from operating activities before 745 512 291 176 net working capital quarter, driven b
Slide 19: Agenda
19 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Strategic Outlook José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures FY 2025 | February 25, 2026
Slide 20: Guidance for FY 2026
20 | Guidance and Outlook Guidance for FY 2026 Profitable growth expected to accelerate FY 2024 FY 2025 Guidance 2026 Sales: €7.3 bn €7.6 bn €8.2 – 9.0 bn EBITDA margin: 4.1% 8.4% 8.0% - 11.0% Working capital ratio: -9.1% -12.4% below -9% CAPEX: €153 m €169 m approx. €200 m Financial figures FY 2025
Slide 21: Capital allocation policy: balancing growth investments and shareholder returns
21 | Guidance and Outlook Capital allocation policy: balancing growth investments and shareholder returns 1› Maintaining financial flexibility Introducing our ‘Shareholders Return’ Policy’: › Sustaining a strong balance sheet with ample › Nordex is committed to delivering predictable and liquidity t
Slide 22: Sustained growth in onshore wind expected to continue
22 | Guidance and Outlook Sustained growth in onshore wind expected to continue Nordex leveraging opportunities in Europe and North America Order intake by market1 (GW) Onshore installation forecast2 (ex-China) +10% 10.2 65.9 67.5 +18% 64.3 8.3 55.1 23.4 22.7 7.4 48.9 23.7 42.1 21.7 3.7 4.5 8.9 20.7
Slide 23: New mid-term EBITDA margin target range of 10-12%
23 | Levers to reaching the mid-term target New mid-term EBITDA margin target range of 10-12% Continued focus on improving margins further in future years 1 Volume 10-12% EBITDA margin › Driven by European volume growth and 3 [Indicative EBIT ~8-10%] improved order intake in the Americas 2 and APAC
Slide 24: Time for your questions
24 | Q&As Time for your questions Questions Answers Financial figures FY 2025 | February 25, 2026
Slide 25: Agenda
25 | Agenda Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Strategic Outlook José Luis Blanco Q&A All Key Takeaways José Luis Blanco Financial figures FY 2025 | February 25, 2026
Slide 26: Key takeaways
26 | Key takeaways Key takeaways 1 2 3 Solid free cash Further room to Record annual order flow generation improve - Mid term intake with stable and improved target upgraded margins - ROE to continue and return to supporting future driven by ongoing shareholders growth margin initiated improvement S
Slide 27: Appendix
27 | 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 28: Sustainability – FY 2025
28 | Sustainability – FY 2025 Strong operational progress supporting business performance ESG rating performance Highlights › Our installed fleet help avoid 93.3 million tons of green house A A A BBB gas emissions in 2025 (+13.8 % YoY). B+ B+ B+ › We continue our efforts for reducing our carbon foot
Slide 29: Quarterly order intake and installations
29 | Appendix Quarterly order intake and installations Order intake development in MW FY 2023: 7,358 MW FY 2024: 8,336 MW FY 2025: 10,214 MW 3,552 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 Q4/2025 Installations in MW
Slide 30: Quarterly order book development
30 | Appendix Quarterly order book development Order book development in € m Service Projects 16,094 14,912 14,326 13,457 12,778 5,972 11,495 5,588 11,125 11,032 5,473 10,537 5,208 4,974 3,791 4,142 4,642 3,626 10,122 8,853 9,324 7,804 8,249 6,911 7,333 6,890 6,853 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4
Slide 31: Key financial KPIs development
31 | Appendix Key financial KPIs development Sales (€bn) EBITDA (€m) Margins (%) Project Service Gross1 EBITDA EBIT 27.3 28.0 27.8 24.8 23.0 2,539 307 12.1 2,194 1,874 8.0 1,706 1,435 4.9 5.5 5.8 10.0 136 107 108 5.5 80 3.5 2.7 2.4 Q4/ Q1/ Q2/ Q3/ Q4/ Q4/ Q1/ Q2/ Q3/ Q4/ Q4/ Q1/ Q2/ Q3/ Q4/ 2024 202
Slide 32: Quarterly income statement development
32 | Appendix Quarterly income statement development Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ in € m1 2023 2024 2024 2024 2024 2025 2025 2025 2025 Sales 2,012 1,574 1,860 1,671 2,194 1,435 1,874 1,706 2,539 Total revenues 2,127 1,458 1,796 1,593 2,153 1,555 1,853 1,803 2,544 Cost of materials -1,752 -1,1
Slide 33: Quarterly balance sheet development
33 | Appendix Quarterly balance sheet development in € m1 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 31.12.25 Current assets 3,553 3,273 3,410 3,355 3,602 3,609 3,616 3,822 4,751 Non-current assets 1,869 1,915 2,038 1,954 2,029 2,026 2,052 2,067 2,001 Total assets 5,422
Slide 34: Quarterly cash flow statement development
34 | Appendix Quarterly cash flow statement development Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ in € m1 2023 2024 2024 2024 2024 2025 2025 2025 2025 Cash flow from operating activities before net 244 65 79 193 176 97 232 125 291 working capital Cash flow from changes 106 -267 51 -9 142 -71 -54 55 341 in
Slide 35: Quarterly segment results development
35 | Appendix Quarterly segment results development Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ in € m1 2023 2024 2024 2024 2024 2025 2025 2025 2025 Projects sales 1,824 1,413 1,688 1,474 1,968 1,245 1,670 1,505 2,316 Service sales 196 166 177 201 233 197 207 219 240 Not allocated + -9 -5 -5 -4 -7 -6 -3 -18
Slide 36: Quarterly working capital development
36 | Appendix Quarterly working capital development Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ in € m1 2023 2024 2024 2024 2024 2025 2025 2025 2025 Trade receivables 197 140 171 195 241 259 315 218 197 Contract assets from 780 935 1,027 796 838 809 774 931 1,305 projects Inventories 1,266 1,114 1,022 1,102
Slide 37: Quarterly net cash development
37 | Appendix Quarterly net cash development Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ in € m1 2023 2024 2024 2024 2024 2025 2025 2025 2025 Current liabilities to -37 -39 -39 -31 -38 -44 -36 -34 -34 banks Non-current liabilities to -7 -7 -7 -7 -7 0 0 0 0 banks Convertible bond -248 -254 -253 -259 -258 -26
Slide 38: Key financial metrics – annual base
38 | 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 39: Abbreviations
39 | 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 40: Nordex publication dates & events in 2026
40 | Nordex publication dates & events in 2026 Publication Q4/FY Publication order figures 2025 Jefferies Pan-European intake figures Q1/2026 Mid-Cap Conference 25 FEB 26 FEB 24-25 MAR 26 MAR Mid APR BofA Energy, Utilities and Infrastructure Conference Analyst Roundtable Financial figures FY 2025 |
Slide 41: Contact details
41 | 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