Business
Nordex : Q4 2025 Analyst Presentation
Nordex : Q4 2025 Analyst
About this update from Nordex Se
| Nordex Group Nordex SE: Q4/2025 results Delivering as promised: Sustaining our profitable growth path Financial figures FY 2025 | February 25, 2026 February 25, 2026 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 3 | Agenda › Strengthened market positioning through a focused strategy & customer-centric approach › Optimized execution and process management › Increased cost efficiency via diversified supply chains and cost control › Better risk-sharing and tighter contract terms › Expanded the Service business profitably through targeted initiatives Period of volatility (2021-2022) Stabilization (2023-2024) Profitable growth (2025+) Revenue growth (€bn) 7.3 7.6 5.4 5.7 6.5 2021 2022 2023 2024 2025 Generating stable EBITDA margin (%) 8.4 4.1 1.0 0.0 2021 -4.3 2022 2023 2024 2025 Generating positive FCF (€m) 863 20 271 -25 2021 -514 2022 2023 2024 2025 Key actions behind the turnaround 4 | Introduction From volatility to profitable growth Delivering the course we set 10.2 GW Order intake +23% YoY 8.4% EBITDA margin +430 bps YoY €863 m Free Cash Flow +219% YoY 1 2026 guidance › Sustainable improvement across all KPIs 2 Capital allocation › Introducing shareholders return policy 3 Mid-term target › Upgrading our target and setting the tone for growth 5 | Introduction Mid term target achieved Setting a new ambitious path ahead Global market share (ex-China) (total c.57 GW order intake) #1 in Europe 4 th year in a row (total c.19 GW order intake) Rebuilding market share in Americas (total c.11 GW order intake) 9% 11% 25% 18% 6% Nordex Nordex 48% 45% 9% 18% Nordex 11% 30% 24% 48% 36% 11% 14% 15% # 4 2022 # 3 2023 # 2 2024 # 2 2025 # 1 2022 # 1 2023 # 1 2024 # 1 2025 # 3 2022 # 3 2023 # 3 2024 # 3 2025 Nordex Peer 1 Peer 2 Peer 3 Peer 4 Other players 6 | Introduction Increasing market share continued Leading in Europe and re-building our position in Americas 1 Growing order book Turbine order book in € grew by 30% YoY Service order book in € grew by 20% YoY 2 Strong profitability EBITDA of €307 m, up 188% YoY Strong growth in EBITDA margin YoY, up 7.2 PP Further increase of Service EBIT margin to 19.0%, up 3.0 PP €16 bn Combined order book 12.1% EBITDA margin 3 Generating cash Increase in positive FCF to €565 m (vs €271 m Q4/2024) Increased net income to €184 m (vs €18 m in Q4/2024) >€1.6 bn in net cash 4 Mid term target achieved • Strong execution in the project business and service drives margin expansion in FY 2025 Mid-term goal of 8% EBITDA margin reached in 2025 8.4% Mid term EBITDA target met 7 | Introduction Strong Q4/2025 performance Robust order intake and delivery across all key metrics 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 8 | Agenda 3,253 3,552 +9% Order intake turbine 1 (MW) Q4/2024 Q4/2025 Order intake turbine 1 by regions (MW in %) Europe LatAm North America RoW › Order intake in value increased by around 10% to €3,175 m in Q4/2025 (Q4/2024: €2,889 m) › Orders received from 12 different countries with stable ASP of €0.89 m/MW in Q4/2025 (Q4/2024: €0.89 m/MW) › Slight increase in ASP on full year basis mainly due to scope and regional mix effects › Strongest single markets in Q4/2025 were Germany, Canada and France 21% 11% 79% 89% Q4/2024 Q4/2025 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 book turbines 1 (€m) Order book service (€m) +30% 10,122 7,804 +20% 5,972 4,974 › Turbines order book crossed €10 bn in Q4/2025, corresponding to an increase of 30% YoY Q4/2024 Q4/2025 Q4/2024 Q4/2025 › 13,868 wind turbines under service agreement corresponding to 48.3 GW at the end of Q4/2025 88% 9% 1% 2% Geographical distribution of the turbine order book (€m, Q4/2025) › Increase in service order book due to sustained higher sales activity over the last few years 10 | Markets and operations Order book further strengthened Combined order book of around €16 bn Sales (€m) +3% 233 240 Q4/2024 Q4/2025 › Share of service sales amounted to around 9% of total group sales in Q4/2025 › Service EBIT margin reached to our targeted margin of 19.0% EBIT/EBIT Margin (€m;%) 17.7% 18.6% 19.0% › 97% average availability of WTGs under service in the Q4/2025 16.6% 16.8% 39 41 33 37 46 › Average tenor of the service contracts of around 13 years Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 11 | Markets and operations Service EBIT margin recovery Successfully returned to prior highs Installations (MW) Europe LatAm North America RoW › Strong increase in installations to 376 turbines in 20 countries (283 turbines in 18 countries in Q4/2024) +25% 2,083 1,660 4% 21% 8% 0% 5% 9% 67% 86% Q4/2024 Turbine production (MW) Europe Asia RoW +27% 37% 60% 3% 2% 3,202 1,598 1,587 29% 25% 28% 69% 75% 72% 2,519 Q4/2025 Total blade production (#) In-house outsourced -1% › Q4 turbine production increased in line with project scheduling to a total of 519 turbines in Q4/2025 (445 turbine in Q4/2024) › Total blade production in Q4 was stable despite temporary delays at a supplier factory in Türkiye › FY 2025 installations totalled 7,663 MW in 26 countries (vs 6,641MW in 25 countries in FY 2024) Q4/2024 Q4/2025 Q4/2024 Q4/2025 12 | Markets and operations Operational performance in line with expectations 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 13 | Agenda 2025 initial guidance 2025 upgraded guidance 2025 actuals Sales: EBITDA margin: Working capital ratio: CAPEX: €7.4-7.9 bn 5.0% to 7.0% -9.0% approx. ~€200 m €7.4-7.9 bn 7.5% to 8.5% -9.0% approx. ~€200 m €7.6 bn ✓ 8.4% ✓ -12.4% ✓ €169 m ✓ 14 | Financials 2025 Guidance fully met Achieved margin towards the upper end of the upgraded guidance in € m 1 FY 2025 FY 2024 Δ in % Q4/ 2025 Q4/ 2024 Δ in % Sales 7,554 7,299 3.5 2,539 2,194 15.8 Total revenues 7,754 7,001 10.8 2,544 2,153 18.1 Cost of materials -5,716 -5,466 4.6 -1,838 -1,648 11.5 Gross profit 2,039 1,535 32.8 705 505 39.6 Personnel costs -820 -727 12.8 -227 -213 6.5 Other operating (expenses)/income -587 -511 14.9 -171 -185 -7.7 EBITDA 631 296 >100 307 107 >100 Depreciation/amortization -181 -181 0.1 -53 -47 12.6 EBIT 450 115 >100 255 60 >100 Financial result 2 -71 -94 -24.8 -12 -28 -57.0 Net income 274 9 >100 184 18 >100 Gross margin 3 27.0% 21.0% 27.8% 23.0% EBITDA margin 8.4% 4.1% 12.1% 4.9% EBIT margin 6.0% 1.6% 10.0% 2.7% › Sales increased by around 16% to €2.5 bn quarter, reflecting higher ASPs, higher activity levels and growth in service revenues › Gross margin continued to increase to 27.8% in Q4/2025, up from 23.0% in Q4/2024 › Q4/2025 EBITDA margin totaled 12.1% driven by good execution in projects and service › Closing FY 2025 with a solid net profit of €274 m Financial figures FY 2025 | February 25, 2026 1 May not add due to rounded figures 2 Consists mainly of bank bond fees, convertible bond interests, leasing and factoring 3 Gross profit in relation to sales 15 | Financials Income statement Q4/FY 2025 in € m 1 31.12. 2025 31.12. 2024 abs. change Δ in % Current assets 4,751 3,602 1,149 31.9 Non-current assets 2,001 2,029 -28 -1.4 Total assets 6,752 5,631 1,121 19.9 Current liabilities 4,356 3,609 748 20.7 Non-current liabilities 1,111 1,026 86 8.3 Equity 1,284 997 288 28.9 Equity and total liabilities 6,752 5,631 1,121 19.9 Net cash 2 1,625 848 Working capital ratio 3 -12.4% -9.1% Equity ratio 19.0% 17.7% › Record high cash level of ~€1.9 bn at the end of FY 2025 › Equity ratio further increased to 19.0% at the end of the year, primarily driven by the strong positive development of net income 16 | Financials Balance sheet Q4/2025 Net cash (debt) 1 (€m) Equity ratio (%) 848 824 942 1,073 1,625 19.0 › Strong underlying business performance drives net cash growth Q4/ Q1/ Q2/ Q3/ 2024 2025 2025 2025 Q4/ 2025 Q4/ Q1/ Q2/ Q3/ 2024 2025 2025 2025 Q4/ 2025 › Equity ratio further increased to 19.0% 17.7 17.6 18.0 18.3 at the end of Q4/2025 › Working capital development benefiting from strong order intake WC development 2 (€m) Working capital ratio 3 (%) 23 -594 -552 353 -166 -9.1 -8.3 -7.5 -8.2 -12.4 Q3/ 2025 Receiva- Inven- bles tories Prepay- ments Pay- ables -935 Q4/ 2025 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 17 | Financials Balance sheet KPIs Underscoring robust operating business Free Cash Flow 1 (€m) FY 2025 FY 2024 Q4/2025 Q4/2024 Cash flow from operating activities before net working capital 745 512 291 176 Cash flow from changes in working capital 271 -82 341 142 Cash flow from operating activities 1,016 430 631 318 Cash flow from investing activities -153 -159 -66 -47 Free cash flow 2 863 271 565 271 Cash flow from financing activities -44 -38 -10 -5 Change in cash and cash equivalents 820 233 555 266 Capex (€m) Property, plant, equipment 31 18 24 41 +68% 72 Intangible assets 42 Q4/2024 Q4/2025 › Strong FCF generation continued in the last quarter, driven by solid operational performance, robust order intake, and disciplined working-capital management › Investments in line with previous quarters: blade and nacelle production facilities, moulds and tooling as well as investments in installation and transport equipment › CAPEX spendings accelerated in Q4/2025 but below our guidance of ~€200 m 18 | Financials High FCF generation Strong operational performance and robust working capital management 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 19 | Agenda 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: CAPEX: -9.1% €153 m -12.4% €169 m below -9% approx. €200 m 20 | Guidance and Outlook Guidance for FY 2026 Profitable growth expected to accelerate 1 › Maintaining financial flexibility › Sustaining a strong balance sheet with ample liquidity to navigate market cycles 2 › Operational and strategic growth › Funding core organic investments across supply chain, recurring capex, product platforms, and key R&D initiatives › Retain flexibility for selective strategic growth opportunities and strengthen supply chain resilience 3 › Return to shareholders › Introducing 'Shareholders Return Policy' Introducing our 'Shareholders Return' Policy': › Nordex is committed to delivering predictable and sustainable shareholder returns in future years through either dividends or share buy-backs, aligned with distributable profits, capital structure priorities, and strategic growth investments 1 . › The profits in standalone Nordex SE are yet to catch up in 2025 due to differences between local GAAP and IFRS accounting policies. These timing effects should unwind in 2026, enabling capital return to commence in 2027. › Subject to above, the Management Board targets a minimum shareholder return of €50m 1 annually from 2027 onwards, aiming for a disciplined and consistent payout approach. Financial figures FY 2025 | February 25, 2026 1 Dividend payments and share buy-backs are subject to regulatory approvals and subject to achieving guidance, generating net profits and stable market conditions 21 | Guidance and Outlook Capital allocation policy: balancing growth investments and shareholder returns Order intake by market 1 (GW) Onshore installation forecast 2 (ex-China) 8.3 7.4 8.9 6.6 6.3 0.1 0.6 1.0 0.2 0.3 0.6 0.2 1.1 10.2 +18% 21.7 +10% 64.3 65.9 67.5 55.1 48.9 23.7 23.4 22.7 42.1 15.8 3.7 11.0 3.7 9.8 4.5 11.0 3.9 2.4 2.8 12.8 20.7 2023 2024 2025 Europe 3 LatAM North AM RoW 2 Healthy volumes expected in Nordex focus markets throughout the period Nordex portfolio anchored in Europe, 1 Canada, with upside in the US and emerging opportunities in Australia 3 AI and electrification as additional demand upsides in the long-term 8.2 14.3 11.1 14.7 17.7 25.9 29.0 29.3 2025 2026 2027 2028 2029 2030 Financial figures FY 2025 | February 25, 2026 1 Firm orders only 2 Wood Mackenzie Q4 2025 power market outlook, issued in November 2025 Germany 2025 installation was adjusted considering the official FY2025 data from German Onshore Wind Energy Agency Germany 2026-2030 BNEF 2H 2025 Global Wind Market Outlook 22 | Guidance and Outlook Sustained growth in onshore wind expected to continue Nordex leveraging opportunities in Europe and North America 1 Volume › Driven by European volume growth and improved order intake in the Americas and APAC 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 › Further streamline fixed costs by lean operations and deeper supply chain globalisation › Lower interest expense on bank guarantee lines Efficiency measures 3 Mid-term EBITDA target Add'l efficiency measures Aditional volume Improved service business 2025 Previous Target 8% 1 2 8.4% EBITDA Margin (Current) ✓ 10-12% EBITDA margin [Indicative EBIT ~8-10%] 3 2 Services segment profitability › Operating leverage from revenue growth › Aiming for >20% EBIT margins, driven by mix improvement and operational excellence 24 | Q&As Time for your questions Questions Answers 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 25 | Agenda 1 Record annual order intake with stable margins - supporting future growth 2 Solid free cash flow generation and improved ROE to continue driven by ongoing margin improvement 3 Further room to improve - Mid term target upgraded and return to shareholders initiated Setting path for upgraded mid-term EBITDA margin target of 10-12% 26 | Key takeaways Key takeaways › 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 development 27 | Appendix Appendix ESG rating performance A A A BBB B+ B+ B+ B B B B B 16.6 23.0 20.5 25.0 Highlights › Our installed fleet help avoid 93.3 million tons of green house gas emissions in 2025 (+13.8 % YoY). › We continue our efforts for reducing our carbon footprint across all scopes. In 2025 we have rolled out a supplier engagement target to accelerate decarbonization across our value chain. › Health & safety remains key priority. In 2025, the total case incident rate (TCIR) stood at 8.0 (-18.3% in FY2024). Awards & recognitions: › ESG Transparency Award › Rank 25 in Corporate Knights' Global 100 list › First Ecovadis platinum medal 71/100 70/100 74/100 85/100 2022 2023 2024 2025 28 | Sustainability - FY 2025 Strong operational progress supporting business performance FY 2023: 7,358 MW FY 2024: 8,336 MW FY 2025: 10,214 MW 3,253 3,552 2,251 2,466 2,086 2,182 2,310 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 FY 2023: 7,253 MW FY 2024: 6,641 MW FY 2025: 7,663 MW 2,439 2,576 1,717 1,869 2,010 1,660 1,959 2,083 1,103 1,046 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 29 | Appendix Quarterly order intake and installations Order intake development in MW Order book development in € m Service Projects 16,094 14,326 14,912 12,778 13,457 5,972 10,537 11,125 11,032 11,495 4,974 5,208 5,473 5,588 3,626 3,791 4,142 4,642 6,911 7,333 6,890 6,853 7,804 8,249 8,853 9,324 10,122 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 30 | Appendix Quarterly order book development Sales (€bn) Project Service EBITDA (€m) Margins (%) Gross 1 EBITDA EBIT 2,539 307 23.0 27.3 24.8 28.0 8.0 27.8 12.1 2,194 1,874 1,706 1,435 107 80 108 136 4.9 5.5 5.8 2.7 2.4 3.5 5.5 10.0 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 Net cash (debt) 2 (€m) WC ratio 3 (%) Equity ratio (%) 18.3 17.7 18.0 17.6 -9.1 -8.3 -7.5 -8.2 19.0 848 824 942 1,073 1,625 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 -12.4 Q4/ 2025 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 1 Gross profit in relation to sales 31 | Appendix Key financial KPIs development in € m 1 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 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 -1,149 -1,437 1,232 -1,648 -1,164 -1,388 1,325 -1,838 Gross profit 375 309 360 361 505 391 465 477 705 Personnel costs -170 -167 -171 -176 -213 -196 -188 -209 -227 Other operating (expenses)/income -137 -90 -123 -114 -185 -115 -169 -133 -171 EBITDA 69 52 66 72 107 80 108 136 307 Depreciation/amortization -50 -45 -44 -46 -47 -44 -42 -42 -53 EBIT 19 7 22 26 60 35 66 94 255 Net income 31 -13 1 4 18 8 31 52 184 Gross margin 2 18.6% 19.6% 19.3% 21.6% 23.0% 27.3% 24.8% 28.0% 27.8% EBITDA margin 3.4% 3.3% 3.5% 4.3% 4.9% 5.5% 5.8% 8.0% 12.1% EBIT margin 0.9% 0.4% 1.2% 1.6% 2.7% 2.4% 3.5% 5.5% 10.0% 32 | Appendix Quarterly income statement development in € m 1 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 5,188 5,448 5,309 5,631 5,635 5,668 5,889 6,752 Current liabilities 3,673 3,392 3,456 3,408 3,609 3,600 3,566 3,675 4,356 Non-current liabilities 771 832 1,019 921 1,026 1,041 1,084 1,138 1,111 Equity 978 964 974 980 997 994 1,018 1,076 1,284 Equity and total liabilities 5,422 5,188 5,448 5,309 5,631 5,635 5,668 5,889 6,752 Net cash 2 631 359 446 583 848 824 942 1,073 1,625 Working capital ratio 3 -11.5% -7.0% -7.4% -7.3% -9.1% -8.3% -7.5% -8.2% -12.4% Equity ratio 18.0% 18.6% 17.9% 18.5% 17.7% 17.6% 18.0% 18.3% 19.0% 1 May not add due to rounded figures. 33 | Appendix Quarterly balance sheet development in € m 1 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 Cash flow from operating activities before net working capital 244 65 79 193 176 97 232 125 291 Cash flow from changes in working capital 106 -267 51 -9 142 -71 -54 55 341 Cash flow from operating activities 350 -203 130 184 318 26 179 180 631 Cash flow from investing activities -47 -51 -36 -25 -47 -22 -33 -31 -66 Free cash flow 2 303 -254 94 159 271 4 145 149 565 Cash flow from financing activities -14 -8 -9 -16 -5 -10 -14 -9 -10 Change in cash and cash equivalents 289 -262 85 144 266 -6 131 140 555 34 | Appendix Quarterly cash flow statement development in € m 1 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 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 + consolidation sales -9 -5 -5 -4 -7 -6 -3 -18 -17 Total sales 2,012 1,574 1,860 1,671 2,194 1,435 1,874 1,706 2,539 Projects EBIT 95 55 68 83 112 106 102 167 333 Service EBIT 34 25 27 32 39 33 37 41 46 Not allocated + consolidation EBIT -111 -73 -73 -89 -91 -104 -73 -114 -124 Total EBIT 19 7 22 26 60 35 66 94 255 Project EBIT Margin 5.2% 3.9% 4.0% 5.6% 5.7% 8.5% 6.1% 11.1% 14.4% Service EBIT Margin 17.4% 15.1% 15.4% 16.0% 16.6% 16.8% 17.7% 18.6% 19.0% Total EBIT Margin 0.9% 0.4% 1.2% 1.6% 2.7% 2.4% 3.5% 5.5% 10.0% Financial figures FY 2025 | February 25, 2026 1 May not add due to rounded figures. 35 | Appendix Quarterly segment results development in € m 1 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 Trade receivables 197 140 171 195 241 259 315 218 197 Contract assets from projects 780 935 1,027 796 838 809 774 931 1,305 Inventories 1,266 1,114 1,022 1,102 909 982 910 985 1,008 Trade payables -1,669 -1,418 -1,710 -1,654 -1,657 -1,482 -1,372 -1,574 -2,125 Contract liabilities from projects -1,320 -1,251 -1,040 -960 -995 -1,161 -1,167 -1.154 -1,319 Working Capital -746 -479 -529 -521 -663 -593 -539 -594 -935 / Sales (12-month value) 6,489 6,846 7,170 7,117 7,299 7,160 7,173 7,208 7,554 Working Capital Ratio 2 -11.5% -7.0% -7.4% -7.3% -9.1% -8.3% -7.5% -8.2% -12.4% Financial figures FY 2025 | February 25, 2026 1 May not add due to rounded figures. 2 Based on actual sales figures. 36 | Appendix Quarterly working capital development in € m 1 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Q2/ 2025 Q3/ 2025 Q4/ 2025 Current liabilities to banks -37 -39 -39 -31 -38 -44 -36 -34 -34 Non-current liabilities to banks -7 -7 -7 -7 -7 0 0 0 0 Convertible bond -248 -254 -253 -259 -258 -265 -264 -271 -270 Employee bond -3 -3 -3 -3 0 0 0 0 0 Shareholder loan 0 0 0 0 0 0 0 0 0 Cash and cash equivalents 926 661 747 882 1,151 1,132 1,242 1,378 1,929 Net Cash (Debt) 631 359 446 583 848 824 942 1,073 1,625 37 | Appendix Quarterly net cash development in € m 1 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)/income -143 -353 -511 -587 EBITDA -244 2 296 631 Depreciation/amortization -182 -189 -181 -181 EBIT -427 -187 115 450 Net income -498 -303 9 274 Gross margin 2 8.5% 15.2% 21.0% 27.0% EBITDA margin -4.3% 0% 4.1% 8.4% EBIT margin -7.4% -2.9% 1.6% 6.0% Net cash 244 631 848 1,625 Working Capital -10.2% -11.5% -9.1% -12.4% Equity ratio 18.5% 18.0% 17.7% 19.0% Free cash flow -514 20 271 863 1 May not add due to rounded figures. 38 | Appendix Key financial metrics - annual base › 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 - Megawatts › QoQ - Quarter over Quarter › RoW - Rest of the World › W/C ratio - Working Capital ratio › WIP - Work in progress › YoY - Year over Year 39 | Appendix Abbreviations Publication Q4/FY figures 2025 Jefferies Pan-European Mid-Cap Conference Publication order intake figures Q1/2026 25 FEB 26 FEB 24-25 MAR 26 MAR Mid APR Analyst Roundtable BofA Energy, Utilities and Infrastructure Conference 40 | Nordex publication dates & events in 2026 Financial figures FY 2025 | February 25, 2026 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .