|
Nordex Group
Delivering as promised:
Sustaining our profitable growth pathFinancial 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 4th 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 players6 | 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 bnCombined 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)
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
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 turbine1 (MW)
Q4/2024 Q4/2025
Order intake turbine1 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 turbines1 (€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 € m1 | 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 result2 | -71 | -94 | -24.8 | -12 | -28 | -57.0 |
Net income | 274 | 9 | >100 | 184 | 18 | >100 |
Gross margin3 | 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 € m1 | 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 cash2 | 1,625 | 848 | ||
Working capital ratio3 | -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 development2 (€m)
Working capital ratio3 (%)
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 Flow1 (€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 flow2 | 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, equipment31
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 investments1.
› 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 €50m1annually 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 market1 (GW) Onshore installation forecast2
(ex-China)
8.3
7.4
8.9
6.6
6.3
0.1
0.6
1.0
0.20.3
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
Europe3
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 AnswersIntroduction | 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 ServiceEBITDA (€m)
Margins (%)
Gross1 EBITDA EBIT2,539
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 ratio3 (%)
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 € m1 | 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 margin2 | 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 € 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 | 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 cash2 | 631 | 359 | 446 | 583 | 848 | 824 | 942 | 1,073 | 1,625 |
Working capital ratio3 | -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% |
1May not add due to rounded figures.
33 | Appendix
Quarterly balance sheet development
in € m1 | 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 flow2 | 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 € m1 | 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 1May not add due to rounded figures.
35 | Appendix
Quarterly segment results development
in € m1 | 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 Ratio2 | -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
1May not add due to rounded figures.
2Based on actual sales figures.
36 | Appendix
Quarterly working capital development
in € m1 | 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 € 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)/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 margin2 | 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 |
1May 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
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