Nordex Reports €118m EBITDA in H1 2024, Reverses Previous Year's Loss

Nordex has reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of €118 million for the first half of 2024, marking a significant turnaround from a loss of €114 million in the same period of 2023. Sales increased by approximately 25% to €3.4 billion, up from €2.8 billion in the first half of the previous year. The company’s EBITDA margin improved to 3.4% in the first half of 2024, compared to -4.2% in H1 2023. In the second quarter of 2024, EBITDA reached €65.8 million with a margin of 3.5%, up from €600,000 and a 0.0% margin in Q2 2023. Nordex has revised its guidance for the current financial year, now expecting an EBITDA margin of 3-4%, an adjustment from the initial range of 2-4%. Sales expectations remain between €7 billion and €7.7 billion, with capital expenditure projected at around €175 million. “We have been able to achieve a clear stabilization in our margin development in recent quarters and this positive trend should continue in the future,” said Jose Luis Blanco, CEO of the Nordex Group. “Against this backdrop, together with our robust order book and stable pricing, we are now narrowing our initial EBITDA guidance range to 3 to 4 percent for the full year.” In the projects segment, Nordex recorded an order intake of 3.4GW for the first half of 2024, up from 2.6GW in the same period of 2023. These orders were received from 17 countries and include various turbine variants. As of June 2024, Nordex’s order book stood at €11 billion, compared with €9.8 billion in H1 2023. This includes €6.9 billion in the projects segment and €4.1 billion in the service segment. Turbine assembly production reached 3023MW in the first half of 2024, a 4.7% increase compared to the previous year. Rotor blade production also rose to 2333 units, up from 2224 units in H1 2023. Of these, 718 rotor blades were produced in-house, while 1615 were sourced from external suppliers. Nordex installed 592 wind turbines across 20 countries, totaling 3GW in the first six months of 2024, compared with 632 wind turbines in 22 countries with a total output of 3.1GW in H1 2023.