Nordex posts solid 9mo results, upbeat about 2024 EBITDA margin

Image by Nordex SE

German wind turbine maker Nordex SE (ETR:NDX1) said on Thursday its 2024 EBITDA margin is seen to be closer to the top end of its guidance range as its profitability improved in the first nine months of the year.

The manufacturer reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of EUR 189 million (USD 203.1m) in the first three quarters of 2024, overturning a negative result from a year ago. The respective margin came at a positive 3.7%, against minus 1.5% a year back, the company’s latest financial report shows.

Given the improvement, full-year EBITDA margin is expected to be closer to the top end of the 3%-4% forecast.

“I am very pleased with the operational progress over the past nine months, demonstrating a consistent increase in profitability each quarter and aligning with our expectations,” said CEO Jose Luis Blanco. He added that the consistent and sustainable progress puts the company on a strong path to further improve its profitability and reach its mid-term goal for an 8% EBITDA margin.

Nordex closed the first nine months of 2024 with a consolidated net loss of EUR 8.7 million, significantly cutting its deficit from a year back. At EUR 5.1 billion, sales rose by 14% in annual terms thanks to the improved results at both the project and the service segments.

Amounts in EUR	9mo 2024	9mo 2023
Sales	5.1bn	4.48bn
-- from Service segment	543m	482m
-- from Projects segment	4.6bn	4bn
EBITDA (loss)	189.5m	(66.6m)
EBITDA margin	3.7%	-1.5%
Net profit (loss)	(8.7m)	(333.7m)
Capital expenditure	110.1m	83m

-- from Projects segment

The Rostock-based turbine maker secured 5.1 GW of orders in January-September, up from 4.9 GW a year earlier, with the value of orders totalling EUR 4.6 billion. Its order book in the Projects division at end-September amounted to EUR 6.9 billion, rising from EUR 6.7 billion. In the Service segment, the order book expanded to EUR 4.6 billion from EUR 3.6 billion.

Nordex installed 944 turbines with a combined capacity of 5 GW across 24 countries in the nine months, in line with internal planning. The capacity declined from the 5.5 GW commissioned in the year-ago period.

(EUR 1.0 = USD 1.075)

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