Nordex: positive results

Nordex announces sales of €3.9 billion and strong order intake.

Stable results

Nordexd tightens its forecast for fiscal 2022. The operating margin (EBITDA margin) is now expected to be at the lower end of the published forecast range. The current market environment, supply chain reliability issues and project delays are impacting this result.

The Nordex Group increased its sales significantly compared to previous quarters to €1.7 billion in the third quarter. Indeed, based on the first nine months of fiscal year 2022, revenues amount to €3.9 billion. This result is almost at the same level as the previous year (€4 billion).

Earnings before interest, taxes, depreciation and amortization (EBITDA) amount to minus €200 million compared to €101 million in 2021. These figures reflect the still strong inflationary environment and the disruption of the supply chain. The latest improvement in selling prices for new incoming orders will begin to have a positive impact next year.

Orders on the rise

In the first three quarters of 2022, order intake in the Projects segment (excluding services) amounted to 4.4GW. This corresponds to a value of €3.6 billion. The average selling price (ASP) per megawatt of generation in the third quarter increases by 32% compared to 2021. Of the new orders, 69% were attributable to Europe, 26% to Latin America and 5% to North America.

At the end of September 2022, the Nordex Group had an order backlog of almost €9.7 billion. 6.5 billion is for the Projects segment and €3.1 billion for the Services segment. As a result, the Group’s order book remains solid.

In the first nine months of 2022, the Nordex Group is slightly increasing its turbine production. In fact, it increased from 4.8GW the previous year to 4.9GW. The total production of rotor blades amounts to 3357 units of which the company produced 879 blades in its own factories.

Permanent innovations

Despite some instability in its supply chains, Nordex was installing a total of 791 wind turbines in 17 countries. Total generation reaches 3.6GW in the first nine months of 2022. Europe accounted for about 74% of the installations, while non-European markets accounted for about 26%.

These installations generated €3.5 billion in revenues for the Projects segment during the reporting period. Sales in the Services segment amounted to €398 million at the end of September. In addition, in the third quarter of 2022, Nordex unveiled a new turbine.

Indeed, the N175/6.X turbine is part of the Nordex Delta4000 series. This turbine has a larger rotor. Thus, it can generate significantly more power at lower wind speeds than its predecessors.