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Robust growth for Nordex Group in the first quarter of 2024

Nordex Group announces a 29% increase in sales and confirms its annual forecasts following a solid first quarter.

energynews
Le 16 May 2024

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Nordex Group, a key player in the wind energy sector, started the year with impressive sales growth, reaching 1.574 billion euros, up 29% on the previous year. This performance was marked by EBITDA of €52.1 million for the first quarter, a significant improvement on the loss of €114.9 million recorded during the same period in 2023. This improvement resulted in an EBITDA margin of 3.3%, compared with a negative margin the previous year.

Market expansion and diversification

In the first quarter of 2024, Nordex installed 227 wind turbines in 13 countries, with a total capacity of 1,103 MW. Although this represents a reduction on the 276 turbines installed the previous year, geographical diversification continues, with the majority of installed capacity in Europe (71%), followed byLatin America (19%) and other regions (10%). Sales in the projects segment rose by 32.3% to 1.413 billion euros, while sales in the services segment also increased by 9.3% to 166 million euros.

Production performance and order intensification

Turbine production fell slightly, with 199 units produced, but order intake, excluding service, rose sharply to 1.765 billion euros, with nominal output of 2,086 MW. This increase is mainly attributable to contracts in Germany, South Africa and Lithuania. The order book in the projects segment also rose, from 6.5 to 7.3 billion euros.

Financial strength and forecasts

At the end of the first quarter, Nordex had cash and cash equivalents of €661 million, and a net cash position of €359 million. The ratio of working capital to consolidated sales was -7.0%. The company saw a slight decline in total assets and an increase in its equity ratio. José Luis Blanco, CEO of Nordex, points to improved margins and more stable results expected for the year, thanks to the execution of more profitable projects and a stable cost environment.
Nordex Group has made a promising start to the year, with a significant improvement in its financial results and continued expansion of its international activities. The Group is well positioned to maintain this momentum thanks to an effective strategy of cost management and innovation.

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