- Order intake of 2.3 GW showing a substantial growth versus Q2/2024
- EBITDA totaled EUR 108 million with an EBITDA margin of 5.8 percent, marking another step up in profitability and reinforcing the positive margin trend
- Strong net income of EUR 31 million in Q2/2025 versus EUR 0.5 million in the previous year quarter
- Substantial free cash flow generation of EUR 145 million in Q2/2025 supported by positive operating business
- Full year guidance confirmed
The Nordex Group reported a solid business performance for the second quarter of 2025.
Sales reached around EUR 1.9 billion in Q2/2025, in line with the previous year quarter (Q2/2024: EUR 1.9 billion). Gross revenue, including changes in inventories, rose by 3.1 percent to EUR 1.9 billion (Q2/2024: EUR 1.8 billion).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the second quarter of 2025 substantially increased by around 64.3 percent to EUR 108.2 million (Q2/2024: EUR 65.8 million) with an improved EBITDA margin of 5.8 percent (Q2/2024: 3.5 percent).
'We delivered a strong second quarter, continuing our positive momentum from the beginning of the year. Our profitability levels further improved and we closed the quarter with a strong free cash flow, significantly up from last year. Looking ahead, I am confident for the remainder of the year. So far, our order intake momentum remains strong, reflecting consistent customer demand and confirming our solid competitive position in our markets. We are well prepared for the future, and our sustained performance we have achieved so far reinforces my confidence that we will maintain this positive trajectory and continue progressing toward our mid-term margin target,' explains José Luis Blanco, Chief Executive Officer (CEO) of the Nordex Group.
Operational performance
In the second quarter of 2025, the Nordex Group secured 2,310 MW of order intake in the Projects segment (excluding service business), growing by 81.7 percent compared to previous year’s figure of 1,271 MW. Total value of new orders reached EUR 2.2 billion (Q2/2024: EUR 1.2 billion) and were received from 9 countries and span various turbine variants. The overall pricing remained stable with an ASP of EUR 0.97 m/MW in Q2/2025 (EUR 0.96 m/MW in Q2/2024). The rise in ASP reflects a shift in scope and regional composition, not an increase in underlying pricing.
As of the end of June 2025, the Nordex Group’s order book stood at EUR 14.3 billion, compared to EUR 11.0 billion in June 2024. The order book comprises EUR 8.9 billion (June 2024: EUR 6.9 billion) in the Projects segment and EUR 5.5 billion (June 2024: EUR 4.1 billion) in the Service segment.
Turbine production reached 1,586 MW in the second quarter of 2025, marking a decrease of 14.4 percent compared to last year (Q2/2024: 1,852 MW) driven by project scheduling. Rotor blade production increased by 8.1 percent to 1,399 units (Q2/2024: 1,294 units). Of these, 466 rotor blades were produced in-house (Q2/2024: 405), while 933 (Q2/2024: 889) were sourced from external suppliers.
The Nordex Group installed 337 wind turbines across 16 countries, totaling 1,959 MW in the second quarter of 2025. This compares to 365 wind turbines in 19 countries with a total output of 1,869 MW in Q2/2024. Of the installations carried out in the period under review (in MW), 87 percent were attributable to Europe, 10 percent to Latin America and 2 percent to the region “Rest of the World”.
Sales in the Projects segment were at around EUR 1.7 billion in the second quarter of the year and in line with Q2/2024. The Service segment experienced growth with sales increasing by 16.9 percent to EUR 206.9 million (Q2/2024: EUR 176.9 million).
Key financial figures at a glance
As of the end of June 2025, total assets remained on a steady level of approximately EUR 5.7 billion, consistent with year-end 2024. The equity ratio stood at 18.0 percent compared to 17.7 percent as of 31 December 2024. As of the reporting date, the Group cash and cash equivalents stood at EUR 1,241.7 million (31 December 2024: EUR 1,151.4 million), leading to a healthy net cash position of EUR 941.9 million (31 December 2024: EUR 848.2 million). The working capital ratio as a percentage of consolidated sales was minus 7.5 percent (31 December 2024: minus 9.1 percent). In Q2/2025, the Nordex Group generated a positive free cash flow of EUR 145.1 million (Q2/2024: EUR 94.0 million) driven primarily by strong operational business.
Reporting information
The complete interim financial report for the first half of 2025 is now available on the Nordex Group’s website in the Investor Relations section under 'Publications' (ir.nordex-online.com). The interim management report and the condensed interim consolidated financial statements were not reviewed by an auditor.
Source: Nordex
