- Strong order intake of 2.2 GW, representing a 5 percent growth compared to previous year’s quarter
- EBITDA reaches EUR 80 million in the first quarter of 2025, corresponding to an EBITDA margin of 5.5 percent
- Positive free cash flow generation of EUR 4 million compared to minus EUR 254 million in Q1/2024
The Nordex Group reported solid financial performance for the first quarter of 2025. Sales amounted to EUR 1,435 million, which is slightly lower compared to Q1/2024 (EUR 1,574 million) mainly driven by lower installation levels and production timing aspects. Total performance, including changes in inventories, rose by around 7 percent to EUR 1.6 billion (Q1/2024: EUR 1.5 billion).
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by around 53 percent to EUR 79.6 million in the first quarter 2025 (Q1/2024: EUR 52.1 million), resulting in a strong EBITDA margin of 5.5 percent (Q1/2024: 3.3 percent).
'In 2025, we continue to deliver the strong performance from last year. Overall, the first quarter met our expectations with a strong order intake and a further increase in our profitability levels. We were able to close the first quarter with a positive free cash flow, reflecting our ongoing strong operational performance. I remain confident of achieving our targets for this year and in the medium term,' says José Luis Blanco, CEO of the Nordex Group.
Operating performance
In the Projects segment, the Nordex Group recorded order intake of 2,182 MW for the first three months of 2025, up from 2,086 MW in the period of comparison in 2024. This represents an increase of 7 percent in total order value of new orders reaching around EUR 1.9 billion (Q1/2024: EUR 1.8 billion). These orders were received from 10 different countries and for various turbine variants. As of March 2025, the Nordex Group’s order book further increased to EUR 13.5 billion, compared to EUR 11.1 billion in March last year. This comprises EUR 8.2 billion (Q1/2024: EUR 7.3 billion) in the Projects segment and EUR 5.2 billion (Q1/2024: EUR 3.8 billion) in the Service segment.
In the first three months of 2025, turbine assembly production reached 1,210 MW, marking a 3 percent increase compared to the same period of last year (Q1/2024: 1,171 MW). Additionally, rotor blade production rose by 14 percent to 1,188 units, up from 1,039 units in the same period of 2024. Of these, 458 rotor blades were produced in-house (Q1/2024: 313 units), while 730 (Q1/2024: 726 units) were sourced from external suppliers.
The Nordex Group installed 180 wind turbines across 12 countries, totaling 1,046 MW in the first quarter of 2025. This compares to 227 wind turbines with a total output of 1,103 GW in the same period of 2024. Of the installations carried out in the period under review (in MW), 75 percent were attributable to Europe, 19 percent to Latin America and 6 percent to North America.
Sales in the Projects segment stood at EUR 1.2 billion in the first quarter of this year, compared to EUR 1.4 billion in the comparable period of 2024. The Service segment experienced growth, with sales increasing by 19 percent to EUR 197 million (Q1/2024: EUR 166 million).
Key financial figures at a glance
Total assets were at approximately EUR 5.6 billion and on a comparable level to the year-end of 2024. The equity ratio stood at 17.6 percent compared to 17.7 percent as of 31 December 2024. As of the reporting date, the Group cash and cash equivalents stood at a strong level of EUR 1,132 million (31 December 2024: EUR 1,151 million), leading to a healthy net cash position of EUR 824 million (31 December 2024: EUR 848 million). The working capital ratio as a percentage of consolidated sales was minus 8.3 percent (31 December 2024: minus 9.1 percent). Free cash flow reached EUR 4 million in the first quarter of 2025, a significant improvement compared to minus EUR 254 million in the first quarter of last year, despite an increase in working capital.
Reporting information
The quarterly statement for the first quarter of the financial year 2025 is now available on the Nordex Group’s website in the Investor Relations section under ‘Publications’ (ir.nordex-online.com). The quarterly statement and the condensed consolidated interim financial statements were neither audited nor reviewed by an auditor.
Source: Nordex
