The Nordex Group delivered a solid financial performance in the first quarter of 2025, marked by significant growth in profitability and a strong order pipeline.
Financial Highlights
- Sales totaled EUR 1,435 million, slightly below Q1 2024 (EUR 1,574 million), primarily due to lower installation volumes and production timing.
- Total performance, including inventory changes, rose 7% year-on-year to EUR 1.6 billion (Q1 2024: EUR 1.5 billion).
- EBITDA increased by 53% to EUR 79.6 million (Q1 2024: EUR 52.1 million), with the EBITDA margin improving to 5.5% (Q1 2024: 3.3%).
Operational Performance
- Order intake in the Projects segment rose to 2,182 MW, up from 2,086 MW in Q1 2024. The value of new orders climbed 7% to EUR 1.9 billion, with orders spanning 10 countries and multiple turbine variants.
- Order backlog grew to EUR 13.5 billion (March 2024: EUR 11.1 billion), comprising EUR 8.2 billion in Projects and EUR 5.2 billion in Service.
- Turbine assembly reached 1,210 MW (+3% YoY), while rotor blade production increased 14% to 1,188 units—458 produced in-house and 730 sourced externally.
- Installations totaled 1,046 MW across 180 turbines in 12 countries, compared to 1,103 MW (227 turbines) in Q1 2024. Of these, 75% were in Europe, 19% in Latin America, and 6% in North America.
Segment Sales
- Projects segment sales came in at EUR 1.2 billion (Q1 2024: EUR 1.4 billion).
- Service segment sales rose 19% to EUR 197 million (Q1 2024: EUR 166 million).
Financial Position
- Total assets stood at around EUR 5.6 billion, stable versus year-end 2024.
- Equity ratio was 17.6% (31 December 2024: 17.7%).
- Cash and cash equivalents totaled EUR 1,132 million, supporting a net cash position of EUR 824 million.
- Working capital ratio remained solid at -8.3% of sales.
- Free cash flow improved significantly to EUR 4 million, compared to a negative EUR 254 million in Q1 2024, despite higher working capital needs.
