Nordex Shines With Strong Start to 2025 – Higher Profitability And Positive Cash Flow Development
Hamburg, Germany – The Hamburg-based wind turbine manufacturer Nordex has started the 2025 fiscal year with a significant increase in earnings, a noticeable improvement in profitability, and positive free cash flow. Despite slightly declining revenues, the company confirms its 2025 annual forecast.
First Quarter 2025: Operating profit rises by over 50 percent
EBITDA for Q1 increased by around 53 percent to €79.6 million (Q1 2024: €52.1 million), corresponding to a margin of 5.5 percent (Q1 2024: 3.3%). At the same time, the company reported a positive free cash flow of €4 million (Q1 2023: -€254 million).
"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," said José Luis Blanco, CEO of the Nordex Group.
Solid order intake, growing order backlog, and rising production
The Nordex Group's order backlog increased to €13.5 billion (Q1 2024: €11.1 billion). Of this, €8.2 billion (Q1 2024: €7.3 billion) is in the Projects segment and €5.2 billion (Q1 2024: €3.8 billion) in the Service segment.
Order intake in the Projects segment rose to 2,182 MW in the first three months of 2025 (Q1 2024: 2,086 MW). In terms of order value, this increased by 7 percent to around €1.9 billion (Q1 2024: €1.8 billion). The orders came from 10 different countries and for various turbine types.
Turbine production also increased, reaching 1,210 MW (Q1 2024: 1,171 MW), a 3 percent rise.
In the first quarter of 2025, the Nordex Group installed 180 (Q1 2024: 227) wind turbines in 12 countries, with a total capacity of 1,046 MW (Q1 2024: 1.03 MW). Of this, 75 percent was in Europe, 19 percent in Latin America, and 6 percent in North America.
Revenue in the Projects segment was €1.2 billion in the first quarter of this year (Q1 2024: €1.4 billion). The Service segment reported growth, increasing revenue by 19 percent to €197 million (Q1 2024: €166 million).
Conclusion: Balance sheet and outlook for 2025
The balance sheet total remained largely unchanged at €5.6 billion. With liquid assets exceeding €1.1 billion and net liquidity of €824 million, Nordex is financially on a stable foundation. The working capital ratio slightly improved to -8.3 percent compared to -9.1 percent as of December 31, 2024. The free cash flow turned positive in the first quarter of 2025, amounting to €4 million, a significant improvement compared to -€254 million in the first quarter of the previous year.
The Nordex Group remains optimistic for the upcoming quarters of 2025: With a growing project pipeline, increased manufacturing capacity, and a focus on operational efficiency, the wind turbine manufacturer seems well positioned for another challenging but promising year in 2025.
Source: IWR Online, 25 Apr 2025
