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Nordex (NDX1) investor relations material

Nordex Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Jul, 2025

Executive summary

  • Q2 2025 delivered improved margins, strong order intake, and positive free cash flow, with steady progress in core markets, especially Europe.

  • Order book exceeded €14bn, with turbine and service order books growing 28% and 32% year-over-year, respectively.

  • EBITDA increased 64% year-over-year to €108m, with EBITDA margin up to 5.8% from 3.5% last year.

  • Net income reached €31m in Q2, up from €0.5m in Q2 2024, and free cash flow was €145m, up from €94m a year ago.

  • The company remains strategically well positioned, maintaining a leading market share in Europe and focusing on global growth.

Financial highlights

  • Q2 2025 sales were €1.9bn, flat year-over-year; gross margin improved to 24.8% from 19.3%.

  • EBITDA margin rose to 5.8% from 3.5% year-over-year; EBIT margin improved to 3.5% from 1.2%.

  • Net cash position at quarter-end was €942m, and equity ratio increased to 18%.

  • Free cash flow for Q2 was €145m, with CapEx at €39m; full-year CapEx guidance remains €200m.

  • Gross profit increased 29.3% to €465m.

Outlook and guidance

  • Full-year 2025 guidance reaffirmed: sales expected at €7.4–7.9bn, EBITDA margin 5.0–7.0%, CapEx around €200m, and working capital ratio below -9%.

  • Path to 8% EBITDA margin mid-term target remains on track.

  • Expects to repeat solid free cash flow performance for the full year, despite provision-related outflows.

  • Growth trajectory supported for 2026–2027, driven by strong backlog and order intake, especially in Europe and Canada.

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Frequently asked questions

Nordex SE is a manufacturer and supplier of wind turbines and related services for the global renewable energy sector. The company designs, produces, and installs onshore wind turbines, offering a range of solutions for different wind conditions and environments. Nordex also provides maintenance and optimization services to enhance the performance and lifespan of its wind energy systems. Its primary customers include utility companies, independent power producers, and industrial firms seeking to invest in sustainable energy solutions. The company is headquartered in Hamburg, Germany, and its shares are listed on the XETRA.

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