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| Financial figures Q1 2025 | 25 April 2025 Nordex Group Q1/2025: Strong start into the year 25th April 2025
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| Financial figures Q1 2025 | 25 April 2025 Disclaimer 2 › All financial figures within this presentation are unaudited and rounded, numbers may not add. › This presentation was produced in April 2025 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction. › This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such “aim”, “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “objective”, “plan”, “predict”, “project”, and “will be” and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forward-looking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate.
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| Financial figures Q1 2025 | 25 April 2025 Agenda 3 Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco
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| Financial figures Q1/2025 | 25 April 2025 Strong start into the year delivering improved margins and positive FCF Introduction4 • Turbine order book in € grew by 12% YoY • Service order book in € grew by 37% YoY +21% Total order book Growing order book 1 • EBITDA of €80 m, up 53% YoY • EBITDA margin grew by 220 bp YoY • Service EBIT margin improved by 170 bp YoY # 2 globally for order intake1 Improving profitability 2 • Positive FCF of €4 m (vs minus €254 m in Q1/2024) • Positive net income of €8 m (vs minus €13 m in Q1/2024) 5.5% EBITDA margin Generating cash 3 • Strategically positioned: capitalizing on positive sentiment towards renewables in Europe and Germany • No material direct financial impacts from US tariffs due to low exposure to the US Strategically well positioned 4 €824 m in net cash 1Source: Wood Mackenzie 2025, Global Wind Turbine Order Database, January 2025, issued in Feb 2025; firm orders only.
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| Financial figures Q1/2025 | 25 April 2025 Agenda 5 Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco
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| Financial figures Q1 2025 | 25 April 2025 Strong order momentum: Order intake of €1.9 m, up +7% 6 Markets and operations Order intake turbine1 by regions (MW in %) Q1/2024 Q1/2025 2,086 2,182 +5% 30% 91% 67% 3% Q1/2024 5%4% Q1/2025 Europe LatAm North America RoW 1Group segment „Projects“ › Order intake value increased by 7% to €1,890 m in Q1/2025 (€1,765 m in Q1/2024) › Orders received from 10 different countries with stable ASP of €0.87 m/MW in Q1/2025 (€0.85 m/MW in Q1/2024) › Strongest single markets were Türkiye, Germany and Finland 1Group segment „Projects“ Order intake turbine1 (MW)
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| Financial figures Q1/2025 | 25 April 2025 Order book further strengthened: Total order book of €13.5 bn 7 Markets and operations Order book turbines1 (€m) Q1/2024 Q1/2025 7,333 8,249 +12% Order book service (€m) Q1/2024 Q1/2025 3,791 5,208 +37% Geographical distribution of the turbine order book (Q1/2025) › Robust growth of the turbines order book to around €8.2 bn in Q1/2025, up 12% YoY › 13,363 wind turbines under service agreement corresponding to 44.8 GW at the end of Q1/2025 › Increase in the order book is primarily driven by strong turbine order intake momentum across various regions over the past two years 85% 8% 3% 3% 1Group segment „Projects“
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| Financial figures Q1/2025 | 25 April 2025 Service EBIT margin is on track to achieve its prior levels of profitability 8 Markets and operations Revenues (€m) EBIT/EBIT Margin (€m;%) 25 27 32 39 33 8 10 12 14 16 18 0 10 20 30 40 50 60 15.1% Q1/2024 15.4% Q2/2024 16.0% Q3/2024 16.6% Q4/2024 16.8% Q1/2025 › Share of service sales amounted to 13.7% of group sales › Service EBIT margin reached 16.8% in the first quarter, a significant YoY improvement; sequentially also up from 16.6% in Q4/2024 › 97% average availability of WTGs under service in the Q1/2025 › Average tenor of the service contracts of around 12 years 166 197 Q1/2024 Q1/2025 +19%
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| Financial figures Q1/2025 | 25 April 2025 Operational performance in line with expectations 9 Markets and operations › Total installations of 180 WTGs in 12 countries (227 WTGs in Q1/2024) › Installations reached 1,046 MW, down 5% YoY driven mainly by some customer delays › A total of 209 turbines were produced: 84 Germany, 62 China, 37 India and 26 Spain › Higher share of turbine production in Asia Installations (MW) 71% 19% 10% Q1/2024 75% 19% 6% Q1/2025 1,103 1,046 -5% Europe LatAm North America RoW Turbine production (MW) 47% 16% 11% 26% Q1/2024 37% 35% 16% 12% Q1/2025 1,171 1,210 +3% Germany China India Spain Total blade production (#) 30% 70% Q1/2024 39% 61% Q1/2025 1,039 1,188 +14% In-house outsourced
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| Financial figures Q1/2025 | 25 April 2025 Agenda 10 Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco
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| Financial figures Q1/2025 | 25 April 2025 Income statement Q1/2025 11 Financials › Sales decreased by 9% reflecting lower installation levels and production timing effects › Another strong gross margin of 27.3% recorded, up from 19.6% in Q1/2024, partially due to higher proportion of service revenues › EBITDA margin improved to 5.5%, up YoY and sequentially reflecting improved underlying business › Positive net income of €8 m, already exceeding the FY 2024 results 1 May not add due to rounded figures 2 Gross profit in relation to sales in € m1 Q1/2025 Q1/2024 abs. change Δ in % Sales 1,435 1,574 -139 -8.8 Total revenues 1,555 1,458 98 6.7 Cost of materials -1,164 -1,149 -16 1.3 Gross profit 391 309 82 26.6 Personnel costs -196 -167 -29 17.2 Other operating (expenses)/income -115 -90 -26 28.9 EBITDA 80 52 28 52.8 Depreciation/amortization -44 -45 1 -1.7 EBIT 35 7 28 n/a Net income 8 -13 21 n/a Gross margin2 27.3% 19.6% EBITDA margin 5.5% 3.3% EBIT margin 2.4% 0.4%
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| Financial figures Q1/2025 | 25 April 2025 Balance sheet Q1/2025 12 Financials › Robust liquidity levels of over ~€1.2bn including cash facility under the MGF at the end of the quarter › Equity ratio on a similar level compared to previous quarter, primarily due to an increase in total assets that outpaced equity growth › Working capital ratio aligned with expectations, driven by increased inventory levels to prepare for higher level of activity later in the year in € m1 31.03. 2025 31.12. 2024 abs. change Δ in % Current assets 3,609 3,602 7 0.2 Non-current assets 2,026 2,029 -3 -0.1 Total assets 5,635 5,631 4 0.1 Current liabilities 3,600 3,609 -9 -0.2 Non-current liabilities 1,041 1,026 15 1.5 Equity 994 997 -2 -0.2 Equity and total liabilities 5,635 5,631 4 0.1 Net cash2 824 848 Working capital ratio3 -8.3% -9.1% Equity ratio 17.6% 17.7% 1May not add due to rounded figures 2Cash and cash equivalents less bank borrowings, bonds and shareholder loan 3Based on actual sales figures
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| Financial figures Q1 2025 | 25 April 2025 1Cash and cash equivalents less bank borrowings, bonds and shareholder loan 2May not add due to rounded figures 3Based on last twelve months sales Solid balance sheet KPIs supporting the operating business 13 Financials Net cash (debt)1 (€m) Equity ratio (%) Working capital ratio3 (%) › Strong net cash development driven by underlying business › Stable equity ratio due to total assets increasing faster than equity › Working capital ratio at -8.3%, reflecting higher inventory levels WC development2 (€m) 359 446 583 848 824 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2025 Q1/ 2025 +129% 18.6 Q1/ 2024 17.9 Q2/ 2024 18.5 Q3/ 2024 17.7 Q4/ 2024 17.6 Q1/ 2025 -10 0 -7.0 Q1/ 2024 -7.4 Q2/ 2024 -7.3 Q3/ 2024 -9.1 Q4/ 2024 -8.3 Q1/ 2025 -663 -593 -12 Q4/ 2024 Receiva- bles 73 Inven- tories -166 Prepay- ments 175 Pay- ables Q1/ 2025
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| Financial figures Q1 2025 | 25 April 2025 Positive FCF generation based on strong operational performance 14 Financials Capex (€m) 11 11 23 14 Q1/2024 Q1/2025 34 25 -27% Property, plant, equipment Intangible assets Free Cash Flow1 (€m) Q1/2025 Q1/2024 Cash flow from operating activities before net working capital 97 65 Cash flow from changes in working capital -71 -267 Cash flow from operating activities 26 -203 Cash flow from investing activities -22 -51 Free cash flow2 4 -254 Cash flow from financing activities -10 -8 Change in cash and cash equivalents -6 -262 › Robust operational performance enhancing cash flow from operating activities › FCF generation despite higher working capital levels › Investments in blade and nacelle production facilities, moulds and tooling › Investments in installation and transport tooling and equipment for projects 1 May not add due to rounded figures 2 Operating cash flow minus investing activities
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| Financial figures Q1 2025 | 25 April 2025 Agenda 15 Introduction José Luis Blanco Markets and Operations José Luis Blanco Financials Dr. Ilya Hartmann Guidance and Outlook José Luis Blanco Q&A All Key takeaways José Luis Blanco
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| Financial figures Q1 2025 | 25 April 2025 Guidance for FY 2025 confirmed: Solid profitable growth expected EBITDA margin: Working capital ratio: CAPEX: Reiterating that our path to 8% EBITDA margin target is well on track 2025 guidance 5.0% to 7.0% Sales: €7.4 – 7.9 bn below -9% approx. ~€200 m Guidance and Outlook Q1/2025 5.5% €1.4 bn -8.3% €25 m 2024 4.1% €7.3 bn -9.1% €153 m 16
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| Financial figures Q1 2025 | 25 April 2025 Time for your questions Questions Answers Q&As17
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| Financial figures Q1 2025 | 25 April 2025 Key takeaways Key takeaways18 Well on track to deliver our 8% EBITDA mid-term margin target Strong start into the year and confident on achieving another good year in order intake 1 Focus on generating consistent positive and sustainable free cash flows 2 Guidance confirmed and good visibility in terms of margin trajectory medium- term 3
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| Financial figures Q1/2025 | 25 April 2025 Appendix Appendix › Mid-term EBITDA margin target › Order intake and installations › Order book development › Key financial KPIs development › Income statement development › Balance sheet development › Cash flow development › Segment results development › Working capital development › Net cash development › Key financial metrics – annual base 19
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| Financial figures Q1/2025 | 25 April 2025 Clear path to increase profitability to sustainable levels Guidance and Outlook Note: Illustrative, size of building blocks does not correspond to actual estimated impact. FY 2024 EBITDA margin Legacy orders Reduction headwinds Normalisation service margin Additional volume Mid-term EBITDA margin target 4.1% Additional volumes from Europe and the Americas 8% EBITDA margin Growing service business with margins reverting to historical levels Better execution and lower external headwinds Legacy orders completely delivered by the end of 2024 WIP ✓ WIP WIP 20
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| Financial figures Q1 2025 | 25 April 2025 Quarterly order intake and installations Appendix Order intake development in MW Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 1,021 1,620 2,251 2,466 2,086 1,271 1,726 3,253 2,182 FY 2023: 7,358 MW Installations in MW Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 1,319 1,778 2,439 1,717 1,103 1,869 2,010 1,660 1,046 FY 2023: 7,253 MW FY 2024: 8,336 MW FY 2024: 6,641 MW 21
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| Financial figures Q1 2025 | 25 April 2025 Quarterly order book development Appendix Order book development in € m Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 9,863 9,804 10,249 10,537 11,125 11,032 11,495 12,778 13,457 Q1/2023 6,458 3,418 6,387 3,594 6,655 3,626 6,911 3,791 7,333 4,142 6,890 4,642 6,853 4,974 7,804 5,208 8,249 3,405 Service Projects 22
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| Financial figures Q1 2025 | 25 April 2025 Key financial KPIs development 23 Appendix 1 Gross profit in relation to sales 2 Cash and cash equivalents less bank borrowings, bonds and shareholder loan 3 Based on last twelve months sales Net cash (debt)2 (€m) 359 446 583 848 824 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 +129% Sales (€bn) Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 1,574 1,860 1,671 2,194 1,435 -9% Project Service Equity ratio (%) 18.6 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 17.9 18.5 17.7 17.6 EBITDA (€m) 52 66 72 107 80 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 +53% WC ratio3 (%) -12 -9 -6 -3 0 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 -7.0 -7.4 -7.3 -9.1 -8.3 Margins (%) 19.6 Q1/ 2024 19.3 Q2/ 2024 21.6 Q3/ 2024 23.0 Q4/ 2024 27.3 Q1/ 2025 3.3 0.4 3.5 1.2 4.3 1.6 4.9 2.7 5.5 2.4 Gross1 EBITDA EBIT
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| Financial figures Q1 2025 | 25 April 2025 Quarterly income statement development Appendix in € m1 Q1/ 2023 Q2/ 2023 Q3/ 2023 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Sales 1,217 1,536 1,724 2,012 1,574 1,860 1,671 2,194 1,435 Total revenues 1,243 1,556 1,625 2,127 1,458 1,796 1,593 2,153 1,555 Cost of materials -1,135 -1,371 -1,308 -1,752 -1,149 -1,437 1,232 -1,648 -1,164 Gross profit 108 186 316 375 309 360 361 505 391 Personnel costs -147 -151 -161 -170 -167 -171 -176 -213 -196 Other operating (expenses)/income -76 -34 -107 -137 -90 -123 -114 -185 -115 EBITDA -115 1 48 69 52 66 72 107 80 Depreciation/amortization -51 -42 -46 -50 -45 -44 -46 -47 -44 EBIT -166 -41 2 19 7 22 26 60 35 Net income -215 -84 -35 31 -13 1 4 18 8 Gross margin2 8.9% 12.1% 18.3% 18.6% 19.6% 19.3% 21.6% 23.0% 27.3% EBITDA margin -9.4% 0.0% 2.8% 3.4% 3.3% 3.5% 4.3% 4.9% 5.5% EBIT margin -13.6% -2.7% 0.1% 0.9% 0.4% 1.2% 1.6% 2.7% 2.4% 24 1 May not add due to rounded figures 2 Gross profit in relation to sales
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| Financial figures Q1 2025 | 25 April 2025 Quarterly balance sheet development Appendix in € m1 31.03.23 30.06.23 30.09.23 31.12.23 31.03.24 30.06.24 30.09.24 31.12.24 31.03.25 Current assets 2,758 3,025 3,242 3,553 3,273 3,410 3,355 3,602 3,609 Non-current assets 1,788 1,771 1,758 1,869 1,915 2,038 1,954 2,029 2,026 Total assets 4,546 4,796 5,000 5,422 5,188 5,448 5,309 5,631 5,635 Current liabilities 3,453 3,145 3,369 3,673 3,392 3,456 3,408 3,609 3,600 Non-current liabilities 413 659 692 771 832 1,019 921 1,026 1,041 Equity 680 992 939 978 964 974 980 997 994 Equity and total liabilities 4,546 4,796 5,000 5,422 5,188 5,448 5,309 5,631 5,635 Net cash2 104 360 344 631 359 446 583 848 824 Working capital ratio3 -10.6% -9.6% -10.2% -11.5% -7.0% -7.4% -7.3% -9.1% -8.3% Equity ratio 15.0% 20.7% 18.8% 18.0% 18.6% 17.9% 18.5% 17.7% 17.6% 1May not add due to rounded figures. 2Cash and cash equivalents less bank borrowings, bonds and shareholder loan. 3Based on actual sales figures. 25
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| Financial figures Q1 2025 | 25 April 2025 Quarterly cash flow statement development Appendix in € m1 Q1/ 2023 Q2/ 2023 Q3/ 2023 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Cash flow from operating activities before net working capital -133 -112 -6 244 65 79 193 176 97 Cash flow from changes in working capital 57 -31 35 106 -267 51 -9 142 -71 Cash flow from operating activities -76 -143 29 350 -203 130 184 318 26 Cash flow from investing activities -39 -24 -31 -47 -51 -36 -25 -47 -22 Free cash flow2 -115 -167 -2 303 -254 94 159 271 4 Cash flow from financing activities 3 305 -8 -14 -8 -9 -16 -5 -10 Change in cash and cash equivalents -112 138 -10 289 -262 85 144 266 -6 1May not add due to rounded figures. 2Operating cash flow minus investing activities. 26
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| Financial figures Q1 2025 | 25 April 2025 Quarterly segment results development Appendix 1May not add due to rounded figures. 27 in € m1 Q1/ 2023 Q2/ 2023 Q3/ 2023 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Projects sales 1,068 1,384 1,551 1,824 1,413 1,688 1,474 1,968 1,245 Service sales 152 153 178 196 166 177 201 233 197 Not allocated + consolidation sales -3 -1 -5 -9 -5 -5 -4 -7 -6 Total sales 1,217 1,536 1,724 2,012 1,574 1,860 1,671 2,194 1,435 Projects EBIT -105 -34 54 95 55 68 83 112 106 Service EBIT 23 17 27 34 25 27 32 39 33 Not allocated + consolidation EBIT -83 -25 -79 -111 -73 -73 -89 -91 -104 Total EBIT -166 -41 2 19 7 22 26 60 35 Project EBIT Margin -9.9% -2.5% 3.5% 5.2% 3.9% 4.0% 5.6% 5.7% 8.5% Service EBIT Margin 15.0% 11.3% 15.1% 17.4% 15.1% 15.4% 16.0% 16.6% 16.8% Total EBIT Margin -13.6% -2.7% 0.1% 0.9% 0.4% 1.2% 1.6% 2.7% 2.4%
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| Financial figures Q1 2025 | 25 April 2025 Quarterly working capital development Appendix28 in € m1 Q1/ 2023 Q2/ 2023 Q3/ 2023 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Trade receivables 145 131 185 197 140 171 195 241 259 Contract assets from projects 595 717 753 780 935 1,027 796 838 809 Inventories 1,149 1,140 1,245 1,266 1,114 1,022 1,102 909 982 Trade payables -1,282 -1,270 -1,573 -1,669 -1,418 -1,710 -1,654 -1,657 -1,482 Contract liabilities from projects -1,243 -1,323 -1,250 -1,320 -1,251 -1,040 -960 -995 -1,161 Working Capital -636 -605 -639 -746 -479 -529 -521 -663 -593 / Sales (12-month value) 5,978 6,321 6,297 6,489 6,846 7,170 7,117 7,299 7,160 Working Capital Ratio2 -10.6% -9.6% -10.2% -11.5% -7.0% -7.4% -7.3% -9.1% -8.3% 1May not add due to rounded figures. 2Based on actual sales figures.
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| Financial figures Q1 2025 | 25 April 2025 Quarterly net cash development Appendix 1May not add due to rounded figures. 29 in € m1 Q1/ 2023 Q2/ 2023 Q3/ 2023 Q4/ 2023 Q1/ 2024 Q2/ 2024 Q3/ 2024 Q4/ 2024 Q1/ 2025 Current liabilities to banks -58 -39 -39 -37 -39 -39 -31 -38 -44 Non-current liabilities to banks -7 -7 -7 -7 -7 -7 -7 -7 0 Convertible bond 0 -243 -249 -248 -254 -253 -259 -258 -265 Employee bond -3 -3 -3 -3 -3 -3 -3 0 0 Shareholder loan -347 0 0 0 0 0 0 0 0 Cash and cash equivalents 518 651 642 926 661 747 882 1,151 1,132 Net Cash (Debt) 104 360 344 631 359 446 583 848 824
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| Financial figures Q1 2025 | 25 April 2025 Key financial metrics – annual base Appendix in € m1 FY 2021 FY 2022 FY 2023 FY 2024 Sales 5,444 5,694 6,489 7,298 Total revenues 5,052 5,991 6,551 7,000 Cost of materials -4,225 -5,505 -5,566 -5,465 Gross profit 827 486 985 1,535 Personnel costs -474 -588 -630 -727 Other operating (expenses)/income -301 -143 -353 -511 EBITDA 53 -244 2 296 Depreciation/amortization -160 -182 -189 -181 EBIT -107 -427 -187 115 Net income -230 -498 -303 9 Gross margin2 15.2% 8.5% 15.2% 21.0% EBITDA margin 1.0% -4.3% 0% 4.1% EBIT margin -1.8% -7.4% -2.9% 1.6% Net cash 424 244 631 848 Working Capital -10.2% -10.2% -11.5% -9.1% Equity ratio 25.9% 18.5% 18.0% 17.7% Free cash flow -25 -514 20 271 1May not add due to rounded figures. 2Gross profit in relation to sales. 30
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| Financial figures Q1 2025 | 25 April 2025 Abbreviations Appendix › ASP – Average Selling Price (Calculated as price/MW) › bn – billions › EMEA – Europe, Middle East and Africa › FCF – Free Cash Flow › FY – Financial Year ending December › GW – Gigawatts › LatAM – Latin America › m – millions › MGF – Multi Guarantee Facility › MW - Megawatts › QoQ – Quarter over Quarter › RoW – Rest of the World › W/C ratio – Working Capital ratio › WIP – Work in progress › YoY – Year over Year 31
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| Financial figures Q1 2025 | 25 April 2025 Nordex publication dates & events in 2025 25 Apr 25 6 May 25 20 May 25 27 May 25 Publication Q1 figures 2025 European Champions Conference, DB, Frankfurt Virtual Annual General Meeting, Hamburg Utilities and Clean Energy Conference, Goldman Sachs, London 32
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| Financial figures Q1 2025 | 25 April 2025 Contact details 33 IF YOU HAVE ANY QUESTIONS PLEASE CONTACT: Anja K. Siehler Head of Investor Relations phone: +49 (0)162 351 53 34 email: asiehler@nordex-online.com Tobias Vossberg Director Investor Relations phone: +49 (0)173 4573 63 3 email: tvossberg@nordex-online.com Rafaela Gunzburger Manager Investor Relations phone: +49 (0)152 041 43 62 email: rgunzburger@nordex-online.com Nordex SE Langenhorner Chaussee 600 22419 Hamburg / Germany www.nordex-online.com