Interim report
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2025 QUARTERLY STATEMENT For the period from 1 January to 31 March 2025 Q1
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Nordex SE Quarterly statement Q1 2025 2 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Key figures at a glance Nordex Group key figures 31.03.2025 31.03.2024 Change (%) Earnings Sales EUR million 1,435.2 1,574.2 –8.8 Gross profit EUR million 391 .1 309.0 26.6 EBITDA EUR million 79.6 52.1 52.6 Net income EUR million 7 .9 –13.1 n.a. EBIT EUR million 35.1 6.9 407 .9 Free cash flow EUR million 4.0 –254.0 n.a. Capital expenditure EUR million 24.9 33.9 –26.7 Earnings per share¹ EUR 0.03 –0.06 –150.0 EBITDA margin % 5.5% 3.3% 2.2pp Employees Employees (31 .03) Number 10,559 10,214 3.4 Staff costs EUR million –196.2 –167 .4 17 .2 Staff cost ratio % 13.7% 10.6% 3.0pp Company-specific performance indicators Order intake, projects segment EUR million 1,889.8 1,764.9 7 .1 Order book, projects segment EUR million 8,248.7 7 ,333.3 12.5 Installed capacity MW 1,045.8 1,102.9 –5.2 Order intake, service segment EUR million 393.4 308.8 27 .4 Order book, service segment EUR million 5,207 .8 3,791 .3 37 .4 Turbine availability % 97% 97% Statement of financial position as of 31.03.2025 and 31.12.2024 Net Liquidity EUR million 823.7 848.2 –2.9 Total assets EUR million 5,635.3 5,631 .2 0.1 Equity EUR million 994.2 996.6 –0.2 Equity ratio % 17 .6% 17 .7% –0.1pp Working capital ratio % –8.3% –9.1% 0.8pp ¹ Earnings per share – based on a weighted average of 236.450 million shares (previous year: 236.450 million shares)
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Nordex SE Quarterly statement Q1 2025 3 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated statement of financial position As of 31 March 2025 Assets EUR thousand 31.03.2025 31.12.2024 Cash and cash equivalents 1,131,867 1,151,438 Trade receivables 258,809 241,447 Contract assets from projects 808,999 838,229 Current contract assets from service 8,546 9,374 Inventories 982,155 909,369 Income tax receivables 29,067 22,975 Other current financial assets 98,125 135,810 Other current non-financial assets 291,773 293,634 Current assets 3,609,341 3,602,275 Property, plant and equipment 507 ,458 545,343 Goodwill 547 ,758 547 ,758 Capitalised development expenses 186,009 184,838 Prepayments made 77 83 Other intangible assets 14,810 16,040 Investments 931 941 Investments accounted for using the equity method 98,670 99,582 Non-current contract assets from services 43,073 39,462 Other non-current financial assets 28,139 27 ,635 Other non-current non-financial assets 30,802 36,523 Deferred tax assets 568,236 530,669 Non-current assets 2,025,964 2,028,874 Assets 5,635,305 5,631,150
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Nordex SE Quarterly statement Q1 2025 4 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated statement of financial position As of 31 March 2025 Equity and liabilities EUR thousand 31.03.2025 31.12.2024 Current liabilities to banks 43,502 38,371 Trade payables 1,481,647 1,657 ,019 Contract liabilities from projects 1,161,003 995,286 Current contract liabilities from services 33,142 34,260 Income tax payables 27 ,794 13,414 Other current provisions 377 ,254 365,460 Other current financial liabilities 85,284 111,112 Other current non-financial liabilities 390,414 393,790 Current liabilities 3,600,039 3,608,714 Non-current liabilities to banks 0 6,500 Non-current contract liabilities from services 188,270 178,225 Pensions and similar obligations 3,300 2,969 Other non-current provisions 214,960 217 ,812 Other non-current financial liabilities 411,224 414,469 Other non-current non-financial liabilities 2,154 2,169 Deferred tax liabilities 221,144 203,675 Non-current liabilities 1,041,052 1,025,819 Subscribed capital 236,450 236,450 Capital reserves 1,100,516 1,099,421 Other retained earnings –11,001 –11,001 Cash flow hedge reserve –8,093 6,876 Reserve for cash flow hedge costs –312 –590 Foreign currency adjustment item –151,140 –154,451 Consolidated net loss carried forward –186,052 –186,052 Consolidated net profit 7 ,941 0 Share in equity attributable to shareholders of the parent 988,310 990,652 Non-controlling interests 5,904 5,965 Equity 994,213 996,617 Equity and liabilities 5,635,305 5,631,150
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Nordex SE Quarterly statement Q1 2025 5 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated income statement For the period from 1 January to 31 March 2025 EUR thousand 1.1.2025 – 31.3.2025 1.1.2024 – 31.3.2024 Sales 1,435,221 1,574,200 Changes in inventories and other own work capitalized 120,216 –116,447 Gross revenue 1,555,436 1,457 ,753 Cost of materials –1,164,298 –1,148,779 Gross profit 391,138 308,974 Other operating income 8,592 12,020 Other operating expenses –123,988 –101,508 Staff costs –196,188 –167 ,360 Structural costs –311,585 –256,848 EBITDA 79,553 52,126 Depreciation/amortisation –44,438 –45,213 EBIT 35,116 6,914 Loss from equity-accounting method –912 –349 Other interest and similar income 6,045 4,013 Interest and similar expenses –28,992 –26,930 Financial result –23,859 –23,266 Net profit/loss from ordinary activities 11,256 –16,353 Income tax –3,377 3,271 Consolidated net profit/ loss 7 ,879 –13,082 Of which attributable to shareholders of the parent 7 ,941 –13,038 non-controlling interests –62 –44 Earnings per share (in EUR) Basic 1 0.03 –0.06 Diluted 1 0.03 –0.06 1 based on a weighted average of 236.450 million shares (previous year: 236.450 million shares)
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Nordex SE Quarterly statement Q1 2025 6 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated statement of comprehensive income For the period from 1 January to 31 March 2025 EUR thousand 1.1.2025 – 31.3.2025 1.1.2024 – 31.3.2024 Consolidated net profit/loss 7 ,879 –13,082 Other comprehensive income Items that may be reclassified to profit or loss Foreign currency translation difference 3,311 –7 ,146 Cash flow hedges –22,012 8,128 Deferred taxes 7 ,044 –2,601 Cash flow hedge costs 409 –224 Deferred taxes –131 72 Consolidated comprehensive income –3,500 –14,853 Of which attributable to shareholders of the parent –3,438 –14,809 Non-controlling interests –62 –44
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Nordex SE Quarterly statement Q1 2025 7 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated cash flow statement For the period from 1 January to 31 March 2025 EUR thousand 1.1.2025 – 31.3.2025 1.1.2024 – 31.3.2024 Operating activities Consolidated net profit/loss 7 ,879 –13,082 + Depreciation/amortization of non-current assets 44,438 45,213 = Consolidated profit plus depreciation/amortization 52,317 32,131 –/+ Increase/decrease in inventories –72,786 151,254 –/+ Increase/decrease in trade receivables –17 ,362 56,670 +/– Decrease/increase in contract assets from projects 29,230 –154,686 – Decrease in trade payables –175,373 –251,340 +/– Increase/decrease in contract liabilities from projects 165,717 –68,892 = Payments made from changes in working capital –70,574 –266,993 +/– Decrease/increase in other assets not allocated to investing or financing activities 13,524 –70,590 + Increase in pensions and similar obligations 331 28 + Increase in other provisions 8,942 63,994 + Increase in other liabilities not attributed to investing or financing activities 436 37 ,709 +/– Loss/Gain from the disposal of non-current assets 7 ,177 –237 – Other interest and similar income –6,045 –4,013 + Interest received 4,275 1,869 + Interest and similar expenses 28,992 26,930 – Interest paid /transaction costs –24,343 –20,100 +/– Income tax 3,377 –3,271 – Taxes paid –9,651 –3,590 + Other non-cash income 17 ,140 3,646 = Payments received from other operating activities 44,156 32,377 = Cash flow from operating activities 25,899 –202,486
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Nordex SE Quarterly statement Q1 2025 8 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated cash flow statement For the period from 1 January to 31 March 2025 EUR thousand 1.1.2025 – 31.3.2025 1.1.2024 – 31.3.2024 Investing activities + Payments received from the disposal of property, plant and equipment/intangible assets 564 270 – Payments made for investments in property, plant and equipment/intangible assets –24,875 –34,111 + Payments received from the disposal of long-term financial assets 2,438 200 – Payments made for investments in long-term financial assets 0 –17 ,549 = Cash flow from investing activities –21,873 –51,190 Financing activities + Bank loans received 0 867 – Lease liabilities repaid –9,818 –9,256 = Cash flow from financing activities –9,818 –8,389 Net change in cash and cash equivalents –5,792 –262,064 + Cash and cash equivalents at the beginning of the period 1,151,438 925,923 – Exchange rate-induced change in cash and cash equivalents –13,778 –2,721 = Cash and cash equivalents at the end of the period (Cash and cash equivalents as shown in the consolidated statement of financial position) 1,131,867 661,137
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Nordex SE Quarterly statement Q1 2025 9 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated statement of changes in equity For the period from 1 January to 31 March 2025 EUR thousand Subscribed capital Capital reserves Other retained earnings Cash flow hedge reserve Reserve for cash flow hedge costs Foreign currency adjustment item Consolidated net loss carried forward Consolidated net profit Share in equity attributable to share- holders of the parent Non- controlling interests T otal 1.1.2025 236,450 1,099,421 –11,001 6,876 –590 –154,451 –186,052 0 990,652 5,965 996,617 Employee stock option program 0 1,095 0 0 0 0 0 0 1,095 0 1,095 Consolidated comprehensive income 0 0 0 –14,968 278 3,311 0 7 ,941 –3,438 –62 –3,500 Consolidated net profit/loss 0 0 0 0 0 0 0 7 ,941 7 ,941 –62 7 ,879 Other comprehensive income Items that may be reclassified to profit or loss Foreign currency translation difference 0 0 0 0 0 3,311 0 0 3,311 0 3,311 Cash flow hedges 0 0 0 –22,012 0 0 0 0 –22,012 0 –22,012 Deferred taxes 0 0 0 7 ,044 0 0 0 0 7 ,044 0 7 ,044 Cash flow hedge costs 0 0 0 0 409 0 0 0 409 0 409 Deferred taxes 0 0 0 0 –131 0 0 0 –131 0 –131 31.3.2025 236,450 1,100,516 –11,001 –8,093 –312 –151,140 –186,052 7 ,941 988,310 5,904 994,213
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Nordex SE Quarterly statement Q1 2025 10 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Consolidated statement of changes in equity For the period from 1 January to 31 March 2024 EUR thousand Subscribed capital Capital reserves Other retained earnings Cash flow hedge reserve Reserve for cash flow hedge costs Foreign currency adjustment item Consolidated net loss carried forward Consolidated net loss Share in equity attributable to share- holders of the parent Non- controlling interests T otal 1.1.2024 236,450 1,381,551 –10,977 –5,038 56 –145,331 –480,115 0 976,596 1,520 978,116 Employee stock option program 0 925 0 0 0 0 0 0 925 0 925 Consolidated comprehensive income 0 0 0 5,527 –152 –7 ,146 0 –13,038 –14,809 –44 –14,853 Consolidated net loss 0 0 0 0 0 0 0 –13,038 –13,038 –44 –13,082 Other comprehensive income Items that may be reclassified to profit or loss Foreign currency translation difference 0 0 0 0 0 –7 ,146 0 0 –7 ,146 0 –7 ,146 Cash flow hedges 0 0 0 8,128 0 0 0 0 8,128 0 8,128 Deferred taxes 0 0 0 –2,601 0 0 0 0 –2,601 0 –2,601 Cash flow hedge costs 0 0 0 0 –224 0 0 0 –224 0 –224 Deferred taxes 0 0 0 0 72 0 0 0 72 0 72 31.3.2024 236,450 1,382,475 –10,977 489 –97 –152,476 –480,115 –13,038 962,711 1,476 964,187
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Nordex SE Quarterly statement Q1 2025 11 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Responsibility statement To the best of our knowledge, and in accordance with the applicable reporting principles for interim reporting, the interim consolidated financial statements for the first three months as at 31 March 2025 give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the group, together with a description of the material opportunities and risks associated with the expected development of the group for the remaining months of the financial year. Nordex SE, Rostock, April 2025 José Luis Blanco, Chief Executive Officer (CEO) Dr. Ilya Hartmann, Chief Financial Officer (CFO)
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Nordex SE Quarterly statement Q1 2025 12 Nordex Group key figures Interim consolidated financial statements Responsibility statement Financial calendar, publishing information and contact Financial calendar, publishing information and contact Financial calendar Date 4/25/2025 Publication of quarterly financial report (call-date Q1) 5/6/2025 Annual General Meeting 7/28/2025 Publication of half-yearly financial report 11/4/2025 Publication of quarterly financial report (call-date Q3) Publishing information and contact Published by Nordex SE Investor Relations Langenhorner Chaussee 600 22419 Hamburg Germany Telephone + 49 40 30030 – 1000 Fax + 49 40 30030 – 1101 www.nordex-online.com investor-relations@nordex - online.com Investor Relations T eam Anja Siehler Telephone +49 (0)162 3515 334 T obias Vossberg Telephone + 49 173 4573 633 Editing & T ext Nordex SE, Hamburg Photography Nordex SE, Hamburg Consulting, Concept & Design Silvester Group www.silvestergroup.com Disclaimer This Quarterly Report contains forward-looking statements that relate to macroeconomic developments, the business and the net assets, financial position and results of operations of the Nordex Group. Forward-looking statements by definition do not depict the past and are in some instances indicated by words such as “believe” , “anticipate” , “predict” , “plan” , “estimate” , “aim” , “expect” , “assume” and similar expressions. Forward-looking statements are based on the Company’s current plans, estimates, projections and forecasts, and are therefore subject to risks and uncertainties that could cause actual development or the actual results or performance to differ materially from the development, results or performance expressly or implicitly assumed in these forward-looking statements. Readers of this Quar- terly Report are expressly cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. Nordex SE does not intend and does not undertake any obligation to revise these forward-looking statements. The English version of the Quarterly Report constitutes a translation of the original German version. Only the German version is legally binding.
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Nordex SE Investor Relations Langenhorner Chaussee 600 22419 Hamburg Germany www.nordex-online.com investor-relations@nordex-online.com