Nordex SE: Preliminary annual figures for 2022 confirm guidance

Nordex Group: Preliminary annual figures for 2022 confirm guidance

• Consolidated sales increase to EUR 5.7 billion
• EBITDA-margin at minus 4.3 percent
• Working capital ratio maintained at minus 10.2 percent

Hamburg, 9 March 2023 The Nordex Group (ISIN: DE000A0D6554) today published preliminary results for fiscal year 2022 confirming its revised annual guidance. According to these preliminary results, the Company generated consolidated sales of EUR 5.7 billion (previous year: EUR 5.4 billion) and reached the upper end of the guidance range of EUR 5.2 to 5.7 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to minus EUR 244 million (previous year: EUR 53 million) which corresponds to an EBITDA margin of minus 4.3 percent (previous year: 1.0 percent). The financial performance in the year was mainly impacted by the ongoing volatile macro-economic environment, challenges with product quality and supply chain reliability, a cyber security incident in the first half, and the overall resultant impact on installations partially offset by income from project development activities.

The Nordex Group managed to successfully keep working capital at favorable levels reporting a working capital ratio of minus 10.2 percent in relation to consolidated sales (previous year: minus 10.2 percent), well within the guidance range of below minus 7 percent.

Investments amounted in total to around EUR 205 million (previous year: EUR 168.7 million) in 2022, being higher than the forecasted figure of around EUR 180 million.

With rising prices, a healthy order intake of 6.33 GW (previous year: 7.95 GW) was recorded with improving market share despite a very challenging market environment.

"2022 has been again an extremely challenging year for the industry due to the numerous macro-economic headwinds. Despite these challenges, our team was able to maintain a healthy momentum in terms of order intake with significantly improving selling prices, which gives us a good platform for 2023. In the medium term, wind markets continue to show great potential with the strengthening of the policy momentum for renewable energies across Europe and the USA. This, along with further stabilization of the macro-economic environment could pave the way for our mid-term margin target." explains José Luis Blanco, CEO of the Nordex Group.

The figures announced with this press release are preliminary. The Nordex Group will publish final and audited results for fiscal year 2022 together with guidance for 2023 on 31 March 2023.
 

About the Nordex Group

The Group has installed around 44 GW of wind energy capacity in over 40 markets and generated revenues of EUR 5.7 billion in 2022. The Company currently employs a workforce of approx. 9,000. The joint manufacturing capacity includes factories in Germany, Spain, Brazil, the United States, India and Mexico. The product portfolio is focused on onshore turbines in the 4 to 6.X MW class, which are tailor-made for the market requirements of countries with limited space and regions with limited grid capacity.

Contact person for press:

Nordex SE

Felix Losada

Phone: +49 (0)40 / 300 30 – 1141

flosada@nordex-online.com

Contact for investors:

Nordex SE

Felix Zander

Phone: +49 (0) 152 0902 4029

fzander@nordex-online.com

Nordex SE

Tobias Vossberg

Phone: +49 (0) 173 4573 633

tvossberg@nordex-online.com

Nordex SE

Torben Rennemeier

Phone: +49 (0) 152 3461 7954

trennemeier@nordex-online.com