Nordex (NDX1) Q1 2025 earnings summary

Executive summary

• Strong start to 2025 with improved margins, positive free cash flow, and net income, supported by robust order intake and a growing service business, particularly in Europe and Germany.

• Turbine order book grew 12% year-over-year to EUR 8.2 billion, service order book up 37% to EUR 5.2 billion, and total order book reached EUR 13.5 billion.

• EBITDA increased 53% year-over-year to EUR 80 million, with EBITDA margin up to 5.5%; net income was EUR 8 million, reversing a EUR 13 million loss in Q1 2024.

• Free cash flow improved to EUR 4 million from negative EUR 254 million in Q1 2024.

• Minimal exposure to US tariffs expected in 2025 or 2026.

Financial highlights

• Q1 2025 sales reached EUR 1,435 million, down 9% year-over-year due to lower installations, but gross profit rose 27% to EUR 391 million.

• EBITDA margin improved to 5.5% from 3.3% last year; EBIT margin increased to 2.4% from 0.4%.

• Gross margin improved to 27.3% from 19.6% in Q1 2024.

• Net cash position at EUR 824 million, with liquidity exceeding EUR 1.1 billion.

• Working capital ratio at -8.3%, reflecting higher inventory levels in preparation for increased activity.

Outlook and guidance

• Guidance for 2025 confirmed: sales expected at EUR 7.4–7.9 billion, EBITDA margin 5.0–7.0%, working capital ratio below -9%, and CapEx around EUR 200 million.

• Path to 8% EBITDA margin mid-term target remains on track, supported by margin normalization and service growth.

• Order intake for 2025 expected to match or exceed 2024 levels.

• CapEx for 2025 guided at around EUR 200 million, with higher spending expected in H2.