Nordex (NDX1) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw strong progress with improved margins, robust order intake, and positive free cash flow, aligning with internal expectations and reversing prior losses.

• Combined order book exceeded EUR 14 billion, with turbine and service order books growing 28% and 32% year-over-year, respectively.

• EBITDA rose 64% year-over-year to EUR 108 million, with margin up to 5.8%; net income reached EUR 31 million in Q2 and EUR 38.8 million in H1 2025.

• Free cash flow was EUR 145 million in Q2 and EUR 149.1 million in H1, supported by strong operational performance.

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

Financial highlights

• Q2 2025 sales were EUR 1.9 billion, flat year-over-year; H1 2025 sales declined 3.7% to EUR 3.3 billion.

• Gross margin improved to 25.9% from 19.5% year-over-year.

• EBITDA margin rose to 5.8% in Q2 and 5.7% in H1; EBIT margin improved to 3.5% in Q2 and 3.0% in H1.

• Net cash position at quarter-end was EUR 942 million, up from EUR 446 million year-over-year.

• CapEx for Q2 was EUR 39 million; H1 CapEx decreased 9.4% to EUR 63.6 million.

Outlook and guidance

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

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

• Order intake and backlog support growth trajectory into 2026 and 2027.