Nordex (NDX1) Q4 2024 earnings summary

Executive summary

• Achieved all 2024 financial and operational targets, with revenue up 14% to EUR 7.3 billion and EBITDA margin at 4.1%, both at the top end of guidance.

• Positive net profit of EUR 9 million, reversing a EUR 303 million loss in FY 2023.

• Record order intake of 8.3GW (+12% YoY), order book at EUR 12.8 billion, and strong service business growth.

• Maintained leading market positions in Europe and Americas, with robust demand outlook driven by decarbonization and electrification trends.

• Free cash flow reached EUR 271 million, with net cash position at EUR 848 million.

Financial highlights

• Revenue grew 14% YoY to EUR 7.3 billion; gross margin improved to 21% from 15.2% last year.

• EBITDA reached EUR 296 million (4.1% margin), up from break-even; EBIT turned positive at EUR 115 million.

• Free cash flow of EUR 271 million; net cash position at EUR 848 million; liquidity at EUR 1.2 billion.

• Working capital at -9.1% (EUR -663 million), in line with guidance.

• CapEx at EUR 153 million in 2024, below plan, with investments in production and US facility reopening.

Outlook and guidance

• 2025 sales expected at EUR 7.4–7.9 billion; EBITDA margin guidance raised to 5–7%.

• CapEx to increase to around EUR 200 million; working capital to remain at -9%.

• Confident in another positive free cash flow year and reiterates mid-term 8% EBITDA margin target.

• Growth visibility supported by strong order book and market demand, especially in Europe and Canada.

• Demand for onshore wind expected to remain strong, with company well positioned in EMEA and rebuilding in Americas.