Losses at the Nordex Group widened by 9% in the first quarter of 2023.
The turbine manufacturer recorded an EBITDA loss of €114.9m, compared to a €88.9m deficit for the comparable period in 2022.
This resulted in an EBITDA margin of -9.4%, compared to -9.5% in the first quarter of 2022.
During the three-month period Nordex generated sales of €1.2bn, up from €933m in Q1 2022.
This sales growth in the first three months of the year is attributable to higher installation output than at the start of the previous year, the board said.
Both the average installed capacity (in MW) per turbine and the number of installed wind turbines increased, they added.
The Nordex Group erected 276 wind turbines in 19 countries with an aggregate output of 1319MW in the first quarter of 2023.
In terms of installed capacity (in MW), 54% was attributable to Europe, 25% to Latin America, 14% to North America and 7% to the rest of the world.
Nordex chief executive José Luis Blanco said: “Overall, the year began as expected and we increased our installation output in the first quarter.
“We are still focused on processing our order book efficiently, as the high costs associated with old projects are still adversely impacting our margins.
“In this respect, we expect to steadily improve our profit margin over the course of the year due to our revised pricing and contract arrangements.
“Overall, we continue to see improving volumes in our key markets, on the back of positive political momentum.”
At the beginning of May, the Nordex Group successfully completed the swap of shareholder loans from Acciona totalling €347m into equity at a price of €14.15 per share as resolved at the extraordinary general meeting on 27th March 2023.
The conversion of the loans into equity will significantly reduce the interest burden by around €46 million on an annual basis and further strengthen the capital structure, the board said.
Additionally, the Nordex Group also issued a convertible bond in early April and bolstered its liquidity with issue proceeds of €333m, it added.
Both measures are not reflected in the current figures.