Nordex has reported €118m in earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first half of 2024 compared with a loss of €114m in the same period in 2023.
Sales increased by around 25% to €3.4bn, compared with €2.8bn in the first half of 2023.
With an EBITDA margin of 3.4%, profitability has stabilised at a level above 3% during the first half of 2024 after having reached 3.3% already in the first quarter (H1/2023 -4.2%).
In Q2/2024, EBITDA was €65.8m with a margin of 3.5% (Q2/2023: €600,000, 0.0%).
Given the stable performance in the first half of 2024, Nordex has revised its guidance for the current financial year and now expects an EBITDA margin of 3-4%, up from the initial range of 2-4%.
Expectations for sales remain between €7-7.7bn, with capital expenditure of around €175m.
“We have been able to achieve a clear stabilization in our margin development in recent quarters and this positive trend should continue in the future.
“Against this backdrop, together with our robust order book and stable pricing, we are now narrowing our initial EBITDA guidance range to 3 to 4 percent for the full year,” said Jose Luis Blanco, CEO of the Nordex Group.
In the projects segment, Nordex recorded order intake of 3.4GW for H1 2024, up from 2.6GW in H1/2023.
These orders were received from 17 countries and span various turbine variants.
As of June 2024, Nordex’s order book stood at €11bn, compared with €9.8bn in H1/2023.
This comprises €6.9bn (H1/2023: €6.4bn) in the projects segment and €4.1bn (H1/2023: €3.4bn) in the service segment.
In the first half of 2024, turbine assembly production reached 3023MW, marking a 4.7% increase compared to last year.
Additionally, rotor blade production rose to 2333, up from 2224 units in H1/2023.
Of these, 718 rotor blades were produced in-house (H1/2023: 506), while 1615 (H1/2023: 1718) were sourced from external suppliers.
Nordex installed 592 wind turbines across 20 countries, totalling 3GW in the first six months of 2024, in line with internal planning, compared with 632 wind turbines in 22 countries with a total output of 3.1GW in H1/2023.