The Nordex Group reported sales increased by around 25 percent to €3.4 billion (H1/2023: €2.8 billion) in the first half of 2024. Total performance, including changes in inventories, rose by 16 percent to €3.3 billion (H1/2023: €2.8 billion).
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) improved to €118.0 million in the first half of 2024 (H1/2023: minus €114.3 million). With an EBITDA margin of 3.4 percent, profitability has stabilised at a level above 3 percent during the first half of 2024 after having reached 3.3 percent in the first quarter (H1/2023: minus 4.2 percent). In Q2/2024, EBITDA was €65.8 million with a margin of 3.5 percent (Q2/2023: €0.6 million, 0.0 percent).
Given the performance in the first half of 2024, the Nordex Group has revised its guidance for the current financial year. The company now expects an EBITDA margin of 3.0 to 4.0 percent, up from the initial range of 2.0 to 4.0 percent. Expectations for sales remain between €7.0 to 7.7 billion, with capital expenditure of around €175 million.
In the Projects segment, the company recorded order intake of 3.4 GW for H1 2024, up from 2.6 GW in H1/2023. This represents a 27 percent increase, with a total value of new orders reaching €3.0 billion (H1/2023: €2.4 billion). These orders were received from 17 countries and span various turbine variants. As of June 2024, the Nordex Group’s order book stood at €11.0 billion, compared to €9.8 billion in H1/2023. This comprises €6.9 billion (H1/2023: €6.4 billion) in the Projects segment and €4.1 billion (H1/2023: €3.4 billion) in the Service segment.
In the first half of 2024, turbine assembly production reached 3,023 MW, marking a 4.7 percent increase compared to last year (H1/2023: 2,886 MW). Additionally, rotor blade production rose to 2,333, up from 2,224 units in H1/2023. Of these, 718 rotor blades were produced in-house (H1/2023: 506), while 1,615 (H1/2023: 1,718) were sourced from external suppliers.
The company installed 592 wind turbines across 20 countries, totalling 3.0 GW in the first six months of 2024, in line with internal planning. This compares to 632 wind turbines in 22 countries with a total output of 3.1 GW in H1/2023. Of the installations carried out in the period under review (in MW), 73 percent were attributable to Europe, 16 percent to Latin America, 2 percent to North America, and 9 percent to the region Rest of the World.
Sales in the Projects segment rose by 26 percent to €3.1 billion in the first half of the year, up from €2.5 billion in H1/2023. The Service segment also experienced growth, with sales increasing by 12 percent to €343 million (H1/2023: €305 million).
