Nordex Annual Guidance Confirmed: Nordex Remains Operationally Profitable in The Third Quarter

Hamburg, Germany - Wind turbine manufacturer Nordex increased its operating profit in the third quarter of 2023 and confirmed its full-year forecast for 2023.

Earnings based on EBITDA climbed to EUR 48 million in the third quarter of 2023 (3Q 2022: minus EUR 27 million), after the company had reached breakeven at EUR 0.6 million in the second quarter of 2023.

Based on the past nine months of the 2023 financial year, Nordex sales increased by 16 per cent to EUR 4.5 billion (9M/2022: EUR 3.9 billion). The operating loss based on EBITDA decreased significantly compared to the previous year (9M 2022: EUR -200 million) to EUR -67 million.

At the end of September 2023, the Nordex Group had a high order backlog of just under EUR 10.2 billion (9M/2022: EUR 9.7 billion). Of this, EUR 6.7 billion (9M/2022: EUR 6.5 billion) is attributable to the Projects segment and EUR 3.6 billion (9M/2022: EUR 3.1 billion) to the Service segment.

José Luis Blanco, CEO of Nordex SE, says: "The third quarter was marked by a high installation level for the Nordex Group. As a result, we achieved an improvement in our sales and earnings as higher-margin projects were completed. Looking ahead to the fourth quarter, we also expect a high level of intensity with some short-term challenges emerging which can result in increased volatility in project execution. Therefore, delivering according to plan is important to further increase our profitability."

For 2023, Nordex confirms its March 2023 forecast, according to which the Management Board expects consolidated sales of EUR 5.6 to 6.1 billion and an EBITDA margin of minus 2.0 to plus 3.0 per cent. In a comparison during the year, Nordex had already announced a stronger second half of 2023.

The Nordex share is trading little changed and currently costs around EUR 11 in today's trading.

Source: IWR Online, Nov 11 2023