Nordex Group reveals 29% growth in year-on-year sales as it releases strong Q1 results

Wind turbine manufacturer The Nordex Group has confirmed a solid first quarter start to 2024 in which it generated sales of EUR 1,574 million ($1,698 million).

Announced on Tuesday, that corresponds to growth of 29% compared to Q1 last year with earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounting to EUR 52.1 million - Q1 2023 was minus EUR 114.9 million - resulting in an EBITDA margin of 3.3%.

Propelling sales

Nordex saw a strong order intake of 2.1GW - it erected 227 wind turbines in 13 countries with an aggregate output of 1,103MW in the first quarter of 2024. The company said in the prior-year quarter, 276 wind turbines with an aggregate output of 1,319MW were installed in 19 countries. 

Broken down into installed capacity in MW, 71% was attributable to Europe, 19% to Latin America, and 10% to the rest of the world in the first quarter of 2024.

In good order

As a result of an improving order book, Nordex said sales in its ‘projects’ segment rose by 32.3% to EUR 1,413 million in the reporting period - up from Q1/2023’s EUR 1,068 million. 

The ‘service’ segment also continued a positive trend with an increase in sales of 9.3%, to EUR 166 million.

Order intake - excluding the ‘service’ segment - grew to EUR 1,765 million with total nominal output increasing to 2,086MW (Q1/2023 was 1,021MW). 

Nordex said this order volume was entirely attributable to 11 countries, with Germany, South Africa and Lithuania the largest individual markets. The total order book for both ‘service’ and ‘projects’ segments came to EUR 11.1 billion (Q1/2023 was EUR 9.9 billion).

Encouraging signs

José Luis Blanco, Nordex Group CEO, said that overall his company had made “a strong start” on its path towards improving margins and achieving “more stable results”. 

He explained: “We have executed projects with higher profitability and found a stable cost environment, meaning that we have significantly improved our performance compared to the previous year. After several years of high volatility and fluctuations, we now expect a more stable earnings and margin trend over the course of the year.”