In This Article:
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Revenue: EUR7.3 billion in 2024, up from EUR6.5 billion in 2023, an increase of over 12%.
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EBITDA Margin: 4.1% for 2024, with an exit EBITDA margin of 4.89% in Q4.
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Net Profit: EUR9 million for 2024.
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Free Cash Flow: EUR271 million in 2024.
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Order Book: Record high of EUR12.8 billion, with turbine order book at EUR7.8 billion and service order book at nearly EUR5 billion.
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Service Revenue: Grew by 15% to EUR777 million in 2024.
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Gross Margin: 21% for full year 2024, up from 15.2% in the previous year.
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Cash Position: Over EUR1.1 billion at year-end 2024.
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Working Capital Ratio: Minus 9.1%, in absolute numbers at minus EUR663 million.
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CapEx Spending: EUR153 million for 2024.
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Order Intake: 8.3 gigawatts in 2024, a growth of 12% year on year.
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Installation Figures: 6.5 gigawatts installed in 2024, down by around 8% from the previous year.
Release Date: February 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Nordex SE (NRDXF) achieved a record order intake in 2024, resulting in a high order book of EUR12.8 billion.
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The company reported a robust free cash flow of EUR271 million for 2024.
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Nordex SE (NRDXF) improved its EBITDA margin to 4.89% by the end of 2024.
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The service business continues to grow, with revenues increasing by 15% and EBIT margins improving.
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Nordex SE (NRDXF) remains the third largest onshore player worldwide in terms of order intake, excluding China.
Negative Points
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Installations decreased by 8% in 2024, primarily due to customer schedule delays.
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Turbine assembly decreased by 5% in 2024, indicating potential production challenges.
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The company faces uncertainties in the US market, which could impact future growth.
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Despite improvements, the EBITDA margin of 4.1% is still below the medium-term target of 8%.
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There are ongoing provisions and warranty issues that may impact financials in the coming years.
Q & A Highlights
Q: What regions outside of Germany should we focus on for order intake growth? A: Jose Blanco Dieguez, CEO, mentioned that while Germany is expected to grow significantly, there is also anticipated growth in other European markets such as the Baltics, Turkey, Spain, and the Mediterranean. Outside Europe, Canada and Australia are key focus areas, with ambitions to develop the US market further.
Q: How sustainable is the growth in service orders seen in Q3 and Q4? A: Jose Blanco Dieguez, CEO, expressed optimism for another strong year in service order intake, potentially better than the previous year, although they do not provide specific guidance for order intake.