Nordex Group upgrades guidance after strong H1 2024 performance with 25% sales increase

The Nordex Group reported robust financial and operational performance for the first half of 2024, with sales increasing by around 25% compared to the same period last year, to €3.4 billion (US $3.69 billion). Total performance, including changes in inventories, rose by 16% to €3.3 billion.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) significantly improved to €118.0 million in the first half of 2024. 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. In Q2 2024, EBITDA was €65.8 million with a margin of 3.5%, compared to €0.6 million with a 0.0% margin in Q2 2023.

Given the stable 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%, up from the initial range of 2.0% to 4.0%. Expectations for sales remain between €7.0 to €7.7 billion, with capital expenditure of around €175 million. The working capital ratio is expected to stay below minus 9%.

“We have been able to achieve a clear stabilisation 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% for the full year” José Luis Blanco, CEO of the Nordex Group, said in a press statement.