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Nordex Group

Nordex SE - Roadshow presentation

June 2024

Nordex SE Roadshow presentation | June 2024

2 |

Agenda

1 2 3 4

Nordex at a glance

Improving market environment and position

Our path to margin improvements

Q1/2024 and FY 2023 financials

Nordex SE Roadshow presentation | June 2024

3 | Nordex at a glance

Nordex at a Glance

A pioneer in wind and renewables with more than 35 years of experience

€6.5bn

#1

€10.5bn

Leading product

35+ years

industry leader in

in the >4 MW

At the forefront of

Strong anchor shareholder in

In numbers

Product Portfolio

Sales

(FY23)

Europe and #3

Total order book

and 6 MW+

the

globally (OI in

(Dec-23)

class

technological

2023)

development

Track record: globally around 50GW commissioned

Acciona

(47.1% ownership)

One Global Platform Delta4000

8 turbine types from 4 MW+ to 6 MW+

Commissioned

Europe

c. 30 GW

North

c. 10 GW

America

Latin

c. 5 GW

America

c. 2 GW

Asia-Pacific

c. 2 GW

Middle East/

Africa/others

10,133 Employees (end 2023)

Nordex SE Roadshow presentation | June 2024

3

4 | Nordex at a glance

The Nordex Group's production footprint

USA

  • Nacelle
  • (mothballed)

Mexico

› Blade

Colombia

  • Tower

Germany

Finland

› Nacelle

› Tower

Turkey

› Blade

Spain

› Nacelle

› Blade

India

› Nacelle

› Blade

Brazil

  • Nacelle
  • Blade

› Tower x2

South Africa

› Tower

China

  • Smart Logistics (Nacelle Modules)
  • Global supply chain to deliver to every major market
  • Ensuring minimising total landed costs and risks diversification
  • Production network based on internal and external production
    • Nacelle: inhouse assembly
    • Blades: ~30% inhouse, 70% outsourced

Nordex SE Roadshow presentation | June 2024

4

5 | Nordex at a glance

Our product portfolio

New US Variant

6MW+

(Delta4000)

5MW+

(Delta4000)

4MW+

(Delta4000)

3MW+

(Delta)

SOP

2024

2023

2021

2019

2017

Light Wind

Medium Wind

Strong Wind

Update to follow: adapted to less noise and space constraints

N175/6.X

N163/6.X

N163/5.X

N155/5.X

N149/5.X

N133/4.8

N155/4.X

N149/4.X

N131/3000-3900

N117/3000-3600

  • Flexible operation modes enable us to offer Nordex turbines globally
  • Broad range of turbine options across different wind classes

Evolutionary platform concept ensures managable technology risk

Nordex SE Roadshow presentation | June 2024

5

6 | Nordex at a glance

Increasing service business

Highly cash flow generative growing business

Service revenues (€m)Turbines under contractEBIT Margin

Consistent

… with increasing

… resulting in solid

improvement in service

portion of Delta series

margin improvements

revenue …

under contract …

with strong visibility

Up to 25%

Normalising

+

=

18

margins

679

8%

403

15

2019A 2023A Future

2022A

Future

19A - 26E CAGR

Delta series (#)

Other turbines (#)

› Strong growth based on existing

installed fleet and order book

› Margin improving as cost increases are

moderating and volumes growing

further with strong fleet

availability

› High-margin, well-protected

business

› Delta4000 coming into service with

up to 25% of overall service fleet

Service Order

Backlog*

EUR

3.8bn

GW Under Active Service Contracts

36

GW

(70%+ of installed base)

Average Years

Contract Duration

12

Years

in 2026E

› Consistently high contract renewal

rates

Nordex SE Roadshow presentation | June 2024

* As of the end of Q1/2024.

6

7 |

Agenda

1 2 3 4

Nordex at a glance

Improving market environment and position

Our path to margin improvements

Q1/2024 and FY 2023 financials

Nordex SE Roadshow presentation | June 2024

8 | Improving market environment and position

Strong onshore market dynamics in Europe and the Americas

1 Sector tailwinds…

EU's 2050 Climate

Neutrality Target

US Inflation

Reduction Act

Repowering Trends

2 …result in capacity addition plans

Onshore EMEA 2023-2028 (GW)

CAGR+19%

37.1

30.6

34.3

27.2

20.8

15.8

24.2

26.3

28.0

22.4

16.2

12.3

6.4

8.0

9.1

4.6

4.8

3.6

2023

2024e

2025e

2026e

2027e

2028e

Rest of EMEA

Germany

Onshore Americas 2023-2028 (GW)

CAGR +7%

16.6

20.6

21.6

21.1

14.7

13.2

5.2

4.6

3.6

4.8

6.2

5.4

17.0

17.5

11.8

15.4

8.6

7.8

2023 2024e 2025e 2026e 2027e 2028e

Rest of Americas USA

EMEA:

  • EU elections: Green party still with majority; abandoning renewables no longer a realistic option
  • Growth driven by Germany with recent parliament decisions to simplify permitting and repowering
  • Permitting hurdles easing in the UK and Italy
  • Nordex well positioned with being #1 market share leader

Americas:

  • Growth driven by US and Canada
  • New product variant to be launched later this year
  • Nordex rebuilding its position in the US and expand footprint in Canada and LATAM

Nordex SE Roadshow presentation | June 2024

Sources: Wood Mackenzie Global wind turbine order database April 2024; Wood Mackenzie Global

Wind Power Market Outlook Update Q1/2024.

9 | Improving market environment and position

Well positioned to benefit from further growth in global markets

Onshore market share (MW orders) - as published

on 29th Feb 2024

Global market share

(c.43 GW order intake)

Nordex

Group

36.0%

17%

17.6%

#4

#3

16.4%

17.0%

2022

2023

Others Nordex Peer 3 Peer 2 Peer 1

Onshore market share (MW Installations)

Global market share

(c.44 GW installed)

Nordex

28.0%

Group

18%

18.2% 19.7%

#4

#4

17.7%

12.1%

2022

2023

Nordex SE Roadshow presentation | June 2024

Source: Wood Mackenzie 2023, Global Wind Power Project Installation Database Q4/2023.

10 |

Agenda

1

2

3

4

Nordex at a glance

Improving market environment and position

Our path to margin improvements

Q1/2024 and FY 2023 financials

Nordex SE Roadshow presentation | June 2024

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Disclaimer

Nordex SE published this content on 25 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 June 2024 10:14:55 UTC.