Q1 2025 Nordex SE Earnings Call Transcript
Key Points
- Nordex SE (NRDXF) reported a strong start to 2025 with improved margins and positive free cash flow in the first quarter.
- The total order book grew by 21%, with a turbine order intake of 2.2 gigawatts, marking a 12% year-on-year increase in euro value.
- Profitability levels increased across all segments, with total EBITDA rising by 53% to EUR 80 million, translating into a 5.5% EBITDA margin.
- The service order book increased by 37% year-on-year, reaching EUR 5.2 billion, reflecting the expansion of the turbine business.
- Nordex SE (NRDXF) remains confident in achieving positive free cash flow for the full year 2025 and is on track to meet its medium-term EBITDA margin target of 8%.
- Sales in the first quarter of 2025 were slightly above EUR 1.4 billion, down from EUR 1.6 billion in the previous year, due to lower installation levels and timing effects.
- Installations reached slightly over one gigawatt in the first quarter, down around 5% year-on-year, mainly due to customer delays.
- The gross margin, although improved, is influenced by a relatively weak top line, and future quarters may not see the same level of gross margin.
- There are concerns about potential local inflation impacts on the supply chain due to tariffs, which could affect local execution costs.
- The company faces challenges in the US market due to tariffs and geopolitical uncertainties, impacting order intake and timing.
Ladies and gentlemen, welcome to the Nordex SE Q1 2025 results conference call. I am Yousuf, the chorus call operator. (Operator Instructions) The conference must not be recorded for publication or for broadcast.
At this time. It's my pleasure to hand over to Anja Siehler. Please go ahead.
Thanks, Yousuf, and also a very warm welcome from the Nordex team in Hamburg. Thank you for joining the Q1 '25 Nordex conference call. As always, we ask you to take notice of our safe harbor statements.
With me are our CEO, José Luis Blanco; and our CFO, Ilya Hartmann, who will lead you through the presentation. Afterwards, we will open the floor for your questions.
And now I would like to hand over to our CEO, José Luis.
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Thank you, Anja (technical difficulty) for the introduction as well (inaudible). On behalf of Management Board, I would like as well to welcome you to our
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