Nordex returns to net profit in 2024 amid sales and order surge

German wind turbine manufacturer Nordex returned to a small net profit last year amid rising sales and a surging order intake.

Sales went up 12.5% to €7.3bn ($7.64bn), while earnings before interest, taxes, depreciation and amortisation (Ebitda) jumped to €296m in 2024 from a mere €2m a year earlier.

That helped the group return to a net profit of €9m, compared to a net loss of €303m in 2023.

“We achieved a record order intake in 2024, resulting in a very high order book. This success was driven by strong momentum in our service and project business,” CEO José Luis Blanco said.

“We have made substantial progress in our financial performance, continuously enhancing our absolute Ebitda and Ebitda margin throughout the year.”

The Ebitda margin – a measure of profitability – came in at 4.1%, higher than the upper end of the guidance figure, compared to an Ebitda margin of 0% a year earlier.

Orders in the projects segment last year totalled 8.3GW, up 13% from 2023, and came from 24 different countries. Service orders surged by 114% to a value of €1.98bn.

The combined order book stood at €12.8bn at the end of 2024, compared to €10.5bn a year earlier.

Nordex installed 1,227 wind turbines across 25 countries last year, with a combined capacity of 6.6GW, with 71% of those attributable to Europe, 16% in Latin America and 7% in the rest of the world, plus 6% in North America.

The company this year expects consolidated net sales of €7.4-7.9bn, with an Ebitda margin of 5.0-7.0%, with sales and profitability seen slightly stronger in the second half of the year.

Nordex maintains its medium-term Ebitda target of 8%.