Wind Turbine Manufacturer Nordex Records 15.7% YoY Surge in Sales

The company expects an upward trajectory for the wind sector in Europe and the U.S.


Germany-based wind turbine manufacturer Nordex Group reported €4.48 billion (~$4.8 billion) in sales during the first nine months (9M) of 2023, a year-over-year (YoY) increase of 15.7% from €3.87 billion (~$4.2 billion).

Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) were recorded at a loss of €66.6 million (~$72.6 million), an improvement of 66.7% YoY.

Nordex recorded a net loss of €334 million ($364.5 million), an improvement of roughly 10% from €372 million ($405.9 million) in 9M 2022.

The Nordex Group experienced a modest uptick in turbine production, raising its output from 4.9 GW in the prior year to 5 GW. The overall manufacturing quantity of rotor blades held steady at 3,358 units, compared to 3,357 blades in 9M of 2022.

Within this total, the company manufactured 802 blades in its facilities, a slight decrease from the 879 blades produced in 2022. Additionally, the company procured 2,556 blades from external suppliers, marking an increase from the 2,478 blades sourced during 9M of 2022.

In 9M 2023, the Nordex Group successfully deployed 1,090 wind turbines across 24 countries, boasting a collective capacity of 5.5 GW. This marked a significant increase from the same period in 2022, when 791 wind turbines were installed in 17 countries, generating a total output of 3.6 GW.

Europe led the way in installations, constituting 61%, followed by Latin America at 25%, and North America and the rest of the world at 7% each.

The installations contributed to the projects segment’s revenue, amounting to €4 billion (~$4.3 billion) during the reporting period, reflecting growth from the €3.5 billion (~$3.8 billion) recorded in 9M of 2022.

By the end of September 2023, sales in the service segment reached €482 million (~$525 million), a notable increase from the €398 million (~$433.7 million) reported in the same period in 2022.

The company noted that the worldwide economy is facing the negative consequences of China’s slow growth, affecting multiple regions. In particular, Europe is contending with subdued industrial production figures, and there is a decrease in demand in the construction industry. These factors are collectively hindering overall economic growth.

Nevertheless, the wind energy sector in Germany is currently on an upward trajectory after undergoing a challenging period in recent years.

Since the beginning of 2023, an additional 255 wind turbines have been installed in Germany, considering decommissioning. Consequently, the total number of wind turbines accounting for decommissioning has reached 28,609, with a combined output of 60,361 MW.

The wind turbine manufacturer placed €333 million (~$363.5 million) worth of new green convertible bonds due in 2030. The bonds, with a denomination of €100,000 (~$109,043), will be convertible into new or existing ordinary bearer shares of Nordex.

Earlier in January, the company received an order from the UK-based renewable energy developer SSE Renewables to supply 29 N117/3600 turbines for the Yellow River wind farm in Ireland. The contract also comprises service for the turbines after they are commissioned.