Nordex’s 9M Net Loss Grows to €372 Million on Supply Chain Disruptions

Wind turbine maker's January-September revenue remained almost flat YoY


Germany-based wind turbine manufacturer Nordex SE reported a net loss of €371.6 million (~$385.1 million) in the first nine months (9M) of the calendar year (CY) 2022, compared to €103.7 million (~$107.47 million) in the corresponding period last year.

The company attributed the higher losses to supply chain disruptions during the year.

For the January-September period, Nordex’s revenue came in at €3.9 billion (~$4.04 billion), almost flat Year-over-Year.

Sales in the projects segment fell by 2.5% YoY to €3.5 billion (~$3.63 billion), while sales in the service segment grew by 20% YoY to €397.9 million (~$412.36 million) in 9M 2022.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a loss of €199.8 million (~$207.06 million) compared to €100.7 million (~$104.4 million).

The company said the EBITDA figures were hampered by the persistently strong inflationary environment and supply chain disruption. However, it added that the latest improvement in selling prices for new incoming orders would start to have a positive impact after some time next year.

The company’s order book swelled by 21% to €9.7 billion (~$10.05 billion) in 9M 2022, compared to €8 billion (~$8.29 billion) YoY. Out of the total, €6.5 billion (~$6.74 billion) was related to the projects segment and €3.1 billion (~$3.21 billion) to the service segment.

The Nordex Group installed 791 wind turbines in 17 countries with a total output of 3.6 GW during 9M 2022, compared to 1,216 wind turbines YoY in 22 countries with a total output of 4.9 GW. Europe accounted for around 74% of installations, while non-European markets accounted for approximately 26%.

Commenting on the results, José Luis Blanco, CEO of Nordex SE, said, “In a challenging market environment, we managed to achieve higher selling prices for new orders that will compensate for the massive cost increases triggered by external factors and boost our profitability in the medium term.”

Nordex stated that it reached an important technical milestone by unveiling its N175/6.X turbine. With the newly designed one-piece rotor, the turbine achieves an above-average capacity factor and can generate between 7-14% of additional output in locations with light and moderate winds compared to its predecessors.

Recently, Nordex Group received an order for 81.6 MW from the Landwind Group to supply 12 N163/6.X turbines distributed among four wind farm sections in eastern Lower Saxony, Germany. The wind farms are to be built in the districts of Helmstedt and Wolfenbüttel. The turbines in the 6 MW class on hybrid towers with a hub height of 164 meters are scheduled to start operation as of winter 2023. Subsequently, the turbines will produce some 180 million kWh of green electricity, saving up to 128,000 tons of CO2 annually.

Earlier, the company had received an order for 31.5 MW wind turbines in Germany from wpd, which included seven N149/4.X turbines of the Delta4000 series for the Kantow wind farm. The 31.5 MW Kantow wind farm is built in Brandenburg, about 90 kilometers northwest of Berlin. The turbines with a rated output of 4.5 MW will be installed on hybrid towers with a hub height of 164 meters in the summer of 2023.