In the first half of the year, German wind turbine manufacturer Nordex recorded a significant improvement in the top line while its operating loss was reduced.

In the second quarter alone, the wind turbine manufacturer reported zero earnings and operating costs, according to its financial statements.

In the first half of the year, Nordex generated revenue of EUR 2753.2m compared to 2126.2m in the same period of 2022 — an increase of almost 30%.

Including revenue from the service business, Nordex achieved growth in gross profit of 26.1% to EUR 2798.9m compared to 2220.2m a year earlier.

Earnings before interests, taxes, depreciation, and amortization, EBITDA, were at minus EUR 114.3m, corresponding to an operating margin of minus 4.2%. In comparison, the EBITDA margin was minus 8.1% in the first half of 2022 while the operating loss in full figures was minus EUR 173.3m.

In turn, the net loss increased to EUR 298.9m from 283.2m in the same period last year.

”Our order intake momentum continues to be healthy as we enter the second half of the year. The goal is to continue in the same direction and process our orders efficiently and successfully,” says CEO José Luis Blanco in the statement.

In the first half of the year, Nordex installed wind turbines with a total capacity of 3.1GW.

The order book for the period is valued at EUR 9.8m.

Nordex expects an unchanged EBITDA margin of 8% in the medium term.

(Translated using DeepL with additional editing by Christian Radich Hoffman)