nordex group nordex se investor...

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© Nordex 2020

› Classification: Public

Nordex Group

Nordex SE – Investor FactbookJune/July 2020

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© Nordex 2020


Experienced management team

2 Nordex SE – Investor Factbook

José Luis BlancoCEO

› CEO Acciona Windpower

› Various Senior Management & Chief Officer positions at Gamesa

› CFO Siemens Wind Power Offshore

› Various other positions at Siemens

› BHF Bank, EBRD

Christoph BurkhardCFO

› Business Development Director and Executive Committee member at Acciona Windpower

› Various Chief Officer positions at Acciona

Patxi LandaCSO

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© Nordex 2020


Agenda


1 Company overview & business model

2 Products & markets

3 Financials

4 Nordex share

5 Sustainability

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© Nordex 2020


Investment Case


Global

Global player with strong presence in all volume and growth markets for onshore wind energy

COE

Competitive and COE-driven product portfolio covers

all regions and market conditions

Onshore

Onshore wind energy is the key technology for the irrevocable transition

to renewable energy

Shareholder

Strong anchor shareholder supports growth strategy

Team

Experienced managementand outstanding team

Strategic pillars

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© Nordex 2020


Nordex and Acciona Windpower created a top 4 global player


Market focus

Customer focus

Product focus

Technology focus

Emerging markets

Large developersand IPPs

Projects without land constraints

Concrete towers

Europe

Small & medium-sized customers

Complex and land constrained projects

Blades

+

+

+

+

=

=

=

=

Truly global

Broad customer base

Different projects

Complementary technologies

Nordex AWP Nordex Group

Creating a stronger and more competitive

company

A strong fit benefitting from complementary approaches

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© Nordex 2020


© Nordex 2019 | 15. Juni 2020 |

|6 Company overview & business model

› Global manufacturer of wind energy systems focused on turbines in the 2-5 MW class

› WTG variants for different wind and climate conditions, addressing the requirements of developed as well as emerging markets

› Production sites in Germany, Spain, Brazil, India, USA (mothballed), Argentina and Mexico

› Headquarter in Hamburg; subsidiaries for sales and service in all core markets

› Listed company in the German TecDaxand SDAX

› Founded 1985 in Denmark, IPO in 2001

› Acquisition of Acciona Windpower (AWP) in 04/2016

› Main shareholder Acciona S.A. (36.41%)

› Revenues 2019: Around EUR 3.3bn

› Track record of more than 28 GWin over 40 countries

Nordex – a pioneer in wind with more than 30 years of experience

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© Nordex 2020


Installation track record of Nordex


MORE THAN 28,132 MW INSTALLED WORLDWIDE

SPAIN

FRANCE

PORTUGAL

ITALY

CROATIA

GREECE

UK

1,993 MW

2,253 MW

421 MW

745 MW

57 MW

166 MW

1,468 MW

855 MW

4,490 MW

461 MW

12 MW

100 MW

8 MW

IRELAND

GERMANY

POLAND

CZECH REPUBLIC

ROMANIA

BULGARIA

NORWAY

SWEDEN

FINLAND

DENMARK

BELGIUM

NETHERLANDS

ESTONIA

LITHUANIA

190 MW

514 MW

512 MW

152 MW

80 MW

328 MW

18 MW

70 MW

ARGENTINIA

CANADA

USA

MEXICO

COSTA RICA

PERU

COLOMBIA

BRAZIL

URUGUAY

CHILE

261 MW

203 MW

4,631 MW

1,172 MW

50 MW

132 MW

20 MW

1,185 MW

309 MW

288 MW

TURKEY

PAKISTAN

INDIA

CHINA

JAPAN

SOUTH KOREA

AUSTRALIA

EGYPT

SOUTH AFRICA

OTHERS (ROW)

2,090 MW

300 MW

78 MW

1,053 MW

73 MW

65 MW

371 MW

63 MW

563 MW

330 MW

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© Nordex 2020


Nordex achieved global top 4 in 2019


MARKET SHARES (BASED ON MW INSTALLED)

Europe

placed 4th

Americas

placed 4th

Asia pacific(excl. China)

No installations in 2019

Global(excl. China)

placed 4th

NordexGroup

11.5%

NordexGroup

7.3%

NordexGroup

7.6%

Others

Source: Wood Mackenzie Global Wind Power Project Installation Database (2020)

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© Nordex 2020


Our history as one of the pioneers in onshore wind industry


First company worldwide to produce a MW-classturbine

1995

Founding of Nordexin Denmark

1985

Installation of the 100th Nordexturbine

1999

Installation of the 2000th Nordex turbine

2003

Commencement of industrial rotor blade production

2001

Completion of the world’s first series multi-MWturbine

2000

First AW 60/1300prototype

2000

Opening of the wind turbine assembly in Barásoain, Spain

2003

Start of the seriesproduction of the AW 1500

2005

Opening of production facility in US

2007

Introduction of the AW 3000

2008

Launch of Gamma generation

2010

Industrial Implementation in Brazil with the opening of hub production plant

2013

Launch of Delta generation

2013

More than 2000 MW of the AW 3000 platform sold

2014

Nordex and AccionaWindpower become one company

2016

Opening of first assembly plant in India

2016

Launch of 4 MW product series Delta4000

2017

Launch of N133/4.8 for strong wind sites

2018

Launch N155/4.5Entry into the 5 MW ClassLaunch N149./5.X andN163./5X

2019

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© Nordex 2020


Value chain - Nordex core business


MORE THAN A MANUFACTURER.

CivilWorks

Electrical Infrastructure

Installation & Commissioning

ServiceTurbineDelivery

ProjectDevelopment

› Selection of location

› Ownership

› Optimal siting

› Wind measurements

› Soil survey

› Sound / shade emission

› Economic viability

› Grid connection

› Special purpose registration

› Environmental permitting

› Building permitting

Project Development

Wind Farm System Planning

Production and Technical Implementation

Wind Farm Operations

Services and Maintenance

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© Nordex 2020


Strategy roadmap further strengthens our competitive position


We are:

We focus on:

We deliver:

Sustainable | Global | COE Leader

Leading global onshore wind turbine supplier

COE | Speed | Flexibility

Global market presence

COE optimized product portfolio

Supply chain transformation

Operational cost efficiencies

Servicebusiness

1 2 3 4 5

Increase of order intake to 6.2 GW in

FY 2019

New product N163/5.X enlarges product portfolio

Stringent W/C-management

programmeimplemented

Ramping up India and

blade production in Turkey

Continuously growing with

dedicated features as predictive maintenance

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© Nordex 2020


Nordex production footprint shows international supply chain


GOOD GEOGRAPHICAL FIT FOR PRODUCTION TO SERVE GLOBAL DEMAND.

Brazil›Nacelle›Blade›Tower (2x)

India›Nacelle›Tower›Blade

Germany›Nacelle›Blade

Spain›Nacelle›Blade›TowerMexico

›Tower›Blade

Argentina›Nacelle›Tower (3x)

Chile›Tower

South Africa›Tower

China›Smart Logistics›Blade (2x)

Turkey›Blade

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© Nordex 2020


Nordex operates a lean and flexible business model


Third party Partially in-house Key focus/in-house

Turbine development, production, projects and logistics

Turbine Research & Development

Componentdevelopment and

manufacturing

Turbine assembly

Project Management and Logistics

Asset light business model in value chain

Focus on core competencies by outsourcing parts of value

chain

Wind farm development and operations

Project development

Wind farm owners

Operation and maintenance

Limited vertical integration allows Nordex to manage capital commitment efficiently and retain a flexible business model

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© Nordex 2020


Agenda




3 Financials

4 Nordex share

5 Sustainability

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© Nordex 2020


Development of product portfolio & pipeline

Competitive portfolio for all different sites

Products & markets

Lightwind

Mediumwind

Strongwind

4MW+

3MW+

2MW+

N131/3000-3900

N117/3000-3600

N100/3300

AW125/3000-3150

AW132/3000-3465

AW140/3000

AW148/3000

AW116/3000

N90/2500

N100/2500

N117/2400

N133/4.8

N149/4.0-4.5 incl. 4.8 mode

N163/5.x

N149/5.x

today 2022+

Gamma

Delta

Delta4000

AW

N155/4.5 Future focus of productdevelopment

Phase-out of Gamma platformin preparation

Phase-out of 3MW Deltaplatform in preparation

Continuous CoEimprovementsfor low wind sites

One platform with marketspecific derivatives

5MW

Site dependent

15

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© Nordex 2020


N149/5.X – Key facts


N149/5.X

proven Delta4000 product series“Staged Approach” philosophy

149m rotorproven blade of N149/4.0-4.5

>5MW ratingutilizing site potential

IEC S classup to IEC A

suitable in core low-to-medium wind speed sites

104.8 dB(A) @ 5.5 MW

+ numerous sound modes

lifetime extension up to 25 yearsStandard design lifetime of 20 years

Nacelle dimensions remain unchanged to N149/4.0-4.5

WTG design purely focused on lowest possible COE

only 5 MW+ WTG based on proven platform

first contracts already signed (major order of 400

MW from Norway received in March 2020)

up to 164m hub heightssite-specific towers

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© Nordex 2020


N163/5.X – Key Facts


N163/5.X

Same nacelle as N149/5.X163m rotor

>5MW ratingutilizing site potential

IEC S class

various site-specific towersup to 164m hub height

numerous sound modes

lifetime extension up to 25 yearsStandard design lifetime of 20 years

WTG design purely focused on lowest possible COE

Single-piece bladebased on N149 design

Suitable in core low-to-medium wind speed sites

+20% AEP (Annual Energy Production)(vs. N149/4.0-4.5)

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© Nordex 2020


Global service network with more than 20 GW under contract


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© Nordex 2020


Service portfolio: Nordex service makes the difference


On-site Off-site

Trouble Shooting & Repair

›Onsite repair & troubleshooting

›Exchange & overhaul of major components

Upgrades &Modernizations

› Products to enhance the performance of the installed fleet

Training

›Uniform qualification of all service technicians worldwide

Spare Parts Management

›Worldwide supply of spare parts, 365 days a year

Digital and DataAnalytics

›Driving digital change, remote diagnostics & predictive maintenance.

Maintenance & Inspections

›Maintenance

›HSE inspections

Monitoring & Technical Support

›24/7 Control Centre

›Support for technical issues

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© Nordex 2020


Wind will be a prominent source as global energy production rises


Strong, continuous growth of onshore wind in the medium term expected

World energy production is rising…

Electricity generation by region ( PWh)

OECD countries

European Union

US

China

India

Others

… with onshore wind as a major contributor

Cumulative global installed capacity by source (GW)

2018

2035

528

22

526

258

Onshore Wind

Offshore Wind

Conventional Sources

PV

Other Renewables

3,630

2,180

1,451

1,831

4,365

4,731

+313%

+8%0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

20202012 2015 2025 2030 2035

+39%

Source: Bloomberg New Energy Finance, New Energy Outlook 2019, as of Jun-2019Conventional sources include nuclear, coal, gas and oil capacitiesOther renewables include geothermal, hydro and others

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© Nordex 2020


Global demand for electricity continues to grow and will increasingly be met by renewables


Global renewable electricity generationKey drivers of trend

› Global demand for electricity will grow by almost 62% until 2050:

In non-OECD countries, power demand is expected to double

Most of the growth comes from large, rapidly expanding economies, especially China and India

In OECD countries, demand will be flat or even negative, reflecting a combination of improved energy efficiency, modest economic expansion, and retreat from energy-intensive industries

These dynamics are slightly offset by the increasingly important role of electric vehicles

› Cheap renewable energy and batteries fundamentally reshape the electricity system

› A total of USD 13.3 trillion will be invested in new power generating capacity between 2018 and 2050, with over 83% going to renewables 0

5

10

15

20

25

30

2018 2050e

PWh

2035e

3.1

7.2

17.9

26.4

6.8

8.8+4%

Cumulative renewable electricity generation in China and India

non-OECD countries

2.3

7.2

10.3

OECD countries

Source: BNEF NEO 2019

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© Nordex 2020


Agenda




3 Financials

4 Nordex share

5 Sustainability

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© Nordex 2020


Executive summary FY 2019

23 Financials

FY 2019 RESULTS FULLY IN LINE WITH GUIDANCE

Sales

EUR 3,285m

EBITDA margin

3.8%

Working capital ratio

-9.1%

› Strongest ever order intake of 6.2 GW in FY 2019 - increase of 31% compared to previous year 2018.

› 44% of the 6.2 GW order intake in FY 2019 accounts for latest turbine generation Delta4000.

› Book-to-bill-ratio of 1.53 signalling further growth in the future.

› Delta4000 product portfolio with five different product variants covering all customer requirements.

› On October 8th cash capital increase of EUR 99m through private placement to anchor shareholder Acciona.

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© Nordex 2020


Order intake FY 2019

24 Financials

Order intake turbine* (in MW) Order intake turbine* by regions (in %)

› Strong order intake in FY 2019: EUR 4,415m (EUR 3,637m in the previous year)

› Thereof in Q4/2019: EUR 1,102m (EUR 1,290m in prior-year quarter)

› Stable ASP of EUR 0.71m/MW in FY 2019

› Large orders from USA, Turkey, Mexico, Sweden and Brazil in FY 2019

› 44% of order intake for new Delta4000 generation in FY 2019

› Share of Delta4000 generation was 49% in Q3 and increased to 57% in Q4/2019 indicating transition to 4/5 MW class products

6,207

4,754

12M/2018 12M/2019

+31%

15%

25%

18%

15%

28%

45% 51%

12M/201912M/2018

3%

Latin AmericaEurope North America RoW

*Group segment „Projects“

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© Nordex 2020


Order intake Q1/2020

25 Financials

Order intake turbine* (in MW) Order intake turbine* by regions (in %)

› Strong order intake in Q1/2020 compared to previous year quarter: EUR 1,185m (EUR 810m in Q1/2019)

› Stable ASP of EUR 0.72m/MW in Q1/2020 compared to FY 2019

› Largest orders from Norway, Chile, Great Britain, Turkey and Finland in Q1/2020

› 85% of order intake in Q1/2020 accounted for latest turbine generation Delta4000

Q1/2020Q1/2019

1,035

1,644

+59%

15% 21%

44%

79%

41%

0%

Q1/2019

0%

0%

Q1/2020

Europe North America Latin America RoW

*Group segment „Projects“

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© Nordex 2020


Continuously growing service business in FY 2019 and Q1/2020

Financials

Share of fleet under contract (as % of installed base)

EBIT margin

26

Development of service revenues (EUR m) and EBIT margin

315343

403

20182017 2019

15.1% 16.1% 17.7%

70%

30%

Installedbase:

28.2 GW

under contract

not under contract

Share of fleet under contract (as % of installed base)

EBIT margin

Development of service revenues (EUR m) and EBIT margin

102.0

Q1/2019

87.4

Q1/2020

16.5% 18.0%

Installedbase:

28.2 GW

73%

27%

under contract

not under contract

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© Nordex 2020


Order backlog FY 2019 and Q1/2020

27 Financials

Order backlog turbines (EUR m) Order backlog service (EUR m)

› Distribution: Europe (52%), North America (19%), Latin America (17%), Rest of World (12%)

› 7,760 wind turbines under service – corresponding to 19.6 GW

3,869

12M/2018 12M/2019

5,534

+43%

12M/2018 12M/2019

2,2182,537

+14%

Q1/2019 Q1/2020

4,414

5,820

+32%

2,218

Q1/2020Q1/2019

2,625

+18%

› Distribution: Europe (58%), Latin America (18%), North America (16%), Rest of World (8%)

› 8,054 wind turbines under service – corresponding to 20.6 GW

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© Nordex 2020


Operational development FY 2019

28 Financials

Installations (MW) Production

› Total installations of 938 WTGs in 21 countries in FY 2019

› Geographical split: 44% Europe, 29% Latin America, 23% North America and 4% Rest of World

› Output turbines totaled 1,388 units in FY 2019: 536 GER, 526 ESP, 234 IND, 49 BRA and 43 ARG

› Inhouse blade production of 1,366 units in FY 2019: 600 ESP, 465 GER, 234 IND and 67 MEX

› Outscourced blade production of 2,556 units in FY 2019

12M/2019

3,090

12M/2018

2,522

+23%

12M/2018

4,677

2,278

12M/2019

+105%

Turbine assembly (MW)

807

12M/2018 12M/2019

1,366

+69%

Inhouse blade production (#)

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© Nordex 2020


Operational development Q1/2020

29 Financials

Installations (MW) Production

› Total installations of 269 WTGs in 21 countries in Q1/2020 (Q1/2019: 84 WTGs)

› Geographical split: 60% Europe, 15% Latin America, 13% North America and 12% Rest of World

› Output turbines of 448 units in Q1/2020: 210 GER, 147 ESP, 61 IND, 23 BRA and 7 ARG

› Inhouse blade production of 321 units in Q1/2020: 168 GER, 108 IND and 45 MEX

› Outscourced blade production of 528 units in Q1/2020

Q1/2019 Q1/2020

261

899

+244%

698

Q1/2019

1,641

Q1/2020

+135%

Turbine assembly (MW)

300

Q1/2019 Q1/2020

321

+7%

Inhouse blade production (#)

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© Nordex 2020


Multi-currency guarantee facility successfully refinanced – international syndicate further supports Nordex‘ growth path

30

Details:

Amount: 1.21bn EUR

Duration: 3 years (until April 2023)

Renewal option: 1+1 year

Number of banks & insurances: 21

Purpose: Issuance of guarantees

Security: Pari passu, unsecured

ESG rating provider: ISS ESG

ESG company rating: B

Lead banks:

BNP Paribas

Commerzbank

HSBC

Intesa Sanpaolo

UniCredit Bank

Financials

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© Nordex 2020


Income statement and balance sheet FY 2019

31 Financials

in EUR m FY 2019 FY 2018

Sales 3,284.6 2,459.1

Total revenues 3,871.4 2,364.2

Cost of materials -3,096.0 -1,710.2

Gross profit 775.4 654.1

Personnel costs -360.7 -325.9

Other operating (expenses)/income

-290.9 -226.5

EBITDA 123.8 101.7

Depreciation/amortization -143.4 -155.8

EBIT -19.6 -54.2

Net profit -72.6 -83.9

Gross margin* 23.6% 26.6%

EBITDA margin 3.8% 4.1%

EBIT margin w/o PPA 0.1% 0.3%

*Gross profit in relation to sales.** Cash and cash equivalents less bank borrowings and bond. ***Based on actual sales figures.

in EUR m 31.12.19 31.12.18

Non-current assets 1,488.9 1,277.6

Current assets 2,513.8 1,781.0

Total assets 4,002.7 3,058.5

Equity 745.4 697.3

Non-current liabilities 914.2 822.9

Current liabilities 2,343.2 1,538.3

Equity and total liabilities

4,002.7 3,058.5

Net debt** -84.0 -32.5

Working capital ratio*** -9.1% -3.8%

Equity ratio 18.6% 22.8%

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© Nordex 2020


Income statement Q1/2020

32 Financials

Comments

› Sales of EUR 965m and EBITDA margin of 1.4% in line with expectations

› PPA depreciation totaled EUR 7.2m in Q1/2020 (EUR 6.8m in previous year quarter)

in EUR m Q1/2020 Q1/2019 abs. change

Sales 964.6 398.9 565.7

Total revenues 1,021.5 583.6 437.9

Cost of materials -865.2 -441.1 -424.1

Gross profit 156.3 142.5 13.8

Personnel costs -89.7 -85.0 -4.7

Other operating (expenses)/income -53.5 -54.2 0.7

EBITDA 13.1 3.3 9.8

Depreciation/amortization -36.8 -33.6 -3.2

EBIT -23.7 -30.4 6.7

Net profit -38.0 -35.0 -3.0

Gross margin* 16.2% 35.7%

EBITDA margin 1.4% 0.8%

EBIT margin w/o PPA -1.7% -5.9%

*Gross profit in relation to sales.

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© Nordex 2020


Balance sheet Q1/2020

33 Financials

Comments

› Cash position of EUR 432m at the end of Q1/2020 (EUR 510m year-end 2019)

› Balance sheet prolongation based on increased assets and liabilities due to high activity level

in EUR m 31.03.20 31.12.19 abs. change Δ in %

Non-current assets 1,454.2 1,488.9 -34.7 -2.3

Current assets 2,638.1 2,513.8 124.3 4.9

Total assets 4,092.4 4,002.7 89.7 2.2

Equity 707.4 745.4 -38.0 -5.1

Non-current liabilities 871.2 914.2 -43.0 -4.7

Current liabilities 2,513.8 2,343.2 170.6 7.3

Equity and total liabilities 4,092.4 4,002.7 89.7 2.2

Net debt* -156.4 -84.0

Working capital ratio** -7.5% -9.1%

Equity ratio 17.3% 18.6%

*Cash and cash equivalents less bank borrowings and bond. **Based on actual sales figures.

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© Nordex 2020


Working capital development

34 Financials

Working capital ratio (in % of sales)* Working capital development (in EUR m)*

-5.2

Q1/2019

Q2/2019

-1.5

Q3/2019

Q4/2019

Q1/2020

-4.7

-9.1

-7.5

› Low working capital ratio supported by ongoing stringent working capital management

› High business activity leads to an increase in inventories largely offset by trade payables

› Working capital remains on low level due to consistently high order intake in Q1/2020

-300

Receiva-bles

Pay-ables

Q4/2019

27

174

Inven-tories

136

Prepay-ments

53

Q1/ 2020

-289

*Based on last twelve months sales.

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© Nordex 2020


Cash flow statement FY 2019 and Q1/2020

35 Financials

› Cash flow from investing activities reflects further expansion of supply chain management

› Cash flow from financing activities primarily driven by repayment of EIB loan

in EUR m Q1/2020 Q1/2019

Cash flow from operating activities before net working capital

-10.3 3.2

Cash flow from changes in working capital

-11.5 -57.9

Cash flow from operating activities

-21.8 -54.7

Cash flow from investing activities

-35.1 -21.6

Free cash flow -56.9 -76.3

Cash flow from financing activities

-6.7 -2.4

Change in cash and cash equivalents*

-63.6 -78.8

*Including FX effects

in EUR m FY 2019 FY 2018

Cash flow from operating activities before net working capital

-156.9 -31.4

Cash flow from changes in working capital

194.9 156.3

Cash flow from operating activities

38.0 124.9

Cash flow from investing activities

-163.9 -80.9

Free cash flow -126.0 44.0

Cash flow from financing activities

30.6 -46.4

Change in cash and cash equivalents*

-95.3 -2.4

› Cash flow from operating activities impacted by working capital changes and at the same time by net loss and outflows related to VAT phasing effects

› Cash flow from financing activities mainly impacted by capital increase in October and repayment of SSD tranche in April last year

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© Nordex 2020


Total investments in FY 2019 and Q1/2020

36 Financials

CAPEX (in EUR m)

Q1/2020

15.8

6.2

Q1/2019

31.1

6.2

22.0

37.3

69.5%

Intangible assets

Property, plant, equipment

CAPEX (in EUR m)

12M/2018

71.6

41.3

134.2

12M/2019

38.3

112.9

172.5

52.8%

Property, plant, equipment

Intangible assets

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© Nordex 2020


Capital structure

37 Financials

Net debt*/EBITDA** Equity ratio (in %)

› Leverage ratio remains further below own ambition level of 1.5

› Equity ratio at stable level at the end of Q1/2020

2.5

2.0

1.0

0.0

-0.5

0.5

1.5

3.02.5

1.3

Q1/2019

Q3/2019

Q2/2019

2.2

0.7

Q4/2019

1.2

Q1/2020

10

15

20

25

30

19.718.6

Q1/2019

17.4

15.5

Q2/2019

Q3/2019

Q4/2019

17.3

Q1/2020

*Cash and cash equivalents less bank borrowings and bond. ** Based on last twelve months.

Ambition level

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© Nordex 2020


Debt maturity profile of Nordex Group

38 Financials

(in EUR m)

13 13 3 70

50

100

150

200

250

300

350

2026202120202019 20242022 2023 2025

228

56

307

EIB BondSSD fix SSD var

› SSD maturity of EUR 43.5m was fully repaid out of cash in April 2019.

› Major upcoming debt maturities in Q2/2021 (SSD) and 2023.

› All Nordex debt instruments well within its covenant thresholds.

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© Nordex 2020


Impact of Covid-19 pandemic on Nordex business performance

39 Financials

• Covid-19 pandemic started in China causing disruptions globally

• Shutdowns and restrictions impacting value chain at different stages and at different times

• Travel and transport restrictions limiting mobility for people as well as for goods

• Increasing demand of green energy expected for the time post Covid-19

Clear focus on working capital and cash flow management

Health & safety of all Nordex employees and business partners is top priority

Ensure business continuity at all possible options

Global cross-functional Covid-19 taskforce established to assess the

situation continuously

Strong focus on supply chain continuity

Management priorities Impact on NordexGlobal environment

• Reduced capacity utilization due to temporary shutdowns (e.g. Mexico)

• Higher costs related to disruptions in project execution

• Delays in installations leading to an increase of inventories

• Negotiations with customers and suppliers on Liquidated Damages (LD) and prolongation costs

• Delays in ramping up and enlarging the supply chain

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© Nordex 2020


Guidance 2020 withdrawn due to Covid-19 pandemic*

40 Financials

Working capital ratio: <0% Withdrawn

Sales: EUR 4.2 - 4.8bn Withdrawn

EBITDA: EUR 160 - 240m Withdrawn

CAPEX: min. EUR 140m** Withdrawn

*The management board of Nordex has decided on May 5th to withdraw the guidance for the financial year 2020.**Depending on the market situation and the pace of the further development of the supply chain.

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© Nordex 2020


Stable shareholder structure & good market coverage

42 Nordex share

Shareholder structure Analyst coverage

Key figures:*

› Number of shares: 106,680,691

› Share price: EUR 9.18

› Market capitalization: EUR 979.3m

Consensus of 14 analysts:**

› Ø Share price: EUR 10.70

› Ø 2020 Revenues (e): EUR 4,089m

› Ø 2020 EBITDA margin (e): 4.1%

Freefloat

36.41%

63.59%

Acciona S.A.

Hold

6Buy

Sell

7

1

*As of 12 June 2020** Nordex own consensus as of 27 May 2020

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© Nordex 2020


Nordex share price development (Jan 2019 – mid June 2020)

43 Nordex share

Volatility of share price is mainly driven by transformation phase of industry and company

Nordex SE TecDAX SDAX

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© Nordex 2020


Strong and committed anchor shareholder

44 Nordex share

› Holding company with a presence in over 40 countries that invests, develops and operates infrastructure, with a particular emphasis on renewable energy

› Group operates through three main business segments:

› Infrastructure: Covers construction activities, industrial activities, concessions, water and services

› Energy: Includes activities ranging from construction ofwind farms to generation and distribution

› Other: Deals with businesses relating to fundmanagement and stock market brokerage, wineproduction, real estate business and otherinvestments

Key facts FY 2019:

› Market capitalization: c. €5.2bn

› Revenue: €7.2bn

› EBITDA: €1.4bn

› Established track record across Debt and Equity Capital Markets

› Entrecanales family as main anchor shareholder holding over 50%, free float c. 39%

Continuously strong commitment to strategic investment into Nordex recently underpinned by €99m capital increase in October 2019

› Long-term supportive shareholder since merger of wind turbine business into Nordex in 2016

› Additional liquidity facilitates expected growth due to ongoing demand for Delta4000 platform

› Commitment of anchor shareholder proves Nordex’ path of profitable growth

› Acciona Group profile / strategy › Recent support for Nordex

1

2

3

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© Nordex 2020


Sustainability key facts

47 Sustainability

Product

Lifecycle assessment of wind farm with Delta4000 turbines shows:

only 6.4 g CO2e

are emitted per kilowatt-hour electricity generated

A single Nordex large-scale turbine1 covers the average annual electricity demand of about

3,000

four-person households2.

474 g of CO2

are saved per kWh generated by wind turbines (compared to the German electricity mix 20183).

Projection for one Delta4000 at medium wind speed: savings of approx.

6,300 t CO2 per year.

Employees

Lost time injury frequency (LTIF) lowered to

4.6 in FY 2019 (FY 2018: 5.6)

73

nationalities were working at Nordex in FY 2019

Environment

73.5%

of the overall amount of purchased electricity in 2019 was generated by the use of

renewables

1 Reference: N149/4.0-4.5, medium wind speed of 6.5m/s, excl. losses. 2 https://www.musterhaushalt.de/durchschnitt/stromverbrauch/ average electricity demand of 4,432 kWh per year.3 https://www.umweltbundesamt.de/sites/default/files/medien/1410/publikationen/2019-04-10_cc_10-2019_strommix_2019.pdf.

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© Nordex 2020


Financial calendar 2020*

48

2020* Event

9 March Publication of preliminary figures FY 2019

24 March Analyst conference / Publication of Annual Report 2019

11 May Interim Statement Q1 2020

26 May Virtual Annual General Meeting

13 August Interim Report H1 2020

13 November Interim Statement Q3 2020

*Subject to change

Nordex SE – Investor Factbook

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© Nordex 2020


Disclaimer


› All financial figures within this presentation are unaudited.

› This presentation was produced in June 2020 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction. This presentation is confidential. Any reproduction or distribution of this presentation, in whole or in part, without Nordex SE’s prior written consent is expressly prohibited.

› This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such “aim”, “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “objective”, “plan”, “predict”, “project”, and “will be” and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forward-looking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate.

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© Nordex 2020


Contact details

50

IF YOU HAVE ANY QUESTIONS PLEASE

CONTACT THE INVESTOR RELATIONS TEAM:

Felix Zander

Tobias Vossberg

Rolf Becker

Nordex SE

Langenhorner Chaussee 600

22419 Hamburg

Germany

Phone: +49-40-30030-1000

Email: [email protected]

Web: www.nordex-online.com

Nordex SE – Investor Factbook

nordex group nordex se investor...

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