Nordex : Investor Factbook

Nordex Group

Nordex SE - Investor Factbook

2 | Nordex SE - Investor Factbook	› Classification: Public

Experienced management team

José Luis Blanco

CEO

• CEO Acciona Windpower
• Various Senior Management & Chief Officer positions at Gamesa

Christoph Burkhard

CFO

• CFO Siemens Wind Power Offshore
• Various other positions at Siemens
• BHF Bank, EBRD

Patxi Landa

CSO

• Business Development Director and Executive Committee member at Acciona Windpower
• Various Chief Officer positions at Acciona

© Nordex 2020

3 | Nordex SE - Investor Factbook	› Classification: Public

Agenda

1

2

3

4

5

Company overview & business model

Products & markets

Financials

Nordex share

Sustainability

© Nordex 2020

4 | Company overview & business model	› Classification: Public

Investment Case

Strategic pillars

	Global			COE			Onshore
	Global player with strong			Competitive and COE-driven			Onshore wind energy
	presence in all volume			product portfolio covers			is the key technology for
	and growth markets for			all regions and			the irrevocable transition
	onshore wind energy			market conditions			to renewable energy
							

Shareholder

Strong anchor shareholder supports growth strategy



Team

Experienced management

and outstanding team



© Nordex 2020

5 | Company overview & business model	› Classification: Public

Nordex and Acciona Windpower created a truly global player

Market focus

Customer focus

Product focus

Technology focus

A strong fit benefitting from complementary approaches

Nordex		AWP
	+		=
Europe	Emerging markets
Small & medium-sized	+	Large developers	=
customers	and IPPs
Complex and land	+	Projects without	=
constrained projects	land constraints
	+		=
Blades	Concrete towers

Nordex Group

Truly global

Broad customer base

Different projects

Complementary

technologies

Creating a stronger

and more competitive

company

© Nordex 2020

6 Company overview & business model

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

• Global manufacturer of wind energy systems focused on turbines in the 2-5MW 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, Argentina and Mexico
• Headquarter in Hamburg; subsidiaries for sales and service in all core markets

• Listed company in the German TecDax and 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 GW in over 40 countries

7 | Company overview & business model	› Classification: Public

Where we are - track record of Nordex

MORE THAN 28,132 MW INSTALLED WORLDWIDE

SPAIN	1,993 MW
FRANCE	2,253 MW
PORTUGAL	421 MW
ITALY	745 MW
CROATIA	57 MW
GREECE	166 MW
UK	1,468 MW

ARGENTINIA	261 MW
CANADA	203 MW
USA	4,631 MW
MEXICO	1,172 MW
COSTA RICA	50 MW
PERU	132 MW
COLOMBIA	20 MW
BRAZIL	1,185 MW
URUGUAY	309 MW
CHILE	288 MW

IRELAND	855 MW
GERMANY	4,490 MW
POLAND	461 MW
CZECH REPUBLIC 12 MW
ROMANIA	100 MW
BULGARIA	8 MW

NORWAY	190 MW
SWEDEN	514 MW
FINLAND	512 MW
DENMARK	152 MW
BELGIUM	80 MW
NETHERLANDS	328 MW
ESTONIA	18 MW
LITHUANIA	70 MW
TURKEY	2,090 MW
PAKISTAN	300 MW
INDIA	78 MW
CHINA	1,053 MW
JAPAN	73 MW
SOUTH KOREA	65 MW
AUSTRALIA	371 MW
EGYPT	63 MW
SOUTH AFRICA	563 MW
OTHERS (ROW)	330 MW

© Nordex 2020

8 | Company overview & business model	› Classification: Public

Nordex achieved global top 4 in 2019

MARKET SHARES (BASED ON MW INSTALLED)

Europe	Nordex
placed 4th	Group
11.5%

Americas	Nordex
placed 4th	Group
7.3%

Asia pacific	Global	Nordex
(excl. China)	(excl. China)
Group
No installations in 2019	placed 4th	7.6%

Others

© Nordex 2020

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

9 | Company overview & business model	› Classification: Public

Our history as one of the pioneers in onshore wind industry

Founding	First company	Installation	Completion	Commencement	Installation
of Nordex	worldwide	of the 100th	of the world's	of industrial	of the 2000th
in Denmark	to produce	Nordex	first series	rotor blade	Nordex turbine
	a MW-class	turbine	multi-MW	production
	turbine	2000	turbine	2003	2005	2007

1985	1995	1999	2000	2001	2003	Start of
						the series	Opening of
			First AW		Opening of the wind	production	production
			60/1300		turbine assembly in	of the AW	facility in
			prototype		Barásoain, Spain	1500	US

	Launch of	Launch of		Nordex and Acciona	Launch of		Launch N155/4.5
			Entry into the
	Gamma	Delta generation	Windpower become one	4 MW product
	5 MW Class
	generation			company		series Delta4000
				Launch
2008	2013	2014	2016		2018	N149./5.X and
	N163./5X
2010	2013		2016		2017		2019
				More than			Launch of
Introduction		Industrial Implementation		2000 MW of the	Opening of first	N133/4.8 for
of the AW		in Brazil with the opening		AW 3000	assembly plant	strong wind
3000		of hub production plant		platform sold	in India		sites

© Nordex 2020

10 | Company overview & business model	› Classification: Public

What we do - Nordex core business

VALUE CHAIN. MORE THAN A MANUFACTURER.

Project	Wind Farm	Production and Technical		Wind Farm		Services and
Development	System Planning		Implementation		Operations		Maintenance
Project	Turbine	Civil			Electrical		Installation &		Service
Development	Delivery	Works			Infrastructure		Commissioning

• Selection of location
• Ownership
• Optimal siting
• Wind measurements
• Soil survey
• Sound / shade emission
• Economic viability
• Grid connection
• Special purpose registration
• Environmental permitting
• Building permitting

© Nordex 2020

11 | Company overview & business model	› Classification: Public

Strategy roadmap further strengthens our competitive position

We are:			Sustainable | Global | COE Leader
We focus on:
		COE | Speed | Flexibility
	1		2		3		4		5
We deliver:	Global market		COE optimized		Supply chain		Operational cost		Service
	presence		product portfolio		transformation		efficiencies		business
	4.7 GW order intake		New product		Ramping up		Stringent		Continuously
	in 9M/2019		N163/5.X enlarges		India and		W/C-management		growing with
	regionally well		product portfolio		blade production		programme		dedicated features
	balanced				in Turkey		implemented		as predictive
									maintenance

Leading global onshore wind turbine supplier

© Nordex 2020

12 | Company overview & business model	› Classification: Public

Nordex production footprint shows international supply chain

GOOD GEOGRAPHICAL FIT FOR PRODUCTION TO SERVE GLOBAL DEMAND.

Mexico ›Tower ›Blade

Chile

›Tower

Germany ›Nacelle ›Blade

Spain

›Nacelle ›Blade ›Tower

Brazil ›Nacelle ›Blade ›Tower (2x)

Argentina ›Nacelle ›Tower (3x)

Turkey		China
›Blade		›Smart Logistics
		›Blade (2x)

India ›Nacelle ›Tower ›Blade

South Africa

›Tower

© Nordex 2020

13 | Company overview & business model	› Classification: Public

Nordex operates a lean and flexible business model

	Turbine development, production, projects and logistics
Asset light
business model		Component		Project
in value chain	Turbine Research	Turbine
development and	Management
	& Development	assembly
	manufacturing	and Logistics

Focus on core	Wind farm development and operations
competencies
by outsourcing
parts of value	Project	Wind farm	Operation and
chain	development	owners	maintenance

Limited vertical integration allows company to manage capital commitment

and retain a flexible business model

Third party

Partially in-house

Key focus/in-house

© Nordex 2020

14 | Nordex SE - Investor Factbook	› Classification: Public

Agenda

1 2 3 4 5

Company overview & business model

Products & markets

Financials

Nordex share

Sustainability

© Nordex 2020

15 | Products & markets	› Classification: Public

Product portfolio with highly efficient products for all different sites

Development of product portfolio & pipeline

		Light	Medium	Strong
		wind	wind	wind
			N149/5.x
5MW
		N163/5.x

N133/4.8

4MW+

N155/4.5

One platform with market specific derivatives

Delta4000

Future focus of product development

3MW+

N149/4.0-4.5 incl. 4.8 mode

AW116/3000

AW125/3000-3150

AW132/3000-3465

AW140/3000

AW148/3000

N100/3300

N117/3000-3600

N131/3000-3900

N90/2500

Continuous CoE

AWimprovements for low wind sites

Delta	Phase-out of 3MW Delta
platform in preparation

2MW+	N100/2500

N117/2400

Gamma	Phase-out of Gamma platform
in preparation

Site dependent	today	2022+

© Nordex 2020

16 | Products & markets	› Classification: Public

N149/5.X - Key facts

WTG design purely focused	lifetime extension up to 25 years
on lowest possible COE
	Standard design lifetime of 20 years
proven Delta4000 product series	149m rotor
"Staged Approach" philosophy	proven blade of N149/4.0-4.5

only 5 MW+ WTG based on proven platform

IEC S class

up to IEC A

suitable in core low-to- medium wind speed sites

>5MW rating

N149/5.X	utilizing site potential
	up to 164m hub heights
Nacelle dimensions remain		site-specific towers
unchanged to N149/4.0-4.5

first contracts already signed	104.8 dB(A) @ 5.5 MW
+ numerous sound modes

© Nordex 2020

17 | Products & markets	› Classification: Public

N163/5.X - Key Facts

WTG design purely focused	lifetime extension up to 25 years
on lowest possible COE
	Standard design lifetime of 20 years

Same nacelle as N149/5.X

IEC S class

163m rotor

>5MW rating

N163/5.X	utilizing site potential

	Suitable in core
various site-specific towers	low-to-medium wind speed sites

up to 164m hub height

numerous sound modes

Single-piece blade	+20% AEP
based on N149 design	(vs. N149/4.0-4.5)

© Nordex 2020

18 | Products & markets	› Classification: Public

Global service network

© Nordex 2020

19 | Products & markets	› Classification: Public

Service portfolio: Nordex service makes the difference

On-site

Off-site

Maintenance

• • Inspections
• Maintenance
• HSE inspections

Monitoring &

Technical Support

• 24/7 Control Centre
• Support for technical issues

Spare Parts

Management

• Worldwide supply of spare parts, 365 days a year

Training

• Uniform qualification of all service technicians worldwide

Trouble Shooting

• • Repair
• Onsite repair & troubleshooting
• Exchange & overhaul of major components

Digital and Data

Analytics

• Driving digital change, remote diagnostics & predictive maintenance.

Upgrades &

Modernizations

• Products to enhance the performance of the installed fleet

© Nordex 2020

20 | Products & markets	› Classification: Public

Wind will be a prominent source as global energy production rises

World energy production is rising…

Electricity generation by region ( PWh)

		OECD countries		US		India
		European Union		China		Others

40.000			+39%
35.000
30.000
25.000
20.000
15.000
10.000
5.000
0
2012	2015	2020	2025	2030	2035

… with onshore wind as a major contributor

Cumulative global installed capacity by source (GW)

2018 2035

Onshore Wind	528
2,180	+313%
Offshore Wind
22
258
PV	526
		3,630
Other		1,451
Renewables		1,831
Conventional			4,365
			+8%
Sources			4,731

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

	Source: Bloomberg New Energy Finance, New Energy Outlook 2019, as of Jun-2019
© Nordex 2020	Conventional sources include nuclear, coal, gas and oil capacities
Other renewables include geothermal, hydro and others

21 | Products & markets	› Classification: Public

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

Key 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-intensiveindustries
  • 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

	Global renewable electricity generation
	Cumulative renewable electricity generation in China and India
PWh
30
			26.4
25
		+4%	8.8	OECD
20		17.9		countries
15		6.8	10.3	non-OECD
			countries
10		7.2
	7.2
5	3.1
	2.3
0	2018	2035e	2050e

© Nordex 2020	Source: BNEF NEO 2019

22 | Nordex SE - Investor Factbook	› Classification: Public

Agenda

1

2 3 4 5

Company overview & business model

Products & markets

Financials

Nordex share

Sustainability

© Nordex 2020

23 | Financials	› Classification: Public

Executive summary

FY 2019 RESULTS FULLY IN LINE WITH GUIDANCE

Sales		EBITDA margin		Working capital ratio
EUR 3,285m		3.8%		-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-ratioof 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.

© Nordex 2020

24 | Financials	› Classification: Public

Order intake FY 2019

Order intake turbine* (in MW)				Order intake turbine* by regions (in %)
			+31%		6,207					Europe			North America		Latin America			RoW
												45%
4,754											51%
												15%
												25%			28%
												15%			18%
															3%
	12M/2018	12M/2019
	12M/2018		12M/2019

• 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

© Nordex 2020	*Group segment "Projects"

25 | Financials	› Classification: Public

Growing service business generates steady cash flows

Development of service revenues (EUR m) and EBIT margin

EBIT margin

15.1%

16.1%

17.7%

403

315 343

2017 2018 2019

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

Comments

• Service sales share amounted to 12.3% of group sales in FY 2019
• Service EBIT margin of 17.7% in FY 2019
• 97.5% average availability of WTGs under service
• Strong service order backlog of around EUR 2.5bn at the end of FY 2019
• 19.6 GW of installed base are under service agreement
  - this represents a coverage of around 70%

› Average service contract duration is over 10 years

	under contract
30%	not under contract
Installed
base:
28.2 GW	Thereof:
70%	72% Nordex WTGs
28% AWP WTGs

© Nordex 2020

26 | Financials	› Classification: Public

Strict policies for order recognition and healthy age profile of order backlog

Strict policies for order recognition

• A legally binding contract has been signed
• All necessary construction permits have been issued
• A connection has been established with the grid or a grid-connection agreement has been signed
• The customer has obtained the necessary financing and payment security was exchanged
• The customer has remitted the agreed prepayment

Nordex does not recognize "conditional" orders

Age profile of turbine order backlog* as of year end 2019

2%

33%

65%

<12 months 12-24 months > 24 months

• Order backlog provides good visibility for next two years

• Majority of orders older than 24 months are mostly completed with only final invoicing outstanding

© Nordex 2020

* Turbine portion of order backlog considered only; no service contracts reflected.

27 | Financials	› Classification: Public

Combined order backlog of around EUR 8.1bn at the end of FY 2019

Order backlog turbines (EUR m)

+43%

5,534

3,869

Order backlog service (EUR m)

+14%

2,537

2,218

12M/2018	12M/2019	12M/2018	12M/2019
› Order backlog of EUR 5,534m at the end of FY	› At the end of FY 2019: 7,760 wind turbines under
2019 reflects consistent high order intake over	service - corresponding to 19.6 GW

the last quarters

• Distribution on Nordex focus markets: Europe (52%), North America (19%), Latin America (17%), Rest of World (12%)

© Nordex 2020

28 | Financials	› Classification: Public

Order backlog well-balanced across platforms, markets and customers

Order backlog (EUR m) as of year end 2019

				Platforms					Markets					Customer type
2%					12%				8%
23%														18%
35%		17%
																			47%
																	52%
40%						19%				27%
		AW		Delta4000			Delta		Gamma				Europe			Latin America				Utility		Developer
									North America			Rest of World				IPP		Other

• Order backlog well-balanced between platforms, with Delta4000 already reaching 40% by the end of FY 2019.
• Gamma platform soon to be phased out. Other legacy platforms to be phased out gradually in line with customer and market demands.

• Nordex with strong base in European home markets.
• No dependence on one single market or region.

• Nordex successfully managed to achieve a shift in its customer base from regional project developers to global utility customers.
• Utilities with strong ratings and defined requirements, many of which are global key players.

© Nordex 2020

29 | Financials	› Classification: Public

Income statement FY 2019

in EUR m

FY 2019

FY 2018 abs. change

Comments

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

825.5	›	Sales figures of EUR 3,285m
1,507.2		and EBITDA margin of 3.8% in
-1,385.8		line with expectations and
	guidance
121.3	›	High total revenues signal
-34.8		further sales growth in FY
-64.4		2020
›	PPA depreciation amounted to
22.1
	EUR 24m in FY 2019 (EUR

12.4	62.6m in the previous year)
34.6
11.3

Gross margin*	23.6%	26.6%
EBITDA margin	3.8%	4.1%
EBIT margin w/o PPA	0.1%	0.3%

© Nordex 2020	*Gross profit in relation to sales.

30 | Financials	› Classification: Public

Balance sheet FY 2019

in EUR m	31.12.19	31.12.18	abs. change	in %
Non-current assets	1,488.9	1,277.6	211.3	16.5
Current assets	2,513.8	1,781.0	732.8	41.1
Total assets	4,002.7	3,058.5	944.2	30.9
Equity	745.4	697.3	48.1	6.9
Non-current liabilities	914.2	822.9	91.3	11.1
Current liabilities	2,343.2	1,538.3	804.9	52.3
Equity and total liabilities	4,002.7	3,058.5	944.2	30.9
Net debt*	-84.0	-32.5
Working capital ratio**	-9.1%	-3.8%
Equity ratio	18.6%	22.8%

Comments

• Cash position of EUR 510m at year-end 2019 (EUR 610m year-end 2018)
• Increase in current assets and current liabilities reflects preparation for high installation activity in 2020
• Balance sheet prolongation compared to 2018 is also a result of significantly increased project pipeline

© Nordex 2020	*Cash and cash equivalents less bank borrowings and bond.
**Based on actual sales figures.

31 | Financials	› Classification: Public

Working capital development FY 2019

Working capital ratio (in % of sales)*

Working capital development (in EUR m)*

FY guidance 2019 < 2%

-1.5

-3.8

-4.7

-5.2

				-9.1
Q4/	Q1/	Q2/	Q3/	Q4/
2018	2019	2019	2019	2019

-136	47
		162		47
			92
				-300
Q3/	Receiva-	Inven-	Prepay-	Pay-	Q4/
2019	bles	tories	ments	ables	2019

• Low working capital ratio also supported by continuous stringent working capital management throughout FY 2019

• Decrease in inventories driven by high installation level in Q4/2019
• Receivables management mirrors strong cash focus

© Nordex 2020	*Based on last twelve months sales.

32 | Financials	› Classification: Public

Cash flow statement FY 2019

in EUR m

FY 2019

FY 2018

Comments

Cash flow from operating activities before net working capital

Cash flow from changes in working capital

-156.9-31.4

194.9156.3

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

© Nordex 2020	*Including FX effects

33 | Financials	› Classification: Public

Total investments FY 2019

CAPEX (in EUR m)

Property, plant, equipment

Intangible assets

52.8%

172.5

Comments

• Investments in FY 2019 mainly consists of:
• • Investments in blade production facilities in Mexico and Spain
  • Investments in nacelle production facility in India
  • Investments in tooling and equipment for international projects

112.9		• Investments in product development
134.2	›	Slight decrease in intangible assets due to lower level

of development costs compared to previous year

71.6

41.3

38.3

12M/201812M/2019

© Nordex 2020

34 | Financials	› Classification: Public

Capital structure FY 2019

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

3.0			2.5
2.5
			2.2
2.0					Ambition
1.5		1.3			level
1.0					0.7
0.5	0.3
0.0
-0.5Q4/	Q1/	Q2/	Q3/	Q4/
2018	2019	2019	2019	2019

30
25	22.8
20		19.7			18.6
		17.4
				15.5
15
10Q4/	Q1/	Q2/	Q3/	Q4/
2018	2019	2019	2019	2019

›	Leverage ratio significantly declined towards the end	› Equity ratio improved towards year end 2019 as a
	of FY 2019 as communicated	result of the capital increase in October 2019
›	In Q4/2019 leverage ratio well below own ambition
	level of 1.5 as expected

© Nordex 2020	*Cash and cash equivalents less bank borrowings and bond.
** Based on last twelve months.

35 | Financials	› Classification: Public

Debt maturity profile of Nordex Group

(in EUR m)					EIB	SSD fix	SSD var	Bond
350				307
300
250		228
200
150
100
56
50	13		13					7
0			3
2019	2020	2021	2022	2023	2024	2025		2026

• 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.

© Nordex 2020

36 | Financials	› Classification: Public

FY 2019 a year of significant ramp-up in operations

Installations (MW)

+23%

3,090

Production

Turbine assembly (MW) Inhouse blade production (#)

2,522

12M/201812M/2019

+105%
	4,677
2,278
12M/2018	12M/2019

+69%
	1,366
807
12M/2018	12M/2019

• 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

© Nordex 2020

37 | Financials	› Classification: Public

Guidance 2020 - subject to the unforeseeable extent and duration of the measures taken globally to contain COVID-19

Sales:	EUR 4.2 - 4.8bn

EBITDA:	EUR 160 - 240m

Working capital ratio:	<0%

CAPEX:	min. EUR 140m*

© Nordex 2020

*Depending on the market situation and the pace of the further development of the supply chain.

38 | Nordex SE - Investor Factbook	› Classification: Public

Agenda

1

2

3 4 5

Company overview & business model

Products & markets

Financials

Nordex share

Sustainability

© Nordex 2020

39 | Nordex share	› Classification: Public

Stable shareholder structure & comprehensive market coverage

Shareholder structure			Analyst coverage
Freefloat			Sell
1
	Acciona S.A.

36.41%

63.59%

5 Buy

Hold

7

Key figures:*		Consensus of 13 analysts:**
›	Number of shares:	106,680,691	›	Ø Share price:	EUR 12.00
›	Share price:	EUR 7.05	›	Ø 2020	Revenues (e):	EUR 4,042m
›	Market capitalization:	EUR 752m	›	Ø 2020	EBITDA margin (e):	5.0%

© Nordex 2020	*As of 31 March 2020
** Nordex own consensus as of 31 March 2020

40 | Nordex share	› Classification: Public

Nordex share price development (Jan 2019 - March 2020)

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

© Nordex 2020

41 | Nordex share	› Classification: Public

Strong and committed anchor shareholder supporting Nordex

• Acciona Group profile / strategy
• 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 of wind farms to generation and distribution
  • Other: Deals with businesses relating to fund

management and stock market brokerage, wine production, real estate business and other investments

Key facts:

• Market capitalization: c. €5bn
• Revenue 2018A: €7.5bn
• EBITDA 2018A: €1.2bn
• Established track record across Debt and Equity Capital Markets
• Entrecanales family as main anchor shareholder holding over 50%, free float c. 39%

• Recent support for Nordex

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

• Long-termsupportive shareholder since merger

1. of wind turbine business into Nordex in 2016

• Additional liquidity facilitates expected growth

1. due to ongoing demand for Delta4000 platform

• Commitment of anchor shareholder proves

1. Nordex' path of profitable growth

© Nordex 2020

42 | Nordex SE - Investor Factbook	› Classification: Public

Agenda

1

2

3

4

5

Company overview & business model

Products & markets

Financials

Nordex share

Sustainability

© Nordex 2020

43 | Sustainability	› Classification: Public

Sustainability strategy 2019 to 2021

© Nordex 2020

44 | Sustainability	› Classification: Public

Sustainability key facts

Product

Lifecycle assessment of wind farm with Delta4000

turbines shows:

only 6.4 g CO2e

are emitted per kilowatt-hour electricity generated

1. 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.
© Nordex 2020	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.

45 | Nordex SE - Investor Factbook	› Classification: Public

Financial calendar 2020*

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	Annual General Meeting (Rostock)
13	August	Interim Report H1 2020
13	November	Interim Statement Q3 2020

© Nordex 2020	*Subject to change

46 | Nordex SE - Investor Factbook	› Classification: Public

Disclaimer

• All financial figures within this presentation are final and audited.
• This presentation was produced in April 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.

© Nordex 2020

47 | Nordex SE - Investor Factbook

Contact details

• Classification: Public

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: [phone]

Email: [e-mail]

Web: www.nordex-online.com

© Nordex 2020