Q2 2024 Nordex SE Earnings Call Transcript
Key Points
- Order intake increased by 27% to 3.4 gigawatts in the first half of 2024, driven by strong performance in Q1.
- Gross margin improved to 19.5% in H1 2024, compared to 10.7% in H1 2023.
- EBITDA margin improved to 3.4% in H1 2024, up from a negative margin in the previous year.
- Liquidity improved, closing the quarter with EUR827 million.
- Service revenues grew by 12%, with service EBIT margin increasing from 13.2% to 15.3% year-on-year.
- Working capital ratio stood at minus 7.4%, indicating ongoing challenges in managing working capital.
- Despite improvements, the EBITDA margin remains relatively low at 3.4%, indicating room for further profitability enhancement.
- The US market reentry plan is still in its early stages, with significant investments required to reactivate production facilities.
- Latin American markets, particularly Brazil, remain weak, impacting overall regional performance.
- Warranty provisions increased, reflecting ongoing quality and reliability challenges in some product lines.
Thanks, Moira, and also a very warm welcome from the Nordex team. Thank you for joining the H1 '24 Nordex conference call. As always, we ask you to take notice of our safe harbor statements.
With me are our CEO, José Luis Blanco; our CFO, Ilya Hartmann; and our CSO, Patxi Landa, who will lead you through the presentation. Afterwards, we will open the floor for your questions.
Just a small housekeeping topic, you might have seen that we added some appendix slides in the presentation, giving you a quarterly breakdown of the key operational and financial KPIs. These are for informational purposes only and are not part of today's presentation.
Now, I would like to hand over to our CEO, José Luis. Please go ahead.
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Thank you very much for the introduction, Anja. I would like as well to welcome all of you on behalf of the entire management Board. As always, I would like to start with
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