Nordex said the war in Ukraine, the COVID-19 pandemic and the resulting energy and logistics disruptions resulted in a negative earnings before interest, tax, depreciation and amortization (EBITDA) of €173.3 million in the first semester, after a positive result of 68.4 million euros in the same period of the previous year.
The company also reported a consolidated net loss of €283.2 million for the January-June period, a sharp deterioration from a net loss of €63.7 million for the comparable period of 2021. .
For the full year, consolidated revenue for 2022 should be between 5.2 and 5.7 billion euros, against 5.4 and 6.0 billion initially forecast, and the EBITDA margin between minus 4% and zero%, said Nordex.
In the first half, the EBITDA margin was minus 8.1%. Nordex wants to achieve a margin of 8% as a medium-term strategic objective.
“With markets remaining challenging, our commercial performance in the second quarter was in line with expectations,” said CEO Jose Luis Blanco.
But having strengthened its capital structure with capital increases in June and July and with a strong order book, Blanco said Nordex is confident it can benefit from a positive medium-term growth outlook.
Nordex said the drop in installs in the second quarter was particularly noticeable outside of Europe and Latin America.
The value of new orders during the semester reached 2.4 billion euros, or 20.2% more than a year earlier.