Nordex Se

Thank you very much for the introduction. Good afternoon, ladies and gentlemen. A warm welcome on behalf of Nordics to our investor and analyst call for the full year 23. Our CEO, Jose Luis Blanco, our CFO, Elia Hartmann, and our CSO, Pachi Landa, will guide you through our slide deck, sharing all the relevant topics with you. After the presentation, our Q&A session takes place. Please limit yourself up to three questions, as already mentioned. And now I would like to hand over to our CEO, José Luis. Please go ahead, sir.

Thank you very much for the introduction, Félix. I would like as well to welcome you on behalf of the entire board, Hachilanda CSO, Ilya Harman CFO here with me today, guiding you through our presentation and taking your questions as usual. Moving to the executive summary. As usual, I would like to start our presentation with the executive summary of the last year, 2023. As in 2022, we continue with our strong order intake momentum in 2023. especially in EMEA, a market with yearly approximately 16 gigawatts installation. We have ranked number one consistently for two years in a row in terms of order intake. We booked at 2.5 gigawatts in the fourth quarter compared to 1.9 gigawatts last year. And our full year order intake increased from 6.3 GB last year to 7.4 GB this year. The prices and margins in our order book are improving as well as you can see. Regarding our financial performance, last year developed overall as expected with a soft start in the first quarter and then gradually improving throughout the year as more and more better quality orders started to flow through our financials. Our full year sales increased by 14% to 6.5 billion which exceeded the upper end of our guidance of 6.1 billion comfortably. Our EBITDA margin improved as well from minus 9.4% in the first quarter to 3.4% in the last quarter, reaching breakeven on full year basis as we had expected and indicated since our Q2 call. We also had a good year in terms of installations, with full-year installations growing by almost 40% compared to 2022. As a reminder, we had started the year with backlog of installations from 2022, and as you will remember, we had some further disruptions during the year coming from earthquake in Turkey, which causes delays resulting from partially destroyed power facilities. All those means we were required to install roughly 450 turbines in the last quarter, against which we could install only roughly 340. On the liquidity side, we ended the year with a positive free cash flow of 20 million euros on the back of a strong working capital of minus 11.5% and a EBITDA break even. During the first half of the year, we replaced high yield bonds with lower interest-bearing convertible bonds and also converted shareholder loans into equity. All of these initiatives helped us to end the year on a strong net cash position of 631 million euros. Finally, our guidance for 2024 shows a further revenue increase and a margin recovery. The pace of the recovery depends on how far we are impacted by near-term challenges, particularly disruptions in the Red Sea, recovering our installation delays from 2023, and further building our momentum outside Europe. Having said this, I believe that we have been gradually making a solid progress to reach our mid-term 8% profitability EBITDA target that we still confirm and maintain. Moving to the next slide, we are also pleased to note that our market share in terms of order intake improved to 17% in 2023 outside China. which makes Nordex a third-largest turbine player globally, as China, and right behind the second players. This is just one example showing that we have successfully scaled up the company to 7 gigabit-plus company on the back of our high-efficient and competitive product portfolio. In EMEA, we again maintain our first position with a strong contribution from Germany, where we increase our market share to approximately 30%. And we also slightly improve our market share outside Europe. This is quite an interesting time for us, the Nordest family, as we have successfully repositioned the Nordest brand over the last few years, and now we have a strong, solid platform for partner growth. With this, I would like to hand over to Pachi to guide you through markets and order intake.

Thank you, José Luis. As just mentioned, our order intake momentum continued to be strong in 2023. We grew our new turbine orders by 16% to 7.4 GW compared to 6.3 GW in 2022. The majority of the orders came from Europe with 86%, with largest markets being Germany, Sweden, Spain, France, and Turkey. 8% of the orders came from Latin America, and 4% came from North America. The growth of the order intake came with stable prices. The full-year ASP and also the ASP in Q4 stood at 0.84 million euros per megawatt, at the same level as in 2022. Moving on, the revenues in our service segment grew from 574 million euros by 18% to 679 million euros, with an EBIT margin close to 15% for the full year. Our service margins have gradually improved during the quarter since Q1-23, and as we have mentioned before, our margins are temporarily affected by inflation effects, settlement mix, and regional mix. We expect our margins to recover in future once the share of older turbine types and share of non-European service contracts go down in order of the book. The average availability of the fleet was around 97% with a total fleet of 35 gigawatts under service. Moving on, the turbine order backlog grew by 6% to 6.9 billion euro in 23. The service order backlog grew by 11% to €3.6 billion, leading to a combined order backlog of €10.5 billion at the end of the year. And now I would like to hand over to Ilya to go through the financials.