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Finance

Wind turbine maker Nordex upbeat on long-term US prospects

Published by Global Banking and Finance Review

Posted on February 27, 2025

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By Marleen Kaesebier and Bernadette Hogg

(Reuters) - German wind turbine maker Nordex expects continued growth in its U.S. market despite changes to the renewables landscape in the short term, its CEO said after better than expected core earnings.

U.S. President Donald Trump suspended offshore leasing for wind power on his first day in office in January, hitting share prices of European players including Nordex.

"Whatever the scenario in the U.S., even worst-case scenario, we can still deliver our guidance," Nordex CEO Jose Luis Blanco told Reuters on Thursday.

While Europe accounted for 81% of Nordex's orders in 2024, primarily Germany, volumes in North America, led by Canada, grew from 3% in 2023 to 10% in 2024.

The onshore wind turbine provider in January flagged a record full-year order intake and said it expected continued strong demand in 2025, but on Thursday it added that it now expects a slightly stronger second half in terms of sales and profitability.

Blanco said he sees no reason why Nordex could not aim for a 15% share of the U.S. market.

"Our ambition, which we mentioned externally and internally, is to go back to the U.S. market share that we used to have: 15-18%," he said.

The German company, which competes with GE Vernova and Siemens Energy in onshore wind turbines, also said it expects to achieve a core profit margin between 5% and 7% in 2025 and reiterated its medium-term margin target.

The company posted core profit of 296 million euros ($309.79 million) last year 2024, beating consensus analyst expectations of 284 million euros in estimates compiled by the company.

Nordex's 4.1% full-year core profit margin for 2024 slightly exceeded the top end of its guidance range.

($1 = 0.9555 euros)

(Reporting by Marleen Kaesebier and Bernadette Hogg in Gdansk; Editing by David Goodman)