Nordex SE Investor Presentation - Status: January 2016

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Nordex SE Investor Presentation - Status: January 2016
Nordex SE
Investor Presentation

   Status:
January 2016
Nordex SE Investor Presentation - Status: January 2016
AGENDA

1.     Intro and corporate strategy

2.     Markets and market success

3.     Products and R&D

4.     Financials 9M 2015 and Guidance 2015

5.     AWP merger – transaction rationale and integration

6.     Appendix (shareholder structure; financial calendar)

Investor presentation | Nordex SE | January 2016              2
Nordex SE Investor Presentation - Status: January 2016
1. COMPANY PROFILE NORDEX SE – PIONEER IN WIND
    WITH 30 YEARS OF EXPERIENCE

                    Nordex at a glance                               Installed capacity (>12 GW)

     Global manufacturer of wind energy systems                                 America Africa
      with a focus on turbines in the 2-3 MW class                               7%         2%
                                                                      Asia
     Most extensive and consistent use of platform                   8%                          Germany
      technology in the industry; variants for different                                              23%
      wind and climate conditions leveraging shared
      components                                                                  By region
                                                                 Other
     Production sites in Germany (Rostock – blades
                                                                 Europe
      and nacelles)                                              60%
     Headquartered in Germany (Hamburg);
      subsidiaries in more than 20 other countries
                                                                     Small
     Business combination agreement signed with                     (3,000 employees                                     20%

     Track record as of H1/2015:
      >6,600 turbines and >12,000 MW in 41
      countries worldwide

    Investor presentation | Nordex SE | January 2016                                                               3
Nordex SE Investor Presentation - Status: January 2016
1. MERGER WITH ACCIONA WINDPOWER (AWP) AT A
GLANCE

 Business Combination Agreement (BCA) signed on October 4, 2015

 Acquisition of Acciona Windpower to form a global player

 Transaction volume of EUR 785 mn

 Acciona S.A. to become strategic shareholder with a stake of 29.9%

 Merger control process initiated in the US, EU, RSA, TR and PK – deal closure expected
   in Q1 2016

 Main medium-term financial targets of the combined company 2018:

                                  Sales
                                                   EBITDA
                                  EUR
                                                   margin
                                4.2 – 4.5
                                                    >10%
                                   bn

Investor presentation | Nordex SE | January 2016                                           4
Nordex SE Investor Presentation - Status: January 2016
1. NORDEX AND ACCIONA WINDPOWER FORMING A MAJOR
PLAYER IN WIND

Significant size from day 1 – ambitious medium-term targets

                    2015E Pro forma KPIs                                  TARGET

    Order                   EUR 2.3-2.4
                                                   EUR 1.0-1.2 bn
    intake                     bn*

                            EUR 2.3-2.4                             Establish Nordex and
    Sales                                           EUR 1.0 bn
                               bn*
                                                                    Acciona Windpower
    EBIT
   margin
                                 5-6%                  6-7%          as a global TOP 5
                                                                    OEM with EUR >4 bn
    Track
                               >12 GW                 >6 GW               in sales
   record

Employees                      ~3,000                 ~1,400

*incl. guidance update Q3 2015

Investor presentation | Nordex SE | January 2016                                         5
Nordex SE Investor Presentation - Status: January 2016
1. NORDEX AND AWP TO FORM A GLOBAL PLAYER BY GOING
FOR SCALE AND LEVERAGING EXISTING FOCUS AREAS

                                                                        Leverage strategic
    Initial situation                                                    focus areas and
                                                                           reduce risks

         Perfect match                                                   Integration of AWP
           with AWP

                                                     Nordex + AWP
                                                     will become a
                                                                         High-value products
                                                   global player with
    Market environment                              EUR 4.2 – 4.5 bn
   changing quickly and                            in revenue target
  favouring scale players                               in 2018
                                                                           Project-driven
                                                                             company

    We grew faster than
    expected, 2017 sales                                                      Profitable
   targets achieved early                                                      growth

Investor presentation | Nordex SE | January 2016                                               6
Nordex SE Investor Presentation - Status: January 2016
AGENDA

1.     Intro and corporate strategy

2.     Markets and market success

3.     Products and R&D

4.     Financials 9M 2015 and Guidance 2015

5.     AWP merger – transaction rationale and integration

6.     Appendix (shareholder structure; financial calendar)

Investor presentation | Nordex SE | January 2016              7
Nordex SE Investor Presentation - Status: January 2016
2. WHY INVEST IN THE SEGMENT? WHY INVEST IN
NORDEX?

                    Wind industry                                    Nordex

    Environmental drivers:                           Pioneer in the industry with 30 years
     Renewable energy targets,                        of experience
      obligations or carbon emission
      reduction targets in >100 countries             Track record of >12 GW installed
     Programs to support wind in >70                  capacity respectively >6,000 WTGs in
      countries                                        >40 countries
     Tailwind from COP 21/Paris
      agreement                                       Global reach with strong foothold in
    Economical drivers:                               mature markets in Europe (Nx) and
                                                       emerging markets in LatAm (AWP)
     Cost competitiveness against
       conventional generation technology
     Ongoing LCoE reductions to reach                Growth story based on LCoE
       grid-parity in all wind classes to              improvements following a successful
       become “subsidy free”                           turnaround story

    Energy-related drivers:
                                                      >EUR 4.2 bn and sales and >10%
     Fast to grid – lead time of nine                 EBITDA margin targeted for 2018 to
      months from signing to production                become a TOP 5 player in onshore
     Diversification of generation portfolio          wind
     Independence from commodity and
      electricity imports
Investor presentation | Nordex SE | January 2016                                               8
Nordex SE Investor Presentation - Status: January 2016
2. FOCUSED SALES APPROACH LEAD TO DOUBLE DIGIT
MARKET SHARES IN MANY FOCUS MARKETS

Currently focused on ~20 countries – onshore market position 2014

                        UK                                                     Sweden                         Finland
             Market share 2014: 10%                                    Market share 2014: 10%         Market share 2014: 40%
               Order intake: +58%                                                                       Order intake: +52%

                                                                                                                     Germany
          Ireland                                                                                              Market share 2014: 9%
  Market share 2014: 47%                                                                                        Order intake:+ 28%

                                                                                                             Pakistan
                                                                                                      Market share 2014: 66%

                                                France                                                           China
                                        Market share 2014: 10%                                                Sourcing only
                                         Order intake: +200%

                                                                                                              Turkey
                                                                                                      Market share 2014: 20%
                                                                                                        Order intake: +67%

              Chile
      Subsidiary established

                                                                                                                  EUROPE
                                                                               South Africa                 Nx Market share 2014:
                                                                         Market share 2014: 20%                10%  10% 10%
                                                     Uruguay           Qualified for 111 MW round 3               GLOBAL
                                              Market share 2014: 14%                                        Nx Market share 2014:
                                               Major order of 142 MW
        Nordex                                        received
                                                                                                                    3%

        AWP
Investor presentation | Nordex SE | January 2016                                                                                       9
Nordex SE Investor Presentation - Status: January 2016
2. STRONG ORDER INTAKE MOMENTUM

       Order intake 9M/15 vs. 9M/14                      Order intake by countries/regions
                (in EUR mn)                                           9M/15

                               +57%
                                              1,964              Americas
                                                                           13%              Germany

                                                                                 GER
                                                      EMEA other*
                1,253                                                12%
                                                                                           43%

                                                                     9%
                                                      South Africa

                                                                        8%
                                                               France         15%
                                                                             Turkey
              9m 2014                       9m 2015
                                                                                       *incl. Pakistan

 Order intake of almost EUR 2 bn
 Generation Delta accounts for more than 20% of new orders; N117/2400 remains
  bestselling WTG with 40% of new orders from six countries
 One third of OI stems from emerging markets such as South Africa, Uruguay and Pakistan
 Investor presentation | Nordex SE | January 2016                                                        10
2. ORDER BOOK ON A RECORD LEVEL – BOOK-TO-BILL-
RATIO INDICATING FURTHER GROWTH

Development of the firm order book* 2013 – 9M 2015 (in EUR mn)

                                                             +23%
                                                                    1.791
                                           +16%
                                                    1.462
                                1.259

                                                                    1.19
                                                    1.17
                                 1.13                                        Book-to-
                                                                             bill ratio*

                              FY 2013              FY 2014      9m 2015

 EMEA (including Pakistan) currently accounts for 88% of the firm order book, the Americas stand at
  12%
 Book-to-bill ratio* of 1.19 indicating further growth
 Conditional order back-log at EUR 562 mn (9M 2014: EUR 935 mn; -40% after high conversion
  rate and signing of large projects in RSA, UY, PK)
                                                                            * Turbine business, excluding service

Investor presentation | Nordex SE | January 2016                                                                    11
2. A CLOSER LOOK AT THE SUCCESS IN CORE MARKETS -
 FRANCE AND GERMANY IN H1 2015

        Installations France H1 2015:                              Installations Germany H1 2015:
               524 MW onshore                                            ~1,200 MW onshore

                 OEM 5                                                                   Nordex
            OEM 4                                                                      12%
                    6%
                 6%                                 Nordex
                                             28%
   OEM 3
              16%

                 18%
                                        26%
        OEM 2                                                                   88%
                                             OEM 1
                                                             Others (not disclosed)

                                                                Gains in market share: 11.8 %
 French market picking up – on the way back to
                                                                 (H1 2014: 8.1%; FY 2014: 8.4 %)
  a solid GW market
                                                                German market intact for 2015-17; EEG
 Market leadership with 28 % in H1 2015
                                                                 amendment and details on tender regime
  (based on grid-connections; FY 2015: 9.1%)
                                                                 expected for late summer
 Strong development pipeline
                                                                Current focus on selling N131/3000 and
Sources: FEE, VDMA                                               updated version N131/3300
 Investor presentation | Nordex SE | January 2016                                                    12
4. DEMAND OUTLOOK PER REGION

  New capacity 2014 – 2020 (in GW)

                                                                    2015/2016:
                                           +2%                       Global onshore growth of ~17 %
                                                                      expected in 2015. Clean energy
                          55        53                         51     spending still at a high level
                                                     51   50
                                             49                      2017 dip mainly caused by decrease
                47        12       13                                 in CN and the US; upside potential if
                                                     14        14
                                             14           13          ITC/PTC program will be prolonged
    EMEA        13                                                    for more than one year
                          14                                        Through 2020:
                                   16                9    10   11
                                              8                      Germany: continues on a high level
Americas        11                                                    (~3 GW p.a.) after 2017
                                                                     Northern Europe: Nordex core
                                                                      markets provide stable foundation -
                                                                      gains in market share targeted in
                          28                 27      28   27   27
    APAC        24                 25                                 various focus markets
                                                                     Southern Europe: High demand
                                                                      for volume in Turkey and France
                                                                     Emerging Markets: Ongoing
                                                                      growth opportunities in Africa (RSA,
              2014 2015e 2016e 2017e 2018e 2019e 2020e
                                                                      Egypt), Latin America (URU, Chile)
 Source: MAKE Q3 outlook as of 9/2015                                 and APAC (PAK etc.)

  Investor presentation | Nordex SE | January 2016                                                      13
AGENDA

1.     Intro and corporate strategy

2.     Markets and market success

3.     Products and R&D

4.     Financials 9M 2015 and Guidance 2015

5.     AWP merger – transaction rationale and integration

6.     Appendix (shareholder structure; financial calendar)

Investor presentation | Nordex SE | January 2016              14
3. HIGHLY COMPETITIVE PRODUCT PORTFOLIO FOR ALL
  ONSHORE WIND CLASSES

  Rotor-
  diameter

       131 m
                                   N131/3000*

       117 m
                                    N117/2400                  N117/3000

       100 m
                                                               N100/2500                  N100/3300

         90 m
                      *Introduction of N131/3300 (for                                         N90/2500
                      German market) on HUSUM Wind fair
                        6,0         6,5            7,0   7,5       8,0            8,5   9,0       9,5    10,0

                                                               Wind speed [m/s]

                                 IEC 3a                         IEC 2a                         IEC 1a
Investor presentation | Nordex SE | January 2016                                                                15
3. STATUS OF THE NEWEST TURBINES N131/3000 AND
N131/3300

     Update
     Installation of first turbines (WTG)
      completed

     >50 WTGs already booked as firm order for
      projects in Germany and Finland

     Successful completion of IEC design                                       Myllykangas II
      evaluation conformity statements (DECS)
      and DIBt type approvals

     Awarded Windpower Monthly‘s „Turbine of                                   Kooninkallio-
      the Year“ Award in 3MW+ segment                                           Kankaanpää

     Further optimisation for the German market
      launched and first WTG N131/3300
      installed

                                                        Janneby

                                                   Wettringen I & II
                                                               Hollich Sellen

Investor presentation | Nordex SE | January 2016                                                 16
3. SERVICE – MAJOR DRIVER OF MARGINS

       Service products
   •    Basic: Service, maintenance, 24-hour remote monitoring

   •    Extended: Basic + availability guarantee

   •    Premium light: Extended + repair and replacement of selected components

   •    Premium: Premium light + repairs and replacement of all main components

   •    Contract durations variable between 5 – 15 years

   •    Concepts for modernisation

       Key figures

   •    Global system availabilty                  (As of 09/2015)   : ~98 %

   •    WTGs under contract                 (As of 11/2015)   : 3,950 or 8.8 GW

   •    Service sales (2014): EUR 166 mn

   •    Planned sales increase: 15% p.a.

Investor presentation | Nordex SE | January 2016                                  17
AGENDA

1.     Intro and corporate strategy

2.     Markets and market success

3.     Products and R&D

4.     Financials 9M 2015 and Guidance 2015

5.     AWP merger – transaction rationale and integration

6.     Appendix (shareholder structure; financial calendar)

Investor presentation | Nordex SE | January 2016              18
4. HIGHLIGHTS 9M 2015

      Overview Q3

   Business well on track

   Book-to-bill-ratio of 1.2 indicating further growth

   Strong sales and strong order intake

   EBIT margin in line with forecast

   Positive free cash flow

   Increase in sales and order intake guidance

   Signing of Acciona Windpower acquisition

   Merger clearance on track – notification finalized in five jurisdictions (EU, US, RSA,
     TR, PK)

Investor presentation | Nordex SE | January 2016                                             19
4. SOLID BUSINESS PERFORMANCE ALONG THE VALUE
CHAIN

Production – Installations - Service

                                       Turbine assembly: 1,539 MW (+43% yoy) –
                                       assembly of turbines for installations in Q4
                                       Blade production: 261 blades (-33% yoy) –
                                       lagging behind budget due to delays related to the
                                       expansion of facility in Rostock and ramp-up of NR 65.5

                                      Installations: 1,158 MW (+8% yoy) –
                                      large installations scheduled for Q4
                                      448 turbines installed in 13 countries – main
                                      markets Germany, Turkey, Finland and France

                                      Service sales: EUR 138.4 mn (+17% yoy)
                                      Renewal rate: 95% (-3 ppt)

Investor presentation | Nordex SE | January 2016                                                 20
4. GROUP INCOME STATEMENT 9M 2015

In EUR millions

                                                   9M 2015           9M 2014                   ∆ in %
Sales                                                1,786.2           1,266.6                    41.0
Total revenues                                      1,769.9           1,288.6                     37.3
Cost of materials                                  (1,389.0)         (1,008.2)                    37.8
Gross profit                                          380.9             280.4                     35.8
Personnel costs                                     (143.4)           (124.0)                    15.6
Other operating (expenses)/income                     (99.4)            (66.9)                   48.6
EBITDA                                                138.1              89.5                    54.3
Depreciation                                          (40.5)            (29.7)                   36.4
EBIT                                                   97.6              59.9                    62.9
Net financial result                                  (15.2)            (17.8)                  (14.6)
EBT                                                    82.5              42.1                    95.7
Tax                                                   (37.1)            (14.2)                  >100
Net profit                                             45.4              28.0                    62.2

 Sales increase reflects strong orders in previous quarters and increased production volume
 Net profit increased by 62 % especially due to lower structural cost ratio; higher tax rate in Q3
  results from the fact that potential future tax benefits of Nx entities could not yet been realized
 9M EBIT margin of 5.5 % well in the target range; EBIT margin in Q3 at 5.3 % due to quality issues
  with supplied blades – root cause identified, quality initiative started

Investor presentation | Nordex SE | January 2016                                                      21
4. GROUP BALANCE SHEET 9M 2015

In EUR millions

                                         30.09.15         31.12.14                                    30.09.15          31.12.14
 Liquid funds & fixed-term
                                              454.4          388.4    Trade payables                     308.9                177.5
 deposits
 Trade receivables and future                                         Current bank borrowings,
                                              345.0          185.5                                       182.4                        0
 receivables                                                          esp. Bond1
 Net inventories                              223.3          273.9    Other current liabilities          402.3                451.8
 Other current assets                         122.9           73.4
Current Assets                             1,145.6          921.2    Current liabilities                893.6                629.3

 Property, plant, equipment                   144.1          136.2    Bond1                                 0                 156.2
 Capitalized R&D expenses                     106.4          106.1    Deferred tax liabilities            65.6                  30.8
 Deferred tax assets                               52.8       44.8    Other non-current liabilities       71.0                  27.6

 Other non-current assets                          29.9       31.6

Non-current assets                           333.2          318.7    Non-current liabilities            136.6                214.6
                                                                     Shareholders‘ equity               448.6                396.0
Total assets                               1,478.9         1,239.9   Total liabilities                 1,478.9            1,239.9

     Balance sheet strengthened:
       Net liquidity increased to EUR 250 mn (31.12.2014: 232 mn)
       Current bank borrowings include bond (maturity in 4/2016), first tranche of EIB loan drawn
       Total assets up 19 % to EUR 1.5bn; equity ratio 30.3 % (31.12.2014: 31.9 %)                              1   Bond incl. interest

Investor presentation | Nordex SE | January 2016                                                                                 22
4. WORKING CAPITAL DEVELOPMENT

Development of working capital FY 2013 – 9M 2015

                        40                                                                            3
                                      2,2
                        20                                                                   1,0      2
                                                   1,0
                                                                                                      1
                         0
                                                                                                      0
                       -20                                                                            -1
                       -40                                                                            -2
                                                    -1,4
                                                                                         -2,1
                                                                                                      -3
                       -60
                                                                        -2,3                          -4
                                                                -3,4
                       -80                                                                            -5
                                                                                 -4,8
                     -100                                                                             -6
                             FY 2013       3M         H1        9M FY 2014 3M          H1       9M
                                          2014       2014      2014        2015       2015     2015

                                                         W/C (EUR mn)     W/C ratio

   Working capital ratio well within target range (
4. OPERATING CASH FLOW AND FREE CASH FLOW

         Key figures cash flow statement                               Changes in working capital

    in EUR mn                             9M            9M      in EUR mn                          9M       9M
                                         2015          2014                                       2015     2014
                                                                Consolidated profit + d/a          85.8    57.7
    Cash flow from                           67.3      162.7
    operating activities                                        + Decrease in inventories          50.6     7.3

    Cash flow from                       (48.8)        (43.0)   -/+ Change in trade receivables   -159.5   16.7
    investing activities                                        + Increase in trade payables      131.4    69.9
    Free cash flow                           18.5      119.7    - Decrease in prepayments
                                                                received (non-capitalised)         -84.4    -6.7
                                                                = Payments from changes
                                                                in working capital                -61.9    87.2

       Decreased operating cash flow because of higher production/installation activities leading to
        increased working capital (especially in terms of trade receivables)
       Investing activities in 9M 2015 mainly for:
              capitalized product development
              expansion of the blade center in Rostock – project almost completed

    Investor presentation | Nordex SE | January 2016                                                         24
4. GUIDANCE 2015

                                             2014A     2015 old (H2)     2015 update (9M)

 Order intake                           EUR 1.75 bn   EUR 2.1 – 2.3 bn   EUR 2.3 – 2.4 bn

 Sales                                  EUR 1.73 bn   EUR 2.0 – 2.2 bn   EUR 2.3 – 2.4 bn

 EBIT margin                                 4.5 %        5–6%               5–6%

 Working capital
                                            - 2.3 %
AGENDA

1.     Intro and corporate strategy

2.     Markets and market success

3.     Products and R&D

4.     Financials 9M 2015 and Guidance 2015

5.     AWP merger – transaction rationale and integration

6.     Appendix (shareholder structure; financial calendar)

Investor presentation | Nordex SE | January 2016              26
5. STRONG STRATEGIC FIT AS KEY DEAL DRIVER

Combining AWP and NX reduces market risks while creating big global player

               Risk reduction: complementary markets and customer base, global
    1
               production footprint

   2            Broadened product portfolio, complementary technology assets

                Combined entity backed by Acciona as strategic shareholder and
   3
                potential key customer

                Increased shareholder value: Synergies worth EUR 95m as of 2019
   4
                driving profitability at eye level with industry leaders

               Global player with reduced risk and targeted EUR 4.2-4.5 bn in sales
   5
               in 2018  top 5 position in reach

Investor presentation | Nordex SE | January 2016                                      27
5. RISK REDUCTION: COMPLEMENTARY MARKETS AND
CUSTOMER BASE

Global reach: More balanced geographic market presence

                                                   Together:
          Nordex                                                                    AWP
                                       NX and AWP focus regions/countries
                                             highly complementary

                                                                                  FOCUS ON
        FOCUS ON                                                                  LATAM &

          EUROPE                                                                 EMERGING
                                                                                  MARKETS
 >80% of business
                                                                              >70% of business
 Current EMEA core
 markets e.g. DE,                                                             Current core
 FR, TR, UK, FI,                                                              markets MEX, BRA,
 RSA                                                                          USA; IND emerging

                                Total addressable market >80% (excl. China)

Investor presentation | Nordex SE | January 2016                                                 28
5. COMBINED COMPANY WILL ADDRESS FULL RANGE OF
CUSTOMER SEGMENTS

Complementary customer bases

                                                      Together:
          Nordex                          Full range of customer segments          AWP

                                           Nordex                         AWP
                                                          Small                     BIG
         SMALL &                                          cust.
                                                                                DEVELOPER
       MID-SIZED                                      Reg. Utilities,               & IPP
                                                      Financial IPP
      CUSTOMERS
                                                                                (incl. Acciona
                                                       Developer
                                                                                  Energia)

       Typical deal:                                Big Utilities & IPP         Typical deal:
       15 – 30 MW                                                                 100MW

  Extra benefit: Strategic alliance with Acciona Energia and its vast project pipeline

Investor presentation | Nordex SE | January 2016                                                 29
5. GLOBAL, FLEXIBLE PRODUCTION FOOTPRINT,
ABLE TO FULFILL LOCAL PRODUCTION NEEDS

Global footprint*

                                              GER
                                               Active
                                               Nacelle
                                               Blade

                                      ES
                                      Active                                                         CN
                                      Nacelle                                                       Mothballed
                                      Blade                                                         Nacelle
      US (Iowa)                                                                                      Blade
         Mothballed
       Nacelle
                                                                           IND
                                                                       Planned
                                                                       Nacelle

                                                   BRA                                     N: Nacelle Manufacturing
                                                  Active
                                                                      Manufacturing Site   B: Blade Manufacturing
                                                  Nacelle
                                                             *tower design with on-site manufacturing not displayed

                             •       Good geographic fit for production purposes

Investor presentation | Nordex SE | January 2016                                                                      30
5. BROADENED PRODUCT PORTFOLIO, COMPLEMENTARY
TECHNOLOGY ASSETS

Complementary product focus

                                                      Together:
          Nordex                          Winning in very different markets        AWP

       Dealing with                                                             Projects with
    RESTRICTIONS                                                                 NO LAND
          & LAND                                                              CONSTRAINTS
    CONSTRAINTS
                                                                              Focus: Low capex
Focus: Sophisticated
                                                                                WTG solution
     WTG solutions
                                                                               Typical project:
    Typical project:
                                                                                 100 MW in
 Noise restricted sites
                                                                              emerging markets

                           Solutions to serve customer need around the globe

Investor presentation | Nordex SE | January 2016                                                  31
5. BROADENED PRODUCT PORTFOLIO, COMPLEMENTARY
TECHNOLOGY ASSETS

Combining valuable experience in blade design and tower manufacturing

                                                           Together:
          Nordex                                   Broad technology portfolio         AWP

          BLADE
     TECHNOLOGY                                                                    CONCRETE

       Carbon fibre                                                                  TOWER
                                                                                design with on-site
     Low noise level
                                                                                  manufacturing
     incl. Anti-Icing
                                                                                  (“tower camp
      System (AIS)
                                                                                    factories”)

         Technology assets in blades and towers as key levers for LCOE reduction

Investor presentation | Nordex SE | January 2016                                                  32
5. SALES POTENTIAL OF UP TO EUR 4.5BN IN 2018 BASED
ON MARKET POSITIONING AND COMPETITIVE PRODUCTS

Targeted sales development until 2018 (in EUR bn)

                                                   ~10% p.a.                  Targeted sales increase to EUR
                                                                               4.2-4.5 bn sales mainly from
                                                               4.2 – 4.5
                                                                               strong position in
                                                                               emerging/growth markets and
                                                                               competitive products meeting

                 2.3 – 2.4                                                     broad customer needs

     1.7                                                                      Growth of ~10% p.a. above
                                                                               industry average (4-5 % incl. CN)

                                                                              Combined order backlog of ~EUR
                                                                               2.5 bn and sales pipeline ensures
                                                                               short-term visibility
    2014            2015e           2016e            2017e      2018e
        Nordex                                     Combined                   Balanced market presence
      stand alone                                    entity                    provides risk mitigation against
                                                                               „volume shocks“

Investor presentation | Nordex SE | January 2016                                                                   33
5. EMERGING MARKETS AND JOINT PRODUCT PORTFOLIO
WILL BE THE MAIN GROWTH DRIVERS

Overview growth drivers (in EUR bn)

                                                                           Expected sales volume of
                                                            4.2-4.5         AWP 2015: EUR 1 bn
                                      IN
                                      BRA
                                                                           Growth stemming from
                                      Mx
                       1.0            RSA                                   emerging markets, esp. India,
                                                                            Brazil, Mexico, South Africa
      2.3-2.4                                                              New markets in LatAm, APAC
                                                                            and MEA addressable with a
                                                                            joint product portfolio

                                                                           Growth markets and new
                                                                            markets to over-compensate
                                                                            stagnating/decreasing markets
     Nx 2015e          AWP        Emerging          New    Total 2018       e.g. UK
                      2015e        markets         markets (targeted)

Investor presentation | Nordex SE | January 2016                                                            34
5. TARGETED EBITDA LEVEL OF >10 % AT EYE LEVEL WITH
INDUSTRY LEADERS

Targeted EBITDA development until 2018 (in % of revenues)

                                                                         Targeted profitability increase
                                        >2-3%pts              >10%
                                                                          by >2%pts driven mainly by
                                                                          synergies, LCOE improvement and
                  7 – 8%
                                                                          over-proportional growth of high-
     7%
                                                                          margin service business

                                                                         Targeted Synergies will kick in
                                                                          on a medium-term perspective
                                                                          during the integration process

                                                                         Targeted profitability 2018 on
                                                                          par with industry leaders

   2014            2015e            2016e           2017e     2018e      Change of guided KPI from EBIT

        Nordex                                     Combined               to EBITDA due to purchase price
      stand alone                                    entity               allocation (PPA) of the AWP
                                                                          merger

Investor presentation | Nordex SE | January 2016                                                              35
5. STRONG FOCUS ON LCOE REDUCTION AND SYNERGIES
IN COMBINED BUSINESS ARE KEY PROFITABILITY DRIVERS

Targeted EBITDA bridge 2015-18 (in %)

                                                              Two lean companies merging, no
                                                    >10%       further scale effect to be expected

                                                              Transition phase will cause one-
                                                               time expenses
   7-8%
                                                              Changing market conditions (e.g.
                                                               auction systems) and strong
                                                               competition will cause price
                                                               pressure

                                                              Stringent LCOE program to at
                                                               least compensate pressure

                                                              Over proportional service
                                                               business growth
    2015         Price  LCoE up Synergies Service   2018
                                                              Synergies of EUR 95 mn targeted -
               decrease
                                                               60 % to be realized in 2018

Investor presentation | Nordex SE | January 2016                                                  36
5. GLOBAL PLAYER WITH REDUCED RISK AND TARGETED EUR
4.2-4.5 BN IN SALES IN 2018  TOP 5 POSITION IN REACH

 Total onshore market 2019 simulation*

          Estimated onshore volume:
                   ~50 GW
                                                                          Mid term combined market share
                                                                           onshore c.8% (on+offshore c.7%)
                              Pure Player                                 Much more balanced regional sales
                                   15%
                                                    Big Industrial         split compared to standalone
                                             12%
            Other                                                          positions. Cumulated sales target
                                                  10% Chinese Player       split 2015-2019:

                  5%
                                10%                                                            APAC
                     7%             Pure Player
   Chinese Player                                                                             6%
                         7%   8%
       Big Industrial
                  Pure Player  Nordex+AWP                                    EMEA 60%          30% Americas

                                                                                           4%
    * OEM market share development illustrative                                                New markets

 Investor presentation | Nordex SE | January 2016                                                              37
5. ENHANCEMENT OF CORPORATE GOVERNANCE
STRUCTURE

                           Two-tier SE („Vorstand“ and „Aufsichtsrat“)

                            CEO                                SKion

                     Management

                                                   CSO
         CFO

                                                           Supervisory Board
                        Board

                            COO

               Executive Committee                        (independent) members
                                                          Acciona group represented with
CEO –           Lars Bondo Krogsgaard                     two members
COO –           Deputy CEO – José Luis Blanco
CFO –           Bernard Schäferbarthold
CSO –           Patxi Landa

    • Management board with around 50 years of experience in the wind industry

Investor presentation | Nordex SE | January 2016                                           38
5. COMBINED ENTITY BACKED BY ACCIONA AS STRATEGIC
SHAREHOLDER AND POTENTIAL KEY CUSTOMER

Acciona Energia …

  … as a strategic anchor shareholder                         … as a potential key customer

                                                              INSTALLED
                                                           REN. ENERGY (MW)

                                                                                • Acciona Energia is
                                          Acciona                 >8.6 GW         one of the leading
                                29.9%                     Other                   renewable energy
                                                                                  asset owners
                                                                                  (mainly onshore
                  64.4%           5.7%                             >7.2           wind) in the world
                                                           Wind
    Freefloat                                                       GW          • Significant
                                           SKion/
                                                                                  investment volume
                                           momentum
                                                                                  for renewables
                                                                                  expected (USD 2.5
                                                                  2015 YTD        bn 2016ff.)

                                Nordex will leverage Acciona’s deep expertise
                                 in the full value chain of the wind industry

Investor presentation | Nordex SE | January 2016                                                       39
AGENDA

1.     Intro and corporate strategy

2.     Markets and market success

3.     Products and R&D

4.     Financials 9M 2015 and Guidance 2015

5.     AWP merger – transaction rationale and integration

6.     Appendix (shareholder structure; financial calendar)

Investor presentation | Nordex SE | January 2016              40
6. APPENDIX: SHAREHOLDER STRUCTURE NORDEX SE

                                                                                   SKion/momentum capital
                                                                                                22.79 %

                                                                                      JPMorgan
                                                                                      5.85 %

                                                                                     Deutsche Asset & Wealth Management
                                                                                     4.92 %

                                     Free
                                     float
                                     64.44%

  Based on 80.882.447 shares, as of December, 2015; before closure of AWP merger

Investor presentation | Nordex SE | January 2016                                                                   41
6. APPENDIX: FINANCIAL CALENDAR 2016                              (STATUS DECEMBER 2015)

Date                            Event

7-8 January                     Investor Conference Lyon (Oddo)

19 January                      Investor Conference Frankfurt (Frankfurt)

2 February                      Investor Conference Frankfurt (HSBC)

16 February                     Investor Conference Frankfurt (Oddo Seydler)

26 February                     Preliminary Results 2015

21 March                        Press Conference Annual Accounts 2015

3 May                           Interim Results Q1 2016

10 May                          Annual General Meeting in Rostock (AGM)

8-10 June                       Investor Conference Berlin (Deutsche Bank)

28 July                         Interim Results H1 2016

30 August                       Investor Conference Frankfurt (Commerzbank)

19-21 September                 Investor Conference Munich (Goldman Sachs & Berenberg)

8 November                      Investor Conference Paris (SocGen)

10 November                     Interim Results Q3 2016

Investor presentation | Nordex SE | January 2016                                           42
DISCLAIMER

This presentation was produced in December 2015 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.

Investor presentation | Nordex SE | January 2016                      43
THANK YOU FOR YOUR ATTENTION.

   Nordex SE

   Oliver Kayser                                   Senior Manager Investor Relations
   Rolf Becker                                     Junior Manager Investor Relations

   Langenhorner Chaussee 600, 22419 Hamburg, Germany
   Phone:            +49 (0)40 30030 1000
   Fax:              +49 (0)40 30030 1333
   eMail:            investor-relations@nordex-online.com

   NDX1
   ISIN:          DE000A0D6554
   WKN:           A0D655

   www.nordex-online.com

Investor presentation | Nordex SE | January 2016                                       44
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