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• Continuing constraints in global supply chains carried on affecting the business of Siemens Energy, predominantly at Siemens Gamesa Renewable Energy (SGRE), where difficult supply markets amplified the impacts rooting in continued operational problems. As a result, SGRE reported an Adjusted EBITA of negative €301m for the second quarter.
• The consequences of the war in Ukraine led to initial minor negative effects on the second quarter results of Siemens Energy.
• Solid orders of €7.9bn included a strong contribution from Gas and Power (GP), resulting in the order backlog climbing to a record of €89.3bn. Compared to the exceptional high prior-year figure, orders came in 27.5% lower for the quarter on a comparable basis (excluding currency translation and portfolio effects).
• Revenue of €6.6m was slightly down by 1.7% on a comparable basis, as moderate growth at GP was more than offset by a decline at SGRE.
• Adjusted EBITA for Siemens Energy was negative €77m (Q2 FY 2021: positive €197m) due to the loss at SGRE. In contrast, GP substantially increased its Adjusted EBITA year-over-year. Adjusted EBITA before special items of Siemens Energy was negative €21m compared to positive €288m in prior-year quarter.
• Siemens Energy’s net loss amounted to €252m (Q2 FY 2021: net income of €31m). Corresponding basic earnings per share (EPS) were negative €0.22 (Q2 FY 2021: positive €0.03).
• Free cash flow pre tax sharply decreased to negative €351m (Q2 FY 2021: positive €433m) driven by the earnings decline at SGRE while GP delivered a positive contribution.
• Given SGRE’s adjusted aspiration for fiscal year 2022 and in light of prevailing challenges, management now expects for Siemens Energy for fiscal year 2022 results towards the low end of the guidance ranges for comparable revenue development (negative 2% to positive 3%) and Adjusted EBITA margin before special items (positive 2% to positive 4%).
• Management notes an increasingly challenging environment and growing uncertainty with regards to the continuation and economic burdens of the war in Ukraine as well as the COVID-19 situation in China and cannot rule out further negative effects associated to an escalation of these factors.

Christian Bruch, President and Chief Executive Officer of Siemens Energy AG: “Gas and Power delivered a solid performance this quarter. The segment delivered a solid operating result and a strong order intake despite first impacts of the sanctions against Russia and increasing supply chains constraints. Disappointing again is the performance of SGRE which is weighing heavily on Siemens Energy. The situation at SGRE has aggravated further since the last profit warning. As majority shareholder, we provide our expertise to get to the bottom of the problems and to tackle the issues”

• Launch of single-phase dry-type transformer for pole applications
• More reliable, durable and environmentally friendly alternative to oil-filled transformers

With CAREPOLETM Siemens Energy launches an innovative dry-type single-phase transformer for pole applications. Designed for the technological requirements of the American grid, the new cast-resin distribution transformer provides a reliable and sustainable alternative to oil-filled transformers.

• Surplus wind energy from Germany for Great Britain
• 1.4 gigawatts, supplying 1.5 million homes
• Saving of 16 million tons of CO2

Siemens Energy and the NeuConnect consortium have signed a contract for the supply of a turnkey High-Voltage Direct Current (HVDC) transmission system for the first power link between Great Britain and Germany (“NeuConnect Interconnector”). The HVDC link will connect two of Europe's largest energy markets and enable up to 1.4 gigawatts of electricity to be exchanged in both directions, enough to power up to 1.5 million homes. Access to a more diverse and sustainable energy mix will increase security of supply in both countries. Through the more efficient use of renewable energy, the connection will result in savings of up to 16 million tons of CO2 emissions. The order value for Siemens Energy is in the high three-digit million euro range and will be booked for the current fiscal year. 

• Industrial-scale production of electrolyzers for green hydrogen
• In 2023 start of the first Gigawatt production at the multi-Gigawatt factory

Siemens Energy will locate the industrial production of electrolysis modules in Berlin and is thus taking the centerpiece of its hydrogen technology to the capital. Start of production at the location Huttenstrasse in Berlin’s Moabit locality is scheduled for 2023. At this site the complete infrastructure of an existing production hall can be used. New production lines for the electrolyzers are being set up on 2,000 square meters at a cost of around 30 million euros. Today, the site mainly manufactures gas turbines, which are among the most powerful and efficient in the world. These can already be operated with up to 50 percent hydrogen, and by 2030 complete hydrogen operation should be possible. Siemens Energy is now pooling its expertise in both these areas in Berlin to ensure a reliable and successful energy transition to a new energy mix. This also includes the business field of energy transmission: At the Siemens Energy Switchgear Plant Berlin innovative high voltage products are manufactured, ensuring that electricity reaches consumers reliably.

• 100th H-class gas turbine sold worldwide
• Four advanced combined cycle power units support a sustainable energy supply in a major economic area 

Siemens Energy has recently entered into agreements separately with Guangdong Energy Group Co., Ltd. and Shenzhen Energy Group Co., Ltd. to deliver a total of four H-class combined cycle power units to their power plants located in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in southern China. Upon completion, the new and updated power plants will help meet the growing power demand in the region with efficient and future-proof power generation technologies. In addition, with the one-hundredth unit sold, the projects also mark a milestone in the success story of the SGT-8000H gas turbine.

• Starting point into CO2-neutral shipping in large-scale
• Siemens Energy will implement an electrolyzer plant in the 50 megawatt range
• European Energy will be responsible for utilizing the electrolyzer in Aabenraa in the Southern part of Denmark.

Siemens Energy secured an order from European Energy for the delivery of an electrolyzer plant. The Danish developer and operator of green energy projects is developing the world´s first large-scale commercial e-Methanol production facility with the hydrogen being provided by a 50 mega-watt (MW) electrolyzer plant by Siemens Energy. The plan is that the plant will be built in Kassø, located west of Aabenraa in the South of Denmark, near the German border. Through the nearby 300 MW solar park of Kassø, developed by European Energy, the project will have access to the low-cost renewable electricity needed to produce cost-effective e-Fuel.  End users of the e-Methanol will be the shipping company Maersk and the fuel retailer Circle K among others. The project secures the e-Methanol supply for Maersk`s first e-Methanol driven container vessel, and thus demarks the starting point into CO2-neutral shipping in large-scale. Start of commercial methanol production is planned for second half of 2023. 

• Joint venture with ZEISS and financial/venture capital investors
• Extended use of on-demand additive manufacturing for prototypes as along with a spare-part supply

Additive manufacturing (AM) has taken on a major role in the development and production of components and spare parts for Siemens Energy in recent years. In addition to setting up its own AM production lines and acquiring AM service provider Materials Solutions in 2016, the company is now expanding its commitment in this area with its investment in the start-up MakerVerse.