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Siemens Energy is supplying 12 electrolyzers with a total capacity of 200 megawatts to Normandy, France. Air Liquide, a world leader in gases, technologies and services for Industry and Health, will operate them in its Normand'Hy project. Starting in 2026, Air Liquide’s plant in the Port-Jérôme industrial zone will produce 28,000 tons of renewable hydrogen annually for industry and the mobility sector. With this amount, a hydrogen-fueled road truck could make it 10,000 times around the world. 

Siemens Energy has concluded a status report analyzing quality problems at the onshore platforms 4.X and 5.X of its wind power subsidiary Siemens Gamesa following the ad hoc release of June 22.

• Siemens Energy’s results of the third quarter were impacted by charges at Siemens Gamesa. These relate mainly to quality issues of certain onshore platforms as well as increased product costs and ramp-up challenges in the offshore business.
• Siemens Energy continues to benefit from a favorable market environment. Orders of €14.9bn reflect 54.2% growth on a comparable basis (excluding currency translation and portfolio effects), primarily driven by large orders at Siemens Gamesa and Grid Technologies (GT). The Book-to-bill ratio (ratio of orders to revenue) came in at 1.98 and led the order backlog to a new record of €109.0bn.
• Revenue increased by 8.0% on a comparable basis to €7.5bn.
• Profit before Special items of Siemens Energy was negative with €2,048m (Q3 FY 2022: negative €222m) driven by above mentioned charges at Siemens Gamesa totaling €2.2bn. Profit before Special items at Gas Services (GS), GT, and Transformation of Industry (TI) sharply increased compared to the prior-year quarter, driven by continued strong operational performance.
• Special items declined to negative €41m (Q3 FY 2022: negative €259m) as the prior-year quarter was heavily burdened by Russia-related charges. Profit for Siemens Energy was negative with €2,089m (Q3 FY 2022: negative €481m).
• Siemens Energy reported a Net loss of €2,931m (Q3 FY 2022: Net loss €564m), including negative tax effects from valuation allowances on deferred tax assets in connection with the charges at Siemens Gamesa. Corresponding basic earnings per share (EPS) were negative €3.42 (Q3 FY 2022: negative €0.58).
• Free cash flow pre tax improved to positive €27m from negative €25m in the prior-year quarter.
• In light of the developments at Siemens Gamesa, management adjusts the outlook for Siemens Energy. Due to the aforementioned challenges at Siemens Gamesa, management now expects for Siemens Energy Group comparable revenue growth to be in a range of 9% to 11%, a Profit margin before Special items between negative 10% and negative 8% and a Net loss of around €4.5bn. Free cash flow pre tax now is expected up to a negative low triple-digit million € amount. Management maintains its revenue and Profit margin assumptions for the segments GS, GT, and TI.

Christian Bruch, President and CEO of Siemens Energy AG: “Our third-quarter results demonstrate the challenges in turning around Siemens Gamesa. The strong performance of our other business areas gives me confidence in our company’s ability to put businesses back on a strong footing.”

Siemens Gamesa minority shareholders approved a capital reduction for the remaining 2.21% of shares not held by Siemens Energy in the Extraordinary General Meeting of Shareholders held on June 13, paving the way for a full integration of both companies.

• Siemens Energy’s markets remained favorable. Consequently, the Company continued to enjoy strong growth in orders and in revenue. Profit continued to be impacted by supply chain challenges, the ramp-up of the offshore activities as well as by effects from onerous projects at Siemens Gamesa.
• Siemens Energy recorded orders of €12.3bn reflecting 56.3% growth on a comparable basis (excluding currency translation and portfolio effects). The Book-to-bill ratio (ratio of orders to revenue) came in at 1.53 and the order backlog reached a new record of €102.0bn exceeding the €100bn mark, for the first time.
• Revenue increased by 23.8% on a comparable basis to €8.0bn reflecting growth in all segments.
• Siemens Energy’s Profit before Special items was positive with €41m (Q2 FY 2022: negative €49m). A loss at Siemens Gamesa was more than offset by a strong performance in all other segments, led by Gas Services (GS). Positive Special items of €23m (Q2 FY 2022: negative €54m) were driven by a positive effect of €78m in connection with the “Accelerating Impact” program reported under restructuring costs. Most measures of the program have been executed or contractually solved. Due to improved market conditions and volume growth, the assessment of the further progress of the program has changed. The positive effect more than offset an increase in other restructuring and integration costs. Therefore, Profit for Siemens Energy was positive with €64m (Q2 FY 2022: negative €103m).
• Siemens Energy reported a Net loss of €189m (Q2 FY 2022: Net loss €256m). Corresponding basic earnings per share (EPS) were negative €0.25 (Q2 FY 2022: negative €0.22).
• As expected, Free cash flow pre tax was negative with €294m (Q2 FY 2022: negative €351m). A higher cash outflow at Siemens Gamesa was partly offset by strong cash flow in other segments, primarily at Grid Technologies (GT).
• Due to the financial performance in the first half-year and business volume growing faster than previously planned, Siemens Energy adjusted its outlook for fiscal year 2023. Management now expects a comparable revenue growth of the Siemens Energy Group between 10% and 12% (previously between 3% and 7%). Profit margin before Special items of Siemens Energy is now expected around the low end of the guidance range of 1% to 3% due to Siemens Gamesa's poor performance in the first half-year. Accordingly, Net loss of Siemens Energy Group is expected to exceed prior fiscal year’s level by up to a low-triple-digit million € amount.

Christian Bruch, President and CEO of Siemens Energy AG: “Strong orders confirm our very good positioning in the markets for energy transition technologies, such as power generation and transmission. Our adjusted outlook reflects the strong demand, as well as the continuous challenging market environment in the wind industry. The turnaround of the wind business remains the cornerstone of becoming a profitable leader of the energy transition”

A consortium of Siemens Energy and Spain's Dragados Offshore has signed a framework agreement with German-Dutch transmission system operator TenneT to supply high-voltage direct current (HVDC) transmission technology for three grid connections in the German North Sea. The projects available through the agreement will ensure that a total of 6 gigawatts (GW) of offshore wind power can be transported onshore. The contract value for the consortium of Siemens Energy and Dragados Offshore is close to €7 billion.