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• In the recent quarter, Gas and Power (GP) achieved another solid performance despite unfavorable geopolitical and macroeconomic factors which continue to impact Siemens Energy’s business development overall. While both segments faced strong headwinds from increased material and logistic costs as well as supply chain constraints, GP demonstrated resilience due to stringent measures taken based on its operational excellence program.
• Siemens Energy started the restructuring of its business activities in Russia in the third quarter which burdened the result of GP by €0.2bn, reported as strategic portfolio decisions under special items. These restructuring activities are expected to be concluded by end of this fiscal year without further significant financial impact.
• Orders continued to be strong with growth of 60.0% year-over-year on a comparable basis (excluding currency translation and portfolio effects). Both segments contributed to the increase, resulting in third quarter orders of €9.8bn driving order backlog to another record of €93.4bn.
• Revenue of €7.3bn was down by 4.7% on a comparable basis as growth at GP was more than offset by a decline at Siemens Gamesa Renewable Energy (SGRE).
• Despite burdens from supply chain constraints, GP reported a positive Adjusted EBITA before special items of €212m nearly on prior-year quarter’s level. Due to the high loss at SGRE, Siemens Energy’s Adjusted EBITA before special items was negative €131m (Q3 FY 2021: positive €54m). Special items amounted to negative €298m (Q3 FY 2021: negative €178m) largely related to the restructuring of business in Russia. Adjusted EBITA for Siemens Energy came in at negative €429m (Q3 FY 2021: negative €124m).
• Accordingly, Siemens Energy’s Net loss was €533m (Q3 FY 2021: negative €307m). Corresponding basic earnings per share (EPS) were negative €0.54 (Q3 FY 2021: negative €0.32).
• Free cash flow pre tax decreased to negative €25m (Q3 FY 2021: positive €328m) driven by SGRE while GP exceeded the strong prior-year quarter’s level.
• On May 21, 2022, Siemens Energy AG announced a voluntary cash tender offer to acquire all outstanding shares in Siemens Gamesa Renewable Energy S.A., i.e., approximately 32.9 percent of the share capital, which Siemens Energy AG does not already own. The minority shareholders will be offered €18.05 per share in cash. Following a successful closing of the transaction, Siemens Energy AG intends to pursue a delisting of Siemens Gamesa Renewable Energy S.A. from the Spanish stock exchanges, where it currently trades as a member of the IBEX 35 index. In June 2022, a €1.15bn cash deposit was pledged in favor of the Spanish National Securities Market Commission which reduced Siemens Energy’s Net cash position at the end of recent quarter.

• Although further negative effects associated with geopolitical and macroeconomic challenges cannot be ruled out, management still expects to achieve its outlook given for GP and Siemens Energy excluding effects from lost revenue in connection with business in Russia for comparable revenue growth. Net loss of Siemens Energy in fiscal year 2022 is expected to exceed prior year’s net loss approximately by the impact from the restructuring of business in Russia reported as special item.

Christian Bruch, President and Chief Executive Officer of Siemens Energy AG: “Our Gas and Power business has once again delivered in the recent quarter and thus proven its resilience. Despite unprecedented macroeconomic challenges, we see sharply higher order volumes with growing demand for our technologies to facilitate the energy transition. On top of maneuvering the daily operations, the Gas and Power team started to set the course for a new organizational structure aimed at significantly reducing complexity and shortening the decision-making processes. And yet there are also again drawbacks in the third quarter. Siemens Gamesa continued to experience high losses in a challenging market environment. The poor performance at Siemens Gamesa had a negative impact on our overall results. We expect the new management at Siemens Gamesa now to implement a rigorous turnaround plan. During the quarter we launched a cash tender offer for the outstanding minority shares in Siemens Gamesa with the intention to delist and fully integrate its operations”

• Siemens Energy joins the AWS Partner Network as a Technology Partner to provide customers with industrial cybersecurity, analytics, and storage solutions
• Siemens Energy’s AI-driven Managed Detection & Response (MDR) solution is a first of a kind security offering available in AWS Marketplace built for energy and utilities, by an integrated energy technology company focused across the entire energy value chain
• MDR’s monitoring and detection insights provide scalable protection against disruptive cyberattacks in the energy sector using innovative artificial intelligence

Company Joins AWS Partner Network to Provide Customers with Industrial Cybersecurity Solution to Ensure Reliable Electricity and Fuel Supplies

• Turnkey installation and service of the grid connection systems BorWin4 and DolWin4
• Green wind power for around 1.8 million people
• Largest offshore grid connection order in the history of Siemens Energy

Two new power links set the course for more wind energy in the German power grid: DolWin4 and BorWin4 will transport up to 1.8 gigawatts (GW) of green wind power from several wind farms in the German North Sea to land with low losses. As a result, they will be able to meet the demand of a major city like Hamburg with 1.8 million inhabitants. Amprion Offshore GmbH has now commissioned Siemens Energy to supply the necessary technology for the converter stations of their first grid connection projects. The order value is in the high three-digit million-euro range, making it the largest offshore grid connection order Siemens Energy has received to date.  

• Woodfibre LNG will be powered by clean, renewable hydroelectric power, reducing its greenhouse gas emissions by more than 80%
• Siemens Energy will provide motors, variable speed drives, and the main refrigerant compressors for the Woodfibre LNG project
• Once operational, Woodfibre LNG will provide over 100 jobs for the lifetime of the project

Siemens Energy announced today that it was selected as the single solution supplier for the all-electric Woodfibre LNG project near Squamish, in British Columbia, Canada. The environmentally friendly LNG facility will be located at the site of a former pulp and paper operation. It will be sized for 2.1 million tonnes per annum and utilize clean, renewable hydroelectricity, reducing its greenhouse gas emissions by more than 80%. 

Siemens Energy and Air Liquide announce the creation of a joint venture dedicated to the series production of industrial scale renewable hydrogen electrolyzers in Europe. With two of the global leading companies in their field combining their expertise, this Franco-German partnership will enable the emergence of a sustainable hydrogen economy in Europe and foster a European ecosystem for electrolysis and hydrogen technology. Production is expected to begin in the second half of 2023 and ramp-up to an annual production capacity of three gigawatts by 2025.

• Inspection of approximately 4,000 km of high-voltage power lines
• Artificial intelligence for automated condition detection
• CO2 emissions decreased by reducing helicopter flights
• Digital twin for accelerating digital grid expansion planning

The German grid operators Schleswig Holstein Netz AG and Bayernwerk Netz GmbH have commissioned Siemens Energy to inspect almost 4,000 kilometers of high-voltage overhead lines. The inspection will be conducted by a helicopter equipped with a high-tech multi-sensor system using the "SIEAERO" service concept. Developed by Siemens Energy, the system collects all the necessary data during the flight, which can later be evaluated with the help of artificial intelligence and analyzed by other software tools. In the near future, this kind of holistic inspection of overhead power lines can also be performed with large drones.

• Positive result: Gas and Power profitability up 35 percent after a year and a half of independence; cost-efficiency measures save more than EUR 350 million
• Greater transparency: New corporate structure lays out clear responsibilities, ensures greater efficiency, brings business closer to customers, and provides greater transparency for the capital market
• Shared market approach: Integration of Siemens Gamesa Renewable Energy (SGRE) is logical evolution for a leading energy technology company and offers customers a holistic approach in the transition toward greater sustainability
• Attractive prospects for future: Global energy market promises good growth rates 

At its Capital Market Day in Berlin, Siemens Energy will be presenting analysts and investors with its strategic cornerstones for the coming years. The management’s goal is to build an integrated energy technology company with a clear focus on ESG which supports customers as they make their transition toward greater sustainability, while delivering reliable returns for investors. Siemens Energy will rely on three main pillars: low-emission or zero-emission power generation; transport and storage of electricity; and reducing the CO2 footprint and energy consumption in industrial processes. A new aspect will be Siemens Energy’s structure: starting in fiscal 2023, the former Divisions will be repositioned as Business Areas, whose key financial figures will be reported quarterly. This will increase transparency for the capital market significantly. By integrating SGRE, Siemens Energy will strengthen its position, creating a holistic, go‑to-market approach further enhancing customer focus. Finally, a new organizational structure will significantly reduce complexity, create flatter hierarchies, shorten decision-making processes, and strengthen individual employees’ sense of personal responsibility.