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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.

• 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.