Please use another Browser

It looks like you are using a browser that is not fully supported. Please note that there might be constraints on site display and usability. For the best experience we suggest that you download the newest version of a supported browser:

Internet Explorer, Chrome Browser, Firefox Browser, Safari Browser

Continue with the current browser

Earnings Release Q4 FY 2022: Siemens Energy strengthened business in challenging year – integration of Siemens Gamesa Renewable Energy (SGRE) is now the focus

Q4 Fiscal Year 2022

  • Unfavorable geopolitical and macroeconomic factors continued to impact Siemens Energy’s business. Despite these headwinds, Gas and Power (GP) once again experienced strong demand and demonstrated resilience in its business due to rigorous project execution and stringent execution of measures taken in context of its operational excellence program. SGRE benefited from the sale of its wind farm development portfolio in Southern Europe which contributed €0.6bn to orders, revenue, Adjusted EBITA and Free cash flow pre tax in the fourth quarter.
  • The restructuring of Siemens Energy’s business activities in Russia continues to progress and we expect closing in Q1 of fiscal year 2023 without further significant financial impacts. In the recent quarter, a negative impact of €19m was reported as a special item.
  • Orders continued to be strong. Comparable growth (excluding currency translation and portfolio effects) was 27.4% despite a high basis of comparison. Both segments contributed to the increase, resulting in orders of €12.2bn driving order backlog to another record of €97.4bn.
  • Revenue of €9.2bn rose by 5.9% on a comparable basis with a slight growth at GP, and a stronger increase at SGRE.
  • Siemens Energy’s Adjusted EBITA before special items amounted to €594m (Q4 FY 2021: negative €46m). GP sharply improved compared to its prior-year quarter’s result and SGRE turned positive. Special items sharply decreased to negative €106m (Q4 FY 2021: negative €281m). Adjusted EBITA for Siemens Energy came in at €489m (Q4 FY 2021: negative €327m).
  • Accordingly, Siemens Energy had a Net income of €378m (Q4 FY 2021: Net loss €383m). Corresponding basic earnings per share (EPS) were €0.36 (Q4 FY 2021: negative €0.43).
  • Free cash flow pre tax amounted to €1,949m and exceeded strong prior-year quarter’s level of €985m

Fiscal Year 2022

  • Siemens Energy operated in a challenging environment during fiscal 2022. Nevertheless, GP delivered a solid performance characterized by strong orders and increased profitability year-over-year, demonstrating business resilience. However, Siemens Energy’s overall performance was held back by the negative development at SGRE. Regarding the adjusted outlook in the third quarter, Siemens Energy largely met its guidance. While Adjusted EBITA margin before special items fell slightly short of expectations, Siemens Energy recorded a lower than expected Net loss excluding the negative impact from the restructuring of the Russia business reported under special items, and a higher Free cash flow pre tax.
  • Driven by GP, Siemens Energy’s orders exceeded the high level of the prior fiscal year by 11.9% on a comparable basis and rose to €38.3bn (FY 2021: €33.0bn). On a nominal basis, orders increased by 16.1%
  • Revenue of €29.0bn was down by 2.5% on a comparable basis (including Russia-related effects) due to the decline at SGRE. On a nominal basis, revenue grew by 1.8% compared to the prior-year amount of €28.5bn.
  • Siemens Energy’s Adjusted EBITA before special items decreased to €379m (FY 2021: €661m) due to the high loss at SGRE. Special items amounted to negative €453m (FY 2021: negative €673m) largely related to burdens of €200m in connection with the restructuring of business activities in Russia and restructuring and integration costs at SGRE. Adjusted EBITA for Siemens Energy came in at negative €75m (FY 2021: negative €12m).
  • Net loss of Siemens Energy was €647m (FY 2021: negative €560m). Corresponding Basic earnings per share (EPS) were negative €0.56 (FY 2021: negative €0.63).
  • Free cash flow pre tax increased to €1,503m (FY 2021: €1,358m) driven by an exceptionally high level at GP primarily due to advance payments given the strong order intake. The group’s Net cash position improved from €2.5bn at the end of fiscal year 2021 to €2.8bn despite a cash deposit of €1.15bn pledged in favor of the Spanish National Securities Market Commission (CNMV) in connection with the planned acquisition of all outstanding shares in Siemens Gamesa Renewable Energy S.A.

Fiscal Year 2023

  • For Siemens Energy in fiscal year 2023, we expect comparable revenue growth in a range of 3% to 7% and a profit margin before special items of 2% to 4%. Furthermore, we expect a sharp reduction of Net loss compared to fiscal year 2022. We expect Free cash flow pre tax to be in a negative range of low- to mid-triple-digit million €.


We expect the global economy to grow at a subdued pace in the coming year and global supply chains to continue to be disrupted, impacting our business activities especially in the first half of our fiscal year. Nevertheless, we are confident that our strategic and operational measures will further strengthen Siemens Energy’s resilience and will lead to stronger growth in comparable revenue and higher profitability for Siemens Energy compared to fiscal year 2022.
Therefore, we expect for Siemens Energy a comparable revenue growth (excluding currency translation and portfolio effects) in fiscal year 2023 in a range of 3% to 7% (actual figure FY 2022: negative 2.5%) and a profit margin before special items of 2% to 4% (actual figure FY 2022: 1.2%). Furthermore, we expect a sharp reduction of Net loss compared to fiscal year 2022 (actual figure FY 2022: negative €647m). We expect free cash flow pre tax to be in a negative range of low- to mid-triple-digit million (actual figure FY 2022: €1,503m).
The outlook for Siemens Energy assumes no major negative financial impacts from COVID-19 or other pandemic related events, no further deterioration in the supply chain and raw material cost environment, and excludes charges related to legal and regulatory matters. 
Overall assumptions per Business Area

  • Gas Services plans to achieve a comparable revenue growth of 0% to 4% (actual figure FY 2022: negative 0.7%) and a profit margin before special items of 9% to 11% (actual figure FY 2022: 7.2%).
  • Grid Technologies plans to achieve a comparable revenue growth of 5% to 9% (actual figure FY 2022: 3.3%) as well as a profit margin before special items of 6% to 8% (actual figure FY 2022: 3.6%).
  • Transformation of Industry plans to achieve a comparable revenue growth of 5% to 9% (actual figure FY 2022: negative 0.3%) and a profit margin before special items of 3% to 5% (actual figure FY 2022: 1.4%).
The assumptions for Gas Services, Grid Technologies and Transformation of Industry confirm the target of former GP segment for Adjusted EBITA margin before special items within a range of 6% and 8%. We assume that SGRE’s revenue and profitability will be in line with its business plan.
Note: With beginning of fiscal year 2023, Adjusted EBITA was replaced by Profit which definition now excludes the financial result from operations.

Notes and forward-looking statements

This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens Energy´s management, of which many are beyond Siemens Energy´s control. These are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in disclosures, in particular in the chapter “Report on expected developments and associated material opportunities and risks” in the Annual Report. Should one or more of these risks or uncertainties materialize, should acts of force majeure, such as pandemics, occur, or should underlying expectations including future events occur at a later date or not at all, or should assumptions not be met, Siemens Energy´s actual results, performance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens Energy neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. This document includes supplemental financial measures – that are not clearly defined in the applicable financial reporting framework – and that are or may be alternative performance measures (nonGAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens Energy´s net assets and financial position or results of operations as presented in accordance with the applicable financial reporting framework in its consolidated financial statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Press Conference

Follow us on Twitter

Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 91,000 people worldwide in more than 90 countries and generated revenue of €28.5 billion in fiscal year 2021.

Read more


Tim Proll-Gerwe

Siemens Energy

+49 (0)152 2283 5652