Earnings Release Q1 FY 2022 - Solid performance at Gas and Power overshadowed by negative development at SGRE

February 9, 2022

  • Continuing constraints in global supply chains cause challenges in the business. While operational performance at Gas and Power (GP) was solid, Siemens Gamesa Renewable Energy (SGRE) was impacted harder than expected by difficult supply markets and faced project-related and technical challenges.
  • Both segments contributed to another strong quarter for order intake at €8.3bn, up 10.1% on a comparable basis (excluding currency translation and portfolio effects). Strong Book-to-bill ratio (ratio of orders to revenue) of 1.40 resulted in a new record order backlog of €87.1bn.
  • Revenue was €6.0bn, 11.4% lower on a comparable basis, in line with our expectations, due to timing effects associated with the execution of large projects in both segments and supply chain constraints impacting revenue conversion mainly at SGRE.
  • While GP substantially improved its Adjusted EBITA, SGRE reported a negative result of €318m, impacted by additional supply chain related costs and ramp-up challenges with the 5.X platform of the onshore business.
  • Adjusted EBITA for Siemens Energy was negative €57m (Q1 FY 2021: positive €243m) due to the negative result at SGRE. Recent quarter saw minor impacts from special items of positive €6m (Q1 FY 2021: negative €123m). Adjusted EBITA before special items of Siemens Energy was negative €63m compared to positive €366m in prior-year quarter.
  • Net loss amounted to €240m (Q1 FY 2021: net income of €99m). Corresponding basic earnings per share (EPS) were negative €0.18 (Q1 FY 2021: positive €0.09).
  • Free cash flow pre tax sharply improved year-over-year to negative €69m (Q1 FY 2021: negative €388m) driven by a very strong performance of GP.
  • Due to financial performance at SGRE in the recent quarter and its adjusted guidance, Siemens Energy amended its outlook for fiscal year 2022 and will reassess its prior expectations for Siemens Energy Group’s Adjusted EBITA margin before special items for fiscal year 2023. For fiscal year 2022, management now expects Siemens Energy Group’s comparable revenue development to be in a range of negative 2% to positive 3% and an Adjusted EBITA margin before special items between positive 2% and positive 4%.


Christian Bruch, President and Chief Executive Officer of Siemens Energy AG:

„The solid performance of Gas and Power shows that we make progress with our transformation. Our measures have started to have an impact, and the results are heading in the right direction. However, the latest profit warning at Siemens Gamesa Renewable Energy is a setback and disappointing for all shareholders. As majority shareholder, we will continue to support SGRE in achieving the turnaround in the onshore business even in a difficult market environment” 

Please read the complete Earnings Release:


Due to the business development of SGRE in the recent quarter and its adjusted guidance, we amended the outlook for the fiscal year 2022 for the SGRE segment and, accordingly, for Siemens Energy. In addition, management will reassess its prior expectations for Siemens Energy Group’s Adjusted EBITA margin before special items for fiscal year 2023 of positive 6.5% to positive 8.5%.

Our assessment for Siemens Energy’s business environment remains widely unchanged and we confirm GP segment’s outlook for fiscal year 2022. Global economy should continue to grow in fiscal year 2022 and we expect global supply chain constraints to persist as well as COVID-19 to remain a factor of uncertainty. Therefore, a shortage of materials and components and/or a lack of freight capacity may continue to have an impact on our business, especially as it pertains to the on-time execution of large projects. Nevertheless, we are still confident that the measures we have taken as part of our transformation – especially at GP – will lead to higher profitability at Siemens Energy in fiscal year 2022, although on a lower than expected level.

For Siemens Energy in fiscal year 2022, we now expect comparable revenue development (excluding currency translation and portfolio effects) to be in a range of negative 2% to positive 3% (previously negative 1% to positive 3%) and an Adjusted EBITA margin before special items between positive 2% and positive 4% (previously between positive 3% and positive 5%). We still expect a sharp improvement of Net income and Free cash flow pre tax to be in a range of a positive mid-triple-digit million €.

For the GP segment in fiscal year 2022, the outlook is unchanged. We target comparable revenue growth to be in a range of positive 1% to positive 5% and Adjusted EBITA margin before special items to be between positive 4.5% and positive 6.5%.

For the SGRE segment, we now expect in fiscal year 2022 a comparable decline of revenue between negative 2% and negative 9% (previously negative 2% and negative 7%). Adjusted EBITA margin before special items now is expected to be in a range of negative 4% to positive 1% (previously positive 1% to positive 4%).

This guidance assumes no further major financial impacts from COVID-19 on our business activity and excludes charges related to legal and regulatory matters.

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 prove incorrect, 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 (non-GAAP-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. This document is a Quarterly Statement according to § 53 of the Exchange Rules for the Frankfurter Wertpapierbörse

Press Conference


Tim Proll-Gerwe

Siemens Energy 



Annette von Leoprechting

Siemens Energy 


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.