Earnings Release Q1 FY 2024: Solid start to the year, turnaround of wind business remains focus

February 7, 2024

  • Siemens Energy’s business development in the first quarter of the fiscal year was supported by continued favorable energy market trends. With a strong order development, in particular Grid Technologies and Transformation of Industry were able to take advantage of these favorable conditions leading to the highest orders in a quarter to date.
  • For the full fiscal year, Siemens Energy confirms its previously communicated outlook.
  • Orders increased year-over-year by 23.9% on a comparable basis (excluding currency translation and portfolio effects) to €15.4bn. The book-to bill ratio (ratio of orders to revenue) was slightly above 2, driving the order backlog to a new high of €118bn.
  • Revenue came in at €7.6bn reflecting a 12.6% increase on a comparable basis. While all segments contributed to growth, the increase was particularly strong at Grid Technologies.
  • Siemens Energy’s Profit before special items sharply improved to positive €208m. Prior year quarter’s result came in, burdened by quality related charges at Siemens Gamesa, at negative €282m. Special items amounted to positive €1,670m (Q1 FY 2023: negative €103m), driven by a pre tax gain related to the sale of an 18 percent stake in Siemens Limited, India, of €1,729m. As a result, Profit for Siemens Energy came in at positive €1,878m (Q1 FY 2023: negative €384m).
  • Due to the special items, Siemens Energy showed a Net income of €1,582m (Q1 FY 2023: Net loss €598m). Corresponding basic earnings per share (EPS) were positive €1.79 (Q1 FY 2023: negative €0.60).
  • Free cash flow pre tax was negative with €283m (Q1 FY 2023: negative €58m). The decrease was primarily due to Siemens Gamesa, which suffered a high cash outflow due to a loss and a build-up of operating net working capital in a seasonal weak quarter. Related to the sale of the stake in Siemens Limited, India, Siemens Energy recorded a cash inflow of nearly €2.1bn which is not reflected in Free cash flow pre tax however contributing to Adjusted Net cash

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

“The solid first quarter is encouraging, in part also due to project shifts, which are normal in plant engineering, especially with the market dynamics we are currently seeing. That is why our focus remains on solving the quality problems in our onshore wind business and making the most of the growth potential for the rest of the company”

Please read the complete Earnings Release:

Earnings Release Q1 FY 2024: Solid start to the year, turnaround of wind business remains focus
February 8, 2024
PDF (444 KB)


We confirm our outlook for fiscal year 2024. We expect for Siemens Energy a comparable revenue growth (excluding currency translation and portfolio effects) in a range of 3 % to 7 % and a Profit margin before special items between negative 2 % and positive 1 %. Furthermore, we expect a Net income of up to €1bn including impacts from disposals and the acceleration of the portfolio transformation. We assume a negative Free cash flow pre tax of around €1.0bn. In addition, we expect proceeds in a range of positive €2.5bn to €3.0bn from disposals and the acceleration of the portfolio transformation. The outlook for Siemens Energy does not include charges related to legal and regulatory matters.

Overall assumptions per business area

  • Gas Services assumes a comparable revenue growth of negative 4 % to 0 % and a Profit margin before special items of 9 % to 11 %.
  • Grid Technologies plans to achieve a comparable revenue growth of 18 % to 22 % and a Profit margin before special items between 7 % and 9 %.
  • Transformation of Industry expects a comparable revenue growth of 8 % to 12 % and a Profit margin before special items of 5 % to 7 %.
  • Siemens Gamesa assumes a comparable revenue growth of 0 % to positive 4 % and a negative Profit before special items of around €2bn.

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


Oliver Sachgau

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 and heat 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. Its wind power subsidiary Siemens Gamesa 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 97,000 people worldwide in more than 90 countries and generated revenue of €31 billion in fiscal year 2023. www.siemens-energy.com