Earnings Release Q3 FY 2021: Siemens Energy – Gas and Power segment on track, SGRE impacted by onshore wind business

August 4, 2021

  • Strong order development at Gas and Power (GP). Due to the expected volatile order development at Siemens Gamesa Renewable Energy (SGRE) orders dropped by 36.8% to €5.9bn against a strong order intake in Q3 FY 2020. Order backlog at quarter-end amounted to €82.6bn.
  • Revenue increased by 8.8% to €7.3bn due to growth in both segments for a book-to-bill ratio (ratio of orders to revenue) below 1. On a comparable basis (excluding currency translation and portfolio effects) revenue grew 11.2% versus prior-year’s level.
  • Driven by GP’s sharp improvement, Adjusted EBITA before special items for Siemens Energy was positive with €54m (Q3 FY 2020: negative €213m) and a margin of 0.7%, despite a loss at SGRE. The recent quarter was impacted by total special items of €178m particularly related to GP’s competitiveness program. Special items in Q3 FY 2020 however were negative €969m, mainly resulting from strategic portfolio decisions. Overall, Adjusted EBITA came in with negative €124m compared to negative €1,182m a year earlier.
  • Net loss was €307m, a sharp improvement compared to the loss in the prior-year quarter of €1,132m. Corresponding basic earnings per share (EPS) were negative €0.32.
  • For fiscal year 2021, management confirms the outlook for nominal revenue growth in the range of 3% to 8% for Siemens Energy. However, due to the financial performance at SGRE’s onshore business in the recent quarter and its significantly lower profit expectations for the fiscal year 2021, management now expects an Adjusted EBITA margin before special items for Siemens Energy in the range of 2% to below 3%, previously 3% to 5%.



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

„Our activities at Gas and Power are fully on track and the segment delivered as planned. At the same time, we are not satisfied with the performance of SGRE which suffered a significant setback in the turnaround of the onshore business. This does not change the attractive market fundamentals for Siemens Energy, however due to the headwinds at SGRE we do not expect to reach the low end of the group margin guidance for the full year.”

Please read the complete Earnings Release:

Earnings Release Q3 2021: Gas and Power on track, SGRE impacted by onshore wind business
PDF (324 KB)


We confirm GP segment’s outlook. However, due to the business development of SGRE’s onshore activities in the recent quarter and its significantly lower profit expectations for the fiscal year 2021, we amend the outlook for Siemens Energy and the SGRE segment.

We now assume Adjusted EBITA margin before special items for Siemens Energy in fiscal year 2021 not to reach the low end of the original guidance of 3% to 5%. It is now expected we achieve a margin in the range of 2% to below 3%. Unchanged, we expect the nominal revenue growth rate to be in the range of 3% to 8% and a sharp increase in Net income and a sharp decrease of Free cash flow pre tax.

Unchanged, for the GP segment in fiscal year 2021 we expect the nominal revenue growth to be in the range of 2% to 6% and Adjusted EBITA margin before special items to be between 3.5% and 5.5%.

For the SGRE segment we now expect nominal revenue growth at the low end of the range of 8% to 11%. Adjusted EBITA margin before special items is now expected to be in a range of negative 1% to 0% (previously 3% to 5%) in fiscal year 2021.

This guidance continues to assume limited financial impact from COVID-19 for the remainder of fiscal year 2021 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.

Press Conference


Tim Proll-Gerwe

Siemens Energy AG 


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 more than 90,000 people worldwide in more than 90 countries and generated revenue of around €27.5 billion in fiscal year 2020.