Christian Bruch, President and Chief Executive Officer of Siemens Energy AG:
“Our Gas and Power business has once again delivered in the recent quarter and thus proven its resilience. Despite unprecedented macroeconomic challenges, we see sharply higher order volumes with growing demand for our technologies to facilitate the energy transition. On top of maneuvering the daily operations, the Gas and Power team started to set the course for a new organizational structure aimed at significantly reducing complexity and shortening the decision-making processes. And yet there are also again drawbacks in the third quarter. Siemens Gamesa continued to experience high losses in a challenging market environment. The poor performance at Siemens Gamesa had a negative impact on our overall results. We expect the new management at Siemens Gamesa now to implement a rigorous turnaround plan. During the quarter we launched a cash tender offer for the outstanding minority shares in Siemens Gamesa with the intention to delist and fully integrate its operations”
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.