Earnings Release Q4 FY 2023: Excellent performance of majority of Siemens Energy’s businesses overshadowed by wind business – agreement on framework to secure longterm accelerated order growth

In 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 % (actual figure FY 2023: 9.9 %) and a Profit margin before special items between negative 2 % and positive 1 % (actual figure FY 2023: negative 8.9 %). Furthermore, we expect a Net income of up to €1bn (actual figure FY 2023: Net loss of €4,588m) including impacts from disposals and the acceleration of the portfolio transformation. We assume a negative Free cash flow pre tax of around €1.0bn (actual figure FY 2023: positive €784m). 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

• GS assumes a comparable revenue growth of negative 4 % to 0 % (actual figure FY 2023: positive 17.7 %) and a Profit margin before special items of 9 % to 11 % (actual figure FY 2023: 9.5 %).
• GT plans to achieve a comparable revenue growth of 18 % to 22 % (actual figure FY 2023: 16.6 %) and a Profit margin before special items between 7 % and 9 % (actual figure FY 2023: 7.5 %).
• TI expects a comparable revenue growth of 8 % to 12 % (actual figure FY 2023: 12.0 %) and a Profit margin before special items of 5 % to 7 % (actual figure FY 2023: 5.1 %).
• Siemens Gamesa assumes a comparable revenue growth of 0 % to positive 4 % (actual figure FY 2023: negative 5.1 %) and a negative Profit before special items of around €2bn (actual figure FY 2023: negative €4,347m).

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.