Siemens Gamesa, the wind turbine division of Siemens Energy AG (ETR:ENR), reported a significant year-on-year increase in fiscal Q3 orders, although its revenue slightly declined. The company announced “the highest quarterly order intake ever” at EUR 16.6 billion (USD 19.2 billion), largely driven by two major offshore wind turbine orders in the Baltic Sea worth EUR 1.8 billion and EUR 1.5 billion.
As a result, Siemens Gamesa’s order backlog grew to EUR 38 billion, though it faced challenges from negative currency translation effects. The division’s quarterly loss before special items narrowed to EUR 438 million from EUR 446 million, primarily due to cost increases associated with ramping up offshore activities and quality issues in its onshore business. Additionally, U.S. government tariffs and temporary currency hedging impacts negatively affected operational improvements.
The slight decline in revenue compared to the same period in 2024 was attributed to the offshore business growth not fully offsetting the downturn in the onshore sector.
On a group level, Siemens Energy reported a net profit of EUR 697 million, recovering from a loss of EUR 102 million, with revenue rising to EUR 9.75 billion, a 13.5% increase year-on-year.
For the full year, the company reiterated its raised outlook, “with a tendency towards the upper end of the guided ranges,” projecting comparable revenue growth of 0% to 2% for Siemens Gamesa, along with an anticipated loss before special items of around EUR 1.3 billion.
Christian Bruch, president and CEO of Siemens Energy, stated, “Our businesses delivered another strong quarter, continuing the solid performance of this fiscal year. This puts us on track to meet the upgraded guidance issued in the second quarter, and we are currently trending towards the upper end of the range. With the decision to lift the dividend ban following our early exit from the federal Bund Back Guarantee, we are now able to pay a dividend to our shareholders earlier than expected. These are important achievements, and our focus remains on profitable growth through continued excellence in project execution.”
Source: Siemens Gamesa
