On Thursday evening, the DAX-listed company lowered its earnings outlook for 2023 due to unexpectedly high warranty and maintenance costs at Siemens Gamesa, the company announced. Siemens Energy therefore only expects an earnings margin before special items in the range of one percent to three percent. Previously, the company had expected a margin of two to four percent. In addition, the net loss should now be at the previous year's level and not fall sharply as previously targeted. Comparable sales growth - i.e. excluding exchange rate and portfolio effects - is still expected to amount to three to seven percent.

In terms of revenue and order intake in the first quarter, business at Siemens Energy was better than analysts had expected. Siemens Gamesa, on the other hand, posted sales of around two billion euros and an EBIT loss of 760 million euros for the three-month period.

Following a public takeover bid, Siemens Energy holds 92.72 percent of the loss-making wind turbine manufacturer Siemens Gamesa. The Spanish wind power subsidiary is to be delisted from the stock exchange. Siemens Energy expects the full integration of Siemens Gamesa to generate annual synergies of around 300 million euros and aims to achieve an operational turnaround of the Siemens Gamesa business.

(Written by Birgit Mittwollen; Edited by Hans Busemann; If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)