Siemens Gamesa now only expects to break even at end of 2026

Siemens Energy’s troubled wind turbine unit Siemens Gamesa is only expected to return to a profit at the end of 2026, chief financial officer Maria Ferraro said at a call on the company's first-quarter earnings.

Siemens Energy today confirmed that the turbine unit in the first quarter of its fiscal year that ended in December still incurred a loss before special items of €374m ($388m), narrower than a loss of €424m in the year-earlier period.

The company also repeated its previously stated outlook that Siemens Gamesa would break even in 2026, but Ferraro now specified that this would only occur at the end of that fiscal year.

“What remains clear is this is a step-by-step methodology, of course, and that's why I do want to perhaps caution about looking at the quarters and saying linearly, you know, by the time the end of this year happens, we'll be at the break-even,” Ferraro told journalists.

“That is not realistic. It's by the end of fiscal year ‘26 we expect to break even.

“So of course, that means each quarter will continue to have the regular project-based volatility when it comes to profit.”

To break even, the company is on a steady path of structural cost improvements that includes selected project improvement measures, risk mitigation, and renegotiations, Ferraro added.

Orders at Siemens Gamesa in the first quarter of 2025 jumped by 51.9% to €2.44bn, and revenue rose by 18.4% to 2.42bn, as growth in the offshore wind business exceeded the decline in onshore by far, the company said.

Orders included a firm €1.4bn order for the East Anglia 2 array in the UK, CEO Christian Bruch said, while the company also won nearly 6GW in preferred supplier agreements for offshore wind turbines in various offshore wind auctions.

Siemens Gamesa returned to sales with its 4.X platform as planned and “is discussing initial projects”, but so far hasn’t received orders for it yet, he added. Onshore orders received in the quarter were restricted to repowering projects in the 3MW segment.

For the full fiscal year of 2025, the company still expects a net loss before special items of around €1.3bn.