Losses at Siemens Gamesa narrowed in the company’s fiscal first quarter 2026, leading parent Siemens Energy to declare the troubled turbine OEM will break-even in 2026.
The turbine manufacturer recorded a €46m loss before special items in the last three months, compared to a €374m deficit in the year-ago period.
This “sharp improvement” was due to productivity increases, progress in the service business and “timing effects offsetting throughout the year”, the company stated.
Revenue was broadly stable at €2.4bn thanks in large part to the offshore business, which offset the onshore unit.
“It is expected that Siemens Gamesa will reach break-even in fiscal year 2026,” Siemens Energy stated.
However, orders were substantially lower at €1.6bn compared to €2.4bn, reflecting a €1.4bn offshore order in the North Sea booked in the prior-year quarter.
At the group level, Siemens Energy booked a profit of €1bn, up from €463m in the year-ago period.