Siemens Gamesa’s losses before special items have narrowed to €374m in the first quarter of its 2025 financial year, compared to a deficit of €424m in the comparable period the previous year.
The 11.9% improvement came as orders increased sharply compared to the prior-year quarter, as growth in the offshore business exceeded the decline in the onshore business.
Offshore growth was primarily due to a large order booked in the North Sea for €1.4bn at the East Anglia 2 project, the turbine manufacturer said.
Onshore orders were affected by the follow-on effects or continuation of the temporary interruption of sales activities for the 4.X and 5.X turbines, it added.
The order backlog at quarter-end amounted to €39bn.
Siemens Gamesa added that profit continued to be held back by follow-on effects of cost increases related to the ramp-up of offshore activities as well as the quality issues in the onshore area.
Increased negative special items resulted from expenses in connection with the restructuring of the wind business, it said.
Profit before special items of Siemens Energy more than doubled year-over-year to €481m (Q1 FY 2024: €208m) again held back by results of Siemens Gamesa, but to a significantly lesser extent than in the prior-year quarter.
Special items amounted to negative €18m (Q1 FY 2024: positive €1,670m, in connection with disposals).
Siemens Energy’s profit came in at €463m (Q1 FY 2024: €1,878m).
Christian Bruch, president and chief executive of Siemens Energy, said: “Our strong first quarter reflects the market opportunities arising from the increasing demand for electricity.
“The strong cash flow was mainly driven by growth across all our businesses, advance payments and timing effects. Our focus lies still on profitable topline growth and technological leadership.”