Siemens Energy Targets Breakeven For Wind Business In FY26

(RTTNews) - Siemens Energy Tuesday said it aims to deliver profitable growth and fix wind business. The company said it will return to profitability at Siemens Gamesa by fixing quality topics in onshore and driving ramp-up in offshore. The company noted that the turnaround of Siemens Gamesa remains its highest priority and now have a defined path and action plan to reach break-even for the wind business in fiscal year 2026 and to return to profitability thereafter.

Christian Bruch, President and CEO of Siemens Energy said "We are achieving consistent and impressive results in 70% of our businesses. Those results show that our underlying strategic north star to become a leader in the energy transition is right. Our portfolio is excellently positioned, and our record order backlog of 112 billion Euros clearly demonstrates this. As a next step, we will accelerate profitable growth and execute our order backlog with improved margins and operational excellence.

Demand for electricity is set to double between 2022 and 2050. By 2050 there will be six times more installed global capacity on the grid from renewable energy sources. The wind subsidiary Siemens Gamesa has suffered serious setbacks. These challenges overshadowed the solid performance of the other businesses, the company explained.