Siemens Energy's Q1 cash flow negatively impacted by wind turbine unit losses, expected to persist until 2026.

Siemens Energy AG reported a negative €283 million pre-tax cash flow in the fiscal first quarter, mainly due to losses in its wind turbine unit, Gamesa. The company is planning to turn around Gamesa by 2026, addressing mechanical issues and seeking German government support for funding guarantees. Despite the wind turbine issues, Siemens Energy's gas services and grid technologies units have gained momentum. The full-year forecast still expects a negative pretax free cash flow of approximately €1 billion.

February 06, 2024
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