Siemens Gamesa reported a narrowed loss of €472 million for the final quarter of its fiscal year 2024, down from a €670 million loss in the same period last year. The improvement was largely attributed to a revenue increase, with sales climbing from €2.6 billion in Q4 2023 to €3.1 billion, driven mainly by growth in the offshore wind segment. The comparison to last year's figures was positively impacted by the prior-year quality issues and other extraordinary circumstances.
Offshore orders received a boost from a single €2.9 billion project in the North Sea, although overall orders were moderately down due to lower activity in the onshore and service segments. Sales of onshore turbines were affected by paused sales activities for the 4.X and 5.X turbines, though sales for the 4.X platform resumed in September.
Despite the loss, Siemens Gamesa's directors noted that results were aligned with expectations, reflecting anticipated costs from quality issues and elevated production expenses in the offshore sector. Siemens Gamesa's restructuring efforts continued, with a strategic goal to achieve break-even status by fiscal year 2026. Notably, offshore production saw progress, with output doubling at the Cuxhaven site from the first to the second half of the fiscal year.
Christian Bruch, CEO of parent company Siemens Energy, highlighted fiscal year 2024 as pivotal, with strong order inflow and project execution propelling all business segments. Bruch reaffirmed the company's focus on profitable growth, supported by favorable market conditions, with new mid-term targets through fiscal year 2028 positioning Siemens Energy as a key player in the energy transition.
