Siemens Energy has raised its full-year 2025 outlook after a strong first half, particularly driven by Gas Services, Grid Technologies, and Transformation of Industry. However, its wind business, Siemens Gamesa, remains under pressure, with efforts ongoing to stabilise operations and return to profitability.
Siemens Gamesa is still targeting a break-even point in fiscal year 2026. In the current financial year, sales activity for the 5.X onshore turbine is expected to resume, following previous delays. For 2025, Siemens Gamesa anticipates flat to modest revenue growth of 0% to 2%, a notable improvement on earlier forecasts of a 5% to 9% decline. Nonetheless, profitability remains a challenge, with expected losses of around €1.3 billion before special items, unchanged from earlier estimates.
No major updates were provided on offshore wind activities, though Siemens Gamesa continues to operate in this segment. The company's overall contribution to Siemens Energy’s improved financials remains limited, especially compared to the strong performance of other divisions.
Siemens Energy’s raised group-level expectations now include comparable revenue growth of 13% to 15%, up from 8% to 10% previously, and a profit margin before special items between 4% and 6%. Free cash flow before tax for the full year is now forecast at around €4 billion, significantly higher than earlier estimates.
While the broader business shows strong momentum, Siemens Gamesa remains in a restructuring phase, with stabilisation of its onshore and offshore wind operations seen as essential for long-term recovery.
