The blame for the lack of performance is being laid on the wind turbine unit, Siemens Gamesa Renewable Energy (SGRE), of which Siemens Energy owns 67%.
At SGRE orders dropped by 36.8% to €5.9 billion against a strong order intake in Q3 FY 2020. The order backlog at quarter-end amounted to €82.6 billion.
Siemens Energy has pulled its margin outlook as a result, and now expects an adjusted margin on earnings before interest, tax and amortisation in a range of 2% to below 3% before special items.
