Siemens Energy not planning to exit Siemens Gamesa

Siemens Energy AG (ETR:ENR) is not planning to sell its majority stake in loss-making wind turbine maker Siemens Gamesa Renewable Energy SA (BME:SGRE), chief executive Christian Bruch said on Wednesday.

"For me, this is not an option that we are pursuing right now", Bruch told journalists following the publication of Siemens Energy's first-half report.

Siemens Energy, whose operations besides the wind turbine business include technology for gas and coal-fired power plants, turned to a net loss of EUR 252 million in its second quarter through March 2022 mainly because of the troubled Siemens Gamesa.

The wind turbine manufacturer, in which Siemens Energy owns a stake of 67%, saw its net loss swell to EUR 377 million in the second quarter from a loss of EUR 66 million a year earlier. Besides internal challenges, the performance was dented by supply chain disruptions and lower wind turbine revenues.

"Disappointing again is the performance of SGRE which is weighing heavily on Siemens Energy. The situation at SGRE has aggravated further since the last profit warning. As majority shareholder, we provide our expertise to get to the bottom of the problems and to tackle the issues,” Bruch said.

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