Siemens Gamesa's deep financial woes are halfway self-inflicted

Despite successfully forwarding the external costs to customers, onshore wind projects valued at EUR 2bn are being delivered at zero-profit margins in the years to come, according to the turbine maker’s CEO. Here and there, things might have moved a bit too fast.

Photo: Siemens Gamesa/Steen Gyldendal

Something of a bomb went off when Siemens Gamesa announced Q1 losses to the tune of EUR 309m and downgraded its 2022 guidance. It didn’t just impact the company’s own share price but also the rest of the listed competitors. A big part of the explanation is tied to the industry-wide problems in that everything has become more expensive and difficult to even procure.

However, Siemens Gamesa’s troubles can in no way just be written off as force majeure at a difficult time – because a considerable share of the hefty financial woes are exclusively of the turbine maker’s own making.

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