The onshore division is facing financial challenges, and the woes in the onshore market will persist.

The prognosis emanates from Group CEO of Siemens Energy Christian Bruch in an advance copy of a speech that is to be delivered at the annual shareholders' meeting scheduled for Feb. 24.

However, the CEO also notes that the offshore wind division has had success in coming up with a viable business model.

Siemens Energy owns 67 percent of the share in the German-Spanish wind turbine manufacturer Siemens Gemesa, which experienced challenges in 2021 in the shape of high costs, weak growth and a bottom line deficit.

Earlier this week, Union Investment, which is the fifth largest shareholder of Siemens Energy, called on Siemens Energy to take control of Siemens Gamesa and acquire the remaining shares.

The Siemens Energy share saw a 1.3-percent drop Friday to EUR 18.725 on the Frankfurt stock exchange.

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