Siemens Energy Expects FY23 Financial Results To Be Fully In Line With Guidance

(RTTNews) - Siemens Energy AG (SMEGF.PK SMNEY.PK) said its financial results for fiscal 2023 are expected to be fully in line with guidance. The company issued the statement in light of recent media reports regarding talks with the German government. The Executive Board of Siemens Energy is in preliminary talks with stakeholders, including banking partners and the German government, to ensure access to an increasing volume of guarantees necessary to facilitate the anticipated strong growth.

Siemens Energy said former Gas and Power businesses are on track to achieve their mid-term targets. As Siemens Gamesa is for the time being not concluding new contracts for certain onshore platforms and is applying strict selectivity in the offshore business, order intake and revenue are expected to be lower than market expectations for fiscal 2024, and net losses and cash outflow are projected to be higher than market forecasts, the company said.