EQS-Adhoc: Siemens Energy AG: Siemens Energy withdraws profit guidance due to Siemens Gamesa

EQS-Ad-hoc: Siemens Energy AG / Key word(s): Change in Forecast Siemens Energy AG: Siemens Energy withdraws profit guidance due to Siemens Gamesa 22-Jun-2023 / 19:22 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Siemens Energy withdraws profit guidance due to Siemens Gamesa  Following the substantial increase in failure rates of wind turbine components, the board of Siemens Gamesa initiated an extended technical review of Siemens Gamesa’s installed fleet and product designs.  The current status of the technical review suggests that in order to reach the targeted product quality of certain Onshore platforms, significantly higher costs will be incurred than previously assumed. Potential quality related measures and the associated costs are currently under evaluation and are likely to be in excess of 1 bn Euro. We are also reviewing assumptions critical to the existing business plans given productivity improvements are not materializing to the extent previously expected. In addition, we continue to experience ramp up challenges in Offshore. It is too early to have an exact estimate of the potential financial impact of the quality topics and to gauge the impact of the review of our assumptions on our business plans. However, based on our initial assessment as of today, the potential magnitude of the impact leads us to withdraw the profit assumptions for Siemens Gamesa and consequently the profit guidance for Siemens Energy Group for fiscal year 2023. We maintain our revenue guidance for the Group as well as all our assumptions for Gas Services, Grid Technologies and Transformation of Industry. Further details and quantification will be provided in the context of our regular disclosure for the 3rd quarter of fiscal year 2023. End of Inside Information 22-Jun-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

Language:	English
Company:	Siemens Energy AG
	Otto-Hahn-Ring 6
	81739 Munich
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.siemens-energy.com
ISIN:	DE000ENER6Y0
WKN:	ENER6Y
Indices:	DAX
Listed:	Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1663753

End of Announcement	EQS News Service

1663753  22-Jun-2023 CET/CEST