Siemens Gamesa Renewable Energy A/S

Ledelsesberetning

Data ethics

Beskrivelse af virksomhedens væsentligste aktiviteter

Business reviewSiemens Gamesa Renewable Energy A/S offers design, engineering, manufacturing, and installation of wind turbines based on both geared and direct drive technology. In addition, the company provides services for the operation and maintenance of wind farms by offering a comprehensive and flexible portfolio for the maintenance and optimization of wind turbines, thus covering the entire operational product lifecycle.
The annual report of Siemens Gamesa Renewable Energy A/S (SGRE A/S) covers only the activities of the Danish company. Activities in subsidiaries and other Siemens Gamesa entities in the wind turbine industry are not covered by this annual report. Thus, the annual report does not give the full picture of Siemens Gamesa' activities in the wind turbine industry.
The Danish company’s headquarters is located in Brande. Research & development work including design and prototype manufacturing, testing & validation, administrative functions, and service manufacturing and -management are carried out from this location. Wind turbine blade design- and manufacturing take place in Aalborg. Offshore wind marshalling and shipping take place at the Port of Esbjerg. Research & development also take place in Ballerup.
The primary customers of Siemens Gamesa are large utilities and independent power producers, as well as renewable energy project developers. The onshore wind energy market is characterized by many different providers without a single company currently holding a dominant market share. Respectively, the Offshore wind energy market is served by a few experienced players. The competition in both markets is mainly driven by scale, technology as well as market access challenges. The sale is primarily made through other entities in Siemens Gamesa.

Beskrivelse af usikkerhed ved indregning eller måling

Recognition and measurement uncertaintiesThe measurement of warranty provisions reflects whether the underlying obligation results from a single obligation or a larger population of items. The amounts recognized to settle the obligation correspond to the best possible estimate and are based, for example, on assumptions regarding failure rates and costs to remedy the failure per incident. These are occasionally derived from statistical models, based on empirical values, and currently available information from ongoing inspections and defect rectifications. In particular, the assumptions and estimates regarding failure rates are sometimes subject to significant uncertainties insofar as they relate to new technologies for which hardly any operating data is available. Despite these uncertainties, we believe the process and parameters used represent the best possible estimate of warranty provisions as of the balance sheet date.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Financial reviewRevenue amounted to DKK 26.407 million in fiscal year 2025 compared to DKK 27.095 million in fiscal year 2024 which meet expectation stated in the annual report fiscal year 2024. The net result for the year improved DKK 5.191 million compared to fiscal year 2024 and ended at DKK -1.202 million which exceed expectation for the fiscal year 2025.
Profit improved DKK 5.191 million but remained negative. As in prior years, this was due to the quality issues in the onshore area. In the offshore area, continued growth led to corresponding degression effects, but profit development was held back by the impact of cost increases related to the ongoing ramp-up of activities. Overall, the company was able to improve its operating performance. However, this was offset by declining volume from the service business and negative effects from tariffs imposed by the United States. The update of warranty costs and provisions, including the regular annual update of the statistical models used to evaluate the entire wind turbine fleet, resulted in negative effects.
In fiscal year 2025, we had to say goodbye to colleagues because of fluctuating workloads across different parts of our company in Denmark. This decision was only made after carefully exploring every alternative, including internal transfers, new internal opportunities, and natural attrition. It was part of the necessary steps toward achieving our goal of break-even in fiscal year 2026.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Significant events occurring after the end of the financial yearDuring the first quarter of the financial year 2025/26, favorable developments in production and supply chain costs, combined with the stabilization of related risks, resulted in improved project margins with a net profit impact of slightly more than DKK 1 billion, adapting revenue, contract assets and liabilities, other provisions.

Beskrivelse af virksomhedens forventede udvikling

OutlookThe business development of fiscal year 2026 is expected to be determined by the after-effects of the internal challenges of the prior years. This primarily includes the former halt of sales activities for onshore turbines affected by quality issues. At press time, sales of onshore wind turbines has resumed. The company expects growth in the order intake for both the onshore and offshore area in fiscal year 2026. The development of revenue is likely to be held back by the moderate order intake in prior fiscal years, and the expected growth in offshore activities is assumed to more than offset a decline in onshore activities. Therefore, we expect comparable revenue to be foreseen to be around DKK 25-28 billion for fiscal year 2026 and we expect to achieve a profit after tax of DKK 1-2 billion. It is assumed that the planned productivity improvements and structural cost-saving measures in particular will take effect. In addition, we expect that there will be no significant burdens from quality issues or special impacts such as tariffs.