Siemens Gamesa has reported improved financial performance for the first quarter of fiscal year 2026, covering October 1 to December 31, 2025, with losses narrowing significantly compared with the same period a year earlier. Profit before Special items improved by 87.7% year-over-year, reflecting operational progress and increased productivity.
Orders reached €1,556 million, compared with €2,435 million in the prior-year quarter, a decline of 33.7% on a comparable basis. Revenue totalled €2,355 million, representing comparable growth of 3.9%. Profit improved to negative €221 million from negative €423 million, while the profit margin improved to negative 9.4% from negative 17.5%.
Profit before Special items was negative €46 million, compared with negative €374 million a year earlier. The corresponding profit margin before Special items improved by 13.5 percentage points to negative 2.0%. The improvement was attributed to productivity gains, progress in the service business and timing effects expected to balance over the year.
Negative Special items of €175 million were recorded during the quarter, mainly linked to the disposal of the Indian wind business. This was partly offset by positive Special items related to the sale of the power electronics business.
The decline in orders reflects a large offshore contract in the North Sea that had been recorded in the prior-year quarter. Onshore activity included a €0.4 billion repowering order in the USA. The book-to-bill ratio decreased to 0.66 and the order backlog stood at €34 billion at the end of the quarter.
Revenue growth was driven by offshore activity, which offset a decline in the onshore segment. The service business recorded an increase during the period.
For fiscal year 2026, Siemens Gamesa expects comparable revenue growth of 1% to 3% and a profit margin before Special items around break-even. Siemens Energy anticipates that Siemens Gamesa will reach break-even during fiscal year 2026.
