Siemens Energy in the 2nd financial quarter increased revenue by a quarter

German energy equipment manufacturer Siemens Energy AG reduced its net loss and increased revenue in the second quarter of the current financial year, as well as improved its full-year forecast.

The net loss of Siemens Energy in January-March decreased by 25% and amounted to 189 million euros compared with a loss of 252 million euros for the same period a year earlier.

Meanwhile, EBITDA increased by 77% to 354 million from 200 million euros.

Revenue increased by 24% to 8.03 billion euros compared to 6.58 billion euros in the same period a year earlier. Bookings jumped to 12.26 billion euros from 7.91 billion euros a year earlier, the company said in a press release.

For the current fiscal year, the company now expects revenue growth of 10-12% rather than 3-7%. Net loss at the end of the year is expected to increase compared to the previous year, when it amounted to 712 million euros.

Siemens Energy was formed in 2020 as a result of the spin-off of the business of the industrial concern Siemens AG in the production of equipment for gas, coal and wind power plants into an independent company. The company operates in almost the entire energy chain: from energy production and transmission to storage. Siemens Energy solutions include both conventional and renewable energy generation technologies, including gas and steam turbines, hydrogen-powered hybrid power plants, generators and transformers.

The capitalization of Siemens Energy since the beginning of the year has grown by 27.3%, to 17.6 billion euros.