Siemens Gamesa’s losses deepen on rising costs

Turbine prices must rise to reflect manufacturers’ costs or risk impact on transition, says CEO

Wind turbine manufacturer Siemens Gamesa has revised down its earnings forecast for this year after reporting deepening losses for the third quarter as rising costs squeeze its profit margins in an “extremely challenging” market. The Spanish-German company expects a 5.5pc drop in Ebit for the full year, compared with a previous projection of a 4pc drop. Third-quarter Ebit showed a loss of €343mn ($350mn) compared with a €304mn loss in the previous quarter and a €151mn loss in the third quarter of 2021. The implied Ebit margin in the third quarter was minus 14pc. “Siemens Gamesa’s performance continued to be negatively affected by volatile market dynamics—inflation of energy, raw material and