...- Siemens Energy has withdrawn its profit guidance for the group for fiscal 2023 (year ending Sept. 30, 2023), on the back of higher costs related to potential component failures on certain onshore wind turbine platforms as well as challenges in offshore ramp-up. As a result, we significantly lowered our profitability estimate for fiscal 2023 to a negative adjusted EBITDA margin, from 4.2% before. - We therefore expect the adjusted EBTIDA margin to be below 4% for the fourth consecutive year, which is significantly and consistently below the average level of '###' rated peers in the capital goods sector, mainly reflecting the high operational risks and weak project execution track record at subsidiary Siemens Gamesa Renewable Energy (SGRE). - Reflecting the complex nature of its operations and ongoing technical reviews and audits, the financial impact of the quality issues might be higher than we have currently assumed in our base case. - At the same time, the group has a very strong balance...
