Overview Key strengths Key risks Strong technological capabilities and market-leading positions. Large project exposure, which translates into volatile cash flows and exposes the group to a variety of project-related execution risks, as seen in the wind turbine segment, Good geographical diversity with a large installed base and increasing share of services (about 40% of orders). Operating performance is held back by Siemens Gamesa Renewable Energy S.A. (SGRE), which is still in restructuring and is expected to remain loss-making until fiscal year 2026 (ends Sept. 30, 2026). Good long-term growth fundamentals, considering exposure to the energy sector, especially renewables and grid technologies. Weak profitability compared with peers in the capital goods sector, with S&P Global Ratings-adjusted EBITDA margins of less than
