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Shareholder Letter Q3 FY2021 Siemens Energy Investor Relations SIEMENS energy Dear shareholders , last Wednesday , just before the summer break , our CEO Christian Bruch and our CFO Maria Ferraro presented our third quarter results for fiscal year 2021. " Our activities at Gas and Power ( GP ) are fully on track and the segment delivered as planned . At the same time , we are not satisfied with the performance of SGRE ( Siemens Gamesa Renewable Energy ) which suffered a significant setback in the turnaround of the onshore business . This does not change the attractive market fundamentals for Siemens Energy , however due to the headwinds at SGRE we do not expect to reach the low end of the group margin guidance for the full year " , said Christian Bruch . Compared to the previous two quarters we showed lower profitability because SGRE suffered an operating loss and as communicated already on July 14th we had to cut our margin guidance for the year . Due to the financial performance at SGRE's onshore business in the recent quarter and its significantly lower profit expectations for the fiscal year 2021 , management now expects an Adjusted EBITA margin before Special Items ( SI ) for Siemens Energy in the range of 2 % to below 3 % , compared to a range of 3 % to 5 % previously . The opportunities and mid - term outlook in the electricity and energy markets are intact and we continue to do our homework to reap the opportunities and to deal with the challenges . At Gas & Power our restructuring program is progressing well outside of Germany and in Germany the Voluntary Lever program has been well received . Negotiations with the German workers council stalled and were escalated to an independent arbitration board . We are still confident that we will reach our cost out targets for fiscal year 2023 in order to reach a level of profitability that allows us to invest in the energy transformation . Wind is paramount to our success in the energy transformation and SGRE is well positioned to capitalize on this growth . However , fixing the current performance issues is a necessary precondition to do so . Hence , we are supporting SGRE management in its efforts to turnaround the onshore business . Orders were substantially down because SGRE had very large offshore orders last year . Revenue returned to growth as both SGRE and GP grew . Our Adjusted EBITA before Special Items of € 54m improved due to a strong performance at GP . Our net loss of € 307m and basic EPS of neg € 0.32 decreased sharply versus the prior - year quarter . Dear shareholders , thank you once again for your interest in Siemens Energy . I hope you stay healthy and wish you relaxing summer holidays . Kind regards , Michael fu Michael Hagmann Head of Investor Relations Q3 FY2021 Share Performance May 5 , 2021 - August 4 , 2021 100 % 90 % 80 % Siemens Energy | DAX 5 - May 20 - May 4 - Jun 19 - Jun Siemens Energy ( 16 ) % | DAX + 3 % 4 - Jul 19 - Jul 4 - Aug GE ( 3 ) % | Baker Hughes ( 9 ) % | Hitachi + 13 % | MHI ( 9 ) % Key Financial Indicators ( in € bn , except where otherwise stated ) Orders Revenue + 9 % / + 11 % ¹ ( 37 ) % / ( 36 ) % 1 9.4 6.0 6.7 7.3 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Adj . EBITA Margin before SI + 390bps EPS in € n / a ( 3.2 ) % 0.7 % ( 1.36 ) ( 0.32 ) Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 1 xx % xx % = nominal / comparable ( excluding currency translation and portfolio effects ) Siemens Energy is a trademark licensed by Siemens AG . Page 1 Siemens Energy Shareholder Letter