MUNICH (dpa-AFX) - The energy technology group Siemens Energy has confirmed its timetable for the restructuring of its loss-making wind power business at the Annual Shareholders' Meeting. Siemens Gamesa is set to break even in fiscal 2026, the company's management confirmed on Monday at the all-digital shareholders' meeting. "We are doing everything we can to turn the wind business around as quickly as possible." However, shareholder representatives were harsh in their criticism of the Group's approach to solving the problems in the wind business. Several shareholders, including the fund companies Union Investment and DWS, announced that they would refuse to ratify the actions of the Management Board.

Siemens Gamesa made a loss of around 4.6 billion euros for the energy technology group in the last financial year 2022/23 (as at the end of September). Quality defects in the 4.X and 5.X land turbines led to provisions running into the billions. In addition, there were higher start-up costs for the expansion of capacities for marine plants.

All of this came to light after Siemens Energy took over the already problematic subsidiary in its entirety. As a result, Siemens Energy drew on state guarantees to secure orders. When this became known at the end of last October, the share price plummeted.

Shareholder representatives were therefore not sparing in their criticism. Fund manager Ingo Speich from Deka Investment complained of another "lost year" for shareholders. Group CEO Bruch was fighting like "Don Quixote against windmills" without making any progress. Arne Rautenberg from Union Investment complained that the problems at Siemens Gamesa had either not been "fully recognized or had been talked about". Siemens Energy had scored a "capital own goal" with the "completely overpriced complete takeover"./nas/mis/he