Siemens Gamesa Renewable Energy S A : announces preliminary results for the third quarter of financial year 2021 and updates the guidance for financial year 2021

SIEMENS GAMESA RENEWABLE ENERGY, S.A.

INSIDE INFORMATION

As per section 226 of the restated text of the Securities Market Law (texto refundido de la Ley del Mercado de Valores), approved by the Royal Legislative Decree 4/2015, of 23 October, and related provisions, the Company announces the following inside information:

Siemens Gamesa Renewable Energy, S.A. announces preliminary results for the third quarter of financial year 2021 and updates the guidance for financial year 2021

Following the review of the preliminary closing of the third quarter of financial year 2021, the Board of Directors of Siemens Gamesa Renewable Energy, S.A. ("SGRE") decided today to update and adjust its guidance for the financial year 2021. This revision is mainly due to provisions for onerous projects affected by the following decisive factors:

• The sharp increase of raw material prices.
• Increased estimates of ramp-up costs for the Siemens Gamesa 5.X platform, especially in Brazil.

The impact of these elements has been exacerbated by the pandemic, especially in countries like Brazil where the company faces supply chain shortfalls and execution related bottlenecks.

Based on the above, SGRE is adjusting its guidance for financial year 20211 as follows:

• Group revenue for financial year 2021 is expected to be at the low end of the range communicated together with the results of the second quarter on 30 April 2021 (€10.2- €10.5bn).
• Group EBIT margin pre PPA and before I&R costs for financial year 2021 is adjusted to a range of -1% to 0%.

All the aforementioned factors have been taken into account in the results of operations for the Q3 of financial year 2021. As a result, preliminary2 earnings of the third quarter (quarterly results will be published on July 30, 2021) are as follows:

• Revenue of c. €2.7bn.
• EBIT pre PPA and I&R costs of c. -€150 million. The reassessment of the profitability of the WTG order backlog due to the factors mentioned above has resulted in onerous provisions of an estimated amount of €229 million3 in this quarter. Impact is mainly concentrated in the first Siemens Gamesa 5.X projects in Brazil for delivery in financial years 2022 and 20234.
• Net debt c. -€0.8 bn.

1. This guidance does not include charges for litigation or regulatory issues, and figures are expressed at constant exchange rates as of end of the third quarter for the fourth quarter of financial year 2021. The guidance does not cover any extraordinary impact from severe disruptions of the supply chain or a halt in manufacturing as a result of COVID-19.
2. All stated figures, including the amount of onerous provisions, are provisional and unaudited.
3. The amount of the provision for onerous projects is provisional and unaudited.
4. As soon as a contract is assessed to be onerous, applying IAS 37, SGRE must record a provision in its financial statements for the loss it expects to make on the contract.

NOTICE: This document is a translation of a duly approved Spanish-language document and is provided for informational purposes only. In the event of any discrepancy between the text of this translation and the text of the original Spanish-language document which this translation is intended to reflect, the text of the original Spanish- language document shall prevail.

• Order intake during the quarter amounted to c.€1.5bn, impacted by the standard volatility of the Offshore market. Total backlog of c. €32.6bn.

SGRE continues to strive for sustained profitability and the ongoing cost and efficiency measures will be intensified, especially for the Siemens Gamesa 5.X platform. Additionally, the LEAP program continues making progress (focused on the turnaround of Onshore). The performance of the Offshore and Service business units remains strong.

SGRE long-term potential and strategic framework remain unchanged given the role of wind in the energy transition and the company strong positioning in all market segments.

Andreas Nauen, SGRE CEO, and Beatriz Puente, CFO, will be available to explain this announcement in a conference call that will take place on July 15 at 8:00AM CET (see details below). The quarterly results will be published on July 30, 2021.

Connection details for the conference call

Spain Toll:	[phone]	PIN: 17092815#
Germany Toll:	[phone]	PIN: 17092815#
United Kingdom Toll:	[phone]	PIN: 17092815#

Zamudio (Bizkaia), July 14, 2021.

Andreas Nauen

Chief Executive Officer

NOTICE: This document is a translation of a duly approved Spanish-language document and is provided for informational purposes only. In the event of any discrepancy between the text of this translation and the text of the original Spanish-language document which this translation is intended to reflect, the text of the original Spanish- language document shall prevail.

Disclaimer

This communication has been prepared by Siemens Gamesa Renewable Energy, S.A. and is disclosed solely for information purposes.

This communication contains declarations which constitute forward-looking statements, and includes references to our current intentions, beliefs or expectations regarding future events and trends that may affect our financial condition, earnings and share price. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project," or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. These forward-looking statements do not constitute a warranty as to future performance and imply risks and uncertainties. Therefore, actual results may differ materially from those expressed or implied by the forward-looking statements, due to different factors, risks and uncertainties, such as economical, competitive, regulatory or commercial factors. The value of any investment may rise or fall and, furthermore, it may not be recovered, partially or completely. Likewise, past performance is not indicative of future results.

The facts, opinions, and forecasts included in this communication are furnished as of the date of this document, and are based on the company's estimates and on sources believed to be reliable by Siemens Gamesa Renewable Energy, S.A. but the company does not warrant their completeness, timeliness or accuracy, and, accordingly, no reliance should be placed on them in this connection. Both the information and the conclusions contained in this communication are subject to changes without notice. Siemens Gamesa Renewable Energy, S.A. undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date the statements were made.

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IMPORTANT INFORMATION

This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The shares of Siemens Gamesa Renewable Energy, S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.

NOTICE: This document is a translation of a duly approved Spanish-language document and is provided for informational purposes only. In the event of any discrepancy between the text of this translation and the text of the original Spanish-language document which this translation is intended to reflect, the text of the original Spanish- language document shall prevail.