Siemens Gamesa Renewable Energy S A : La Sociedad remite la presentación de los resultados correspondientes al periodo octubre-diciembre 2020.

Q121

RESULTS

January 29, 2021

DISCLAIMER

"This material has been prepared by Siemens Gamesa Renewable Energy, and is disclosed solely for information purposes.

This document 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 material 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, 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 document are subject to changes without notice. Siemens Gamesa Renewable Energy undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date the statements were made.

The results and evolution of the company may differ materially from those expressed in this document. None of the information contained in this document constitutes a solicitation or offer to buy or sell any securities or advice or recommendations with regard to any other transaction. This material does not provide any type of investment recommendation, or legal, tax or any other type of advice, and it should not be relied upon to make any investment or decision.

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Siemens Gamesa Renewable Energy prepares and reports its Financial Information in thousands of euros (unless stated otherwise). Due to rounding, numbers presented may not add up precisely to totals provided.

In the event of doubt, the English language version of this document will prevail."

Note on alternative performance measures (APMs)

This document includes supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens Gamesa´s net assets and financial position or results of operations as presented in its consolidated financial statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. The definitions and reconciliation of the alternative performance measures that are included in this presentation are disclosed in the Activity Report associated to these and previous results. The glossary of terms is also included in the Activity Report associated to these results.

© Siemens Gamesa Renewable Energy

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Q1 21 Key points

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Q1Q2Q3Q4	2021 .................................................................................................................
	Key points

Q1 21 Key points

• Solid start to FY21 and annual guidance maintained
• • Revenue: €2,295m and EBIT margin1: 5.3%
  • Net debt of €476m2 driven by seasonal working capital
  • Strong funding position with c. €4.6bn in available liquidity
• Turnaround actions on track with new organization and LEAP program in place
• • Further consolidation of manufacturing capacity announced in January; simplification of the WTG organization ongoing
• Strong momentum in renewables and SGRE well positioned to benefit
• • €30bn order backlog, up €2bn YoY, 9.3 GW Offshore pipeline, and actively involved with clients in 2021 Offshore auctions
  • Q1 21 Group orders of €2.3bn with a steep increase in SG 5.X order intake volume: 1.1 GW
• Further improvement in sustainability metrics

1. EBIT margin pre PPA and I&R costs, excluding the impact of PPA on the amortization of intangibles: €60m, and the integration and restructuring costs: €47m in Q1 21
2. Short- and long-term lease liabilities included in net debt amounted to €677m as of December 31, 2020

© Siemens Gamesa Renewable Energy

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