Siemens Gamesa Renewable Energy S A : Segundo Trimestre - Presentación de Resultados

Q221

RESULTS

April 30, 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. W e 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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This document has been furnished exclusively for information purposes, and it must not be disclosed, published or distributed, partially or totally, without the prior written consent of Siemens Gamesa Renewable Energy.

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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Q2 21 Key points

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

Q2 21 Key points

• Q2 21 revenue: €2,336m (H1 21: €4,631m) and Q2 21 EBIT margin1: 4.8% (H1 21: 5.0%). H1 21 EBIT1 positively impacted by:
• • A comparatively high reduction in Offshore wind turbines failure rates and in third party spending in Service (with impact in Q1 21)
  • Upfront loading of Offshore manufacturing activity
• Revenue guidance2 narrowed: €10.2bn-€10.5bn and EBIT margin guidance2 maintained: 3%-5%considering the following:
• • Impact of order intake deferrals and project execution delays on top line development
  • H1 21 EBIT performance and ongoing efficiency measures linked to the LEAP program
  • Higher expected supply costs (including raw material prices) and lower Offshore contribution (with the SG 11.0-200 DD manufacturing ramp-up) in H2 21
• Turnaround actions progressing with new organization and LEAP program in place
• • Manufacturing capacity consolidation in Spain agreed in Q2 21
  • Ongoing fixed cost reduction through the simplification of the WTG organization
• Strong momentum in renewables and SGRE well positioned to benefit
• • Record order backlog of €33.7bn and record order intake of €5.5bn in Q2 21
  • 46 GW in expected auctions in 2021 and 98 GW beyond

1. EBIT margin pre PPA and I&R costs, excluding the impact of PPA on the amortization of intangibles: €59m in Q2 21 (€119m in H1 21), and the integration and restructuring costs: €71m in Q2 21 (€118m in H1 21)
2. This outlook excludes charges related to legal and regulatory matters and it is given at constant FX rates. It does not include any impact from a potential lockdown of manufacturing activities or severe disruptions to the supply chain due to COVID-19 developments. EBIT margin guidance refers to EBIT pre PPA and I&R costs

© Siemens Gamesa Renewable Energy

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Q1Q2Q3Q4

2021 …..............................................................................................................

Key points

Highest ever order intake in the quarter leading to record order backlog

Siemens Gamesa 5.X entry in new	Record quarter for Offshore orders:		Gemini 600 MW Service contract
markets	2.6 GW		extended
Total orders for Siemens Gamesa	Offshore backlog reaches 8.0 GW,		It demonstrate SGRE competitiveness
5.X > 2.6 GW in Brazil, Finland,	with additional pipeline of 7.4 GW		with long-term Offshore Service contracts

Sweden and now also in UK and

Germany

© Siemens Gamesa Renewable Energy

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