Siemens Gamesa
Wind turbine maker owned by Siemens Energy, rebuilding after a costly quality crisis.
On the record
Checkpoint: FY2026 Q3 results test whether the wind segment can post real profit, not just break even
The call
Siemens Gamesa is climbing out of a costly quality crisis while Chinese rivals already ship most of the world's new turbines.
Siemens Gamesa builds wind turbines and maintains them for customers around the world. The company is hard to beat because it has installed 150 gigawatts of turbines over decades and signed long-term service contracts that lock in future revenue, but Chinese companies like Goldwind and Envision are now selling more turbines globally by offering lower prices with government support, and Siemens Gamesa is losing billions and cutting jobs while it tries to turn around. The big question is whether the company can fix its manufacturing problems and start making money again by late 2026, because if warranty costs keep rising on its newer turbine models, the turnaround fails.
Why
01
AI pressure: None apparent. AI data centers drive new electricity demand, feeding turbine orders rather than eating the business. Could AI do the core job? Unlikely.
02
Bigger players: Chinese OEMs (Goldwind, Envision, Mingyang, CRRC, Sany). State-backed Chinese manufacturers now build most of the world's new turbines by volume, undercutting on price. Could a giant copy it? Probably.
03
What protects it. A 150+ GW installed base locks in decades of service contracts, and a €7.5B German state guarantee funds the turnaround.
What would change this call
Siemens Gamesa's FY2026 wind-segment posts a full-year profit before special items (Nov 2026). Would show the turnaround is real, not just narrowing losses.
A major European offshore wind tender is won by a Chinese OEM on price in 2026. Would show Chinese rivals displacing Siemens Gamesa even in its home offshore stronghold.
New quality remediation charges appear on the 4.X/5.X onshore turbine platform. Would show the 2023 quality crisis is recurring, not resolved.
A major European offshore wind tender is won by a Chinese OEM on price in 2026. Would show Chinese rivals displacing Siemens Gamesa even in its home offshore stronghold.
New quality remediation charges appear on the 4.X/5.X onshore turbine platform. Would show the 2023 quality crisis is recurring, not resolved.
Key numbers
- FY2025 revenue €10.4B, loss €1.3B before special items
- €7.5B German federal guarantee backs the turnaround
- Vestas passes 201 GW cumulative installs, first ever
Named risks
- Recurring quality remediation charges on onshore 4.X/5.X platform could reverse profit recovery.
- Chinese state-subsidized OEMs taking majority global installation share on price.
- Tariffs cited as a direct negative contributor to FY2025 losses.
- Brand transition to Omterra creates execution and customer-recognition risk through 2026.
- Continued wind-segment losses despite record group backlog and orders.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Vestas | losing to | Vestas passed 201 GW cumulative installs by 2025-06, vs Siemens Gamesa's 148 GW |
| Goldwind | losing to | Goldwind reached #2 global cumulative rank with 163 GW installed as of 2026-06-15 |
| Chinese OEMs (Mingyang, CRRC, Sany, Envision, Windey) | losing to | Collectively majority of global wind installs by volume as of 2026-04-30 |
| Nordex Group | losing to | Nordex ranked #1 in Europe for 2025 installs, ahead of Siemens Gamesa's #2 spot |
| GE Vernova | contesting | GE Vernova and Vestas hold 93% combined US market share in 2025, per GWEC |
Questions people ask
- Is Siemens Gamesa profitable in 2025?
- No. Siemens Gamesa posted FY2025 revenue of €10.4 billion (up 4.7%) but a negative profit before special items of €1.3 billion, driven by tariffs and continued operational issues, per Siemens Energy's Q4 2025 earnings call dated 2025-11-14.
- Who owns Siemens Gamesa?
- Siemens Energy AG owns roughly 92.72% of Siemens Gamesa after a 2022-2023 tender offer; shareholders approved delisting from the Spanish exchange on 2023-01-25 with 98.43% approval, making it a wholly-controlled segment rather than an independent public company.
- Could AI replace Siemens Gamesa's core business?
- Unlikely for manufacturing and offshore logistics. AI is used for blade defect analysis and predictive maintenance (Hermes cloud pilot, 2023-05-12; Senseye Copilot, 2025-12-08), but heavy industrial fabrication, certification, and decades-long service contracts remain outside AI's reach.
- Who is Siemens Gamesa's biggest competitor?
- Vestas leads globally with over 201 GW cumulative installed capacity in 2025, versus Siemens Gamesa's 148 GW, per GWEC data dated 2026-06-15. Chinese OEM Goldwind moved to #2 globally in 2025 with 163 GW, also ahead of Siemens Gamesa.
- Will the Siemens Gamesa name disappear?
- Yes. Siemens Energy announced on 2026-07-16 that both the Siemens Energy and Siemens Gamesa brand names will be retired and merged into a new single brand, Omterra, with phased rollout beginning later in 2026, per PowerMag reporting.
- Is Siemens Gamesa losing market share to China?
- Yes. Five Chinese OEMs (Mingyang, CRRC, Sany, Envision, Windey) collectively comprise the majority of global wind turbine installations by volume as of 2026-04-30, per Thunder Said Energy, pressuring Siemens Gamesa's global position.
Timeline
- 2026-07-16Siemens Energy announces Siemens Gamesa brand retired, merged into new Omterra brand
- 2026-02-05SG 15-236 offshore turbine introduced as next offshore industrialization milestone
- 2025-11-14FY2025 results: Gamesa revenue €10.4B, profit before special items negative €1.3B
- 2025-05-09Q2 FY2025 results: Gamesa revenue €2.7B, profit negative €249M
- 2024-06-24Siemens Energy cuts ~4,100 Gamesa wind jobs; Vinod Philip replaces CEO Jochen Eickholt
- 2023-11-01Germany agrees €7.5B federal guarantee backstopping €11B bank guarantee line
- 2023-08-08Onshore 4.X/5.X quality issues (rotor blades, main bearings) publicly detailed
- 2023-01-25Shareholders approve Siemens Gamesa delisting from Spanish stock exchange, 98.43% approval
Revision history
25 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Siemens Energy Will Shed the Siemens Name, Rebrand as Omterra (2026-07-16)
- Siemens Energy AG (SMEGF) Q4 2025 Earnings Call Highlights (2025-11-14)
- Siemens Energy AG (SMEGF) Q2 2025 Earnings Call Highlights (2025-05-09)
- Taxes Blown in the Wind? The Siemens Gamesa Bailout (2023-12-13)
- Siemens Energy's Comeback Is Riding On Its Backlog (2026-07-16)
- Siemens Gamesa Renewable Number of Employees 2026 (2026-06-29)
- Siemens Energy to cut wind power jobs as turnaround gathers steam (2024-06-24)
- Siemens Gamesa takes next steps in Mistral strategy program
- Siemens Gamesa's shareholders approve delisting of the company
- Wikipedia entry on Siemens Gamesa
- GWEC records sharp rise in wind turbine installations (2026-06-15)
- Wind turbine manufacturers: market share? (2026-04-30)