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Siemens Energy (BBB-): 2Q24 Results

CAPITAL GOODS

Strong results and outlook all round. Positive for spreads.


• Revenue in line with consensus. Adj. EBITDA beat by 81%.

• Better earnings helped FCF reach €297mn, beating expectations at -€335mn (3 estimates). Net cash is left at €1.3bn.

• FY24 guidance raised: revenue +10-12% from +3-7%, FCF up to €1bn from -€1bn.

• Turbine sales to resume: 4X by FY24 and 5X by FY25. Book to bill at 1.1x.

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