Siemens Gamesa said its revenue rose 9.8 percent to €2 billion with an EBIT margin of -37.8 percent and net loss of €884 million between October and December 2022.

“The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability. We have seen progress in other areas, such as with our Siemens Gamesa 5.X platform, thanks to our Mistral program,” said Siemens Gamesa’s CEO Jochen Eickholt.

As of December 31, 2022, financial debt totaled €1.9 billion. During the quarter, Siemens Gamesa signed new orders worth €1.6 billion (–35 percent), while the order backlog amounted to €33.7 billion at the end of December 2022.

Siemens Gamesa said the Mistral strategy program is advancing in its goal of stabilizing operations. Siemens Gamesa achieved progress in quality, technology development, manufacturing, installation volume and project delivery of the Siemens Gamesa 5.X platform. The benchmark onshore platform accounted for 74 percent of the orders in the quarter.