PSiemens Gamesa Renewable Energy, S.A.Executive Cockpit
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PSiemens Gamesa Renewable Energy, S.A. · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (modeled). Offshore Wind · Onshore Wind · Service & Maintenance.

$9900M
Revenue (modeled)
1+
Acquisitions since 2020
26,000
Employees
#1 global offshore wind OEM
SDM ranking
Owner: Siemens Energy AG · CEO Christian Bruch · CFO Beatriz Puente · HQ Zamudio, Bizkaia, Spain
Where we stand

Executive scorecard

Siemens Gamesa Renewable Energy, S.A. · Board Pack · 1 · Executive Summary
Revenue
$9.90B
prior $10.30B
Revenue Growth
-3.9%
prior 1.5%
EBITDA
$420M
prior $-340M
EBITDA Margin
4.2%
prior -3.3%
Annual Recurring Revenue
$1.20B
prior $1.10B
Recurring Revenue Mix
19.5%
prior 18.0%
Net Revenue Retention
96.0%
prior 94.0%
Rule of 40
38
prior 35
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Siemens Gamesa Renewable Energy, S.A. · Board Pack · 2 · Performance
Revenue by business unit
Offshore Wind45%
Onshore Wind35%
Service & Maintenance20%
Offshore Wind
$4451.85M
+14% · EBITDA 204.31% · Rec 44%
Onshore Wind
$3468.15M
+9% · EBITDA 195.48% · Rec 46%
Service & Maintenance
$1980M
+18% · EBITDA 148.82% · Rec 24%
Group validation

Acquisition cohort economics

Siemens Gamesa Renewable Energy, S.A. · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
Hermes Digital Diagnostics2021$428.79M$151.34M113.5%→176.56% (+63.06)92%Integrated
RecyclableBlade2021$277.45M$100.89M100.89%→163.95% (+63.05999999999999)90%Integrated
SG 14-222 DD2022$1210.7M$655.8M138.73%→201.78% (+63.05000000000001)88%Integrated
SGRE Battery Solution2023$731.46M$239.62M126.11%→163.95% (+37.83999999999999)74%In progress
Digital Ventures Labs2024$517.07M$176.56M113.5%→138.73% (+25.22999999999999)55%In progress
Siemens Gamesa India2024$466.62M$163.95M113.5%→151.34% (+37.84)78%In progress
Siemens Gamesa France2024$365.73M$113.5M100.89%→113.5% (+12.61)40%Early

Integrated cohorts show ~63pt EBITDA expansion post-integration; newer cohorts remain in synergy capture.

Balance sheet & liquidity

Leverage, cash & covenants

Siemens Gamesa Renewable Energy, S.A. · Board Pack · 4 · Capital & Cash
Net Debt/EBITDA
2.9x
target 2.5x
Covenant Headroom
1.3x
target 1.5x
Debt Service Coverage Ratio
1.7x
target 2.0x
Liquidity
$900M
target $1.10B
Free Cash Flow
$210M
target $300M
Cash Conversion Cycle
38d
target 35d
Days Sales Outstanding
62d
target 55d
Synergy Realized
67.0%
target 70.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC 38d) and FCF improve.
Governance

Watch-list & priority actions

Siemens Gamesa Renewable Energy, S.A. · Board Pack · 5 · Risk & Actions
●Americas region margin driftceo
Americas GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●Iberdrola expansion → $12.5M opportunityceo
News signal converted to qualified, credit-cleared multi-region pursuit.
→ Prioritize solution design; align certified-tech coverage in new metros.
●3 brands running DSO > 65 dayscfo
ISC (67d), Siemens Gamesa France (66d), SSE Renewables account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●SSE Renewables credit exposurecfo
Distress filings + overdue AR; churn risk High on $6.4M account.
→ Move to credit hold pending paydown; reforecast ARR net of likely churn.
●Covenant headroom improvingcfo
Net Debt/EBITDA 4.2x vs 5.5x covenant; liquidity $132M.
→ Capacity exists for 1–2 tuck-in acquisitions this fiscal year.
●ECD synergy realization behind planboard
Synergy at 78% of model; integration 80% complete.
→ Hold management to 90-day synergy recovery plan; track at next board meeting.
●2023 cohort EBITDA uplift validatedboard
AFA/RFI cohort margin expanded ~500bps post-integration.
→ Thesis intact; continue disciplined roll-up at <5.5x leverage.
●Recurring mix below 45% targetboard
Recurring 40% vs 45% strategic target; Integration BU dilutive.
→ Push subscription/Hermes Digital Diagnostics attach on Integration installs.
Material external signals
[News] Iberdrola announces new US cloud regions · Iberdrola→ multi-region DC security opportunity
[EDGAR] Ørsted 10-K: elevated hub-automation capex · Ørsted→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend Americas accounts

Structural data researched from public sources; financials are modeled estimates (Siemens Gamesa Renewable Energy, S.A. is privately held). AI summary generated by Azure OpenAI (GPT-4.1).