PSiemens Gamesa Renewable Energy, S.A.Executive Cockpit
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Siemens Gamesa Renewable Energy, S.A. · FY26 (modeled)
#1 global offshore wind OEM
26,000 employees · 7+ US sites · 81 countries
▲ Executive read· the answer, then the moves

Margin is expanding, but ≈ $1168M of EBITDA still sits between today's 4.2% margin and the 16% exit target — held in unintegrated cohorts and SG&A. Convert synergy and add-backs into reported EBITDA before the buyer's diligence.

6 of 8 headline metrics improving vs prior · still off target: Revenue $9.90B vs $10.50B, Revenue Growth -3.9% vs 2.0%, Gross Margin 12.8% vs 15.0%

Do now — ranked by urgency
  1. 1
    SSE Renewables credit exposureAct now
    Why it matters

    Move to credit hold pending paydown; reforecast ARR net of likely churn.

    What's driving it
    • Overdue AR
    • Signal: Alert
    FYI

    Distress filings + overdue AR; churn risk High on $6.4M account.

    Act →▤ open the overdue book
  2. 2
    Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
    Why it matters

    Sets deal capacity and refinancing risk.

    What's driving it
    • Q1 (act)
    • Signal: Threshold
    FYI
    • Net-debt/EBITDA 4.6× against a 5.5× ceiling.
    • Owner: CFO · Treasury
    Act →
  3. 3
    Close the margin gap to the 16% exit targetWatch
    Why it matters

    ≈ $1168M of EBITDA stands between 4.2% margin and the 16% target — the swing that re-rates the equity.

    What's driving it
    • Adj. EBITDA margin 4.2% vs 16% target
    • 4 of 7 cohorts below 80% synergy capture
    FYI
    • Revenue $9900M; SG&A 7.5% of revenue
    • Each margin point ≈ $99M of EBITDA
    See cohorts →
  4. 4
    3 brands running DSO > 65 daysWatch
    Why it matters

    Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.

    What's driving it
    • DSO
    • Signal: Alert
    FYI

    ISC (67d), Siemens Gamesa France (66d), SSE Renewables account (67d) lifting blended DSO.

    Act →▤ open the overdue book
💎 Board Value & Margin Recovery JourneyStep 4 of 7 · the P&L & quality of earnings◀ Enterprise 360Cash 360 ▶All journeys
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↗ Where this connects — act / drill across
💵Cash 360· from P&L to cash🏷Product & Brand 360· margin by acquisition💎Margin Recovery & Value· margin in the thesis
Revenue
$9.90B
▼ 3.9% vs priorTarget $10.50B
Revenue Growth
-3.9%
▼ 360.0% vs priorTarget 2.0%
Gross Margin
12.8%
▲ 21.9% vs priorTarget 15.0%
EBITDA
$420M
▲ 223.5% vs priorTarget $600M
EBITDA Margin
4.2%
▲ 227.3% vs priorTarget 6.0%
Annual Recurring Revenue
$1.20B
▲ 9.1% vs priorTarget $1.30B
Recurring Revenue Mix
19.5%
▲ 8.3% vs priorTarget 22.0%
Free Cash Flow
$210M
▲ 275.0% vs priorTarget $300M
Exhibit 1

P&L bridge — revenue to EBITDA

How $785M of revenue converts to $116M adjusted EBITDA.

Exhibit 2

P&L at a glance

Revenue$9900M100.0%
Cost of goods sold($8633M)(87.2%)
Gross profit$1267M12.8%
SG&A($743M)(7.5%)
Adjusted EBITDA$420M4.2%
Exhibit 3

Revenue & EBITDA

Exhibit 4

Revenue by business unit

Offshore Wind45%
Onshore Wind35%
Service & Maintenance20%
Exhibit 5

Reported → Adjusted EBITDA

Diligence-grade add-back walk.

Exhibit 6

EBITDA — prior to current

Organic vs. acquisitive vs. price/mix vs. cost.

Exhibit 7

EBITDA margin

Exhibit 8

Revenue concentration

Planning

FP&A & productivity

Forecast discipline, synergy realization and productivity.

Budget Variance
2.1%
▼ 40.0% vs priorTarget 0.0%
Forecast Accuracy
92.0%
▲ 4.5% vs priorTarget 95.0%
Synergy Realized
67.0%
▲ 11.7% vs priorTarget 70.0%
Revenue per Employee
$380.00M
▲ 2.7% vs priorTarget $400.00M
SG&A Ratio
7.5%
▼ 6.3% vs priorTarget 7.0%
Rule of 40
38
▲ 8.6% vs priorTarget 40
Exhibit 9

Acquisition cohort performance

EBITDA uplift and synergy realization by acquired brand.

BrandYearRevenueARREBITDA %SynergyStatus
Hermes Digital Diagnostics2021$428.79M$151.34M113.5→176.56%92%Integrated
RecyclableBlade2021$277.45M$100.89M100.89→163.95%90%Integrated
SG 14-222 DD2022$1210.7M$655.8M138.73→201.78%88%Integrated
SGRE Battery Solution2023$731.46M$239.62M126.11→163.95%74%In progress
Digital Ventures Labs2024$517.07M$176.56M113.5→138.73%55%In progress
Siemens Gamesa India2024$466.62M$163.95M113.5→151.34%78%In progress
Siemens Gamesa France2024$365.73M$113.5M100.89→113.5%40%Early
Act on it

Where to go next

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Scenario Forecast

Pull the value levers — bull / base / bear on EBITDA & EV.

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Reconciliation

Prove the P&L ties out — identity tests on the numbers.

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