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Siemens Energy raises mid-term outlook as turnaround continues

Siemens Energy on Tuesday raised its midterm outlook as it reported a brand-new record for its order book and a narrower fourthquarter loss, benefiting from rising need and a continuous turn-around at its having a hard time wind turbine system.

In a critical 2024, we attained all our objectives, driven by strong orders and job execution across all our businesses. Our focus remains on successful growth, supported by highly favourable market conditions, CEO Christian Bruch said.

Frankfurt-listed shares in Siemens Energy pared losses after the news, trading 1% lower at 1918 GMT.

The power equipment supplier has actually emerged from a crisis set off by its wind department Siemens Gamesa in 2015, with shares in the company more than tripling year-to-date, making it Germany's most successful blue-chip stock in 2024 up until now.

Due to the beneficial need for wind turbines, transmission network equipment and gas turbines, the group upgraded its 2028 targets, forecasting a revenue margin of 10-12%, up from a minimum of 8% previously.

The better outlook reflected Siemens Energy's leading. function in the energy shift, CEO Bruch stated.

(source: Reuters)