Siemens Energy will leave Russia after Siemens

The German Siemens Energy, which has been operating in Russia since 1852, plans to leave the Russian market by the end of September, follows from its quarterly financial statements for April-June. The document says that following the results of the 2022 financial year, which the company will end on September 31, Siemens Energy will lose about 400 million euros in revenue from operations related to Russia. “It is expected that the restructuring measures [российских активов] will be completed by the end of the current financial year with no further significant financial implications,” the report says. From 2023, the company does not expect serious negative financial consequences due to the Russian factor.

Siemens Energy’s revenue for the third quarter of 2022 (April-June) decreased by 4.7% to 7.3 billion euros, the company’s net loss increased by 73.5% and amounted to 533 million euros compared to the same period last year. The company’s EBITDA for the quarter was 20 million euros.