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For fiscal year 2025, we continue to anticipate overall favorable conditions in �����˿�����’s relevant market environment. Strong electricity consumption growth, replacement investment and the requirements of the energy transition necessitate investment in energy infrastructure sup-porting all businesses of �����˿�����. At �����˿����� Gamesa we continue to work on the measures to reach break-even in fiscal year 2026. We continue to strive for resume sales activities for the 5.X onshore turbine during fiscal year 2025.

We expect for �����˿����� to achieve comparable revenue growth (excluding currency translation and portfolio effects) in fiscal year 2025 in a range of 8 % to 10 % and a Profit margin before Special items between 3 % and 5 %. We expect Net income to be around break-even excluding assumed positive Special items subsequent to the demerger of the energy business from �����˿����� Limited, India. Due to the development in the first quarter, we now expect to exceed the previous Free cash flow pre tax guidance of up to €1bn. We intend to update the Free cash flow pre tax outlook with the half-year results for fiscal year 2025. 

The outlook for �����˿����� does not include charges related to legal and regulatory matters.

Overall assumptions per business area 

• Gas Services assumes a comparable revenue growth of 7 % to 9 % and a Profit margin before Special items of 10 % to 12 %. 
• Grid Technologies plans to achieve a comparable revenue growth of 23 % to 25 % and a Profit margin before Special items between 10 % and 12 %. 
• Transformation of Industry expects a comparable revenue growth of 11 % to 13 % and a Profit margin before Special items of 8 % to 10 %. 
• �����˿����� Gamesa assumes a comparable revenue growth of negative 9 % to negative 5 % and a negative Profit before Special items of around €1.3bn. 

This document contains statements related to our future business and financial performance, and future events or developments involving �����˿����� Energy that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “antici-pate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of �����˿����� Energy´s management, of which many are beyond �����˿�����´s control. These are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in disclosures, in particular in the chapter “Report on expected developments and associated material opportunities and risks” in the Annual Report and the Half-year Financial Report, which should be read in conjunction with the Annual Report. Should one or more of these risks or uncertainties materialize, should acts of force majeure, such as pandemics, occur, or should underlying expectations including future events occur at a later date or not at all, or should assumptions not be met, �����˿�����´s actual results, perfor-mance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. �����˿����� neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of develop-ments which differ from those anticipated. This document includes supplemental financial measures – that are not clearly defined in the applicable financial reporting framework – and that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of �����˿�����´s net assets and financial position or results of operations as presented in accordance with the applicable financial reporting framework in its consolidated financial statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.