MUNICH, Germany — Siemens Energy today published its third-quarter and full-year 2026 earnings report.
“Global demand for electricity – and consequently for our products – remained strong in the third quarter. We delivered record orders, revenue, and profitability, while continuing to improve efficiency. The fact that our wind business has returned to profitability in a quarter for the first time since 2022 is a fantastic achievement by this team”, says Christian Bruch, President and CEO of Siemens Energy AG.
- Siemens Energy further accelerated its profitable growth in the third quarter, achieving record levels of orders, revenue and profitability. Order intake once again benefited primarily from demand in the U.S. Also, Siemens Energy delivered its highest quarterly revenue to date, supported by progress in capacity expansion. Siemens Gamesa reported a positive result for the first time since fiscal year 2022 and is on track to reach break-even for 2026. Strong cash flow momentum also continued.
- Orders reached another record level of €17.9bn. Growth was driven by a new record order intake at Gas Services, as well as strong increases at Grid Technologies and Transformation of Industry. Book-to-bill ratio (ratio of orders to revenue) was 1.57, while order backlog increased to €162bn at quarter-end.
- Year-over-year, revenue rose 18.5% on a comparable basis (excluding currency translation and portfolio effects) to €11.4bn. Growth was rec-orded across all segments.
- Profit before Special items more than tripled to €1,623m, compared with €497 million in Q3 FY 2025. All segments delivered strong improve-ments, with Siemens Gamesa making the largest contribution. Special items amounted to negative €59m (Q3 FY 2025: positive €458m, primar-ily reflecting the demerger of the energy business from Siemens Limited, India). Siemens Energy’s Profit came in at €1,564m (Q3 FY 2025: €956m).
- Net income also increased sharply to €1,188m (Q3 FY 2025: €697m). Corresponding basic earnings per share were €1.28 (Q3 FY 2025: €0.71).
- Free cash flow pre tax increased to €2,319m (Q3 FY 2025: €419m). The sharp increase resulted largely from the improvement in cash-effective profit and was further supported by customer advance payments associated with the strong order intake.
- Siemens Energy confirms its fiscal year 2026 outlook, which was raised after the end of the first half-year, and expects its Profit margin before Special Items to be towards the upper end of the guided range.
Outlook
Siemens Energy confirms its fiscal year 2026 outlook, which was raised after the end of the first half-year, and expects its Profit margin before Special Items to be towards the upper end of the guided range.
Siemens Energy expects for the Group to achieve comparable revenue growth (excluding currency translation and portfolio effects) in fiscal year 2026 in a range of 14% to 16% and a Profit margin before Special items between 10% and 12%. Siemens Energy expects a Net income of around €4bn and a Free cash flow pre tax of around €8bn.
The outlook for Siemens Energy does not include charges related to any future legal and regulatory matters.
Overall assumptions per business area
- Gas Services assumes a comparable revenue growth of 16% to 18% and a Profit margin before Special items of 14% to 16%.
- Grid Technologies plans to achieve a comparable revenue growth of 25% to 27% and a Profit margin before Special items between 18% and 20%.
- Transformation of Industry expects a comparable revenue growth of 5% to 7% and a Profit margin before Special items of 11% to 13%.
- Siemens Gamesa assumes a comparable revenue growth of 3% to 5% and a Profit margin before Special items at break-even.