Siemens Energy – Earnings release Q4 FY 2025 July 1 to September 30, 2025

Munich, Germany, November 13, 2025 – Siemens Energy today announced its preliminary results for the fourth quarter of fiscal year 2025 that ended September 30, 2025. 

 

Siemens Energy fulfills all commitments, increases mid-term outlook

“2025 was a successful year. We delivered sustainable growth and significantly improved profitability, increasing the company’s value. For the first time in four years, we’re returning to dividend payments – reflecting our confidence in the business and our commitment to shareholders. This success was hard-earned and didn’t come by chance. Given our positive outlook for the energy market, we are raising our mid-term targets through 2028”, says Christian Bruch, President and CEO of Siemens Energy AG.

 

Q4 Fiscal Year 2025 

• Siemens Energy continued excellent operational performance in the fourth quarter of fiscal year 2025. For the first time, quarterly revenue exceeded the 10 billion mark and profit as well as cash flow came in strong. 
• Orders amounted to €14.2bn, down 2.5% on a comparable basis (excluding currency translation and portfolio effects), primarily because of the high basis of comparison at Siemens Gamesa. Book-to-bill ratio (ratio of orders to revenue) was strong at 1.36. As a result, order backlog rose to a new high of €138 billion at fiscal year-end. 
• Revenue was €10.4bn, an increase of 9.7% on a comparable basis, driven by Grid Technologies, which posted its highest quarterly revenue to date. 
• Siemens Energy’s Profit before Special items was €471m (Q4 FY 2024: negative €83m). All segments improved compared to the prior-year quarter. Special items amounted to negative €143m (Q4 FY 2024: negative €32m). Siemens Energy’s Profit was €328m (Q4 FY 2024: negative €115m). 
• Siemens Energy reported a Net income of €236m for the quarter (Q4 FY 2024: Net loss €254m). Corresponding basic earnings per share (EPS) were €0.19 (Q4 FY 2024: negative €0.34). 
• Free cash flow pre tax largely followed the earnings trend and benefited from timing effects amounting to €1,327m (Q4 FY 2024: €932m).

 

Fiscal Year 2025 

• Siemens Energy experienced a successful development of its businesses for the whole fiscal year. The upgraded guidance was met or exceeded across all key performance indicators. Gas Services, Grid Technologies and Transformation of Industry all delivered a strong operational performance, resulting in double-digit revenue growth and considerable improvements in profitability. Siemens Gamesa made further progress, the integration and initiated programs for quality improvement and cost optimization are proving effective. 
• At €58.9bn, Siemens Energy’s orders were 19.4% higher than in the prior year on a comparable basis. Revenue rose by 15.2% on a comparable basis to €39.1bn with all segments contributing to growth. 
• Profit before Special items was €2,355m (FY 2024: €345m). The improvement in profit was also driven by all segments, led by an extraordinary increase at Grid Technologies. Special items amounted to positive €6m (FY 2024: €2,038m, largely related to gains from disposals). Profit came in at €2,361m (FY 2024: €2,383m). 
• Net income increased to €1,685m (FY 2024: €1,335m) and the corresponding EPS were €1.63 (FY 2024: €1.37). 
• Free cash flow pre tax increased sharply due to improvements in all segments. It amounted to €4,663m (FY 2024: €1,859m). Contributions and improvements to Free cash flow pre tax were led by Gas Services. 
• Due to the positive development, Siemens Energy proposes a dividend for fiscal year 2025 of €0.70 per share, reflecting 50% of the group’s net income attributable to shareholders of Siemens Energy AG, adjusted for extraordinary non-cash effects.

 

Fiscal Year 2026 and mid-term targets Fiscal Year 2028 

• For fiscal year 2026, Siemens Energy forecasts comparable revenue growth in the range of 11% to 13% and a Profit margin before Special items between 9% and 11%. Furthermore, a Net income in the range of €3bn to €4bn and a Free cash flow pre tax in the range of €4bn to €5bn are expected. Siemens Energy’s expectation is Siemens Gamesa will reach break-even in fiscal year 2026. 
• Due to the continued positive market outlook and Siemens Energy’s structural and operational progress, Siemens Energy upgraded its mid-term growth and profitability targets for fiscal year 2028. Siemens Energy now intends to achieve a compound annual revenue growth on a comparable basis in the low-teens percentage range until fiscal year 2028 (i.e., fiscal years 2025 to 2028). For the Profit margin before Special items in fiscal year 2028, Siemens Energy strives to reach a range between 14% to 16%.

 

 

 

Siemens Energy

• Orders for the quarter were moderately below prior-year quarter’s level. Substantial growth in the service business was supported by a sharply higher volume from large orders. New units business declined compared to prior year’s quarter which benefited from an exceptional high large order at Siemens Gamesa. 
• Book-to-bill ratio was 1.36. With €138bn, the order backlog rose again to a record high. 
• Revenue increased significantly. The increase was due to both the new units and the service business. 
• Profit before Special items and the corresponding margin improved sharply by contributions from all segments. In addition to a stronger operating performance year-over-year, this was mainly due to the increased volume and related productivity effects. Profit was impacted by a further change in the customs regulations with the U.S., mostly affecting Siemens Gamesa. 
• Negative Special items of the quarter were mainly due to a revaluation related to the disposal of the Indian wind business as well as restructuring measures. 
• The improvement in Free cash flow pre tax was driven by the sharp increase at Gas Services, mainly due to customer advance payments, including reservation fees. In addition, there was a temporal shift in the settlement of derivatives.

 

 

Gas Services

• Strong demand for Gas Services continued in the recent quarter and came mainly from the U.S. and Saudi Arabia. Substantial growth in the new units business was considerably exceeded by the increase in service orders. The positive development was based on a sharply higher volume from large orders year-over-year. 
• Book-to-bill ratio was 1.54. Order backlog increased to €54bn. 
• Revenue was significantly above prior year’s level. Growth in the new units business considerably exceeded the increase in services. 
• Profit before Special items and the corresponding margin improved sharply compared to the prior-year quarter. This was primarily due to the higher volume and improved margin quality of the processed order backlog in new units business. In addition, the prior-year quarter had included considerably higher negative one-time effects.

 

 

Grid Technologies

• Grid Technologies recorded its best quarterly order performance of the year, driven by substantial demand growth across all regions. This is reflected in a sharp growth in the product business, while the solution business continued to benefit from large high-voltage direct current (HVDC) projects, including two orders in the North Sea and Spain. 
• Grid Technologies recorded a book-to-bill ratio of 2.19. The order backlog rose to €42bn. 
• Revenue reached a new quarterly high, supported by the steady processing of the order backlog. The product business exceeded solutions business, contributing significantly to the overall increase. 
• Profit before Special items and the corresponding margin increased sharply, driven by higher volumes, improved cost efficiency and stronger margin on the processed order backlog compared to the prior year.

 

 

Transformation of Industry

• In recent quarter, Transformation of Industry achieved its highest orders of the fiscal year. Exceptionally high prior-year quarter included large orders at Compression and Sustainable Energy Systems. Recent quarters’ orders were driven by the service business with doubledigit growth at Industrial Steam Turbines & Generators and Compression. 
• Book-to-bill ratio remained above 1. Order backlog at the end of the fiscal year was €8bn, unchanged from the past quarter. 
• Revenue was significantly above prior-year quarter primarily due to substantial growth in the Compression business. 
• Profit before Special items almost doubled and the corresponding margin also improved sharply. This was mainly driven by higher revenue and the improved margin quality of the processed order backlog.

 

 

Siemens Gamesa

• Orders declined sharply compared to prior year’s figure. The reason was a single €2.9bn large order in the North Sea in the prior year. 
• Consequently, the book-to-bill ratio fell to 0.41 and the order backlog decreased to €36bn. 
• Revenue was significantly below prior year’s figure. A clear year-overyear increase in service business could not offset the decline in the new units business. This was still due to the onshore business, while the continued ramp-up of offshore activities led to significant growth. 
• Negative Special items primarily reflect a revaluation related to the disposal of the Indian wind business. 
• Profit before Special items improved substantially. However, it remained negative due to the execution of low margin contracts in the onshore business and costs associated with the ramp-up in the offshore area. The positive profit development was mainly due to operational improvements but held back by negative effects from tariffs imposed by the U.S., which affected Siemens Gamesa the most of all segments.

 

 

Reconciliation to Consolidated Financial Statements

• Reconciliation to Consolidated Financial Statements includes items, which management does not consider to be indicative of the segments’ performance – mainly group management costs (management and corporate functions) and other central items, Treasury activities as well as eliminations. Other central items include Siemens brand fees, corporate services (e.g. management of the Group’s real estate portfolio), corporate projects, centrally held equity interests and other items.

 

 

Outlook 

For fiscal year 2026, Siemens Energy anticipates that current favorable trends in the energy sector will continue. The demand for electricity and the need for modernization and expansion of electrical infrastructure should continue to increase. This development is likely to be driven by rising primary energy demand, higher levels of electrification, the ongoing digitalization of industry and the share of renewable energies as well as, in particular, the strong growth of data centers. This is expected to lead to further increased investment in grid infrastructure, generation capacity and energy-efficient technologies to ensure a reliable and sustainable energy supply. It is assumed that all of Siemens Energy’s business areas will benefit from this. In addition, it is expected that Siemens Gamesa will reach break-even in fiscal year 2026.

Siemens Energy forecasts for fiscal year 2026 comparable revenue growth (excluding currency translation and portfolio effects) in the range of 11% to 13% (actual figure FY 2025: 15.2%) and a Profit margin before Special items between 9% and 11% (actual figure FY 2025: 6.0%). Furthermore, a Net income in the range of €3bn to €4bn (actual figure FY 2025: €1,685m) and a Free cash flow pre tax in the range of €4bn to €5bn (actual figure FY 2025: €4,663m) are expected

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% (actual figure FY 2025: 14.2%) and a Profit margin before Special items of 14% to 16% (actual figure FY 2025: 13.0%). 
• Grid Technologies plans to achieve a comparable revenue growth of 19% to 21% (actual figure FY 2025: 25.4%) and a Profit margin before Special items between 16% and 18% (actual figure FY 2025: 15.8%). 
• Transformation of Industry expects a comparable revenue growth of 5% to 7% (actual figure FY 2025: 13.5%) and a Profit margin before Special items of 11% to 13% (actual figure FY 2025: 11.3%). 
• Siemens Gamesa assumes a comparable revenue growth of 1% to 3% (actual figure FY 2025: 4.7%) and a Profit margin before Special items at break-even (actual figure FY 2025: negative 13.1%).

 

 

Notes and forward-looking statements 

The press conference call on Siemens Energy’s financial results of the fourth quarter of fiscal year 2025 will be broadcasted live for journalists at https://www.siemens-energy.com/pressconference starting at 8:30 a.m. CET on 14 November.

You can also follow the conference call for analysts and investors live at www.siemens-energy.com/analystcall starting at 11:00 a.m. CET on 14 November.

Recordings of both conference calls will be made available afterwards. 

The financial publications can be downloaded at: www.siemens-energy.com/financial-publications.

 

This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “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 Siemens Energy´s management, of which many are beyond Siemens Energy´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, Siemens Energy´s actual results, performance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens Energy neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments 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 Siemens Energy´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.

 

 

 

 

Financial Results 

Fourth quarter of fiscal year 2025

Key figures (in millions of €, except where otherwise stated)

 

 

Consolidated Statements of Income

 

 

Consolidated Statements of Comprehensive Income

 

 

Consolidated Statements of Financial Position

 

 

Consolidated Statements of Cash Flows

 

 

Overview of Segment figures

 

 

EBITDA Reconciliation

 

 

Orders & Revenue by region (location of customer)

 

 

Disaggregation of external revenue of segments