Siemens Energy – Earnings release Q3 FY 2026: Siemens Energy accelerates profitable growth – Siemens Gamesa delivers a positive quarterly result

Munich, Germany, August 5, 2026 – Siemens Energy today announced its results for the third quarter of fiscal year 2026 that ended June 30, 2026.

 

Siemens Energy accelerates profitable growth – Siemens Gamesa delivers a positive quarterly result

“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 recorded 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 improvements, with Siemens Gamesa making the largest contribution. Special items amounted to negative €59m (Q3 FY 2025: positive €458m, primarily 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.

 

 

Siemens Energy

 

• Siemens Energy delivered strong order growth, led by record order intake at Gas Services, despite a decline in Siemens Gamesa’s new units business. Service orders increased substantially, complemented by continued growth in new unit orders compared with the prior year. The U.S. was again the main driver of order intake growth.
• Book-to-bill ratio was 1.57 and order backlog rose yet again to a new record high of €162bn.
• All segments contributed to revenue growth, led by Grid Technologies and Gas Services.
• Profit before Special items and the corresponding margin rose sharply, supported by excellent project execution. All segments recorded improvements, with Siemens Gamesa delivering the most pronounced increase.
• Positive Special items in the prior-year quarter were primarily due to the demerger of the energy business from Siemens Limited, India.
• Gas Services and Grid Technologies were the main contributors to the increase in Free cash flow pre-tax, mainly reflecting the profit improvement and a higher Cash conversion rate. In addition, Free cash flow pre-tax again benefited from customer advance payments, including reservation fees, in connection with higher orders.

 

 

Gas Services

 

• Gas Services once again with record orders for the quarter. Demand from the U.S., including large orders related to data centers, and orders from the Middle East and Asia for new power plants were the key drivers of the development. Both the new units and service business grew substantially.
• Book‑to‑bill ratio was 2.65 and order backlog increased to €73bn.
• Revenue rose substantially, with growth in the new units business exceeding the significant increase in the service business.
• Profit before Special items was sharply up. This was driven by volume and primarily due to the higher margin, reflecting the increased profitability of the processed order backlog in the new units business as well as the year-over-year increase in service volume.

 

 

Grid Technologies

 

• Grid Technologies increased orders in all businesses. The major contribution came from the substantial growth in the transformer business including data center projects. From a regional perspective, demand from Europe and North America was the primary growth driver.
• Book‑to‑bill ratio was 1.48 and the order backlog increased to €51bn.
• Revenue was substantially above the prior‑year quarter’s level, mainly driven by the product business. Growth was supported by expanded production capacities.
• Profit before Special items rose sharply, due to increased volume and improved margin profile of the processed order backlog year-over-year.

 

 

Transformation of Industry

 

• Transformation of Industry showed a substantial increase in orders. Compression’s new units business was the key contributor, benefiting from large orders from the Americas.
• Book‑to‑bill ratio was 1.19, order backlog at the end of the quarter was €8bn, unchanged from the previous quarter. •
• Revenue increased significantly compared with the prior‑year quarter, with all businesses contributing. Growth was achieved in both the new units and service business.
• Profit before Special items and the corresponding margin increased substantially. This was due to the increased volume and positive project-related one‑off effects.

 

 

Siemens Gamesa

 

• Orders declined sharply compared with prior-year quarter’s level. The prior year included two large orders in the offshore business worth more than €3bn, while the recent quarter did not comprise any comparable order intake.
• Book‑to‑bill ratio was 0.38 and the order backlog decreased to €31bn.
• Year-over-year, revenue rose significantly due to an increase in the offshore business. Growth was driven by service revenue, with the new units business also showing a clear increase.
• Profit before Special items improved sharply and returned to profitability. The improvement reflects productivity gains and increased cost efficiency.

 

 

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 

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.

 

 

Notes and forward-looking statements 

The press conference call on Siemens Energy’s financial results of the third quarter of fiscal year 2026 will be broadcasted live for journalists at https://www.siemens-energy.com/pressconference starting at 8:30 a.m. CEST today.

You can also follow the conference call for analysts and investors live at www.siemens-energy.com/analystcall starting at 10:00 a.m. CEST today. 

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.

 

This document is a Quarterly Statement according to § 53 of the Exchange Rules for the Frankfurter Wertpapierbörse.

 

 

 

Financial Results 

Third quarter of fiscal year 2026

 

Key figures

 

 

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