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Siemens Energy (ENR) investor relations material
Siemens Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record order intake of €16.6 billion, up nearly 65% year-over-year, with strong contributions from all business segments, especially the US and offshore wind.
Revenue grew 13.5% year-over-year to €9.7 billion, maintaining double-digit growth.
Net income reached €697 million, reversing a net loss of €102 million in the prior year; profit before special items at €497 million, margin 5.1%, up 450bps.
Order backlog reached a record €136 billion, providing strong revenue coverage for future periods.
Exited Bund guarantees, lifting dividend restrictions for FY25 and enabling potential dividend payments.
Financial highlights
Profit before special items increased tenfold year-over-year, driven by higher volumes and improved pricing.
Free cash flow pre-tax was €419 million, down from €727 million, mainly due to Siemens Gamesa's working capital and expansion investments.
Net cash position at quarter-end was €4.4 billion, with adjusted net debt at -€4,388 million.
CapEx in Q3 exceeded €450 million, focused on capacity expansion in offshore wind, gas services, and grid technology.
S&P and Moody’s upgraded outlooks to positive, affirming investment grade ratings.
Outlook and guidance
Fiscal 2025 guidance reaffirmed: 13–15% comparable revenue growth, profit margin before special items of 4–6%.
Net income expected up to €1 billion, excluding special items; free cash flow pre-tax around €4 billion.
Segment guidance: Gas Services (11–13% revenue growth, 11–13% margin), Grid Technologies (24–26% growth, 14–16% margin), Transformation of Industry (13–15% growth, 9–11% margin), Siemens Gamesa (0–2% growth, ~€1.3bn negative profit before special items).
Additional negative profit impact from tariffs expected in Q4, but mitigation measures in place.
Guidance excludes potential future legal and regulatory charges; midterm targets to be updated at Capital Markets Day.
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