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Siemens Energy (ENR) investor relations material

Siemens Energy Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary11 Feb, 2026

Executive summary

  • Achieved record order intake of €17.6bn in Q1 FY2026, up 34% year-over-year, with broad-based demand across all regions and business areas.

  • Order backlog reached a new high of €146bn, providing strong visibility for FY2026 and beyond.

  • Revenue grew 12.8% year-over-year to €9.7bn, with all segments contributing.

  • Net income rose to €746m, up €494m year-over-year, with basic EPS at €0.79.

  • Free cash flow reached a record €2.9bn, nearly doubling last year's result.

Financial highlights

  • Book-to-bill ratio was 1.82, indicating strong order momentum.

  • Profit before special items was €1,159m, margin of 12% (up from 5.4% last year).

  • Special items were negative €152m, mainly due to the sale of the Indian wind business.

  • Adjusted net cash position at quarter-end was €7.6bn.

  • CapEx for the quarter was €347m; full-year CapEx expected at 5% of revenues (~€2.5bn).

Outlook and guidance

  • FY2026 and FY2028 targets remain unchanged, with strong Q1 performance but caution on seasonality (stronger H1 than H2).

  • FY2026 guidance confirmed: revenue growth of 11–13%, profit margin before special items of 9–11%.

  • Net income guidance for FY2026 is €3bn–€4bn; free cash flow pre-tax expected at €4bn–€5bn.

  • Revenue coverage for FY2026 is ~90%, and for FY2027 just over 70%.

  • Management will reassess guidance at the half-year mark.

What drives Gamesa's FY26 break-even target?
What underpins strong US order growth?
Are Q1 cash flow timing effects sustainable?
Gas orders: Upside to 36 GW annual target?
Supply chain impact on delivery and costs?
SGRE underlying profit trajectory for FY26?
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Frequently asked questions

Siemens Energy AG provides products, services, and solutions for the generation, transmission, and storage of energy. The company operates across segments including gas and power, grid technologies, and renewable energy services. Siemens Energy serves utilities, independent power producers, industrial companies, and governments worldwide. The company is headquartered in Munich, Germany, and its shares are listed on the XETRA.

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