Siemens Energy (ENR) Pre-close call summary

Executive summary

• Guidance for fiscal year 2026 is reaffirmed, with no material direct impact from Middle East conflicts currently expected.

• Q2 results will be published on May 12, 2026, with a silent period starting March 31.

• Safety of employees in the Middle East and continuity for customers remain top priorities.

Trading performance and revenue trends

• Q1 order intake in Gas Services reached 13 GW, with strong demand across regions and applications.

• Gas turbine capacity is sold out until fiscal year 2028, with 2029 slots filling quickly and some 2030 bookings.

• Grid Technologies market has doubled over three years, with book-to-bill at or above 2 for three consecutive years.

• Offshore wind order intake in fiscal 2026 is expected to be muted due to timing shifts, with some projects moving to the next year.

Profitability and margins

• Gas Services profitability is typically stronger in the first half, though the effect will be less pronounced in 2026 as higher-margin new units convert through the P&L.

• Grid Technologies profit margins are expected to remain stable, with last year's Q2 boosted by a one-off EUR 100 million item.

• Siemens Gamesa expects a negative first half, positive second half, and full-year breakeven.

• Margin uplift in services will become more visible toward the end of the decade, beyond fiscal year 2028.