Siemens Energy (ENR) Q1 2026 (Media) earnings summary

Executive summary

• Order intake reached €17.6 billion, the highest since independence, driven by Gas Services and broad-based regional and technological demand.

• Net income was €746 million, with earnings before special items at €1.159 billion (12% margin).

• Free cash flow before taxes stood at €2.87 billion, nearly doubling year-over-year.

• Revenue rose 12.8% year-over-year to €9.7 billion, with all segments reporting growth.

• Over $1 billion will be invested to expand U.S. capacities.

Financial highlights

• Orders: €17.6 billion (+33.9% year-over-year); Revenue: €9.7 billion (+12.8% year-over-year).

• Net income: €746 million (+196.3% year-over-year); Basic EPS: €0.79.

• Earnings before special items at €1.159 billion, 12% margin.

• Free cash flow before taxes at €2.87 billion (+87.8% year-over-year).

• Order backlog at €146 billion, a new record (+11.3% year-over-year).

Outlook and guidance

• Fiscal 2026 guidance: comparable revenue growth of 11–13%, profit margin before special items of 9–11%.

• Net income expected between €3 billion and €4 billion; free cash flow pre-tax between €4 billion and €5 billion.

• Most of the planned $6 billion investments by 2028 will be in Europe, with significant ongoing U.S. expansion.

• Gamesa is expected to reach break-even in the second half of the year.

• Demand for gas turbines remains extremely high, with delivery slots extending to 2029–2030.