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

Executive summary

• Achieved record order intake of €17.6 billion in Q1, the highest since independence, up 33.9% year-over-year, with broad-based regional and technological demand.

• Order backlog reached a new high of €146 billion.

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

• Earnings before special items were €1.159 billion (12% margin); net income was €746 million.

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

Financial highlights

• Q1 order intake: €17.6 billion (+33.9% year-over-year), driven by Gas Services.

• Revenue: €9.675 billion (+12.8% year-over-year).

• Earnings before special items: €1.159 billion (12% margin).

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

• Free cash flow before taxes: €2.87 billion (+87.8% 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 investments through 2028 will focus on Europe, with significant expansion in the U.S.

• Demand for gas turbines expected to remain high through 2030; capacity planning reflects this.

• Gamesa break-even expected in the second half of the year, not Q2.