Siemens Energy (ENR) Q1 2026 earnings summary

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.