Siemens Energy (ENR) Q2 2025 (Media) earnings summary

Executive summary

• Achieved the most successful quarter since company founding in 2020, with record order intake and revenue driven by strong demand across all segments, especially Gas Services and Grid Technologies.

• Orders surged 52.3% year-over-year to €14.4bn, with revenue rising 20.7% to €10.0bn, and double-digit growth in all segments.

• Net income increased to €501m from €108m in Q2 FY 2024; free cash flow pre-tax jumped to €1,390m from €483m.

• Raised full-year guidance for revenue growth, profit margin, net income, and free cash flow, reflecting confidence in continued market opportunities and project execution.

• Order backlog reached a new high of €133bn, providing strong visibility for future revenue.

Financial highlights

• Quarterly order intake exceeded €14.4bn, up more than 50% year-over-year.

• Revenue rose 20.7% year-over-year to just under €10bn, the highest ever quarterly revenue.

• Profit before special items increased over fivefold to €906m (margin 9.1%).

• EBITDA for Q2 was €1,188m, up 49.8% year-over-year.

• Cash and cash equivalents at quarter-end were €8,983m, with adjusted net cash position at €4,682m.

Outlook and guidance

• Full-year comparable revenue growth now expected at 13%-15% (previously 8%-10%).

• Profit margin guidance raised to 4%-6% (from 3%-5%).

• Net income forecast up to €1bn (previously break-even), excluding positive special items from the India demerger.

• Free cash flow pre-tax expected around €4bn (previously up to €1bn).

• Segment guidance: Gas Services revenue growth 11–13%, margin 11–13%; Grid Technologies revenue growth 24–26%, margin 14–16%; Transformation of Industry revenue growth 13–15%, margin 9–11%; Siemens Gamesa revenue growth 0–2%, negative profit before special items ~€1.3bn.