Siemens Energy (ENR) Q3 2025 (Media) earnings summary

Executive summary

• Achieved record order intake of EUR 16.6 billion in Q3, up 64.6% year-over-year, with all segments contributing, especially Siemens Gamesa's large offshore orders.

• Revenue increased by 13.5% to EUR 9.7 billion compared to the same quarter last year, maintaining double-digit growth.

• Net income reached EUR 697 million, reversing a net loss of EUR 102 million in Q3 FY 2024; profit margin before special items was 5.1%.

• Profit before special items rose to EUR 497 million, with a margin of 5.1%.

• Free cash flow pre-tax was EUR 419 million, down from EUR 727 million year-over-year, mainly due to working capital at Siemens Gamesa and expansion investments.

Financial highlights

• Orders grew by 64.6% on a comparable basis to EUR 16,613 million; book-to-bill ratio at 1.7; order backlog at a record EUR 136 billion.

• Profit before special items rose almost 10x year-over-year to EUR 497 million.

• Free cash flow was EUR 419 million, about EUR 300 million lower than Q3 prior year due to working capital changes.

• Special item: Demerger of Siemens Energy India Ltd. added EUR 0.5 billion to profit.

• EBITDA reached EUR 1,275 million in Q3.

Outlook and guidance

• Reaffirmed upgraded guidance, trending toward the upper end of target ranges for FY 2025.

• FY 2025: Comparable revenue growth expected at 13–15%, profit margin before special items at 4–6%.

• Net income expected up to EUR 1 billion, excluding EUR 0.5 billion positive special items from the India demerger.

• Free cash flow pre-tax for FY 2025 expected around EUR 4 billion.

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