Siemens Energy (ENR) Q3 2026 (Media) earnings summary

Executive summary

• Q3 revenue reached EUR 17.9 billion, with significant profitability improvement; profit before special items tripled year-over-year and margin before SI was 14.2%.

• Siemens Gamesa returned to profitability for the first time since 2022, supporting overall margin improvement.

• Order intake and revenue both increased, with strong contributions from large projects in the Middle East and Americas, and record orders of EUR 17.9 billion.

• Strong cash flow momentum continued, with free cash flow pre-tax rising to EUR 2.3 billion in Q3.

• Transformation of Industry (TI) segment continues to perform well, with ongoing internal discussions about its future structure.

Financial highlights

• Orders grew 8.5% year-over-year to EUR 17.9 billion; order backlog reached EUR 162 billion.

• Revenue increased 18.5% year-over-year to EUR 11.4 billion, with growth across all segments.

• Profit before special items more than tripled to EUR 1,623 million; margin before special items reached 14.2% in Q3.

• Free cash flow for the group reached EUR 7.2 billion after nine months, with EUR 8 billion targeted for the full year.

• Basic EPS increased to EUR 1.28 from EUR 0.71 year-over-year.

Outlook and guidance

• Fiscal 2026 outlook confirmed: comparable revenue growth of 14–16%, profit margin before special items 10–12%.

• Confident in achieving the upper range of profit margin guidance, with seasonality expected in Q4.

• Net income expected around EUR 4 billion and free cash flow pre-tax around EUR 8 billion for FY 2026.

• Segment guidance: Gas Services (16–18% revenue growth, 14–16% margin), Grid Technologies (25–27% growth, 18–20% margin), Transformation of Industry (5–7% growth, 11–13% margin), Siemens Gamesa (3–5% growth, break-even margin).

• Cash flow break-even for Siemens Gamesa expected by 2028.