Siemens Energy (ENR) Q3 2026 earnings summary

Executive summary

• Achieved record orders (€17.9B), record revenue (€11.4B), and significant margin expansion in Q3 FY2026, with all segments contributing to growth.

• Siemens Gamesa returned to profitability for the first time since Q4 FY2022, marking a key turnaround milestone.

• Strong cash flow momentum continued, driven by higher profit and customer advance payments.

• Announced transition to a unified brand, Omterra, for Siemens Energy and Siemens Gamesa, to be implemented in phases.

Financial highlights

• Orders up 8.5%-19% year-over-year to €17.9B; order backlog at €162B (+20% YoY), providing high revenue visibility.

• Revenue up 18.5%-19% YoY to €11.4B; profit before special items tripled to €1.6B–€1.88B (margin 14.2%, +910bps YoY).

• Net income rose 70%-70.5% YoY to €1.188B for Q3; net income for Q1-Q3 FY26 was €2.769B.

• Free cash flow pre-tax reached €7.2B year-to-date; Q3 free cash flow pre-tax at €2.3B.

• Book-to-bill ratio at 1.57x; strong cash conversion and customer advance payments supported cash flow.

Outlook and guidance

• FY2026 outlook reaffirmed: revenue growth of 14%-16%, profit margin before special items 10%-12%, net income ~€4B, free cash flow pre-tax ~€8B.

• Profitability expected at upper end of margin range; strong order backlog provides visibility into FY2027 and beyond.

• Segment guidance: Gas Services margin 14-16%, Grid Technologies 18-20%, Transformation of Industry 11-13%, Siemens Gamesa break-even.