Q1 FY 2026: Continued market momentum drives strong start to the year

Christian Bruch, CEO of Siemens Energy:

"We have made a very strong start to the financial year. Sustained high demand in our gas turbines and grid technologies businesses is making a significant contribution to overall performance. Also in the wind business, there are early signs of a modest improvement.”

• Gas Services: Gas Services delivered its strongest quarter ever in terms of order intake, booking 102 gas turbines. 12 gigawatts were converted from existing reservation agreements, at and the same time 12 gigawatts of new reservations. Q1 orders were 40% from the US, 35% from Europe, and 15% from the Middle East and China. The Business Area saw a sharp increase in Profit before Special items thanks to improved margin quality in the new unit business (Profit margin before Special items: 16.6%).
• Grid Technologies: Strong increase in orders here as well, compared with Q1 in 2025 (21,8%). Growth was driven by robust demand across both products and solutions. The US contributed with several data-center-related orders amounting to a high triple-digit-millioneuro volume. Globally, customers are accelerating investments in transmission capacity to integrate rising power capacities and strengthen grid stability. Strong business growth led to an equally strong increase in profit (profit margin before Special items: 17.6%).
• Transformation of Industry: Strong improvement in order intake, driven in particular by compressors and electrification. Large new unit orders in the Middle East.
• Siemens Gamesa: Compared with the very strong prior-year quarter, orders were lower at €1.5 billion (–33.7%). This is due to an exceptionally large offshore order in the North Sea from the previous year, which alone accounted for over €1.4 billion. On the other hand, the significant improvement in operating profit, which reached –€46 million, is encouraging. Due to one-time negative special effects in connection with the completion of the sale of our Indian wind business (€175 million), the profit came in at –€221 million.

• 2026: Outlook confirmed. Expected revenue growth of 11-13%, profit margin before Special items 9-11%, Net income €3-4 billion, and Free cash flow pre tax of €4-5 billion.
• Siemens Gamesa continues to plan to break even in the 2026 fiscal year. The underlying operational measures are showing results, in particular the improved productivity in Offshore and increased service profitability in Onshore.
• Market environment: Current positive trends in the energy sector are expected to continue.

• The first quarter continued the positive development of the past fiscal year.
• The market environment in the energy sector remained intact, with market momentum remaining strong, particularly in power generation and power distribution.
• The focus is on the new record order backlog (€146 billion), the strong performance of Grid Technologies and Gas Services, the results in the wind business, and the high cash generation.
• Siemens Energy is focusing on successfully processing its high order backlog and expanding its factory capacities.