Outlook for fiscal year 2026
Siemens Energy now expects for the group to achieve comparable revenue growth (excluding currency translation and portfolio effects) in fiscal year 2026 in a range of 14% to 16% (before 11% to 13%) and a Profit margin before Special items between 10% and 12% (before between 9% and 11%). Siemens Energy expects a Net Income of around €4bn (before €3bn to €4bn) and a Free cash flow pre tax of around €8bn (before €4bn to €5bn).
Overall assumptions per business area
- Gas Services assumes a comparable revenue growth of 16% to 18% and a Profit margin before Special items of 14% to 16%.
- Grid Technologies now plans to achieve a comparable revenue growth of 25% to 27% (before 19% to 21%) and a Profit margin before Special items between 18% and 20% (before between 16% and 18%).
- Transformation of Industry expects a comparable revenue growth of 5% to 7% and a Profit margin before Special items of 11% to 13%.
- Siemens Gamesa now assumes a comparable revenue growth of 3% to 5% (before 1% to 3%) and a Profit margin before Special items still at break-even.
Preliminary results for the second quarter of fiscal year 2026
Siemens Energy
Orders: €17,749m (Q2 FY2025: €14,433m; consensus: €15,635m), up 29.5% comparable
Revenue: €10,294m (Q2 FY2025: €9,962m; consensus: €10,841m), up 8.9% comparable
Profit: €1,109m (Q2 FY2025: €615m; consensus: €1,184m)
Profit before Special Items: €1,164m (Q2 FY2025: €906m; consensus: €1,224m), reflecting a margin of 11.3% (Q2 FY2025: 9.1%; consensus: 11.3%)
Net Income: €835m (Q2 FY2025: €501m; consensus: €911m)
Free cash flow pre tax: €1,975m (Q2 FY2025: €1,390m)
Gas Services
Orders: €8,869m (Q2 FY2025: €7,038m; consensus: €7,306m), up 32.4% comparable
Revenue: €3,478m (Q2 FY2025: €3,163m; consensus: €3,558m), up 15.0% comparable
Profit before Special Items: €552m (Q2 FY2025: €511m; consensus: €621m), reflecting a margin of 15.9% (Q2 FY2025: 16.1%; consensus: 17.4%)
Free cash flow pre tax: €1,814m (Q2 FY2025: €1,004m)
Grid Technologies
Orders: €6,996m (Q2 FY2025: €5,209m; consensus: €5,602m), up 41.5% comparable
Revenue: €3,067m (Q2 FY2025: €2,861m; consensus: €3,301m), up 12.3% comparable
Profit before Special Items: €524m (Q2 FY2025: €571m; consensus: €590m), reflecting a margin of 17.1% (Q2 FY2025: 19.9%; consensus: 17.9%)
Free cash flow pre tax: €735m (Q2 FY2025: €633m)
Transformation of Industry
Orders: €1,254m (Q2 FY2025: €1,564m; consensus: €1,565m), down 15.7% comparable
Revenue: €1,422m (Q2 FY2025: €1,411m; consensus: €1,466m), up 5.4% comparable
Profit before Special Items: €171m (Q2 FY2025: €155m; consensus: €174m), reflecting a margin of 12.0% (Q2 FY2025: 11.0%; consensus: 11.9%)
Free cash flow pre tax: €46m (Q2 FY2025: €145m)
Siemens Gamesa
Orders: €846m (Q2 FY2025: €875m; consensus: €1,364m), up 3.3% comparable
Revenue: €2,526m (Q2 FY2025: €2,706m; consensus: €2,665m), up 0.4% comparable
Profit before Special Items: neg. €44m (Q2 FY2025: neg. €249m; consensus: neg. €74m), reflecting a margin of neg. 1.7% (Q2 FY2025: neg. 9.2%; consensus: neg. 2.8%)
Free cash flow pre tax: neg. €654m (Q2 FY2025: neg. €333m)
Siemens Energy AG will publish its full earnings release for the second quarter of fiscal year 2026 on May 12, 2026.
Explanations of financial measures used can be found in the Annual Report 2025 of Siemens Energy AG (available at www.siemens-energy.com/annual-report-2025), in particular in Section 2.2.
Siemens Energy AG is also guarantor for the bond with ISIN XS2601459162.
