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

Executive summary

• Q3 revenue reached EUR 17.9 billion, with order intake and profitability rising significantly year-over-year.

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

• Profit before special items tripled compared to last year, with a margin before SI at 14.2%.

• Strong cash flow momentum continued, with free cash flow pre-tax rising to €2.3bn.

• Siemens Gamesa will transition to the Omterra brand as part of a broader standalone strategy.

Financial highlights

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

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

• Profit before special items more than tripled to €1,623m; net income rose 70.5% to €1,188m.

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

• Free cash flow for Siemens Gamesa was EUR -518 million in Q3 and EUR -1.7 billion over nine months.

Outlook and guidance

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

• Guidance for wind business break-even remains for 2026, with cash flow break-even targeted for 2028.

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

• No change to full-year guidance despite strong nine-month performance.

• Positive market outlook for 2027, with more detailed guidance to be provided in November.