Siemens Energy’s gas turbine boom brives highest-ever order backlog of €136bn
Siemens Energy has delivered a robust third quarter, reinforcing its trajectory towards the upper end of its full-year outlook. The company reported its highest ever quarterly order intake, exceptional revenue gains and a return to net profitability, signalling sustained momentum across its core segments.
In the quarter, orders surged to €16.6 billion, marking a staggering 64.6% increase year-on-year and elevating its order backlog to a record €136 billion. This was largely fuelled by heightened demand from data-centre operators in the United States, which accounted for around 60% of the gas-turbine orders totalling 14 GW so far this year.
Revenue grew strongly by 13.5% to €9.7 billion on a comparable basis. Profit before special items surged to €497 million, boosting the margin to 5.1%, while net profit rebounded sharply to €697 million, compared to a loss of €102 million in the year-ago quarter. Underlying profit (excluding special items) stood at €956 million.
Despite a €100 million headwind from US import tariffs, Siemens Energy remains well-placed thanks to flexible contracts and its substantial US presence. The EU-US tariff agreement, which introduces a 15% duty on most EU goods, has provided greater planning certainty.
With these results, the company remains firmly on target to meet its revised full-year guidance of 13–15% revenue growth, 4–6% margin before special items, net income up to €1 billion, and free cash flow pre-tax around €4 billion.
During an analyst conference, Siemens Energy stressed its strategy to restore profitability at Siemens Gamesa, its offshore wind division, through cost cuts and accelerated offshore scaling. Gamesa is expected to return to break-even in 2026, after a projected €1.3 billion loss before special items in 2025.
Christian Bruch, CEO of Siemens Energy lauded the quarter as a continuation of strong performance, noting, "This puts us on track to meet the upgraded guidance issued in the second quarter, and we are currently trending towards the upper end of the range."
"With the decision to lift the dividend ban following our early exit from the federal Bund Back Guarantee, we are now able to pay a dividend to our shareholders earlier than expected. These are important achievements, and our focus remains on profitable growth through continued excellence in project execution,” he added.
