Siemens Energy said orders reached €50.2 billion, revenue totaled €34.5 billion, and a net income of €1.335 billion for the fiscal year.
A record order backlog of €123 billion provides a strong foundation for future growth and profitability.
Siemens Energy’s Grid Technologies business achieved significant growth with a 34 percent increase in orders, supported by expanding manufacturing in India and the U.S.
Siemens Energy’s Gas Services business said orders grew by 28 percent, with major projects like a $1.5 billion gas turbine order in Saudi Arabia. High orders are driven by demand for carbon reduction solutions.
Siemens Gamesa is continuing its turnaround, with restructuring and restarting sales of the 4.X onshore platform.
Siemens Energy is making strides in green technology with new factories for SF6-free switchgear components and expansion to support renewable energy infrastructure.
Siemens Energy reached an agreement with the German government for counter guarantees on order backlogs but will forgo dividends for 2024 as a condition.
Industry projects that global electricity demand will nearly double by 2050, climbing from 26,000 TWh in 2023 to 50,000 TWh. This growth supports favorable conditions across its portfolio, Siemens Energy said in a news report.
Siemens Energy is expecting 8-10 percent growth in revenue in fiscal 2025 with profit margin of 3-5 percent before special items.
CFO Maria Ferraro highlights Siemens Energy’s commitment to a strong balance sheet and robust cash flow, positioning the company for sustainable shareholder value through growth and higher margins.