Siemens Energy reported record revenue of €44.2 billion and new orders worth €68.1 billion for fiscal year 2026, supported by strong demand for gas turbines, electricity grid infrastructure and energy technology projects. The German energy technology company ended September 2026 with a record order backlog of €164 billion, providing substantial visibility for future revenue growth.
Siemens Energy’s revenue increased 15.5 percent, while orders expanded 18.8 percent. The company reported a book-to-bill ratio of 1.54, indicating that new order bookings significantly exceeded annual revenue.
Profit before special items more than doubled to €5.49 billion from €2.36 billion, while the profit margin increased to 12.4 percent from 6 percent.
Siemens Energy also announced financial targets for 2030, including annual revenue growth of 12–14 percent and a profit margin of 20–22 percent.
Siemens Energy Orders Rise to €68.1 Billion as US Bookings Surge 70.8%
Siemens Energy secured €68.1 billion in orders during fiscal 2026, compared with €58.9 billion in the previous year, representing reported growth of 15.6 percent and comparable growth of 18.8 percent.
The United States emerged as the company’s largest growth market, with order bookings increasing 70.8 percent to €27.7 billion.
Gas Services contributed the largest share of new orders, followed by Grid Technologies, Transformation of Industry and Siemens Gamesa.
The Gas Services business accounted for approximately 48 percent of Siemens Energy’s consolidated order bookings, reflecting demand for gas turbine equipment and related services.
Grid Technologies generated nearly €24 billion in orders, supported by investment in electricity transmission, grid expansion and modernization.
Siemens Gamesa recorded a decline in order bookings to €5.86 billion from €9.32 billion, reflecting a particularly strong previous year that included major Baltic Sea wind energy orders.
In the fourth quarter alone, Siemens Energy received €14.82 billion in orders, compared with €14.21 billion in the corresponding quarter of fiscal 2025.
Siemens Energy Order Backlog Reaches Record €164 Billion
Siemens Energy ended fiscal 2026 with an order backlog of €164 billion, establishing a new company record.
The book-to-bill ratio of 1.54 demonstrated strong demand across the company’s energy technology portfolio.
The company is expanding manufacturing capacity at existing facilities to support higher equipment output and accelerate the conversion of booked orders into revenue.
Customer advance payments, including reservation fees, also contributed to improved cash generation during fiscal 2026.
Siemens Energy Revenue Reaches €44.2 Billion
Siemens Energy generated revenue of €44.24 billion in fiscal 2026, compared with €39.08 billion in fiscal 2025.
Reported revenue increased 13.2 percent, while comparable revenue growth, excluding currency translation and portfolio effects, reached 15.5 percent.
Revenue performance by business segment
| Business segment | FY2026 revenue | Comparable growth |
| Gas Services | €14.50 billion | +20.3% |
| Grid Technologies | €14.11 billion | +26.2% |
| Transformation of Industry | €5.85 billion | +3.4% |
| Siemens Gamesa | €10.56 billion | +6.7% |
Segment revenue figures are before group-level consolidation adjustments.
Gas Services revenue increased from €12.20 billion to €14.50 billion, supported by higher equipment deliveries and service activity.
Grid Technologies revenue increased from €11.31 billion to €14.11 billion, making it one of Siemens Energy’s fastest-growing businesses.
Siemens Gamesa generated €10.56 billion in revenue, compared with €10.38 billion in the previous fiscal year.
Transformation of Industry revenue reached €5.85 billion, compared with €5.72 billion a year earlier.
In the fourth quarter, Siemens Energy reported revenue of €12.83 billion, representing comparable growth of 21.5 percent. Both Gas Services and Grid Technologies achieved their highest quarterly revenue to date.
Gas Services Secures €32.8 Billion in Orders
Gas Services emerged as Siemens Energy’s largest order-generating business during fiscal 2026.
Orders increased 45.9 percent on a comparable basis to €32.85 billion, compared with €23 billion in fiscal 2025.
Revenue increased 20.3 percent on a comparable basis to €14.50 billion.
Profit before special items increased to €2.39 billion from €1.58 billion, while the profit margin improved to 16.4 percent from 13 percent.
Siemens Energy expects demand for gas turbine equipment to create additional long-term service revenue as new installations expand its operating fleet.
For fiscal 2027, the company expects Gas Services revenue to grow 24–26 percent on a comparable basis, with a profit margin of 18–20 percent.
By fiscal 2030, Siemens Energy targets annual revenue growth of 15–17 percent and a profit margin of 25–27 percent for Gas Services.
Grid Technologies Orders Reach €24 Billion
Siemens Energy’s Grid Technologies business recorded orders of €23.98 billion in fiscal 2026, compared with €21.42 billion in the previous year.
Comparable order growth reached 14.5 percent, while revenue increased 26.2 percent on a comparable basis to €14.11 billion.
Profit before special items increased to €2.66 billion from €1.79 billion.
The segment’s profit margin improved to 18.9 percent from 15.8 percent.
Siemens Energy is expanding manufacturing capacity to address growing demand for electricity transmission and grid modernization equipment.
The company expects continued investment in grid expansion, modernization and system stabilization to support long-term demand beyond 2030.
For fiscal 2027, Siemens Energy forecasts Grid Technologies revenue growth of 22–24 percent and a profit margin of 21–23 percent.
Its fiscal 2030 targets include annual revenue growth of 16–18 percent and a profit margin of 24–26 percent.
Siemens Gamesa Revenue Reaches €10.6 Billion as Wind Business Returns to Break-Even
Siemens Gamesa reported revenue of €10.56 billion in fiscal 2026, representing comparable growth of 6.7 percent.
The wind turbine business achieved profit before special items of €8 million, compared with a loss of €1.36 billion in fiscal 2025.
The improvement of approximately €1.37 billion was the largest single contributor to Siemens Energy’s overall profitability recovery.
However, Siemens Gamesa’s annual order bookings declined 31.1 percent on a comparable basis to €5.86 billion.
The business recorded negative free cash flow before tax of €1.58 billion, compared with negative €1.75 billion in fiscal 2025.
In the fourth quarter, Siemens Gamesa secured €2.41 billion in orders, more than double the €1.12 billion recorded a year earlier. Comparable order growth reached 148.1 percent.
Fourth-quarter revenue increased 9.1 percent on a comparable basis to €2.94 billion.
The wind business reported quarterly profit before special items of €23 million, compared with a loss of €303 million in the corresponding quarter of fiscal 2025.
Siemens Energy expects Siemens Gamesa to achieve revenue growth of 5–7 percent annually by fiscal 2030, with a profit margin of 8–10 percent.
For fiscal 2027, however, the company expects Siemens Gamesa’s comparable revenue to decline by 1–3 percent, with a profit margin of 0–2 percent.
Siemens Energy Investment and Capacity Expansion Strategy
Siemens Energy is prioritizing manufacturing capacity expansion, improved project execution and profitable conversion of its €164 billion order backlog.
Capacity expansions at existing Gas Services and Grid Technologies facilities contributed to higher equipment output during fiscal 2026.
Siemens Energy also plans to separate its Transformation of Industry business into a standalone entity.
Transformation of Industry generated €6.35 billion in orders and €5.85 billion in revenue during fiscal 2026.
Its profit before special items increased to €707 million from €646 million, with the profit margin reaching 12.1 percent.
Siemens Energy expects the business to achieve annual revenue growth of 3–5 percent and a profit margin of 14–16 percent by fiscal 2030.
Siemens Energy Targets 14–16% Revenue Growth in 2027
Siemens Energy expects continued expansion in fiscal 2027, supported by its record order backlog and higher manufacturing output.
The company forecasts comparable revenue growth of 14–16 percent and a profit margin before special items of 14–16 percent.
Net income is expected to reach approximately €5 billion, while free cash flow before tax is projected at around €10 billion.
For fiscal 2030, Siemens Energy has established the following targets:
| Business | Annual revenue growth target | Profit margin target |
| Siemens Energy Group | 12–14% | 20–22% |
| Gas Services | 15–17% | 25–27% |
| Grid Technologies | 16–18% | 24–26% |
| Transformation of Industry | 3–5% | 14–16% |
| Siemens Gamesa | 5–7% | 8–10% |
The revenue growth targets represent compound annual growth rates based on fiscal 2025, rather than growth in fiscal 2030 alone.
Siemens Energy expects Gas Services and Grid Technologies to remain important drivers of revenue and profit growth, supported by electricity infrastructure investment, equipment orders and long-term service opportunities.
The company is also targeting further profitability improvements at Siemens Gamesa while pursuing the planned separation of Transformation of Industry.
With €68.1 billion in annual orders, a €164 billion backlog and projected revenue growth of 14–16 percent in fiscal 2027, Siemens Energy is positioning its gas turbine, grid infrastructure and wind energy businesses for further expansion.
BABURAJAN KIZHAKEDATH
