Siemens Energy's profit before special items more than tripled to €1.62 billion in the third quarter of fiscal 2026, up from €497 million in the same period a year earlier, according to results published in Munich on August 5, 2026. Record order intake and surging electricity demand — driven in large part by the AI infrastructure buildout — lifted every segment of the business.

Record Orders and Backlog Across All Segments

Order intake reached a new record of €17.9 billion, with growth primarily fueled by demand from the United States. Gas Services posted a record order intake of its own, while Grid Technologies and Transformation of Industry also recorded increases.

The order volume produced a book-to-bill ratio of 1.57, indicating the company secured substantially more new work than it billed during the quarter. The total backlog stood at €162 billion as of the end of June — equivalent to roughly three and a half years of revenue at current quarterly sales levels, providing substantial visibility into future performance.

On an organic basis — excluding currency and portfolio effects — comparable sales climbed 18.5% to €11.4 billion, the highest quarterly figure in the company's history. Net income reached €1,188 million, compared with €697 million in the prior-year quarter. Basic earnings per share rose to €1.28 from €0.71 in the third quarter of fiscal 2025.

Free cash flow before tax improved sharply to €2,319 million from €419 million a year earlier, supported by customer advance payments associated with incoming orders.

Siemens Gamesa Returns to Profitability

Siemens Gamesa, the company's wind segment, posted a positive quarterly result for the first time since fiscal 2022 and is now on track to break even for the full year. The wind business, long the biggest drag on Siemens Energy's performance, was the single largest driver of profit improvement this quarter. The turnaround marks a significant milestone for a division that disclosed extensive quality problems with its onshore 4.X and 5.X turbine platforms in mid-2023, triggering billions in warranty charges and contributing to a need for project-related government-backed guarantees later that year.

"The fact that our wind business has returned to profitability in a quarter for the first time since 2022 is a fantastic achievement by this team," said Christian Bruch, president and CEO of Siemens Energy. Demand for electricity and the company's products "remained strong in the third quarter," he added.

Special items were negative at €59 million, compared with a positive €458 million a year earlier. The prior-year figure was attributable to the demerger of the energy business from Siemens Limited, India.

AI Power Demand Positions Siemens Energy as a Market Proxy

Siemens Energy has emerged as one of the companies investors are targeting to gain exposure to AI-driven growth without directly investing in semiconductor manufacturers. Fund manager Ben Lambert described the company as "absolutely mission critical in getting power from the grid to data centers."

AI models are consuming electricity faster than grids can supply it. Transformer lead times in Europe have stretched to as long as 100 weeks, a bottleneck that also reflects broader grid modernization needs as countries worldwide electrify transportation, heating, and industry alongside connecting renewable generation. Siemens Energy, together with GE Vernova and Mitsubishi Heavy Industries, accounts for more than 70% of global gas turbine production capacity — a concentration that limits the pace at which new thermal capacity can be added even as demand accelerates.

Reaffirmed Full-Year Guidance

Siemens Energy reaffirmed its full-year guidance, which had been raised following the first half of the fiscal year. The profit margin before special items is now expected to land toward the upper end of the guided range.

For fiscal 2026, the company is guiding for comparable revenue growth of 14% to 16%, net income of approximately €4 billion, and free cash flow before tax of approximately €8 billion. Grid Technologies carries the highest growth target of any segment at 25% to 27%, reflecting the scale of transmission and distribution investment now underway as utilities race to connect data centers, renewable projects, and electrified loads to networks that were sized for a different era of demand.