Siemens Energy’s profit before special items more than tripled to €1.62 billion in the third quarter of fiscal 2026 from €497 million a year earlier. Record orders and rising electricity demand boosted every part of the business.

The results were published in Munich on August 5, 2026. Investors have already bid up the stock as a proxy for the AI power crunch.

Record orders lift every segment as Gamesa turns a profit

The earnings release said that order intake was another record at €17.9 billion. The growth was mainly driven by demand from the United States, said Siemens Energy.

Gas Services also reported a record order intake of its own, while Grid Technologies and Transformation of Industry also rose. The order load left a book-to-bill ratio of 1.57, meaning the company took in far more work than it billed. Backlog was €162 billion at the end of June.

On an organic basis, excluding currency and portfolio effects, comparable sales rose 18.5% to €11.4 billion, the highest figure for a quarter so far. Net income was €1,188 million compared with €697 million in the prior year.

Basic earnings per share were €1.28, versus €0.71 in the same quarter of fiscal 2025. Free cash flow before tax improved to €2,319 million from €419 million a year earlier, supported by customer advance payments tied to the incoming orders.

Siemens Gamesa posted a positive result for the quarter for the first time since fiscal 2022 and is on course to break even for the year. The wind segment had been the biggest drag on the company. It was the single biggest driver of the profit improvement this quarter.

“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,” Christian Bruch, president and CEO of Siemens Energy, said.

Demand for electricity and the company’s products “remained strong in the third quarter,” he added.

Special items were negative at €59 million versus positive €458 million a year earlier. The previous figure was on account of the demerger of the energy business from Siemens Limited, India.

AI power demand drives the stock and lifts the outlook

Siemens Energy has become one of the names investors buy to bet on AI without buying chipmakers.

Fund manager Ben Lambert called the company “absolutely mission critical in getting power from the grid to data centers.”

AI models consume electricity faster than grids can supply it. Transformer lead times in Europe stretch to as long as 100 weeks, according to a previous Cryptopolitan report.

Siemens Energy, along with GE Vernova and Mitsubishi Heavy Industries, accounts for more than 70% of global gas turbine production capacity, per Cryptopolitan’s October report.

Siemens Energy reaffirmed its full-year guidance, which it had raised after the first half. Profit margin before special items is now expected to land toward the upper end of the guided range.

The company is guiding for fiscal 2026 comparable revenue growth of 14% to 16%, net income of ~€4 billion, and free cash flow before tax of ~€8 billion. Grid Technologies has the highest growth target of any segment at 25% to 27%.

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