Siemens Energy (ENR) Pre-close call summary

Executive summary

• Guidance for fiscal year 2026 is reaffirmed, with no material direct impact from Middle East conflicts currently expected.

• Q2 results will be published on May 12th, with a silent period beginning March 31st.

• Safety of 3,000 employees in the Middle East is prioritized, with ongoing monitoring of logistics and investment sentiment.

Trading performance and revenue trends

• Q1 order intake in Gas Services reached 13GW, with strong demand across regions and applications.

• Gas turbine capacity is sold out until fiscal year 2028, with 2029 slots filling quickly and some 2030 bookings.

• Grid Technologies market has doubled over three years, with book-to-bill at or above two for three consecutive years.

• Offshore wind order intake in fiscal 2026 is expected to be muted due to auction timing shifts.

Profitability and margins

• Gas Services profitability is typically stronger in the first half, with margin uplift from new units expected to become more visible over time.

• Grid Technologies profit margins are expected to remain stable, with last year's Q2 boosted by a one-off EUR 100 million item.

• Siemens Gamesa expects a negative first half, positive second half, and full-year breakeven.