Siemens Energy (ENR) Q2 2026 earnings summary

Executive summary

• Achieved record order intake of €17.7bn in Q2 FY2026 and a record order backlog of €154bn, with strong demand in the U.S. and broad-based improvements across all segments, especially Gas Services and Grid Technologies.

• Revenue rose to €10.3bn in Q2, up 9% year-over-year on a comparable basis, with net income at €835m, up over €330m year-over-year.

• Profit margin before special items reached 11.3%, with profitability improving by over 200bps year-over-year.

• Free cash flow pre-tax was €2bn in Q2 and €4.8bn for the first half, leading to an upward revision of full-year free cash flow guidance.

• Raised full-year guidance for revenue growth, profit margin, net income, and free cash flow, driven by strong performance, especially in Grid Technologies.

Financial highlights

• Orders reached €17.7bn in Q2, up 30% year-over-year, driven by Gas Services and Grid Technologies; book-to-bill ratio was 1.72.

• Order backlog increased by €8bn in one quarter to €154bn, with 44% service-related, supporting recurring revenues.

• Profit before special items was €1,164m (margin 11.3%), up 220bps year-over-year; net income for Q2 was €835m.

• Free cash flow pre-tax for the first half was €4.8bn; full-year guidance raised to €8bn.

• EBITDA for Q2 was €1,455m, up 22.4% year-over-year.

Outlook and guidance

• Comparable revenue growth guidance raised to 14%-16% for FY2026 (from 11%-13%).

• Profit margin before special items now expected at 10%-12% (up from 9%-11%).

• Net income guidance increased to around €4bn.

• Free cash flow pre-tax guidance raised to around €8bn.

• Segment guidance: Gas Services margin 14-16%, Grid Technologies 18-20%, Transformation of Industry 11-13%, Siemens Gamesa break-even.