Siemens Energy closed its fiscal year on 30 September with more work on its books than it has ever had. The results published in Munich on 11 November show orders of EUR 68.1 billion, up 18.8% on a comparable basis, revenue of EUR 44.2 billion, up 15.5%, and an order backlog of EUR 164 billion, which the company calls a record. Net income came to EUR 4.13 billion, after EUR 1.69 billion the year before.
Gas Services Took Almost Half The Orders
The trade site GreentechLead, which went through the segment figures, puts the Gas Services order intake at EUR 32.85 billion. That is 45.9% more than a year earlier on a comparable basis and about 48% of everything the group booked. Orders from the United States rose 70.8% to EUR 27.7 billion, making it the largest growth market. Gas Services revenue reached about EUR 14.5 billion, and the margin before special items went from 13% to 16.4%.
For the fourth quarter alone the company's release reports record Gas Services revenue of EUR 4.17 billion and a segment backlog of EUR 74 billion. Service orders rose substantially in the quarter, while new-unit orders followed the timing of large projects. One line in the release deserves a second look: a positive special item of EUR 251 million from reversing impairments on aeroderivative gas turbine assets, which Siemens Energy puts down to renewed customer demand. Equipment the company had written down is worth money again.
Grid Technologies also had a record quarter with EUR 4.36 billion of revenue, a backlog of EUR 52 billion and a full-year margin of 18.9%. The wind business Siemens Gamesa broke even before special items over the year, as planned.
Guidance For 2027 And Targets For 2030
For fiscal 2027 Siemens Energy expects comparable revenue growth of 14% to 16%, a margin before special items in the same range and net income of about EUR 5 billion. Gas Services is to grow by 24% to 26% with a margin of 18% to 20%, Grid Technologies by 22% to 24% with 21% to 23%. By fiscal 2030 the group margin is to reach 20% to 22%, with revenue growing 12% to 14% a year on the way. Shareholders are to receive a dividend of EUR 2.30 per share after EUR 0.70, and up to EUR 9 billion more in share buybacks by the end of fiscal 2030.
Chief executive Christian Bruch said the company had met all the targets it raised during the year. As reasons for the demand the release lists electrification of transport, heating, cooling and industry, data centers built for AI, investment in generation and grid equipment above all in North America, and coal phase-outs. What it does not give is a count of gas turbines sold, a figure in gigawatts or a delivery time. GreentechLead notes that advance payments and reservation fees helped cash generation, which says something about how customers are securing their slots. Mitsubishi Heavy Industries was more specific in its own half-year report, as described in our item on its turbine backlog.
A Backlog Is Also A Queue
Set the EUR 74 billion Gas Services backlog against the segment's annual revenue of about EUR 14.5 billion and the order book covers roughly five years of work at the present rate. Add a margin that is guided upward and a buyer has little reason to expect shorter waits or lower prices soon.
For a project team the turbine date then fixes everything else. The equipment around the machine - generator and lube oil cooling, inlet air treatment, step-up transformers, switchgear - tends to be ordered late, against a date that can no longer move, and with the grid business carrying a EUR 52 billion backlog of its own the electrical side is in the same queue. It pays to place those auxiliary enquiries while the turbine contract is still being negotiated. The plant types concerned are on our gas turbines and power plants pages.
Sources: Siemens Energy (press release via EuropaWire), GreentechLead
