Siemens Energy AG Q4 2026 Earnings Recap

Shares rose 10.6% after Siemens Energy reported a record year, with full-year pre-special-items margin of 12.4% and pre-tax free cash flow of €8.8 billion. The positive reaction also reflects its forward plan to expand production capacity by more than 50% by fiscal 2030.

Key Takeaways

• Q4 comparable revenue reached a record €12.8 billion, up 21%; profit before special items more than tripled to €1.5 billion, a 12% margin.
• For fiscal 2026, comparable revenue grew 15.5%, net income was €4.1 billion, and the pre-special-items margin improved by 640 basis points year over year.
• Pre-tax free cash flow rose to €8.8 billion for the year, up €4.1 billion; the order backlog grew by €26 billion.
• Siemens Gamesa delivered its second consecutive profitable quarter and broke even for the full year.
• Management plans to increase capacity in gas turbines, power transformers, and gas-insulated switchgear by more than 50% by fiscal 2030; 96% of fiscal 2026 CapEx projects were within budget and progressing as planned.