Siemens Energy Ag · XETR:ENR
Siemens Energy — Q1 2026 Earnings Presentation
25 slides from Siemens Energy's earnings presentation, Feb 11, 2026
Slide 1: Continued market momentum drives strong start into the year
Continued market momentum drives strong start into the year Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q1 FY26 Berlin, February 11, 2026 February Siemens Energy 2026 is a trademark Siemens Energy licensed is a bytrademark Siemens AG. lice
Slide 2: Disclaimer
Disclaimer Information and forward-looking statements This document contains statements related to our future business and financial Energy´s actual results, performance, or achievements may (negatively or performance, and future events or developments involving Siemens Energy that positively) vary
Slide 3: CEO section
CEO section Christian Bruch February 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q1 FY26 3
Slide 4: Strong start into the year
Strong start into the year Capitalizing on favorable market momentum Continued strong market environment Resulting in record orders of €17.6bn Free cash flow1 of €2.9bn Driven by strong order momentum, particularly within GS and GT Siemens Gamesa on track to reach break-even Q1 profitability benefit
Slide 5: Growing demand in all regions in Q1 FY26
Growing demand in all regions in Q1 FY26 Underlying market trends expected to continue Continuing strong market Americas EMEA Asia & Australia demand and favorable pricing continues +59%1 +18%1 Gas Services: 7.6 8.1 +19%1 6.9 ▪ Highest quarterly order intake in +23%1 history with 102 gas turbines 5.
Slide 6: Q1 FY26 Update
Q1 FY26 Update Build the transforming Enhance resilience in Transform the energy world a transforming world way we operate ▪ Capacity expansion in the United States ▪ Access to critical components: ▪ Operating model optimization: $1bn investment plan under execution Investment in copper specialist A
Slide 7: $1bn investment plan in the U.S. under execution
$1bn investment plan in the U.S. under execution Scaling up grid and gas turbine equipment production to support U.S. market growth Mississippi • New HV switchgear facility U.S. facility expansion program • New state-of-the-art Training Center North Carolina • Resuming gas turbine manufacturing as c
Slide 8: Two grid equipment factory openings in Europe
Two grid equipment factory openings in Europe Capacity expansions in Grid Technologies successfully progressing Wind Power Transformer factory in Austria Transformer Tanks manufacturing facility in Zagreb ▪ €100m investment in a new offshore wind-transformer plant ▪ Opening of factory after Transfor
Slide 9: CFO section
CFO section Maria Ferraro February 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q1 FY26 9
Slide 10: Strong growth in orders, revenue and significant margin expansion
Strong growth in orders, revenue and significant margin expansion Siemens Energy Group Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) 5.4% 12.0% +34%1 +13%1 17.6 9.7 8.9 13.7 3.3 3.3 +141% 1,159 5.6 6.4 481 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Service Profit margin before Speci
Slide 11: FY26 outlook and FY28 targets underpinned by record order backlog
FY26 outlook and FY28 targets are underpinned by a record order backlog with increasing margin Order Backlog Expected revenue generation from order backlog (in €bn) (in €bn) +30%1 ~90% ~70% 146 146 138 124 112 ~30 FY23 FY24 FY25 Q1 FY26 Q1 FY26 FY26e2 FY27e after FY27e GS TI GT SG 1 Growth (FY23 – Q
Slide 12: Exceptional strong free cash flow generation
Exceptional strong free cash flow generation Q1 cash flow development (in €m) ▪ Change in NWC driven by advance payments and timing effects (contract liabilities expanded by €2.5bn) Q1 FY25 Q1 FY26 ▪ €101m quality cash out at Siemens Gamesa Net income 252 746 ▪ Slow start in Capex; ~5% of revenue un
Slide 13: Record order intake and margin expansion
Record order intake and margin expansion Gas Services Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) +81%1 +14%1 14.6% 16.6% 8.8 3.1 2.8 +25% 5.0 515 412 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Profit margin before Special items Order backlog2 Book-to-bill Free cash flow3 Q1 FY25:
Slide 14: Strong revenue growth and improved profitability
Strong revenue growth and improved profitability Grid Technologies Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) +22%1 +27%1 12.5% 17.6% 6.0 3.1 5.1 2.5 +74% 538 309 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Profit margin before Special items Order backlog2 Book-to-bill Free cash f
Slide 15: Positive order intake and solid performance
Positive order intake and solid performance Transformation of Industry Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) +11%1 +1%1 11.8% 11.8% 1.6 1.3 1.3 1.5 (2)% 157 154 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Profit margin before Special items Order backlog2 Book-to-bill Free cas
Slide 16: Good start to reach break-even
Good start to reach break-even Siemens Gamesa Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) (15.5)% (2.0)% +4%1 (34)%1 2.4 2.4 2.4 1.6 (46) (374) Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Profit margin before Special items Order backlog2 Book-to-bill Free cash flow3 Q1 FY25: €39bn
Slide 17: Strong start into the year supports FY26 outlook
Strong start into the year supports FY26 outlook FY26 outlook confirmed Q1 FY26 FY26 outlook FY28 targets Revenue Profit margin Revenue Profit margin Revenue Profit margin growth1 before SI2 growth1 before SI2 growth3 before SI2 Gas Services 13.9% 16.6% 16 – 18% 14 – 16% Mid-teens 18 – 20% Grid Tech
Slide 18: Creating sustainable shareholder value
Creating Resilient revenue growth Well diversified portfolio with leading market positions sustainable Broad-based margin expansion shareholder Excellent order book and growing service value Strong cash flow generation secured by capital efficient business model Balanced capital allocation reinforce
Slide 19: We energize society
We energize society February © Siemens Energy, 2026 | Analyst Call | Q1 FY26 December 2025 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2025 | Anne-Laure de Chammard | Transformation of19Industry
Slide 20: Financial Calendar
Financial Calendar Feb 26 May 12 Aug 5 Nov 11 AGM, Berlin Q2 FY26 Q3 FY26 Q4 FY26 Contact Investor Relations Tobias Hang Harald Albrecht Tobias Marcks Head of Investor Relations albrecht.harald@siemens-energy.com tobias.marcks@siemens-energy.com tobias.hang@siemens-energy.com +49 174 1766254 +49 174
Slide 21: Q&A
Q&A February 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q1 FY26 21
Slide 22: Appendix
Appendix February 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q1 FY26 22
Slide 23: FY26 financial considerations for Siemens Energy
FY26 financial considerations for Siemens Energy FY25 FY26 Comments Reconciliation line on Profit before SI neg. €0.3bn neg. ~€0.4bn Financial result €0.1bn ~€0.2bn Non-controlling interests €0.3bn ~€0.3bn R&D €1.2bn ~€1.2bn Capital expenditures €1.7bn ~5% of revenue Cash flow positions below FCF pr
Slide 24: Net income transition
Net income transition In €m Q1 FY25 Q1 FY26 Gas Service 409 567 Grid Technologies 305 538 Transformation of Industry 153 152 Siemens Gamesa (423) (221) Reconciliation to Siemens Energy 18 (29) Profit 463 1,007 Profit margin 5.2% 10.4% Amortization of intangible assets acquired in business combinatio
Slide 25: Cash flow statement
Cash flow statement In €m Q1 FY25 Q1 FY26 Net income 252 746 Amortization, depreciation and impairments 370 378 Change in operating net working capital Contract assets 138 (42) Inventories (894) (570) Trade receivables (473) (366) Trade payables 484 160 Contract liabilities 2,117 2,533 Others (299)