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Siemens Energy : Q2 FY2026 Earnings Release and Financial Results
Siemens Energy : Q2 FY2026 Earnings Release and Financial
About this update from Siemens Energy Ag
Earnings Release Q2 FY 2026 January 1 to March 31, 2026 Munich, Germany, May 12, 2026 - Siemens Energy today announced its results for the second quarter of fiscal year 2026 that ended March 31, 2026. Following a strong second quarter, Siemens Energy raises its outlook "Our strong market momentum continues despite geopolitical uncertainty, leading to another exceptionally strong quarter and first half of the fiscal year. Our raised outlook reflects our confidence that these developments will continue, as well as in our resilience and project execution", says Christian Bruch, President and CEO of Siemens Energy AG. Siemens Energy delivered record order levels, driven in particular by strong demand in the U.S., resulting in a record order backlog and broad-based improvements across all key performance indicators compared with the prior-year quarter. Siemens Energy achieved a new all-time high in orders of €17.7bn driven by another record level of orders at Gas Services and a sharp increase in Grid Technologies year-over-year. Book-to-bill ratio (ratio of orders to revenue) was 1.72, and order backlog reached €154bn for the quarter. On a comparable basis (excluding currency translation and portfolio effects), revenue increased by 8.9% year-over-year to €10.3bn, supported by all segments. Profit before Special items rose substantially year-over-year to €1,164m (Q2 FY 2025: €906m), mainly due to the profit improvement at Siemens Gamesa. Special items amounted to negative €55m (Q2 FY 2025: negative €291m). Siemens Energy's Profit came in at €1,109m (Q2 FY 2025: €615m). Net income also increased sharply to €835m (Q2 FY 2025: €501m). Corresponding basic earnings per share amounted to €0.89 (Q2 FY 2025: €0.50). Free cash flow pre tax increased to €1,975m (Q2 FY 2025: €1,390m). The sharp increase followed the profit improvement and was also strongly supported by customer advance payments related to the high level of orders. Based on the positive business development, Siemens Energy raised its outlook for fiscal year 2026. Siemens Energy now expects for the Group to achieve comparable revenue growth in a range of 14% to 16% and a Profit margin before Special items between 10% and 12%. Siemens Energy now expects a Net income of around €4bn. Also, the outlook for Free cash flow pre tax for the fiscal year 2026 was raised to around €8bn. Siemens Energy Q2 (in millions of €) FY 2026 FY 2025 Change Orders 17,749 14,433 29.5%¹ Revenue 10,294 9,962 8.9%¹ Profit 1,109 615 80.4% Profit margin 10.8% 6.2% 4.6 p.p. Special items (SI) (55) (291) 81.1% Profit before SI 1,164 906 28.5% Profit margin before SI 11.3% 9.1% 2.2 p.p. Net income (loss) 835 501 66.6% Basic earnings per share (in €) 0.89 0.50 78.0% Free cash flow pre tax 1,975 1,390 42.1% 1 Comparable basis: Excluding currency translation and portfolio effects. Orders developed year-over-year by 23.0% on a nominal basis, revenue respectively by 3.3%. The increase in orders was driven by strong demand in the new units business at Gas Services and Grid Technologies. From a regional perspective, the U.S. was the main contributor to Siemens Energy's order growth, with order intake more than doubling compared with the prior-year quarter. Book-to-bill ratio was 1.72 and order backlog rose to a new record level of €154bn. All segments contributed to revenue growth, which was primarily driven by the new units business at Gas Services and Grid Technologies. Profit before Special items and the corresponding margin increased substantially, supported by broad-based improvements across the portfolio. Grid Technologies' result was impacted by the absence of the prior-year's positive timing effects of around €100m. Siemens Gamesa delivered the most pronounced improvement in both profit and margin. The increase of Free cash flow pre-tax was driven by the performance of Gas Services and Grid Technologies with customer advance payments, including reservation fees, in connection with higher orders. Gas Services Q2 (in millions of €) FY 2026 FY 2025 Change Orders 8,869 7,038 32.4%¹ Revenue 3,478 3,163 15.0%¹ Profit 546 508 7.6% Profit margin 15.7% 16.1% (0.3) p.p. Special items (SI) (6) (3) (103.3)% Profit before SI 552 511 8.1% Profit margin before SI 15.9% 16.1% (0.3) p.p. 1 Comparable basis: Excluding currency translation and portfolio effects. Orders developed year-over-year by 26.0% on a nominal basis, revenue respectively by 9.9%. Gas Services exceeded the previous quarter's record level and achieved the highest quarterly order intake in its history. The positive development was mainly driven by demand from the U.S. in connection with data centers as well as orders from power additions in Europe (e.g. Poland). Book-to-bill ratio was 2.55 and order backlog increased to €66bn. Revenue was significantly above the prior-year level. Growth was driven by the new units business, while service revenue was slightly below the high level recorded in the prior year. Profit before Special items increased clearly, driven by volume effects. Margin development reflects the business mix with a more pronounced new units share. Grid Technologies Q2 (in millions of €) FY 2026 FY 2025 Change Orders 6,996 5,209 41.5%¹ Revenue 3,067 2,861 12.3%¹ Profit 519 568 (8.6)% Profit margin 16.9% 19.9% (2.9) p.p. Special items (SI) (5) (2) (98.1)% Profit before SI 524 571 (8.2)% Profit margin before SI 17.1% 19.9% (2.9) p.p. 1 Comparable basis: Excluding currency translation and portfolio effects. Orders developed year-over-year by 34.3% on a nominal basis, revenue respectively by 7.2%. The increase in order intake was mainly driven by the solutions business primarily as a result of a large order for a high-voltage direct current (HVDC) project in the Baltic Sea worth more than €1bn. In addition, the product business with transformers recorded substantial growth, mainly driven by demand from the U.S. Book-to-bill ratio was 2.28, and the order backlog increased to €49bn. Revenue was significantly above the prior-year level, driven primarily by growth in the switchgear and transformer businesses. Profit before Special items and the corresponding margin declined year-over-year due to timing effects of around €100m that had positively affected the prior-year results. Transformation of Industry Q2 (in millions of €) FY 2026 FY 2025 Change Orders 1,254 1,564 (15.7)%¹ Revenue 1,422 1,411 5.4%¹ Profit 166 153 8.7% Profit margin 11.7% 10.8% 0.9 p.p. Special items (SI) (5) (3) (100.1)% Profit before SI 171 155 10.3% Profit margin before SI 12.0% 11.0% 1.0 p.p. 1 Comparable basis: Excluding currency translation and portfolio effects. Orders developed year-over-year by (19.8)% on a nominal basis, revenue respectively by 0.7%. Order intake at Transformation of Industry was below the level of the prior-year quarter, mainly driven by customer reluctance in the Middle East, particularly at Compression and Electrification, Automation, Digitalization. Book-to-bill ratio was 0.88 and order backlog at the end of the quarter was €8bn, unchanged from the previous quarter. Revenue increased moderately compared with the prior-year quarter. Profit before Special items and the corresponding margin improved clearly year-over-year, mainly due to productivity improvements and a higher margin of the processed order backlog as well as, to a lesser extent, a positive one-off effect. Siemens Gamesa Q2 (in millions of €) FY 2026 FY 2025 Change Orders 846 875 3.3%¹ Revenue 2,526 2,706 0.4%¹ Profit (39) (510) 92.4% Profit margin (1.5)% (18.8)% 17.3 p.p. Special items (SI) 5 (261) n/a Profit before SI (44) (249) 82.3% Profit margin before SI (1.7)% (9.2)% 7.5 p.p. 1 Comparable basis: Excluding currency translation and portfolio effects. Orders developed year-over-year by (3.4)% on a nominal basis, revenue respectively by (6.7)%. Orders were moderately above the level of the prior-year quarter, mainly driven by the onshore new units business. In the recent quarter, first orders for the SG 7.0 platform, the successor to the 5.X turbine, came in. Book-to-bill ratio declined to 0.33, and the order backlog decreased to €33bn. Year-over-year, revenue increased slightly due to growth in the offshore business, with an increase in service revenue more than offsetting a slight decline in the new units business. Profit before Special items improved substantially, primarily due to productivity improvements and increased cost efficiency. Profit before Special items (SI) Q2 (in millions of €) FY 2026 FY 2025 Total Segments 1,203 988 Reconciliation to Consolidated Financial Statements (39) (82) Siemens Energy 1,164 906 Reconciliation to Consolidated Financial Statements Reconciliation to Consolidated Financial Statements includes items, which management does not consider to be indicative of the segments' performance - mainly group management costs (management and corporate functions) and other central items, Treasury activities as well as eliminations. Other central items include Siemens brand fees, corporate services (e.g. management of the Group's real estate portfolio), corporate projects, centrally held equity interests and other items. Outlook Based on the positive business development in the first half-year and the strong market demand, Siemens Energy raised its outlook for fiscal year 2026. The change in the outlook is mainly driven by a stronger than expected performance at Grid Technologies. Regarding Free cash flow pre tax, the higher outlook is particularly attributable to Gas Services and Grid Technologies, which both experience strong cash inflows driven by customer payments related to strong order momentum. Siemens Energy now expects for the Group to achieve comparable revenue growth (excluding currency translation and portfolio effects) in fiscal year 2026 in a range of 14% to 16% (before 11% to 13%) and a Profit margin before Special items between 10% and 12% (before between 9% and 11%). Siemens Energy now expects a Net income of around €4bn (before in the range of €3bn to €4bn). Also, the outlook for Free cash flow pre tax for the fiscal year 2026 was raised to around €8bn (before in a range of €4bn to €5bn). The outlook for Siemens Energy does not include charges related to any future legal and regulatory matters. Amended overall assumptions per business area Gas Services assumes a comparable revenue growth of 16% to 18% and a Profit margin before Special items of 14% to 16% (both unchanged). Grid Technologies now plans to achieve a comparable revenue growth of 25% to 27% (before 19% to 21%) and a Profit margin before Special items between 18% and 20% (before between 16% and 18%). Transformation of Industry expects a comparable revenue growth of 5% to 7% and a Profit margin before Special items of 11% to 13% (both unchanged). Siemens Gamesa now assumes a comparable revenue growth of 3% to 5% (before 1% to 3%) and a Profit margin before Special items still at break-even. Notes and forward-looking statements The press conference call on Siemens Energy's financial results of the second quarter of fiscal year 2026 will be broadcasted live for journalists at https://www.siemens-energy.com/pressconference starting at 8:30 a.m. CEST today. You can also follow the conference call for analysts and investors live at https://www.siemens-energy.com/analystcall starting at 10:30 a.m. CEST today. Recordings of both conference calls will be made available afterwards. The financial publications can be downloaded at: https://www.siemens-energy.com/financial-publications . This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "antici-pate," "intend," "plan," "believe," "seek," "estimate," "will," "project," or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens Energy´s management, of which many are beyond Siemens Energy´s control. These are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in disclosures, in particular in the chapter "Report on expected developments and associated material opportunities and risks" in the Annual Report and the Half-year Financial Report, which should be read in conjunction with the Annual Report. Should one or more of these risks or uncertainties materialize, should acts of force majeure, such as pandemics, occur, or should underlying expectations including future events occur at a later date or not at all, or should assumptions not be met, Siemens Energy´s actual results, performance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens Energy neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. This document includes supplemental financial measures - that are not clearly defined in the applicable financial reporting framework - and that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens Energy´s net assets and financial position or results of operations as presented in accordance with the applicable financial reporting framework in its consolidated financial statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Financial Media: Tim Proll-Gerwe Phone: +49 (0)152 2283 5652 E-mail: [email protected] Oliver Sachgau Phone: +49 (0)173 272 9231 E-mail: [email protected] Siemens Energy AG, 81739 Munich, Germany © Siemens Energy, 2026 Financial Results Second quarter of fiscal year 2026 (in millions of €, except where otherwise stated) Volume Q2 Change First half Change FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 Actual Comp. Orders 17,749 14,433 23.0% 29.5% 35,358 28,101 25.8% 31.7% Revenue 10,294 9,962 3.3% 8.9% 19,969 18,904 5.6% 10.8% Book-to-bill ratio 1.72 1.45 n/a 1.77 1.49 n/a Order backlog (in billions of €) 154 133 16.0% 154 133 16.0% Profitability Q2 Change First half Change FY 2026 FY 2025 Actual FY 2026 FY 2025 Actual Profit 1,109 615 80.4% 2,116 1,077 96.5% Profit margin 10.8% 6.2% 4.6 p.p. 10.6% 5.7% 4.9 p.p. Special items (SI) (55) (291) 81.1% (207) (309) 33.2% Profit before SI 1,164 906 28.5% 2,323 1,387 67.5% Profit margin before SI 11.3% 9.1% 2.2 p.p. 11.6% 7.3% 4.3 p.p. EBITDA 1,455 1,188 22.4% 2,795 1,957 42.8% Net income (loss) 835 501 66.6% 1,581 753 110.0% Basic earnings per share (in €) 1 0.89 0.50 78.0% 1.68 0.73 130.1% ¹ Basic earnings per share - attributable to shareholders of Siemens Energy AG. For fiscal 2026 and 2025 weighted average shares outstanding (basic) (in thousands) for the second quarter amounted to 857,853 and 866,344 and for the first half to 857,420 and 865,337 shares, respectively. Capital Structure and Liquidity Mar 31, 2026 Sep 30, 2025 Total equity 11,118 10,675 Adjusted Net debt/ (Net cash) (7,551) (4,790) Q2 FY 2026 Q2 FY 2025 First half FY 2026 First half FY 2025 Free cash flow 1,716 1,237 4,523 2,673 Free cash flow pre tax 1,975 1,390 4,844 2,918 Employees (in thousands) Mar 31, 2026 Sep 30, 2025 Siemens Energy 105 103 Germany 28 27 Outside Germany 76 76 Q2 First half (in millions of €, earnings per share in €) FY 2026 FY 2025 FY 2026 FY 2025 Revenue 10,294 9,962 19,969 18,904 Cost of sales (8,037) (7,990) (15,619) (15,533) Gross profit 2,257 1,972 4,350 3,371 Research and development expenses (290) (290) (528) (600) Selling and general administrative expenses (924) (906) (1,731) (1,658) Other operating income 39 41 80 56 Other operating expenses (42) (279) (252) (294) Income (loss) from investments accounted for using the equity method, net 23 19 106 82 Operating income (loss) 1,062 557 2,024 956 Interest income 79 65 151 128 Interest expenses (51) (65) (99) (137) Other financial income (expenses), net 25 48 43 120 Income (loss) before income taxes 1,115 605 2,119 1,067 Income tax (expenses) benefits (280) (104) (538) (314) Net income (loss) 835 501 1,581 753 Attributable to: Non-controlling interests 69 68 138 121 Shareholders of Siemens Energy AG 766 433 1,443 632 Basic earnings per share 0.89 0.50 1.68 0.73 Diluted earnings per share 0.88 0.49 1.66 0.72 Q2 First half (in millions of €) FY 2026 FY 2025 FY 2026 FY 2025 Net income (loss) 835 501 1,581 753 Remeasurements of defined benefit plans 3 32 16 61 therein Income tax effects (1) 1 (2) (6) Remeasurements of equity instruments 4 - 9 - Income (loss) from investments accounted for using the equity method, net 0 0 0 (1) Items that will not be reclassified to profit or loss 8 32 25 61 Currency translation differences 252 (312) 467 232 Derivative financial instruments (106) 171 (68) (10) therein Income tax effects 31 (56) 18 7 Income (loss) from investments accounted for using the equity method, net (1) 6 0 (22) Items that may be reclassified subsequently to profit or loss 145 (135) 399 200 Other comprehensive income (loss), net of income taxes 153 (104) 424 261 Total comprehensive income (loss) 988 397 2,005 1,013 Attributable to: Non-controlling interests 80 61 153 123 Shareholders of Siemens Energy AG 908 336 1,852 890 (in millions of €) Mar 31, 2026 Sep 30, 2025 Assets Cash and cash equivalents 11,695 9,162 Trade and other receivables 8,237 7,571 Other financial assets 1,416 1,031 Contract assets 4,936 4,295 Inventories 11,407 10,377 Income tax assets 406 418 Other assets 1,356 1,212 Assets classified as held for disposal - 386 Total current assets 39,452 34,453 Goodwill 9,222 9,037 Other intangible assets 2,457 2,450 Property, plant and equipment 7,439 7,140 Investments accounted for using the equity method 1,325 703 Other financial assets 695 1,531 Deferred tax assets 845 904 Other assets 425 419 Total non-current assets 22,408 22,184 Total assets 61,861 56,637 Liabilities and equity Debt 1,240 1,528 Trade and other payables 6,356 5,993 Other financial liabilities 1,041 782 Contract liabilities 27,045 22,321 Provisions 2,681 2,778 Income tax liabilities 424 523 Other liabilities 4,475 4,332 Liabilities associated with assets classified as held for disposal - 233 Total current liabilities 43,262 38,491 Debt 2,490 2,438 Provisions for pensions and similar obligations 414 406 Deferred tax liabilities 867 634 Provisions 2,915 3,065 Other financial liabilities 275 401 Other liabilities 519 528 Total non-current liabilities 7,480 7,471 Total liabilities 50,742 45,962 Equity Issued capital 861 861 Capital reserve 14,445 14,465 Retained earnings (3,098) (3,990) Other components of equity (477) (807) Treasury shares, at cost (981) (228) Total equity attributable to shareholders of Siemens Energy AG 10,751 10,301 Non-controlling interests 367 375 Total equity 11,118 10,675 Total liabilities and equity 61,861 56,637 Q2 First half (in millions of €) FY 2026 FY 2025 FY 2026 FY 2025 Cash flows from operating activities Net income (loss) 835 501 1,581 753 Adjustments to reconcile net income (loss) to cash flows from operating activities Amortization, depreciation and impairments 392 631 771 1,001 Income tax expenses (benefits) 280 104 538 314 Interest (income) expenses, net (27) 0 (52) 9 (Income) loss related to investing activities (31) (14) 42 (88) Other non-cash (income) expenses 85 58 108 104 Change in operating net working capital Contract assets (528) (202) (570) (64) Inventories (244) (74) (815) (968) Trade and other receivables (165) 261 (532) (212) Trade and other payables 125 (265) 285 220 Contract liabilities 1,945 700 4,478 2,816 Change in other assets and liabilities (408) (36) (483) (518) Income taxes paid (259) (152) (321) (245) Dividends received 5 3 43 18 Interest received 74 52 160 122 Cash flows from operating activities 2,080 1,567 5,234 3,261 Cash flows from investing activities Purchase of intangible assets and property, plant and equipment (364) (330) (711) (588) Acquisitions of businesses, net of cash acquired (2) (29) (95) (67) Purchase of investments and financial assets (76) (10) (639) (28) Disposal of intangibles and property, plant and equipment 31 2 34 3 Disposal of businesses, net of cash disposed 13 5 72 127 Disposal of investments and financial assets 11 (0) 561 101 Cash flows from investing activities (387) (362) (778) (453) Cash flows from financing activities Purchase of treasury shares (879) - (879) - Other transactions with non-controlling interests (7) 1 (10) 1 Repayment of lease liabilities (112) (101) (219) (185) Change in debt and other financing activities (175) (14) (195) 164 Interest paid (27) (22) (56) (44) Dividends paid to shareholders of Siemens Energy AG (601) - (601) - Dividends attributable to non-controlling interests (74) (37) (136) (99) Cash flows from financing activities (1,876) (172) (2,096) (163) Effect of changes in exchange rates on cash and cash equivalents 77 (60) 86 (2) Change in cash and cash equivalents (106) 973 2,446 2,642 Cash and cash equivalents at beginning of period 11,802 8,032 9,249 6,363 Cash and cash equivalents at end of period 11,695 9,005 11,695 9,005 Less: Cash and cash equivalents of assets classified as held for disposal at end of period - 22 - 22 Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 11,695 8,983 11,695 8,983 Orders Revenue Profit before Special Items Profit margin before Special Items Assets Free cash flow pre tax Q2 Change Q2 Change Q2 Q2 Mar 31, Sep 30, Q2 (in millions of €) FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 FY 2026 FY 2025 2026 2025 FY 2026 FY 2025 Gas Services 8,869 7,038 26.0% 32.4% 3,478 3,163 9.9% 15.0% 552 511 15.9% 16.1% (1,491) 1,083 1,814 1,004 Grid Technologies 6,996 5,209 34.3% 41.5% 3,067 2,861 7.2% 12.3% 524 571 17.1% 19.9% (1,851) (386) 735 633 Transformation of Industry 1,254 1,564 (19.8)% (15.7)% 1,422 1,411 0.7% 5.4% 171 155 12.0% 11.0% 1,865 1,689 46 145 Siemens Gamesa 846 875 (3.4)% 3.3% 2,526 2,706 (6.7)% 0.4% (44) (249) (1.7)% (9.2)% 16 (1,236) (654) (333) Total segments 17,965 14,686 10,492 10,141 1,203 988 (1,461) 1,150 1,941 1,450 Reconciliation to Consolidated Financial Statements (216) (253) (197) (180) (39) (82) 63,322 55,487 34 (60) Siemens Energy 17,749 14,433 23.0% 29.5% 10,294 9,962 3.3% 8.9% 1,164 906 11.3% 9.1% 61,861 56,637 1,975 1,390 Orders Revenue Profit before Special Items Profit margin before Special Items Assets Free cash flow pre tax First half Change First half Change First half First half Mar 31, Sep 30, First half (in millions of €) FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 FY 2026 FY 2025 2026 2025 FY 2026 FY 2025 Gas Services 17,620 12,047 46.3% 52.8% 6,575 5,986 9.8% 14.5% 1,067 922 16.2% 15.4% (1,491) 1,083 3,752 1,814 Grid Technologies 12,960 10,325 25.5% 31.8% 6,121 5,341 14.6% 19.1% 1,062 880 17.4% 16.5% (1,851) (386) 2,576 1,886 Transformation of Industry 2,833 3,017 (6.1)% (2.7)% 2,724 2,748 (0.9)% 3.1% 325 312 11.9% 11.4% 1,865 1,689 140 458 Siemens Gamesa 2,402 3,311 (27.4)% (23.9)% 4,881 5,124 (4.8)% 2.0% (90) (623) (1.8)% (12.2)% 16 (1,236) (1,199) (900) Total segments 35,816 28,700 20,301 19,200 2,364 1,492 (1,461) 1,150 5,270 3,258 Reconciliation to Consolidated Financial Statements (458) (599) (332) (296) (41) (105) 63,322 55,487 (426) (340) Siemens Energy 35,358 28,101 25.8% 31.7% 19,969 18,904 5.6% 10.8% 2,323 1,387 11.6% 7.3% 61,861 56,637 4,844 2,918 Profit before SI Special items (SI) Profit Amortization of intangible assets acquired in business combinations and goodwill impairment EBIT Amortization, depreciation and impairments EBITDA Q2 Q2 Q2 Q2 Q2 Q2 Q2 (in millions of €) FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 Gas Services 552 511 (6) (3) 546 508 (3) (2) 543 506 53 45 596 552 Grid Technologies 524 571 (5) (2) 519 568 (0) (1) 519 568 29 23 547 591 Transformation of Industry 171 155 (5) (3) 166 153 (5) (6) 161 146 18 18 179 165 Siemens Gamesa (44) (249) 5 (261) (39) (510) (12) (21) (50) (530) 176 418 125 (113) Total segments 1,203 988 (10) (268) 1,193 719 (21) (29) 1,172 690 275 504 1,447 1,194 Reconciliation to Consolidated Financial Statements (39) (82) (45) (23) (84) (105) (26) (29) (110) (133) 118 128 8 (6) Siemens Energy 1,164 906 (55) (291) 1,109 615 (46) (58) 1,062 557 392 631 1,455 1,188 Profit before SI Special items (SI) Profit Amortization of intangible assets acquired in business combinations and goodwill impairment EBIT Amortization, depreciation and impairments EBITDA First half First half First half First half First half First half First half (in millions of €) FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 Gas Services 1,067 922 46 (5) 1,113 917 (6) (3) 1,108 914 97 89 1,205 1,003 Grid Technologies 1,062 880 (5) (7) 1,057 873 (1) (1) 1,056 872 55 44 1,111 916 Transformation of Industry 325 312 (7) (7) 318 306 (10) (12) 308 293 35 35 343 329 Siemens Gamesa (90) (623) (170) (310) (260) (932) (24) (48) (283) (980) 350 594 67 (386) Total segments 2,364 1,492 (135) (328) 2,229 1,164 (40) (64) 2,189 1,100 536 762 2,725 1,862 Reconciliation to Consolidated Financial Statements (41) (105) (72) 19 (113) (86) (52) (57) (165) (143) 235 239 70 96 Siemens Energy 2,323 1,387 (207) (309) 2,116 1,077 (92) (121) 2,024 956 771 1,001 2,795 1,957 Orders Q2 Change First half Change (in millions of €) FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 Actual Comp. Europe, C.I.S., Middle East, Africa 7,202 7,527 (4.3)% (3.4)% 15,337 14,433 6.3% 6.6% therein Germany 1,141 553 106.4% 106.3% 2,021 1,763 14.6% 14.3% Americas 8,004 5,351 49.6% 65.1% 15,604 10,537 48.1% 62.2% therein U.S. 6,944 3,775 83.9% 103.7% 13,596 7,684 76.9% 94.5% Asia, Australia 2,544 1,556 63.5% 66.4% 4,417 3,131 41.0% 44.5% therein China 368 290 26.9% 34.0% 647 614 5.3% 11.5% Siemens Energy 17,749 14,433 23.0% 29.5% 35,358 28,101 25.8% 31.7% Revenue Q2 Change First half Change (in millions of €) FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 Actual Comp. Europe, C.I.S., Middle East, Africa 5,572 5,402 3.2% 5.5% 10,973 10,004 9.7% 11.6% therein Germany 1,049 921 13.9% 13.9% 2,299 1,890 21.6% 21.5% Americas 3,472 2,855 21.6% 32.7% 6,429 5,407 18.9% 29.0% therein U.S. 2,748 2,099 30.9% 45.7% 4,954 3,985 24.3% 36.9% Asia, Australia 1,250 1,705 (26.7)% (20.0)% 2,567 3,493 (26.5)% (19.9)% therein China 243 351 (30.6)% (24.6)% 582 772 (24.6)% (19.4)% Siemens Energy 10,294 9,962 3.3% 8.9% 19,969 18,904 5.6% 10.8% Q2 First half (in millions of €) FY 2026 FY 2025 FY 2026 FY 2025 Siemens Energy New Units 7,039 6,525 13,448 12,131 therein Gas Services 1,477 1,033 2,592 1,790 Grid Technologies 2,836 2,621 5,669 4,869 Transformation of Industry 800 747 1,505 1,486 Siemens Gamesa 1,926 2,124 3,683 3,986 Siemens Energy Service 3,253 3,424 6,515 6,743 therein Gas Services 1,939 2,090 3,875 4,120 Grid Technologies 149 148 309 310 Transformation of Industry 565 604 1,133 1,176 Siemens Gamesa 599 582 1,198 1,138 Published by Siemens Energy AG Otto-Hahn-Ring 6 81739 München Germany Media Relations: [email protected] Investor Relations: [email protected] siemens-energy.com © Siemens Energy, 2026 Siemens Energy is a trademark licensed by Siemens AG.