Siemens Energy reported record results for the third quarter of its 2025 fiscal year, supported by increased demand across all segments and now trends towards the upper end of its annual guidance range. Orders reached €16.6bn ($18.1bn), up 64.6% year-on-year on a comparable basis, boosted by two major offshore contracts won by Siemens Gamesa in the Baltic Sea and the continued strength of US markets.
Solid performance across all segments
The group’s revenue grew by 13.5% on a comparable basis to €9.7bn ($10.6bn), driven by expansion in the “new units” business. Profit before special items stood at €497mn ($543mn), compared to €49mn ($54mn) last year, representing a margin of 5.1%. Net profit totalled €697mn ($762mn), contrasting with a net loss of €102mn ($112mn) in the previous fiscal period. The early lifting of the dividend ban, following the exit from the German federal guarantee scheme, allows the group to anticipate a payout to its shareholders.
All divisions contributed to the quarter’s positive momentum. The Gas Services segment reported €6.2bn ($6.8bn) in orders, nearly half coming from the US market, with the order book rising to €53bn ($57.9bn) despite negative currency effects. Grid Technologies saw orders increase by 23.9% to €4.2bn ($4.6bn), driven by US demand and the growth of the solutions segment, maintaining a backlog of €38bn ($41.5bn). Transformation of Industry recorded order intake growth to €1.4bn ($1.5bn) and a clear improvement in operational profitability.
Strong order backlog growth, Siemens Gamesa in transition
The book-to-bill ratio reached 1.70, pushing the total backlog to a new high of €136bn ($148.6bn). Siemens Gamesa saw orders surge to €4.9bn ($5.4bn), stimulated by new offshore contracts, while revenue slightly declined to €2.5bn ($2.7bn), reflecting a drop in onshore business only partially offset by offshore activity. The segment’s profitability remains negative, impacted by the ramp-up of offshore operations, rising costs and currency hedging effects.
Siemens Energy also highlighted the one-off effect of US import tariffs, which had a direct estimated impact of €100mn ($109mn) in the third quarter, mainly affecting long-term service contracts.
Optimistic outlook for the rest of the year
The company maintains the upgraded annual guidance issued in the second quarter, forecasting revenue growth between 13% and 15% on a comparable basis, and a profit margin before special items between 4% and 6%. Management now anticipates full-year net income of up to €1bn ($1.09bn), excluding positive special items linked to the separation of Indian operations. Free cash flow before tax is expected to reach around €4bn ($4.37bn) for the year.
The order book, the acceleration of industrial segments and the early resumption of dividend payments are central to the group’s strategy to consolidate development. The group notes that its forecasts do not include potential charges relating to future legal or regulatory matters.
