Siemens Energy AG: 3Q26 results: Checking the boxes. Step-change in Gas margins is the stand-out

Research evidence excerpt

M

Update

August 5, 2026 06:48 AM GMT

Morgan Stanley & Co. International plc+

Siemens Energy AG | Europe

Max R Yates

Equity Analyst

3Q26 results: Checking the

boxes. Step-change in Gas

margins is the stand-out

AlphaSignals Earnings Reaction

Strengthens our thesis

Meaningful upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Sara Chemello

Research Associate

Siemens Energy AG (ENR1n.DE, ENR GY)

Capital Goods | Germany

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (09/26e) (mn)*

EV, curr (mn)*

Overweight

In-Line

€200.00

€150.86

€191.66-83.32

€109,622

€(7,524)

€105,206

Source: Company data, Morgan Stanley Research

* = GAAP or approximated based on GAAP

Key Takeaways

Strong results. Orders were a 7% beat, and EBITA 18% ahead. Strong Gas orders

and margins. FY guide unchanged at 10-12% margin (expect upper end). C'sus at

12%.

Stand-out for us is Gas margins at 17.3%, up QoQ when 3Q is typically weaker

QoQ. Aftermarket returns to growth. The peak margin will be higher than

expected.

Gas services dynamics. Customer commitments at 95GW in line with

expectations. Also encouraging that there are no further ENR capacity additions.

One softer area is Grid orders, which were slightly below consensus. Even

accounting for no large orders, there looks to have been a small step-down QoQ.

Focus now shifts to 11th Nov new 2030 targets. We stay OW with valuation

undemanding at 12.1x 2027e EV/EBITA, small discount to Cap Goods.

Conclusion. Overall a strong set of numbers, and we think these should be

enough to see the shares outperform by a mid-single-digit percentage this

morning. We had previously seen 3Q26 as more of quarter of 'checking the boxes'

before the focus shifted to the new 2030 targets on 11th November. We also think

there had been some debate on whether Siemens Energy would decide to add

further capacity (after GEV's capacity additions announced this quarter). We think

the market will take it as a positive this morning that ENR has not decided to make

any incremental capacity additions.

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