FO3‘26 results due August 5 - No sign of weakening gas turbine demand

Research evidence excerpt

FO3‘26 results due August 5 - No sign of weakening gas turbine demand

Deutsche Bank

Research

Rating Company Date

Buy Siemens Energy 29 June 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 26 Jun 2026 (EUR) 153.92

ENR1n.DE ENR GR GER ENR1n

Price Target (EUR) 200.00

Capital Goods

52-week range (EUR) 187.62 - 84.40

Diversified / Conglomerates

FQ3'26 results due August 5 - No sign

Valuation & Risks of weakening gas turbine demand

Gael de-Bray, CFA

Siemens Energy will report its fiscal Q3 results on August 5. During its preclose

Research Analyst

call, the company confirmed that it has not seen any sign of weakening gas +33-1-4495-6562

turbine market demand, which is now expected to be in a range of 110-120GW

annually for the upcoming years. The market also remains supply constrained, Nabil Najeeb

resulting in positive pricing. We expect the group to show continued strong

+44-20-754-17410

commercial dynamics, with a book-to-bill of 1.5x this quarter. We also anticipate

that organic revenue growth will reach 16% accompanied by a margin of 11.8%, John Kim

both at the upper end of the targeted ranges for the full year. Looking ahead, we Research Analyst

see continued growth in gas services and grid orders, combined with a strong +44-20-754-18699

pick-up in wind orders next year, more than offsetting a potential peak in gas GW

Key changes

orders (15% of group). The group's backlog should continue to grow at least until

DB EPS (EUR) 4.44 to 4.45 ↑ 0.3% the end of the decade.

43,546 to

Revenue (EURm) ↑ 0.1%

43,583

1/ Continued strong order flow, particularly for gas turbines

Source: Deutsche Bank

ENR's markets continue to develop very favorably and we expect group orders to

reach €16.5bn in FQ3, representing a solid book-to-bill of 1.5x.