Siemens Energy Q3’26: Broad margin strength, GS orders impress

Research evidence excerpt

5 August 2026

Alasdair Leslie

European Capital Goods

Siemens Energy AG

Om Kela

Rating

Outperform

Nicholas Witting

Price Target

ENR.GR

210.00 EUR

Specialist Sales

James Brady

Siemens Energy Q3'26: Broad margin strength, GS orders impress

Siemens Energy released their Q3’26 results, ahead of the conference call at 10:00 CEST.

Headline view: We expect investors to react positively to these results, as continued proof

points of strong Gas Services (GS) demand should assuage fears of peak turbine demand, with

GS booking orders of 15 GW driving the 20% beat vs consensus. Q3 margins were ahead

across the board, and ENR is now targeting the upper end of the 10-12% FY margin range

which should support LSD to MSD cons upgrades for FY26.

Close Date

4 Aug 2026

ENR.GR Close Price (EUR)

152.64

Price Target (EUR)

210.00

Upside/(Downside)

38%

52-Week Range

195.54/83.32

EDME

1,630.85

FYE

Sep

Positives: (1) Orders beat expectations at the group level, driven by Gas Services.

Market Cap (EUR) (M)

131,439

Orders beat by 7%, with LFL growth of 8.5% (+470 bps vs cons). GS contributed most

EV

(EUR)

(M)

123,741

positively, posting a 20% beat on orders with LFL growth of 61.9% (close to +25pp vs cons).

GS booked orders of 15 GW (YTD 40 GW), converting a strong 45% of closing Q2’26 slot

Performance

YTD

1M

6M

12M

reservation agreements to firm backlog (vs Q2’26 c.30%), and accelerated the signing of

Absolute (%)

26.8

(8.9)

2.7

53.3

new slot reservations to 11 GW (vs Q2’26 7 GW). Transformation of Industry (TI) posted a

EDME (%)

10.9

0.5

7.5

21.8

27% beat on orders with LFL growth of 31.5% (>25pp vs cons). (2) Revenues slightly

Relative (%)

15.9

(9.4)

(4.9)

31.5

ahead of expectations, with a 2% beat at the group level and LFL growth of 18.5%

Source: Bloomberg, Bernstein estimates and analysis.

(+130bps vs cons). GS shipped 6 GW in the quarter, near double Q2’26 which bodes well for

GS top line and margins in coming quarters, and beat on revenues by 2% with LFL growth of Price Performance, 1YR

20.8% (+180bps vs cons). Grid Technologies (GT) missed on revenues (see below), in part

€200

1800

€180

1700

offset by LFL revenue growth from Gamesa (13.5%, +9pp vs cons) and TI (11.5%, +280bps

€160

…