Q3 Preview: Demand Strength & Strong Operational Execution

研报英文原文证据摘录

Q3 Preview: Demand Strength & Strong Operational Execution

ricing carrying through from equipment, to benefit

margins. Increasing confidence in securing supply chains, issues are less severe with frame

agreements in place. ENR notes permitting and EPC being bottlenecks rather.

Grids Technologies increased momentum in the US. Underlying markets remain extremely

strong driven by ageing infrastructure and integration of renewables. Seeing increased

demand from data centres with H1 orders equal to prior FY already, across all key products.

Strength increasingly visible in growth & margins, achieved ahead of mid-term targets. Ongoing

capacity expansion globally should be more visible in H2. ENR targets 50% capacity increase

for large power transformers & switchgears by 2030 (~45% of revenues FY25). Limiting factor

on growth remains production capacity rather than demand. Strong Q3 orders expected, in

normal run rate ex-large orders.

No decision on Transformation of Industry (TI) spin-off. Strong operational turnaround

delivered in the segment with solid margins. Remains less essential given strategy focused on

electrification. Ongoing review of the portfolio to determine the best possible setup to deliver

profitable growth and whether Siemens Energy still remains the best owner. No decision made

yet.

Siemens Gamesa Renewable Energy (SGRE) on track. Significant portion of offshore orders

shifting to FY27, as highlighted before. Q3 orders to be driven mainly by base orders in onshore

& repowering in the US. Focus remains on cautious roll-out of new platform in onshore, and

ramp up as well as productivity to deliver the backlog in offshore. Seeing improved margins Lucas Ferhani * | Equity Analyst

over the year, H2 positive after negative H1 to deliver breakeven margins in FY.