Q1 2026 Siemens Energy AG Earnings Call Transcript
Key Points
- Siemens Energy AG (SMEGF) reported a record order intake of nearly EUR18 billion in Q1 2026, the strongest in the company's history.
- The company's order backlog has grown to a record EUR146 billion, providing strong visibility for future fiscal years.
- Gas Services delivered its strongest quarter ever in terms of order intake, booking around 13 gigawatts of new gas turbine orders.
- Grid Technologies also had a strong quarter with robust demand across products and solutions, particularly in the US.
- The company reported a significant improvement in profitability at Siemens Gamesa, with operational measures showing positive impact.
- Siemens Gamesa's order intake was down from the previous year due to timing and a large offshore order booked in the prior year.
- The company faced foreign exchange headwinds, primarily driven by a weaker US dollar, impacting revenue by roughly 400 basis points year over year.
- Free cash flow was influenced by timing effects, which may not be sustainable in future quarters.
- There are concerns about the supply chain, particularly in the gas turbine sector, which could impact future deliveries.
- The profitability trajectory at Siemens Gamesa might not be strictly linear across different quarters due to timing effects.
Good morning, ladies and gentlemen, and welcome to the Siemens Energy's Q1 fiscal year 2026 analyst call. (Operator Instructions) As a reminder, this call is being recorded.
Before we begin, I would like to draw your attention to the safe harbor statement on page 2 of the Siemens Energy presentation. The conference call may include forward-looking statements. These statements are based on the company's current expectations and certain assumptions and are therefore subject to certain risks and uncertainties.
At this time, I would like to turn the call over to your host today, Mr. Tobias Hang. Please go ahead, sir.
Thank you so much, Mort. Good morning, and a warm welcome to the Siemens Energy Q1 fiscal year 2026 results and analyst call. As always, all documents were released at 7:00 AM on our website. Our President and CEO, Christian Bruch; and our CFO, Maria Ferraro, are here with me.
Christian and Maria will take you through the major developments during Q1 fiscal year
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