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Supporting note · AI x Energy

Siemens Energy Q2 FY26: €154B Backlog, Guidance Raised

Siemens Energy's Q2 FY2026 print on May 12 booked another €17.7B in all-time-record orders, with Gas Services alone delivering €8.9B and 77 turbine orders (12 GW). Order backlog reached €154B; FY26 guidance was raised to 14-16% revenue growth and ~€4B net income.

May 25, 2026 · 3 min read

Summary

Siemens Energy reported Q2 FY2026 (Jan-Mar 2026) on May 12 with all-time-record orders of €17.7B, a book-to-bill ratio of 1.72, and order backlog of €154B. Gas Services alone booked €8.9B in orders across 12 countries - including 77 turbine orders / 12 GW (26 large, 45 medium, 6 small). Net income jumped to €835m (vs €501m Q2 FY25). Comparable revenue grew 8.9% YoY to €10.3B. The company raised full-year FY2026 guidance to 14-16% revenue growth, 10-12% Profit margin, and ~€4B net income.

Headline Numbers

  • Total orders Q2 FY26: €17.7B (all-time record)
  • Order backlog: €154B (at quarter end)
  • Book-to-bill: 1.72
  • Revenue: €10.3B (+8.9% comparable)
  • Net income: €835m (vs €501m Q2 FY25)
  • Gas Services orders: €8.9B (record)
  • Gas turbines booked: 77 units / 12 GW (26 large + 45 medium + 6 small)
  • FY26 guidance: raised - 14-16% revenue growth, 10-12% Profit margin, ~€4B net income

Demand Composition

  • Demand strong in Middle East, Europe, and the US
  • US demand largely driven by data centers, with “excellent pricing conditions” (CFO commentary)
  • Majority of turbine orders linked to traditional applications (i.e., grid-connected baseload, not exclusively BTM)

Conclusions

Two consecutive quarters of €17B+ Gas Services orders is no longer a one-off. Q1 FY26 (Oct-Dec 2025) booked 100+ turbines / €17.6B; Q2 FY26 booked 77 turbines / 12 GW / €8.9B Gas Services + €8.8B across rest of company. The annualized run-rate is now far above 2025’s full-year volume. Combined with GE Vernova’s 100 GW backlog and Mitsubishi’s Saudi/Qatar Middle East orders, the three-major turbine OEMs are tracking well above the 150 GW global order ceiling we set for 2026 in H3.

The “excellent pricing conditions” comment matters as much as the volume. Siemens Energy is in the same position as GE Vernova - sold out enough to dictate price on each marginal slot.

Our Thinking

The most important detail in the Siemens print is how US data center demand specifically shows up in the order book. Siemens describes its US gas turbine orders as “largely driven by data centers” with strong pricing. This is the first major OEM Q1 print to explicitly identify hyperscaler-driven demand as a discrete category. The implication is that data center load is no longer a sub-segment of US gas turbine demand - it is now the dominant US growth driver.

This is also relevant for the Grid Technologies segment, which Siemens flagged for “sharp increase in orders.” Transformers, switchgear, GIS - same demand signal, same pricing power, same supply constraint (see transformer-lead-times-4-5-years).

For Roman’s audience: any energy operator now reading their order book sees one of two stories - either you supply gas turbines, transformers, or BTM gas generation directly, or your customers/projects are competing with hyperscalers for the same equipment slots.

Watch

  • Q3 FY26 print (July 2026): does book-to-bill hold above 1.5?
  • Specific data center attribution in Siemens’ next quarterly disclosure
  • Any explicit slot allocation policy or customer prioritization mechanism
  • Charlotte NC restart (US gas turbine manufacturing) progress
  • Grid Technologies segment order detail - transformer pricing benchmark
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Supporting note · AI x Energy

Siemens Energy Q2 FY26: €154B Backlog, Guidance Raised

Siemens Energy's Q2 FY2026 print on May 12 booked another €17.7B in all-time-record orders, with Gas Services alone delivering €8.9B and 77 turbine orders (12 GW). Order backlog reached €154B; FY26 guidance was raised to 14-16% revenue growth and ~€4B net income.

May 25, 2026 · 3 min read

Summary

Siemens Energy reported Q2 FY2026 (Jan-Mar 2026) on May 12 with all-time-record orders of €17.7B, a book-to-bill ratio of 1.72, and order backlog of €154B. Gas Services alone booked €8.9B in orders across 12 countries - including 77 turbine orders / 12 GW (26 large, 45 medium, 6 small). Net income jumped to €835m (vs €501m Q2 FY25). Comparable revenue grew 8.9% YoY to €10.3B. The company raised full-year FY2026 guidance to 14-16% revenue growth, 10-12% Profit margin, and ~€4B net income.

Headline Numbers

Demand Composition

Conclusions

Two consecutive quarters of €17B+ Gas Services orders is no longer a one-off. Q1 FY26 (Oct-Dec 2025) booked 100+ turbines / €17.6B; Q2 FY26 booked 77 turbines / 12 GW / €8.9B Gas Services + €8.8B across rest of company. The annualized run-rate is now far above 2025’s full-year volume. Combined with GE Vernova’s 100 GW backlog and Mitsubishi’s Saudi/Qatar Middle East orders, the three-major turbine OEMs are tracking well above the 150 GW global order ceiling we set for 2026 in H3.

The “excellent pricing conditions” comment matters as much as the volume. Siemens Energy is in the same position as GE Vernova - sold out enough to dictate price on each marginal slot.

Our Thinking

The most important detail in the Siemens print is how US data center demand specifically shows up in the order book. Siemens describes its US gas turbine orders as “largely driven by data centers” with strong pricing. This is the first major OEM Q1 print to explicitly identify hyperscaler-driven demand as a discrete category. The implication is that data center load is no longer a sub-segment of US gas turbine demand - it is now the dominant US growth driver.

This is also relevant for the Grid Technologies segment, which Siemens flagged for “sharp increase in orders.” Transformers, switchgear, GIS - same demand signal, same pricing power, same supply constraint (see transformer-lead-times-4-5-years).

For Roman’s audience: any energy operator now reading their order book sees one of two stories - either you supply gas turbines, transformers, or BTM gas generation directly, or your customers/projects are competing with hyperscalers for the same equipment slots.

Watch