Siemens Energy Backlog Hits Record €164bn, ~€15bn Data-Center Linked

Siemens Energy ended fiscal 2026 on Sept. 30 with a record order backlog of €164bn, up from €138bn a year earlier, and said on Nov. 11 that about €15bn of it is tied to data centers, according to its earnings release and analyst presentation.

Orders for the year were €68.1bn, against €58.9bn, up 19% comparably, with a book-to-bill ratio of 1.54. The company said revenue reached €44.2bn for the year, up 15.5% on a comparable basis (excluding currency and portfolio effects), inside its 14-16% guidance. Profit before special items was €5,486m against €2,355m in fiscal 2025, a margin of 12.4% against 6.0%. Net income was about €4.1bn and free cash flow before tax €8.8bn, up from €4.7bn. A dividend of €2.30 per share is proposed, against €0.70 for fiscal 2025. Siemens Energy bought back €3.1bn of shares in the year.

Data centers and the gas turbine order book

By business area, the backlog sits in Gas Services (€74bn) and Grid Technologies (€52bn), with Siemens Gamesa at €31bn and Transformation of Industry at €8bn. The data-center share, about €15bn, spans Gas Services and Grid Technologies only. It is roughly 9% of the group total, so the backlog is far broader than the data-center story alone. The company also said about 85% of fiscal 2027 revenue is already covered by backlog.

On gas turbines, the presentation shows 42 GW of new-unit orders in fiscal 2026 and total commitments of 104 GW at year-end: 65 GW in backlog and 39 GW in slot reservation agreements (SRAs). In the fourth quarter the company booked about 2 GW of new orders and shipped 6 GW. As Voltgrid reported, FirstEnergy reserved Siemens turbines for a 1.2 GW West Virginia plant on Oct. 29.

Reuters reported from Berlin that US data-center expansion continues to fuel demand for the company's gas turbines and grid equipment. For operators waiting on firm power, the point is lead time: a backlog this size means turbine slots are being sold well ahead of delivery.

Fiscal 2027 outlook and 2030 targets

For fiscal 2027 the company guided to revenue growth of 14-16%, a profit margin before special items of 14-16%, net income of about €5bn and free cash flow before tax of about €10bn. Gas Services is guided to 24-26% revenue growth and Grid Technologies to 22-24%. The company said the outlook excludes charges from future legal and regulatory matters.

The 2030 targets are a compound annual comparable revenue growth of 12-14% from fiscal 2026 and a margin of 20-22%, which the presentation ties to revenue above €70bn. CEO Christian Bruch said "This provides the foundation for the next phase of our transformation," and that the company delivered on all raised guidance targets.

Investing.com, citing analyst averages, reported that the 14-16% margin guidance compares with an expected 14.7%, and that net income guidance of about €5bn is roughly 10% below the €5.5bn analysts expected. Those are analyst estimates, not company figures.

What is not confirmed yet

The size and form of the new buyback is not settled in the material we read. Reuters reported a fresh program of €9bn announced late on Nov. 10, and Investing.com said up to €9bn more through fiscal 2030. The release page we read lists a third tranche of up to €2bn under a €6bn program, and the presentation shows about €3bn a year; we did not find a €9bn announcement in either. We will update when the company's own notice is located.

Fourth-quarter orders of €14.8bn rose 5.2% comparably but fell short of the €15.47bn analysts expected, per Investing.com, which the company attributes to project phasing. This is an early brief; segment detail and the analyst call will be covered in a follow-up.