- Siemens Energy reported a record 131-billion-euro order book on February 12, as increased use of artificial intelligence and global efforts to decarbonise power production.
- The company said orders in the US, where Siemens Energy makes a fifth of its sales, rose by 62 per cent in the first quarter to 3.9 billion euros.
Siemens Energy reported a record 131-billion-euro ($135.5 billion) order book on February 12, as increased use of artificial intelligence and global efforts to decarbonise power production has increased demand for its energy equipment.
Orders for gas and wind turbines, power converter stations, electrolysers and other equipment leapt by more than a third over a roughly two-year period.
The company also posted a net profit of 252 million euros for the first quarter of its financial year, which runs from October to September, beating expectations of 130 million euros in an LSEG poll of analysts.
Shares in Siemens Energy, which rose the most among all German blue-chips in 2024, were 1.6 per cent higher in pre-market trade.
CEO Christian Bruch said, “Our strong first quarter reflects the market opportunities arising from the increasing demand for electricity.”
The group said in presentation slides that the order book covers around 93 per cent of Siemens Energy’s projected 2025 sales. The firm expected sales to grow by 8-10 per cent from the 34.5 billion generated in 2024.
Also, the company said orders in the US, where Siemens Energy makes a fifth of its sales, rose by 62 per cent in the first quarter to 3.9 billion euros. Last month, Siemens Energy published better-than-expected preliminary results for the period.
Siemens Energy is an energy technology company that operates across the entire energy landscape, from conventional to renewable power, grid technology, and storage.
Furthermore, it develops, produces, sells, and installs multi-megawatt wind turbines, gas turbines, gas engines, steam turbines, and complete systems. The company was formed in 2021 by the spin-off of the former Gas and Power division of Siemens Group.
Siemens Energy has a wide range of equipment used to generate and transmit energy, and its operations go back over 150 years.