西门子能源8月5日披露2026 财年第三季度财报将于 8 月 5 日发布，燃气轮机需求暂未显现疲软迹象

Germany Diversified/Conglomerates FQ3'26 results due August 5 - No signof weakening gas turbine demandSiemens Energywill report itsfiscal Q3resultsonAugust5.During itspreclose Gael de-Bray, CFA Research Analyst+33-1-4495-6562Nabil Najeeb call, the company confirmed that it has not seen any sign of weakening gasturbine market demand, which is now expected to be in a range of 110-120Gwannuallyfortheupcomingyears.Themarketalsoremainssupplyconstrained,resulting in positive pricing.We expect the group to show continued strongcommercialdynamics,withabook-to-billof1.5xthisquarter.Wealsoanticipatethatorganicrevenuegrowthwill reach16%accompaniedbyamarginof11.8%,bothattheupperendofthetargetedrangesforthefullyear.Lookingahead,wesee continued growth in gas services and grid orders,combined witha strongpick-upin windorders next year,morethan offsettinga potentialpeakin gas Gworders(15%ofgroup).Thegroup'sbacklogshouldcontinuetogrowatleastuntilthe end ofthedecade. Research Analyst+44-20-754-17410JohnKim Research Analyst+44-20-754-18699 Key changesDB EPS (EUR) 1/Continued strong orderflow,particularlyfor gas turbinesENR'smarkets continuetodevelopveryfavorablyandwe expectgroupordersto reach 16.5bn in FQ3, representing a solid book-to-bill of 1.5x.We expect the Gasdivision to report another very strong quarter, with orders of 8.8bn in FQ3, flatQoQ,equivalenttoabook-to-billof2.4x.Weassume12GWofnewequipmentordersinthequarterandprojecttotalGWcommitmentstorise sequentiallyby5GWto 92GW including reservation slot agreements.For Grid Technologies,eventhoughthecompanydid notannounceanylargeHvDC contractthis quarter,datacenterdemandremainsstrongandweforecastanorderintakeof5.7bn,up36%YoYwithabook-to-bill of1.6x.Gamesa's orders should,however,decrease sharplyYoY to around 0.8bn (book-to-bill of 0.3x)given the absence of large contractawards in Offshore Wind this quarter. Overall, we see the group's backlog risingQoQby7bntoreacharound161bn. 2/Q3growth andmargins seen attheupper end oftheFYtargeted range We forecast group revenues of 11.1bn in fiscal Q3,up14%YoY, including16%organic growth, at the upper end of the targeted range of 14-16% for the full year.Adjusted EBITA should reach around1.3bn,withamargin of11.8%,upfrom5.1%inlastyear'sQ3.Bydivision,GridTechnologiesshould registerasignificantstep-upin both organic growth (+28%)andmargins (19.4%,up450bps YoY),drivenbytheramp up of new capacities and positive pricing,particularly in the Us. Importantly.weexpectGamesatobebackinthegreen(DBe+1Om)forthefirsttimein5years. Diversified/ConglomeratesSiemens Energy Weanticipatethatmanagementwill reiterateitsguidanceforcomparablerevenue growth of 14-16% (DBe 15%) and will now point to the upper end of its targetedmargin range of 10-12% (vs DBe 11.7%). The pre-tax FCF guidance of 8bn couldalsobe revised higherto"at least 8bn"inour view (DBe 8.3bn). According to Manager Magazin (June 18),Siemens Energy is exploring the separation of its"Transformation of Industry" division (TI, 5.7bn revenue, 14% ofgroup) through an IPo, the spin-off of a majority stake, or a merger withacompetitor.Ifcompleted,webelievethemovewouldbenefitshareholders;itwouldallow Siemens Energyto fully refocus on electrification markets,eliminate itsOil&Gas/petrochemicalexposure,andmechanicallyimproveitsmarginprofile(weestimate by atleast+50bps).It would also simplifythegroup'sreporting structureand make its profile even more comparable to that of GEV,potentially furtherreducingthegapbetweenthetwocompanies'valuationmultiples. Diversified/ConglomeratesSiemens Energy Q3'26 - Key charts Source:Deutsche Bank, Company data Financial tables Diversified/ConglomeratesSiemens Energy Siemens Energy-Yearly P&L Diversified/ConglomeratesSiemens Energy Diversified/ConglomeratesSiemens Energy Reuters: ENR1n.DE Siemens Energy is a world leader in energy infrastructure, with a comprehensive porfolio along the entire energyconversion value chain, including conventional andrenewable power generation as well as power transmission,storage and electrolyzer offerings. Services account foraround one-third of revenues. Cash Flow (EURm)Cash flow from operations Balance Sheet (EURm)Cash and other liquid assets KeyCompanyMetrics Gael de-Bray,CFA+33 1 4495-6562gael.de-bray@db.com Diversified/ConglomeratesSiemens Energy Appendix 1 *Other information available upon request subjectof thisresearch.please see themostrecently published companyreportorvisitourglobaldisclosurelook-uppage onourwebsiteathttpss://research.db.com/Reare stronglyencouragedtoreviewthisinformation before investingt, important risk and conflict disclosures can also befound athttps://research.db.com/Research/Disclosures/Disclaimer.Investors ImportantDisclosuresRequiredbyU.S.RegulatorsDisclosures marked with an asterisk mayalso be required by at least one jurisdiction in addition to the United States.See 2.DeutscheBankand/orits affiliate(s)mayactasa marketmakerorliquidityproviderinthefinancialinstrumentsissued