Siemens Energy more than doubles annual profit to €4.1 billion

German energy technology group Siemens Energy more than doubled its annual net profit to €4.1 billion ($4.6 billion), driven by booming demand for gas turbines and power grid equipment as well as a sharp reduction in losses at its wind power division.

The Munich-based company said on Wednesday profit rose by 145% in the financial year ending in September, marking another record result after the previous year's historic high.

Siemens Energy expects profits to rise further to €5 billion in the current financial year, which began in October.

The company's gas services division increased its operating profit by €1.1 billion, while its grid technologies business recorded an increase of €851 million.

Its previously struggling wind power subsidiary Siemens Gamesa also significantly reduced its losses, cutting them by €1.5 billion. The division returned to positive earnings in the final two quarters of the financial year.

Chief executive Christian Bruch plans to more than triple the company's dividend to €2.30 per share.

Chief financial officer Maria Ferraro described 2026 as another record year for Siemens Energy and said the company was setting more ambitious targets for 2027 and 2030. She said the group aimed to capitalize on strong market conditions and work through its record order backlog profitably.

Siemens Energy has benefited from growing demand for electricity infrastructure as countries modernize their energy systems and the artificial intelligence boom fuels the construction of energy-intensive data centres.

Its order backlog has risen to €164 billion, nearly four times its annual revenue of €44.2 billion.

The company also expanded its workforce by around 5,000 employees to 108,000 worldwide, including 29,000 in Germany, up from 27,000 a year earlier.

Siemens Energy said demand for energy infrastructure remained strong and that it planned to continue expanding capacity.