Siemens Energy has tripled its quarterly profits to €1.62 billion (£1.3bn) as its wind turbine division turns a profit for the first time in four years.
Its wind division, Siemens Gamesa, which has a turbine manufacturing facility in Hull, has been a slog since 2022 – when it last turned a profit.
In its second-quarter report, it recorded a profit of €56 million (£48m), as the division expects to break even this year.
Siemens Energy highlighted cost cuts in manufacturing and higher capacity utilisation at the site, contributing to boosted profits and 3-5% revenue growth as it works through its order book.
Its chief executive Christian Bruch said: “The fact that our wind business has returned to profitability in a quarter for the first time since 2022 is a fantastic achievement by this team”.
Siemens Gamesa bounce back
It comes as somewhat of a bounce-back for the Gamesa division; however, it experienced a dip in orders last quarter.
Orders dropped by a third compared to the equivalent quarter for fiscal year 2025, coming in at roughly 1.5 billion euros (£1.3bn) against 2.4 billion euros (£2bn).
Profit before Special items – a financial figure calculated without counting one-time gains or costs – more than tripled to €1.6bn, compared with €497 million in Q3 2025.
All divisions “delivered strong improvements, with Siemens Gamesa making the largest contribution”, according to financial reports.
“Global electricity demand – and consequently for our products – remained strong in the third quarter. We delivered record orders, revenue, and profitability, while continuing to improve efficiency”, added Bruch.
Third-quarter sales rose 18.5% to €11.45 billion, slightly beating its expectations of €11.22 billion (£9.7bn). Siemens Energy now expects to reach the upper levels of its 10-12% profit margin target in 2026.
Siemens Energy also pointed to the expansion of AI data centres in the United States and power plants in the Middle East, which increased demand for its gas turbines.