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(Bloomberg) — Siemens Energy AG is on track for another year of rising revenue as surging electricity demand continues to bolster sales of its gas turbines and power-grid products.
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Group orders jumped by over a third to €17.6 billion ($20.9 billion) in the fiscal first quarter, the German manufacturer said Wednesday. Its gas business reported its highest-ever order intake.
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Siemens Energy has been benefiting from the growing use of electricity by industry, data centers and artificial intelligence applications. The company’s stock has gained around a quarter since January, making it the best performer in the German DAX Index this year. The shares rose 4.7% on Tradegate before the start of regular trading on Wednesday.
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While Wall Street has grown skeptical about software stocks exposed to disruption from the AI boom, makers of hardware used in data centers look more insulated. Siemens Energy makes transformers and circuit breakers needed by the centers, while larger installations often require their own power plant, fueling demand for its gas turbines.
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Last week, the company said it will invest $1 billion in the US, its largest single market, to expand production capacity for gas turbines and grid products. The country accounted for 40% of Siemens Energy’s gas turbine orders in the first quarter.
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Group profit more than doubled to €1 billion in the period amid improvements at its grid technology business and productivity increases at wind unit Siemens Gamesa.
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While the division’s orders slumped 34%, Siemens Energy pointed to an exceptionally strong prior-year period, when it booked a €1.4 billion offshore wind turbine deal.
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The manufacturer confirmed its guidance for 2026. It still expects Gamesa to break even this fiscal year.
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With a strong first quarter and continued order momentum, Siemens Energy’s guidance “now looks conservative,” RBC Europe analysts led by Colin Moody said in a note.
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(Updates with shares in third, details on AI boom in fourth paragraph.)
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