Siemens ended its 2026 fiscal year with a record €143 billion order backlog, giving the German company a large pipeline of work heading into 2027. The company said on November 12 that demand from data centers, rail projects and industrial software helped push orders to new highs.
Siemens also raised its medium-term growth targets. The changes follow a year in which comparable orders rose 25% to a record €108.2 billion for the fiscal year ended September 30.
Data Centers Drive Smart Infrastructure Orders
The Smart Infrastructure unit showed the strongest link to data center spending. Its fourth-quarter orders climbed 39% on a comparable basis to €8.7 billion.
Siemens said the gain came from larger electrification and electrical-products contracts with data center customers. Most of those customers are in the United States and Europe.
Comparable revenue in the unit rose 15% to €7.2 billion in the quarter. The company said this growth came as the business worked through its large backlog.
Siemens reported triple-digit order growth in data centers for fiscal 2026. Data centers now make up 20% of Smart Infrastructure’s revenue exposure. That makes them the unit’s second-largest customer group, behind industrial customers.
Rail contracts also lifted the order total. Mobility orders jumped more than 200% to €10.7 billion in the fourth quarter. This included a €2.4 billion German order for high-speed trains and maintenance.
Siemens’ digital business, which covers industry software, connected devices and digital services, grew revenue 16% to €10.9 billion. The company also said its Eigen Engineering Agent made engineering work twice as fast at machine builder ANDRITZ Metals.
Industrial Business profit rose 13% to a record €13.3 billion for the year. However, net income fell to €9.5 billion from €10.4 billion.
The drop in net income is tied to the year before. The prior-year figure included a €2.1 billion gain from the sale of Innomotics, which did not repeat in 2026.
New Targets and Fiscal 2027 Outlook
For the group excluding Siemens Healthineers, the comparable revenue growth target is now 7% to 11%. The old target was 6% to 9%.
Siemens also raised its earnings ambition. It now targets double-digit growth in EPS pre PPA, up from high-single-digit growth before. EPS pre PPA is basic earnings per share before purchase price allocation accounting.
For fiscal 2027, Siemens forecasts comparable revenue growth of 9% to 11%. It expects EPS pre PPA of €10.20 to €10.80. The comparable 2026 baseline is €9.27, excluding Siemens Healthineers.
The forecast leaves out Healthineers because Siemens plans to spin off the business directly during fiscal 2027. After the spin-off, Healthineers will no longer be counted in the group’s results.
Management expects the global economy to keep growing. It said the main drivers are investment in AI and digital infrastructure, public spending programs and a rise in industrial activity.
Siemens also expects capital intensity to be much higher than in fiscal 2026. The company measures this as capital spending, including operating leases, against depreciation and amortization. It said the increase is mainly due to capacity expansion in Smart Infrastructure.
