Siemens Energy is expected to exceed current free cash flow pre-tax guidance of up to €1bn. Credit: Mo Photography Berlin/Shutterstock.

Siemens Energy has reported an 18.4% increase in revenue to €8.9bn ($9.23bn) in the first quarter (Q1) of the fiscal year 2025 (FY25) which ended 31 December 2024.

The company secured a total of €13.7bn in terms of orders during the period. It recorded a net income of €252m for the quarter – below the previous year’s elevated figures, which were driven by exceptionally high orders in grid technologies and the transformation of industry.

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The company announced a record order book totalling €131bn, reflecting robust demand for its energy equipment, including gas and wind turbines, power converter stations and electrolysers. The book-to-bill ratio stood at 1.53.

Despite significant increases in Gas Services and Siemens Gamesa, overall orders declined year-on-year due to the previous year’s exceptional performance.

The service business saw a significant increase compared to the same quarter of the previous quarter, yet the majority of orders were still attributed to the new units business.

Siemens Energy president and CEO Christian Bruch stated: “Our strong first quarter reflects the market opportunities arising from the increasing demand for electricity. The strong cash flow was mainly driven by growth across all our businesses, advance payments and timing effects. Our focus lies still on profitable topline growth and technological leadership.”.

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Orders in the US, where Siemens Energy generates one-fifth of its sales, increased by 62% in the first quarter to €3.9bn.

Based on the first quarter’s performance, management expects Siemens Energy to surpass the current free cash flow pre-tax guidance of up to €1bn.

The company plans to update the free cash flow pre-tax outlook for FY25 with the half-year results.