Siemens raised its mid-term growth targets on 12 November after record orders of €108.2 billion in fiscal 2026, the German group said in its results release. Comparable revenuegrowth is now expected to be between 7 percent and 11 percent, against 6 percent and 9 percent before, and growth in EPS pre PPA is now projected in the double-digit range.
Fourth-quarter orders rose 58% to a quarterly record of €34.8 billion, the earnings release says. By our arithmetic, Mobility’s train contracts supplied €8.2 billion of the €12.8 billion increase, or 64%, while Smart Infrastructure, whose electrification businesses reported data center contract wins, added €2.5 billion.
Business Pill · Backlog Explained
An evergreen Business Engineer explainer on backlog, revenue that is signed but not yet earned, the measure behind Siemens’ record €143 billion order book. It teaches the general idea only and does not discuss this story.
The key insight: As we read it, Siemens’ record quarter has two engines: by our arithmetic train contracts at Mobility supplied 64% of the fourth-quarter order increase, while data center wins drove the 40% rise at Smart Infrastructure, the unit Siemens now guides to grow fastest in fiscal 2027.
For the year to 30 September 2026, Siemens increased revenue 8 percent on a comparable basis to €83.4 billion, and comparable orders surged 25 percent to €108.2 billion, the release says. The book-to-bill ratio was 1.30, against 1.12 a year earlier, and the order backlog reached a record €143 billion, against €117 billion.
Profit Industrial Business grew 13 percent to €13.3 billion, with a margin of 16.3 percent. Net income was €9.5 billion, against €10.4 billion in fiscal 2025, which had included a gain of €2.1 billion on the sale of Innomotics. EPS pre PPA totaled €11.76, above the €11.20 to €11.50 range Siemens had guided after the third quarter.
Free cash flow at Group level reached a record €12.1 billion. The boards will propose a dividend of €5.50 per share, against €5.35, the release says. By our arithmetic, fiscal 2026 orders exceeded revenue by €24.8 billion, and the backlog grew by €26 billion over the year.
Siemens fourth-quarter orders by industrial business, Q4 FY2025 to Q4 FY2026, from the Earnings Release Q4 FY 2026: Mobility €2,522 million to €10,736 million, Smart Infrastructure €6,184 million to €8,665 million, Digital Industries €5,511 million to €6,414 million. Shares of the €12.8 billion Group order increase are our arithmetic.
Where the Fourth-Quarter Orders Came From
The earnings release tables put fourth-quarter orders at €10,736 million for Mobility, against €2,522 million a year earlier, at €8,665 million for Smart Infrastructure, against €6,184 million, and at €6,414 million for Digital Industries, against €5,511 million. Group orders were €34,771 million, against €21,939 million.
Mobility’s quarter included a €2.4 billion order in Germany for high-speed trains, including full maintenance, and Mobility’s €1.9 billion share of a contract for suburban trains and related service in Germany, the release says. By our arithmetic, Mobility accounted for 64% of the Group’s quarterly order increase, Smart Infrastructure for 19% and Digital Industries for 7%.
The Data Center Line
Smart Infrastructure reported all-time quarterly highs for orders, revenue and profit. Its orders rose 40%, and its order intake in the electrification and electrical products businesses “again included numerous larger contract wins from data center customers, predominantly in the U.S. and in Europe”, the earnings release says. Its profitmargin was 20.3%, and the release says profit benefited from tariff refunds in the U.S.
The press-call presentation shows fourth-quarter order growth of 62% in Electrification, 45% in Electrical Products and 12% in Buildings, with the unit’s U.S. orders up 70%, and a record Smart Infrastructure backlog of €25.1 billion. It lists Data Center at 20% of the unit’s revenue exposure and calls it the “2nd largest vertical, sustained momentum driven by AI build-out”.
A separate slide on the Group’s strategy reports “Triple-digit FY26 order growth through a unified Siemens approach and flawless execution” in data centers. Siemens Energy, in which Siemens says it held a 4.9% stake at 30 September after selling 0.7% for €0.8 billion in the quarter, reported its own record backlog the day before, as set out in our piece on Siemens Energy’s results.
Smart Infrastructure fourth-quarter fiscal 2026 order growth, year on year, from Siemens’ Q4 FY26 press-call presentation and Earnings Release Q4 FY 2026: U.S. +70%, Electrification +62%, Electrical Products +45%, Smart Infrastructure total +39% on a comparable basis, Buildings +12%.
The New Targets and the Fiscal 2027 Outlook
For fiscal 2027, Siemens expects comparable revenuegrowth of 9 percent to 11 percent for the Group and a book-to-bill ratio above 1, excluding Siemens Healthineers. It expects Smart Infrastructure to grow 11 percent to 13 percent at a margin of 19.5 percent to 20.5 percent, and Digital Industries to grow 8 percent to 12 percent at a margin of 20 percent to 22 percent.
EPS pre PPA is guided at €10.20 to €10.80, against a comparable €9.27 in fiscal 2026 that excludes Siemens Healthineers. Siemens plans to transfer 34.1 percent of its stake in Siemens Healthineers to shareholders through a spin-off, at one Siemens Healthineers share for every two Siemens shares. The outlook excludes burdens from legal and regulatory matters, the release says.
As we read the order book, fiscal 2026 orders exceeded revenue by €24.8 billion by our arithmetic, and the backlog grew by €26 billion to a record €143 billion, which is the base for the 9% to 11% revenuegrowth Siemens guides for fiscal 2027.
As we read the presentation, data centers have become a named growth line rather than a footnote: Siemens lists Data Center at 20% of Smart Infrastructure’s revenue exposure, its second-largest vertical, and reports triple-digit order growth in the vertical for fiscal 2026.
Roland Busch, President and CEO of Siemens AG, in the results release of 12 November 2026
“Industrial AI is an exceptional growthopportunity, and Siemens is built to win in this space.”
Three Implications
FOR DATA CENTER BUILDERS Smart Infrastructure reported numerous larger contract wins from data center customers, predominantly in the U.S. and in Europe, in its electrification and electrical products businesses.
FOR SHAREHOLDERS Siemens proposes a dividend of €5.50 per share and plans to transfer 34.1 percent of its Siemens Healthineers stake at one share for every two Siemens shares.
FOR THE FISCAL 2027 GUIDE Smart Infrastructure is guided to 11 percent to 13 percent comparable growth, above the Group range of 9 percent to 11 percent.
The framework argues: “The structural bottleneck isn’t computing, it’s electrons.”
As we read it, Siemens’ electrification orders are one measure of that bottleneck turning into orders for suppliers of electrification equipment. The framework predates these results and does not discuss them.
What Is Not Established
The release and presentation we read give data center order growth as a rate and a revenue-exposure share; they do not put a euro figure on data center orders in the passages we read. Which customers placed the larger contract wins is not stated in those documents.
All figures are preliminary, Siemens says. We did not listen to the press or analyst calls, and we did not contact Siemens for this piece.
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Siemens closed fiscal 2026 with record orders of €108.2 billion and raised its mid-term comparable revenuegrowth target to 7 percent to 11 percent. Data center wins lifted Smart Infrastructure’s orders 40% in the fourth quarter, while by our arithmetic train contracts at Mobility supplied 64% of the Group’s quarterly order increase.
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A note on sourcing. We read the Siemens press release of 12 November 2026 in full, pages 1 to 4 of its Earnings Release Q4 FY 2026, and the slides of its Q4 FY26 press-call presentation cited here. Siemens says all information is preliminary. The order shares, the excess of orders over revenue and the backlog change are our arithmetic. We did not listen to the press or analyst calls, and we did not contact Siemens.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
