Siemens has reported better-than-expected fourth-quarter results and lifted its medium-term growth outlook, as strong demand for trains and from artificial intelligence data centres pushed orders to a record high.

The German engineering group said on Thursday 12 November that industrial profit jumped 22% to €3.89 billion in the three months to 30 September 2026. Revenue rose 11% to €23.68 billion, ahead of forecasts of €23.39 billion, while orders surged 58% to a record €34.77 billion, according to Reuters.

Record orders and a higher dividend

Net profit for the quarter rose to €2.16 billion from €1.62 billion in the same period a year earlier. Siemens said profit in its industrial business hit a record high, with double-digit revenue growth in its smart infrastructure and digital industries units.

The company proposed a full-year dividend of €5.50 per share, up from €5.35 a year earlier. For the 2027 financial year, Siemens said it expects comparable revenue growth of between 9% and 11%, with basic earnings per share from net income before purchase price allocation accounting of between €10.20 and €10.80.

Shares in Siemens rose 4.4% in early trading in Frankfurt on Thursday, after trading 3.47% higher in pre-market dealings at €286.60, against a Xetra close of €277.00 on Wednesday. The gain helped push Germany's DAX index 0.9% higher at the open.

European markets extend record run

The wider European market also rose. The continent-wide Stoxx 600 index gained 0.3% in early trading, extending the record close of 663.05 it set on Wednesday, when the DAX itself closed at a record 26,662.77, up 1.2% on the day. In Paris, the CAC 40 rose 0.7%, with luxury bellwether LVMH up 1.9%, while London's FTSE 100 gained 0.2%.

Siemens, whose products range from trains to electrical equipment for factories, buildings and data centres, said the order book was boosted by continued strong demand from AI-related data centres alongside its transport business. The company lifted its mid-term growth outlook on the back of that demand, although it did not put a new figure on the longer-term target in the early release.

The results cap a strong week for European industrials. A day earlier, Siemens Energy, the separately listed power equipment maker, also reported record results and a record order backlog, helping the DAX to its new closing high. Siemens' own figures show the parent group is sharing in the same capital spending boom, with orders growing far faster than sales as customers lock in capacity for electrification and data centre projects.

Investors will now watch whether the order surge converts into revenue at the pace Siemens has guided for 2027, and whether the margin gains in its industrial business can be sustained as the group works through a record backlog.