Siemens has beaten fourth-quarter forecasts and raised its medium-term growth outlook, as demand from data centres built to power artificial intelligence drove orders to the highest level in the German engineering group's history.

The company reported on Thursday 12 November 2026 that industrial profit jumped 22% to €3.89 billion in the three months to the end of September, the final quarter of its 2026 financial year. Reuters reported that the figure was the highest industrial profit Siemens has ever posted, and that it beat the €3.71 billion expected in a company-gathered consensus of analysts.

Revenue rose 11% to €23.68 billion, ahead of forecasts for €23.39 billion, while orders surged 58% to €34.77 billion — an all-time high, and well above the €27.52 billion analysts had expected.

Data centres and trains drove the quarter

Siemens said the surge in orders was fuelled by big business wins at its Mobility division, which makes trains, and at Smart Infrastructure, the unit that supplies electrical equipment for factories, buildings and data centres.

That pattern tells a wider story about where industrial demand is coming from in 2026. Data centres need vast amounts of power equipment, cooling and grid connections, and Siemens is one of the main suppliers of that kit in Europe. As operators race to build capacity for AI workloads, the orders are landing with the engineering groups that can deliver at scale.

The strength was broad enough to lift the whole quarter. Revenue grew by double digits, profit grew faster than sales, and the order book — the pipeline of work already won but not yet delivered — expanded sharply, giving the company visibility over the year ahead.

Guidance raised for the years ahead

On the back of the quarter, Siemens raised its medium-term guidance, saying it now expects comparative annual revenue growth of 7% to 11%, up from 6% to 9% previously. A lift of that size, applied over several years, points to materially higher sales than investors had been modelling.

For the new financial year, fiscal 2027, the company projects earnings per share before purchase price allocation of between €10.20 and €10.80, according to market reports of the results.

Guidance matters because it is the closest thing investors get to a promise. Siemens is effectively saying that the demand it is seeing — from electrification, from data centres and from transport — is durable enough to support faster growth for longer than it had previously assumed.

Not to be confused with Siemens Energy

Siemens should not be mixed up with Siemens Energy, the separately listed power equipment maker, which reported its own record annual results on Wednesday 11 November. The two companies share a name and a history, but they are independent businesses with separate listings and separate results.

Siemens Energy's numbers helped push Germany's DAX index to a record close of 26,662.77 on Wednesday. Siemens' own results, published a day later, add to the picture of German industry benefiting from the global build-out of power and digital infrastructure.

What to watch next

The question for investors is whether the order surge converts into profit at the same pace. A record order book is only valuable if the work can be delivered on time and at the margins promised, and large train and infrastructure contracts have a habit of testing both.

For now, though, Siemens has delivered a quarter that beat expectations on every major measure — profit, revenue and orders — and has backed it with a higher growth outlook. In a European earnings season that has so far been mixed, that combination stands out.

Sources: Reuters, 12 November 2026; Stock Market Watch.