AI data centres, Middle East demand drive record quarter at Siemens Energy

Shares in Siemens Energy, which makes products ranging from gas and wind turbines to converter stations and electrolysers, were up 1.1% at 0835 GMT.

"I am very pleased with the strong results. In particular, the upturn in gas service orders has been a pleasant surprise and reinforces the long-term growth outlook," said Jasmin Wolfram of Siemens Energy shareholder Union Investment.

Third-quarter sales rose 18.5% to €11.45 billion ($13.20 billion), beating a company-compiled analyst forecast of €11.22 billion. Profit before special items more than tripled to €1.62 billion, also ahead of the €1.38 billion consensus estimate.

Siemens Energy now expects to hit the upper end of its 10-12% margin target for 2026.

In addition to data centre expansion, the Iran war has boosted demand for power equipment among Middle East governments seeking to strengthen energy security as the conflict highlights the vulnerability of infrastructure.

GE Vernova also pointed to data centre-related orders as the main driver of quarterly results last month, though losses at its wind business weighed on performance.