Siemens Energy: Initiation of Coverage- Grid Profits, Turbine Orders, & a Relife Playbook That Could Reshape Returns! 

Siemens Energy’s second-quarter performance for fiscal year 2025 reflects a robust operational execution across all key business areas, contributing to an upward revision in the company’s full-year guidance. On the positive side, the company achieved record-high order intake and revenue levels, suggesting strong market demand, particularly in gas services and grid technologies. With a book-to-bill ratio of 1.45, the order backlog has reached a new peak of EUR 133 billion. Revenue increased by over 20% to EUR 10 billion, and profit before special items rose more than fivefold year-on-year, resulting in a profit margin of 9.1% for the quarter. Additionally, cash flow exceeded expectations, adding up to EUR 1.4 billion.