Siemens Energy AG

Strong Q3 performance (profitability surge) and confidence on full-year margins - Siemens Energy (stand-alone brand transition referenced) reported revenue of ~EUR 17.9bn and higher order intake vs. last year. - Profit before special items ~triple the prior-year Q3. - Margin before SI: 14.2% in Q3 (major improvement vs. prior period). - Full-year guidance maintained: management says it is confident and expects results around the upper end of the guided profit margin range, citing strong first 9 months and seasonality/fluctuations across quarters (so not changing guidance despite Q3 outperformance).

Middle East momentum is a material driver (no “conflict-driven demand collapse” seen) - CEO quantified/indicated that Middle East demand accounted for ~30% of gigawatt volumes for large projects in the quarter (rough estimate). - Countries mentioned: Saudi Arabia, UAE, Oman, Qatar; management frames the region as shifting toward “resilient energy structure” needs going forward. - No sign of major negative change to demand from the conflict—management said conditions are “quite on the contrary” (ongoing investment case).

Slot reservations: not “squeezing customers,” but using disciplined capacity arrangement (cash/BS integrity) - CEO denied “windfall profit optimization”; stated the company is arranging customer setups carefully. - Reservation agreements described as typically discussed at ~10–20% of what investors associate with reservation economics, but CEO emphasized: - reservations act like down payments that lapse if turbines aren’t purchased, - the company prioritizes the project cash profile and balance-sheet fit. - Bloomberg follow-up clarified reservations are *not included* in the order backlog (backlog consists of firm orders).