Siemens Energy has recorded strong Q2 results and raised its outlook for 2026 despite geopolitical uncertainty in the Middle East since the start of US-Israeli strikes on Iran.
President and Chief Executive Christan Bruch (pictured) said impacts of the conflict including a global spike in fossil fuel prices had been “almost negligible” on the company’s financial performance as profit before special items rose to €1.16bn from €906m 12 months ago.
The increase has been credited primarily to a record level of orders in the gas services and grid technologies business plus a sharp narrowing of losses at Siemens Gamesa.
Siemens Energy has subsequently raised its outlook for the 2026 fiscal year to achieve 14%-16% revenue growth (up from 11%-13%) and a profit before special items of between 10% and 12% (raised from 9%-11%).
“If you look at the financial indicators the impact (from the Iran war) is almost negligible,” said Bruch on a call with journalists today (12 May).
“There has been higher transport costs and higher transaction costs, but this is nothing that is significant at all.”
He added: “The business continues… I do not believe the order intake will change in the medium term.”
Chief Financial Officer Maria Ferraro said Siemens Energy’s business model took a long-term view on changes to gas and oil prices and that “we continue to watch it closely”.