Summary
- Data centre-related customers represent approximately 9.1% of Siemens Energy's €164bn global order backlog.
- Exposure is concentrated in Gas Services and Grid Technologies, but the €15bn is not a European-only figure.
- Siemens Energy reported €68.1bn in annual orders and forecasts 14–16% comparable revenue growth for fiscal 2027 across the group.
Siemens Energy says data centre-related customers account for approximately €15bn of its €164bn global order backlog, reflecting demand for gas turbines and electricity grid equipment used in large computing infrastructure projects.
The German energy technology group disclosed the exposure alongside its fiscal 2026 results, covering the year ended 30 September. At approximately 9.1% of the total backlog, data centre customers represent a substantial source of orders without dominating the company's wider activities.
The exposure is concentrated in Gas Services and Grid Technologies, which supply generating equipment and the infrastructure needed to transmit and distribute electricity.
Siemens Energy reported €68.1bn of annual orders, up 18.8% on a comparable basis, and €44.2bn of revenue, an increase of 15.5% on the same basis.
Gas Services recorded €32.8bn of orders, while Grid Technologies received €24bn. The figures encompass multiple markets and types of customer, not just the data centre industry.
Growth in the United States has been particularly strong. Group orders from that market rose 70.8% to €27.7bn, reflecting broader power infrastructure demand alongside data centre construction.
The company has not provided a country-by-country allocation of the €15bn data centre-related backlog. It would therefore be incorrect to treat that total as orders for European facilities or as evidence that the associated infrastructure has already been commissioned.
Computing facilities place new demands on power systems
Large data centres require electricity not only for servers and associated computing equipment, but also for cooling, electrical losses, lighting, and other supporting systems.
Where local networks cannot supply the required capacity within a development programme, operators may need dedicated electrical infrastructure or alternative generating arrangements.
Gas turbines can provide dispatchable power, subject to available fuel, environmental permissions, equipment installation, and the wider operating design. Their use is not limited to data centres, and some equipment associated with expanding electricity demand may serve public networks rather than individual campuses.
Grid equipment is another major requirement. Substations, transformers, switchgear, and transmission infrastructure are necessary to connect large new loads and maintain electricity system performance.
Delivery can depend on utility investment programmes, manufacturing capacity, land, permits, and the completion of network reinforcement works.
Siemens Energy's order backlog captures contracts to supply equipment and services over future periods. It is not a measure of generation capacity that has already begun operating or of completed data centre developments.
The company also has substantial exposure to electricity infrastructure beyond computing. Electrification of transport and industry, network upgrades, renewable generation, and security of supply all contribute to demand for its products.
Its management has emphasised that data centre growth forecasts should not be accepted uncritically, even while the company records substantial orders from customers in the sector.
Manufacturing capacity underpins delivery
Siemens Energy says investments in manufacturing capacity at existing facilities contributed to increased equipment output during fiscal 2026.
Additional production capability can help convert the order backlog into revenue, but specialist equipment programmes still require manufacturing, testing, transport, installation, and commissioning before the associated infrastructure becomes operational.
The company's profit margin before special items reached 12.4% in fiscal 2026, compared with 6% in the previous year. Its free cash flow before tax rose to approximately €8.8bn.
For fiscal 2027, Siemens Energy expects comparable revenue growth of 14–16% and a profit margin before special items of 14–16%. Its longer-term goals extend to annual comparable revenue growth of 12–14% and a margin of 20–22% by fiscal 2030.
Those forecasts apply to the wider company rather than exclusively to orders linked with data centres.
European developers face similar physical infrastructure requirements to their North American counterparts, including electricity connections, substations, thermal management, and a reliable supply of specialised equipment.
However, the pace of European construction and the distribution of equipment orders cannot be established from Siemens Energy's consolidated backlog alone.
The company's results demonstrate that data centre demand is contributing to the market for established power engineering products. The conversion of those orders into operating infrastructure will depend on equipment delivery and completion of the projects for which they were placed.
