Gas turbines + grid equipment (Siemens Energy) — generation, transmission and grid infrastructure for utilities & data centers
AI exposure 21% — derived from reported segment revenue, not asserted.
Physical Infrastructure → Power & Electrical Equipment · figures rebased to Q3 FY2026, reported 2026-08-05
Gas/steam turbines + generators + service (power generation for grids & data centers) is 30% of revenue, but Renewable Energy carries more at 41%. Flagged for review against placement rule 2, which puts the primary with the largest business. The rest is tagged separately: Renewable Energy at 41%; Grid Infrastructure Equipment at 29%.
Also tagged: secondary in Energy Supply & Critical Minerals → Renewable Energy; secondary in Physical Infrastructure → Grid Infrastructure Equipment.
Siemens Energy (EUR 11.4B Q3 FY2026, +19% YoY — a record quarter, with orders +19% to EUR 17.9B and profit before special items more than tripling to EUR 1.6B at a 14.2% margin). Gas Services 33.3% (EUR 3.8B, +21%; EUR 10B of orders, +62%, on a EUR 73B backlog) = primary B2 Power & Electrical Equipment; Grid Technologies 31.6% (EUR 3.6B, +29% — the fastest, on a EUR 51B backlog) = B2 Grid Infrastructure Equipment secondary; Wind 22.2% (Gamesa turned profitable); Transformation of Industry 12.8%. Management links the growth directly to data-centre infrastructure and grid expansion. The…
Moat. Siemens Energy is one of three global heavy-duty gas-turbine OEMs and one of a handful of qualified HVDC and large-transformer suppliers — long-lead, capital-intensive positions carrying decades-long installed-base service annuities. Not a small standby-power specialist: ~EUR 39B of revenue and a record EUR 162B order backlog, roughly four years of sales, with Gas Services at EUR 73B and Grid Technologies at EUR 51B.
Bottleneck / pricing power. Real pricing power while the queue is long — Q3 FY2026 orders of EUR 17.9B at a 1.57 book-to-bill, Grid Technologies at a 19.9% margin (+400 bps YoY) and Gas Services at 17.3% (+420 bps), both pricing above the backlog they are burning. That pricing is a function of a sold-out cycle rather than a permanent structure, and management flagged moderate Q4 softness against a 14.2% quarter.
Role in the AI stack. The turbine + grid-equipment layer — generating and connecting the power the data-center buildout runs on.
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