Market Summary - Siemens Energy and European Earnings

Date: 11 November 2026

Market Overview

European indices are on the rise, with the STOXX 600 nearing record highs, driven by strong performances in technology shares and positive corporate earnings. The DAX has increased by approximately 0.9%, the CAC 40 by 0.7%, and the FTSE 100 by 0.8%, buoyed by a rebound in oil prices. This positive sentiment persists despite growing expectations of a more hawkish Federal Reserve due to higher-than-expected inflation in the US.

Sector Highlights

The technology sector is leading the gains, particularly influenced by CoreWeave's results, which have bolstered sentiment towards AI infrastructure. Companies such as BE Semiconductor and ASM International have seen their shares rise by over 4%, while ASML and STMicroelectronics have gained more than 3%.

Siemens Energy Earnings Report

Siemens Energy has reported record results for fiscal year 2026, with a particularly positive market reaction to its improved profitability and ambitious targets for 2030. The company has benefited from strong demand for gas turbines, grid infrastructure, and data-center solutions, resulting in a record order backlog.

Key Financial Figures for Q4 FY2026:

• Revenue: EUR 12.8 billion (+21.5% year-over-year)
• Orders: EUR 14.8 billion (+5.2% year-over-year)
• Profit before special items: EUR 1.54 billion (up from EUR 471 million a year earlier)
• Net profit: EUR 1.36 billion (up from EUR 236 million)
• EPS: EUR 1.49 (up from EUR 0.19)
• Record backlog: EUR 164 billion

Full Year Highlights:

• Comparable revenue increased by 15.5% to EUR 44.2 billion
• Orders rose 18.8% to EUR 68.1 billion
• Profit before special items more than doubled to EUR 5.49 billion
• Net profit reached EUR 4.13 billion
• Free cash flow before tax increased to EUR 8.8 billion

Future Outlook:

Siemens Energy anticipates comparable revenue growth of 14-16% for 2027 and aims for a margin of 20-22% by 2030. The company plans to increase its dividend significantly and initiate a share buyback program of up to EUR 9 billion by the end of 2030.

Other Company Earnings Reports

E.ON

E.ON reported adjusted EBITDA of EUR 7.1 billion for the first nine months, with a slight increase in adjusted net income. The market reaction was muted, with shares down approximately 2%.

RWE

RWE's adjusted EBITDA rose 35% year-over-year to EUR 4.6 billion, with shares initially gaining around 1% before paring some gains.

ABN AMRO

ABN AMRO reported a net profit of EUR 940 million, significantly above consensus expectations, leading to a moderate positive market reaction.

Poste Italiane

Poste Italiane is set to release its Q3 results, with early trading showing little movement in stock prices.

Swiss Life

Swiss Life reported an 8% increase in premiums, but shares fell by around 2% due to weaker investment income.

Brenntag

Brenntag's Q3 sales increased, but shares saw limited movement due to slight earnings misses.

voestalpine

voestalpine reported stable revenue but cut its EBITDA guidance, resulting in a 3.2% drop in shares.

Snam

Snam's revenue and EBITDA increased, but shares traded slightly lower, indicating that results were largely anticipated.

Technoprobe

Technoprobe's shares rose over 6% amid strong market sentiment, driven by AI-related demand.

De’Longhi

De’Longhi reported a 7.7% increase in Q3 revenue, leading to a positive market reaction with shares gaining around 3%.

Vestas Wind Systems

Vestas reported a revenue increase but fell short of expectations, resulting in an initial drop in shares.

Conclusion

The earnings season has provided a mixed bag of results, with some companies exceeding expectations while others faced challenges. The overall market sentiment remains cautiously optimistic, particularly in the technology sector.