Core Insights - Siemens reported a strong start to fiscal 2026, with broad-based revenue growth, higher profitability, and record backlog levels, driven by demand in data center infrastructure and industrial software [5][6] Group Orders and Backlog - Group orders increased by 10% year-over-year to EUR 21.4 billion, with a record order backlog of EUR 120 billion [4][7] - Smart Infrastructure's backlog rose to an all-time high of EUR 20.2 billion, providing excellent visibility for fiscal 2026 [1][6] Financial Performance - Siemens generated an industrial business profit of EUR 2.9 billion, with a profit margin expanding to 15.6%, despite a 60-basis-point currency headwind [3][7] - Earnings per share (pre-PPA) were reported at EUR 2.28, with free cash flow around EUR 700 million [3] Segment Performance - Smart Infrastructure delivered a record performance with orders rising 22% to EUR 7.2 billion, including EUR 1.8 billion in data center orders [2][6] - Digital Industries posted orders of EUR 4.8 billion, up 13%, with a book-to-bill ratio of 1.07 [9] - Mobility orders rose to EUR 2.9 billion year-over-year, with a revenue increase of 9% and an improved margin of 9% [13] Profit Margins and Pricing - Smart Infrastructure's profit margin expanded by 210 basis points year-over-year to 19%, benefiting from commodity hedging [8] - Digital Industries' profit margin reached 17.8%, driven by automation and product mix [11] Future Outlook - Siemens raised its full-year EPS pre-PPA guidance to EUR 10.70–11.10 and is targeting the upper half of its 6%–8% revenue growth range [6][17] - The company plans to continue shareholder returns, including a EUR 5.35 dividend and nearly EUR 4.4 billion in buybacks [6][16]