# AI data centres lifted ABB orders 40% and Schneider sales 17%. Siemens Energy reports on 11 November

> Schneider Electric's sales rose 17% and ABB's orders 40% in Q3 as AI data centres bought power gear at higher prices. Siemens Energy reports on 11 November.

Publisher: DC Market Insights  
Published: 2026-11-05  
Last updated: 2026-11-05  
Page: https://www.dcmarketinsights.com/news/ai-data-centres-lifted-abb-orders-40-and-schneider-sales-17-siemens-energy-reports-on-11-november

## Key takeaways

- Schneider Electric's third-quarter revenue rose 16.9% organically to a record €11.46 billion, and demand in its pure data center segment was "up triple-digit globally" (Schneider Electric, 16 Oct 2026).
- ABB booked a record US$12.1 billion of orders in the quarter, up 40% on a comparable basis, with a "triple-digit increase" in the data center segment (ABB, 20 Oct 2026).
- Siemens Energy's order backlog reached €162 billion after its April-June quarter, about 14 quarters of revenue at the current pace (Siemens Energy; our calculation). It reports full-year results on 11 November.
- Price is part of the growth. Schneider said its Q3 product pricing was "around the same level in value" as in the whole first half, and its product sales rose 17% organically.
- DC Market Insights estimates data center switchgear spending at about US$0.40 million per MW of IT load in 2025, up 43% from US$0.28 million in 2020 (DC Market Insights data; our calculation).

The electrical part of an AI data centre is getting more expensive, and Europe's biggest equipment makers are the ones booking the difference. In the third quarter, Schneider Electric, ABB and Siemens Energy each reported record orders or revenue, and each named data centres as the main reason.

This matters now because the next numbers are days away. Legrand, which makes about a third of its sales from data centres, publishes nine-month results on 5 November, and Siemens Energy reports its fiscal year and gives its 2027 outlook on 11 November. For operators, the question is simple: how much more will switchgear, transformers, busway and cooling cost per megawatt in 2027, and how long will they wait for it?

**€11.46bn** Schneider Electric Q3 2026 revenue, +16.9% organic, a record (Schneider Electric)

**US$12.1bn** ABB Q3 2026 orders, +40% comparable, a record (ABB)

**€162bn** Siemens Energy order backlog after Q3 FY2026 (Siemens Energy)

## How we got here: a year of upgrades

The equipment makers have raised their targets several times this year. Schneider Electric's guidance in its [first-half release on 30 July](https://www.se.com/ww/en/assets/pdf/release-hy-results-2026) called for 2026 organic revenue growth of +10% to +13% and adjusted EBITA growth of +14% to +19%. On 16 October it raised both, to +12% to +14% for revenue and +18% to +21% for adjusted EBITA, with the adjusted EBITA margin now expected to improve by 100 to 120 basis points organically, to about 19.7% to 19.9%.

Legrand did the same. In its [first-half results](https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/6m/Legrand_Slideshow_H12026_EN%20_1785247986.pdf), the French maker of power distribution, busway and rack equipment reported sales of €5,400.3 million, up 9.8% organically, and said data centres were 32% of group revenue, with data centre sales up more than 30% organically. It raised its 2026 target for organic growth to +8% to +10%, from +4% to +7%. At its capital markets day on 29 September it lifted its organic growth goal for 2027-2030 to 6% to 8% a year, from 3% to 5%, and said it expects data centre sales to exceed €3 billion in 2026, [Investing.com reported](https://www.investing.com/news/stock-market-news/legrand-jumps-7-on-raising-2030-growth-margin-targets-on-ai-data-centre-demand-4921762).

By our calculation, 32% of Legrand's first-half sales is about €1.73 billion of data centre revenue in six months.

## What the third quarter showed

**Schneider Electric.**  Revenue was €11.46 billion, up 16.9% organically and 17.9% reported, [the company said](https://www.se.com/ww/en/assets/pdf/release-Q3-revenues-2026). Energy Management grew 18.8% and Industrial Automation 8.1%. Systems, which includes prefabricated data centre modules and electrical distribution, made up 35% of revenue and grew 22%, "led by Data Center". Analysts had expected €11.13 billion, according to a company-provided consensus cited by [Reuters](https://www.globalbankingandfinance.com/schneider-electric-raises-2026-targets-booming-data-centre/).

> We delivered record quarterly revenues of €11.5 billion in Q3, growing 17% organically

***Olivier Blum** , Chief Executive Officer, Schneider Electric — [Q3 2026 revenue release, 16 Oct 2026](https://www.se.com/ww/en/assets/pdf/release-Q3-revenues-2026)*

Schneider does not report data centre revenue each quarter. On the [results call](https://www.se.com/ww/en/assets/pdf/transcript-Q3-results-2026), Chief Financial Officer Nathan Fast said data centres and networks were 30% of sales at the end of 2025, and that direct data centre exposure was "about four points less". Applying that roughly 26% share to Q3 revenue gives about €3.0 billion of data centre sales in one quarter (our calculation). Because data centres are growing faster than the group, the true Q3 share is probably higher.

**ABB.**  Orders were US$12,055 million, up 40%, and revenues US$9,701 million, up 14%, for a book-to-bill ratio of 1.24, [ABB said](https://www.webdisclosure.com/press-release/abb-ltd-q3-2026-results-5kMEGgmixHu) on 20 October. Consensus had been US$11.4 billion of orders, and the order backlog stood at about US$32 billion, [swissinfo reported](https://www.swissinfo.ch/eng/abb-tops-order-estimates-on-data-center-and-utility-demand/92242302). ABB now expects comparable revenue growth in the "low teens" for 2026 and an operational EBITA margin at least 270 basis points higher.

> Revenues were strong, yet order intake was even stronger

***Morten Wierod** , Chief Executive Officer, ABB — [ABB Q3 2026 results, 20 Oct 2026](https://www.webdisclosure.com/press-release/abb-ltd-q3-2026-results-5kMEGgmixHu)*

**Siemens Energy.**  In its third fiscal quarter (April to June), [Siemens Energy](https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q3-fy-2026.html) booked €17.9 billion of orders against €11.4 billion of revenue, a book-to-bill of 1.57, and its backlog rose to €162 billion. Grid Technologies, which makes transformers, switchgear and HVDC links, booked €5.37 billion of orders, up 27.6%, with a €51 billion backlog. Gas Services booked €9.97 billion, up 61.9%, helped by large US orders tied to data centres, [Turbomachinery International reported](https://www.turbomachinerymag.com/view/siemens-energy-posts-record-backlog-joining-ge-vernova-and-baker-hughes-in-a-record-quarter-for-gas-turbines).

*Figure 1. Growth at Europe's largest power-equipment makers in their latest reported quarter. Orders in blue, revenue in grey. Source: [Schneider Electric](https://www.se.com/ww/en/assets/pdf/release-Q3-revenues-2026), [ABB](https://www.webdisclosure.com/press-release/abb-ltd-q3-2026-results-5kMEGgmixHu), [Turbomachinery International (Siemens Energy segments)](https://www.turbomachinerymag.com/view/siemens-energy-posts-record-backlog-joining-ge-vernova-and-baker-hughes-in-a-record-quarter-for-gas-turbines).*

| Company (quarter) | Orders | Revenue | Backlog | Data centre signal |
| --- | --- | --- | --- | --- |
| Schneider Electric (Q3 2026) | Not disclosed; "record backlog" | €11.46bn, +16.9% organic | Not disclosed | Pure data centre demand "up triple-digit globally" |
| ABB (Q3 2026) | US$12.06bn, +40% comparable | US$9.70bn, +14% comparable | ~US$32bn | "Triple-digit increase" in data centre segment |
| Siemens Energy (Q3 FY2026, Apr-Jun) | €17.9bn; book-to-bill 1.57 | €11.4bn, +18.5% comparable | €162bn | Gas Services orders +61.9%, incl. large US data centre orders |
| Legrand (H1 2026) | Not disclosed | €5,400.3m, +9.8% organic | Not disclosed | Data centres 32% of revenue, +30%+ organic |

Sources: company releases and results documents linked above; ABB backlog and consensus per swissinfo. Periods differ (Siemens Energy's fiscal Q3 ends 30 June), and orders and revenue are not comparable measures, so the rows should not be added together.

## Why the cost per megawatt keeps rising

Volume is only half of the story. Schneider said "accelerating price" contributed to product growth of 17% organically, and its outlook expects "continued pricing momentum" to offset raw material inflation. On the call, Fast said Q3 product pricing was "around the same level in value as we delivered in the whole of H1". In other words, Schneider took about as much price in three months as it did in the previous six.

The backlogs explain why buyers accept this. By our calculation, Siemens Energy's €162 billion backlog equals about 14 quarters, or three and a half years, of revenue at the April-June pace. Its Grid Technologies backlog of €51 billion is also about 14 quarters of that unit's revenue, implied from its orders and book-to-bill. Gas Services, at €73 billion, is close to five years. When a supplier has years of work booked, a new campus pays the price on offer or waits.

Materials add pressure. On 18 September the European Union raised minimum import prices for grain-oriented electrical steel and transformer cores, [IEEE Spectrum reported](https://spectrum.ieee.org/transformer-shortage-europe-goes-steel), and the German electrical industry association ZVEI warned that the grades transformer makers need are not available from European producers in sufficient quantity and quality. That steel sits inside every transformer between the grid and a data hall.

DC Market Insights data show the same shift at the level of a single megawatt. Our [switchgear model](https://www.dcmarketinsights.com/report/data-center-switchgear-market) puts spending at about US$0.40 million per MW of IT load in 2025, against US$0.28 million in 2020. That is a 43% rise, or about 7.4% a year (our calculation). Add our estimates for rack power distribution (about US$205,000 per conventional MW) and building management controls (about US$57,575 per MW, blended), and these three electrical and control layers alone come to about US$0.66 million per MW (our calculation; scopes differ, so treat it as indicative).

| Equipment layer | Cost per MW of IT load | Trend | Source |
| --- | --- | --- | --- |
| Switchgear (HV, MV, LV and transfer switches) | ~US$400,000 (2025) | +43% vs 2020 (US$280,000) | DC Market Insights |
| Rack power distribution units | ~US$205,000 (2025, conventional MW) | Market +11.94% in 2026 | DC Market Insights |
| Building management system | US$49,000 air-cooled; US$73,500 liquid-cooled AI hall | Liquid-cooled hall needs 50% more | DC Market Insights |
| Cold plates (market) | US$1.78bn in 2026 | +53.12% vs 2025 | DC Market Insights |

Source: DC Market Insights report models (switchgear, rack PDU, BMS, cold plate), 2025-2026 estimates. Per-MW figures use different scopes and are not additive with facility cost totals from other sources.

## Europe is the slow lane, for now

Schneider's regional split shows where the money is going. North America, 40% of Q3 revenue, grew 19.9% organically. Europe, 23% of revenue, grew 8.6%. China and East Asia grew 26.1% and South Asia and International 13.2%. North America grew about 2.3 times as fast as Europe (our calculation).

*Figure 2. Schneider Electric Q3 2026 organic revenue growth by region. Source: [Schneider Electric Q3 2026 revenue release](https://www.se.com/ww/en/assets/pdf/release-Q3-revenues-2026).*

The gap matches the US tilt in our data. DC Market Insights estimates North America took 47.6% of global data centre switchgear spending in 2025, and Legrand has said data centres are almost half of its US turnover, [Euronext reported](https://live.euronext.com/en/financial-news/legrand-raises-2026-sales-growth-guidance-data-centre-demand). Europe's slower growth is not a lack of demand. As we reported on 2 and 3 November, Denmark has put data centres last in its grid queue and Britain is offering grid priority only to "strategic" sites. Equipment follows connections, and Europe has fewer of them.

That has a cost implication for European buyers. When suppliers' order books are filled by US hyperscalers, European projects compete for the same factory slots without the same volume. In our view, European operators should expect to pay at least the US price for MV switchgear and transformers, and to wait longer.

## The wider pattern: rules now shape the equipment list

European rules are also changing what gets bought. Since 1 January 2026 the EU F-gas regulation has banned new medium-voltage switchgear up to 24 kV that uses fluorinated gases, which pushes buyers to SF6-free designs. DC Market Insights estimates SF6-free data centre switchgear will grow 26.6% a year, from US$256.24 million in 2025 to US$2.71 billion in 2035.

Cooling rules are tightening too. On 3 November Portugal's environment minister said data centres would have to run on renewable power and use cooling that does not draw on fresh water, or an alternative water source, under a decree the government is finalising, [Reuters reported](https://whtc.com/2026/11/03/portugal-readies-strict-water-energy-rules-for-data-centre-boom/). Portugal has more than 2.6 GW of data centres under development, including the 1.2 GW Start Campus in Sines, which uses seawater cooling.

> We'll require projects to either have a cooling technology that does not require fresh water, because that is already possible

***Maria da Graca Carvalho** , Environment Minister, Portugal — [Reuters, 3 Nov 2026](https://whtc.com/2026/11/03/portugal-readies-strict-water-energy-rules-for-data-centre-boom/)*

Rules like this favour dry coolers, closed-loop liquid cooling and heat exchangers over evaporative towers, and they move spending towards the cooling and control gear that Schneider, Vertiv and others are expanding. Schneider's CFO said the company had taken its Motivair liquid cooling business from North America to India, Italy and China, with investment programmes "specifically around liquid cooling".

### What it means for operators, investors and vendors

Our view:

- **Lock electrical packages early.**  With Siemens Energy's grid backlog at about 14 quarters of revenue, order MV switchgear and transformers for a 2028 energisation in 2026, not 2027.
- **Budget for price, not just volume.**  Our switchgear cost per MW rose about 7.4% a year from 2020 to 2025; Schneider's Q3 pricing suggests 2026-27 will not be lower. A 100 MW campus at US$0.40 million per MW carries about US$40 million of switchgear.
- **European buyers: plan for US competition for factory slots.**  North America is 40% of Schneider's revenue and grew 2.3 times faster than Europe in Q3.
- **Specify SF6-free from the start.**  The EU ban on new F-gas MV switchgear up to 24 kV has applied since 1 January 2026; late redesigns cost time.
- **Investors: watch book-to-bill, not just revenue.**  ABB at 1.24 and Siemens Energy at 1.57 mean revenue growth is booked well into 2027.
- **Vendors: water rules sell cooling.**  Portugal's planned freshwater ban adds to 2.6 GW of projects that will need water-free or alternative-water cooling.

For market sizing on the equipment in this story, see our [Data Center Switchgear Market](https://www.dcmarketinsights.com/report/data-center-switchgear-market), [Data Center Rack Power Distribution Unit Market](https://www.dcmarketinsights.com/report/data-center-rack-power-distribution-unit-market) and [Data Center Cold Plate Market](https://www.dcmarketinsights.com/report/data-center-cold-plate-market) reports. For the controls layer, see the [Data Center Building Management System Market](https://www.dcmarketinsights.com/report/data-center-building-management-system-market) report, and for the grid rules behind Europe's slower growth, our analyses of [Denmark's grid queue](https://www.dcmarketinsights.com/news/denmark-put-data-centres-last-in-its-grid-queue-16-gw-of-requests-get-answers-in-late-november) and [Britain's data centre covenant](https://www.dcmarketinsights.com/news/britains-data-centre-covenant-offers-grid-priority-to-reach-6-gw-by-2030-planning-rules-close-8-january).

## What to watch next

- **5 November 2026:**  Legrand publishes nine-month 2026 results, the first update since it said data centre sales would exceed €3 billion this year.
- **11 November 2026:**  Siemens Energy reports Q4 and fiscal 2026 results and gives its 2027 outlook, including Grid Technologies orders and backlog.
- **Late 2026 (no date set):**  Portugal's decree on renewable power and water-free cooling for data centres.
- **18 February 2027:**  Schneider Electric's full-year 2026 results, with its first 2027 targets.

## Frequently asked questions

### How fast did Schneider Electric grow in Q3 2026?

16.9% organically, to a record €11.46 billion of revenue. North America grew 19.9% and Europe 8.6%, and demand in its pure data centre segment was up triple-digit globally. Schneider raised its 2026 organic revenue growth target to +12% to +14%.

### How much did ABB's orders grow in Q3 2026?

40% on a comparable basis, to a record US$12.1 billion, with a triple-digit increase in the data centre segment. Revenue rose 14% to US$9.7 billion, giving a book-to-bill ratio of 1.24.

### How much does data centre switchgear cost per MW?

About US$0.40 million per MW of IT load in 2025, up from US$0.28 million in 2020, according to DC Market Insights estimates covering high-, medium- and low-voltage switchgear and transfer switches. That is a 43% rise in five years.

### When does Siemens Energy report its results?

On 11 November 2026, for Q4 and fiscal 2026, with its 2027 outlook. After its April-June quarter it had a €162 billion order backlog, including €51 billion in Grid Technologies.

## Sources

1. Schneider Electric, "Q3 2026 revenues" release, 16 Oct 2026. [Link](https://www.se.com/ww/en/assets/pdf/release-Q3-revenues-2026)
2. Schneider Electric, Q3 2026 results call transcript, 16 Oct 2026. [Link](https://www.se.com/ww/en/assets/pdf/transcript-Q3-results-2026)
3. Schneider Electric, "H1 2026 results" release, 30 Jul 2026. [Link](https://www.se.com/ww/en/assets/pdf/release-hy-results-2026)
4. Reuters, "Schneider Electric raises 2026 targets again on booming data centre demand", 16 Oct 2026 (via Global Banking & Finance Review). [Link](https://www.globalbankingandfinance.com/schneider-electric-raises-2026-targets-booming-data-centre/)
5. ABB, "Q3 2026 results", 20 Oct 2026 (WebDisclosure copy). [Link](https://www.webdisclosure.com/press-release/abb-ltd-q3-2026-results-5kMEGgmixHu)
6. swissinfo, "ABB tops order estimates on data center and utility demand", 20 Oct 2026. [Link](https://www.swissinfo.ch/eng/abb-tops-order-estimates-on-data-center-and-utility-demand/92242302)
7. Siemens Energy, "Earnings release Q3 FY 2026", 5 Aug 2026. [Link](https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q3-fy-2026.html)
8. Turbomachinery International, "Siemens Energy posts record backlog", 6 Aug 2026. [Link](https://www.turbomachinerymag.com/view/siemens-energy-posts-record-backlog-joining-ge-vernova-and-baker-hughes-in-a-record-quarter-for-gas-turbines)
9. Legrand, "2026 first-half results" presentation, 29 Jul 2026. [Link](https://www.legrand.com/sites/default/files/Documents_PDF_Legrand/Finance/2026/6m/Legrand_Slideshow_H12026_EN%20_1785247986.pdf)
10. Investing.com, "Legrand jumps 7% on raising 2030 growth, margin targets on AI data centre demand", 29 Sep 2026. [Link](https://www.investing.com/news/stock-market-news/legrand-jumps-7-on-raising-2030-growth-margin-targets-on-ai-data-centre-demand-4921762)
11. Euronext, "Legrand raises 2026 sales growth guidance on data centre demand", 29 Jul 2026. [Link](https://live.euronext.com/en/financial-news/legrand-raises-2026-sales-growth-guidance-data-centre-demand)
12. IEEE Spectrum, "Europe's transformer shortage goes to steel", 14 Oct 2026. [Link](https://spectrum.ieee.org/transformer-shortage-europe-goes-steel)
13. Reuters, "Portugal readies strict water, energy rules for data centre boom", 3 Nov 2026 (via WHTC). [Link](https://whtc.com/2026/11/03/portugal-readies-strict-water-energy-rules-for-data-centre-boom/)
14. DC Market Insights, Data Center Switchgear, Rack PDU, Building Management System and Cold Plate market models, 2026. [Link](https://www.dcmarketinsights.com/report/data-center-switchgear-market)