Q1 2026 results beat expectations, primarily driven by strong demand for power equipment fueled by accelerating global electrification, with significant growth in orders and cash flow.

Key data: Orders grew 71% year-over-year to US$18.3 billion, free cash flow of US$4.8 billion far exceeded the full-year 2025 total of US$3.7 billion, and adjusted EBITDA margin expanded 390 basis points.

Business progress: Gas Power signed 21 GW of new orders, bringing total contracted capacity to 100 GW; Electrification data center orders in Q1 exceeded the full-year 2025 total; completed and integrated the Prolec acquisition.

Guidance and outlook: Full-year guidance raised, revenue expected to increase to US$44.5-45.5 billion, free cash flow raised to US$6.5-7.5 billion, and margin expectations for both Power and Electrification raised.

Risk/positive signals: Management tone was positive, emphasizing that "this is just the beginning," but the Wind business still faces weak US orders and tariff uncertainties.