INNIO, the maker of Jenbacher gas engines, reported its third-quarter results on 27 October, and the company calls it the first quarter in which revenue passed $1 billion. Net sales came to $1,167.9 million, up 57% on the same quarter of 2025. Net income was $109.2 million and adjusted EBITDA $245.4 million, a margin of 21.0%. The full-year forecast went up to $3.9 to 4.0 billion in revenue (from $3.8 to 3.9 billion) and to $780 to 800 million in adjusted EBITDA (from $720 to 740 million).
An order book growing faster than the factory ships
Equipment orders in the quarter were $2.18 billion; over nine months they stand at $6.08 billion, against $3.18 billion a year earlier. The equipment backlog on 30 September was about $8.0 billion, up 142% on a year ago and up from $6.6 billion at the end of June. Output is the slower number: INNIO delivered 1.2 GW of power in the quarter against 1.1 GW in the third quarter of 2025, and 3.0 GW over nine months against 2.5 GW. Put the two side by side and the gap between what has been ordered and what leaves the plant is plain.
The release says production has improved and that the company is expanding manufacturing capacity from its own funds, in North America and in Austria.
Equipment up, service up less
Equipment revenue rose 86% to $777.6 million. Service revenue grew 20% to $390.3 million and carried the better segment margin, 31.7% against 17.1% for equipment. INNIO gives no data center share in the release; it says only that growth in the quarter was led by data center deliveries and that order momentum was broad across data centers and gas compression. Investing.com, summarising the investor slides, puts data centers at about two thirds of equipment order intake. That is the outlet's figure, not the company's text.
The orders named in the release are mostly ones we reported separately: the 620 MW follow-on from a data center campus developer (our report), a 450 MW order from Liberty Energy for delivery by 2028, and the supply agreement with Aggreko to 2031 (our report). A long-term service agreement for the first 500 MW of earlier orders, including major overhauls, was signed as well.
What a full order book means for a project schedule
Anyone who packages, houses or installs gensets knows that the engine slot decides the calendar and everything else is scheduled backwards from it. With a backlog this size at one of the main gas engine suppliers, a site plan that treats the engine delivery date as a soft assumption is likely to slip.
Two practical points. Ask for the engine slot in writing before the site date is fixed, and ask what happens to the slot if the permit moves. And note that one large operator has already signed an overhaul agreement for capacity it ordered earlier, so for a prime-power plant the first major outage is worth planning long before it falls due.
Sources: INNIO results release (via GlobeNewswire), Investing.com