German industrial giant Siemens on Thursday posted a record net profit in the last fiscal year, but warned that global tariff conflicts could weigh on business in the coming 12 months.

Shares were up 20% at 46.87 euros in early morning trade in Frankfurt. They have nearly quadrupled this year, making Siemens Energy the top gainer among German blue chips. The Munich-based company late Tuesday upgraded its 2028 financial targets,