Siemens Energy's Record Run Puts Wind Unit in the Spotlight
14.04.2026 - 18:54:53 | boerse-global.de
Siemens Energy shares are trading near a 52-week high, propelled by a historic order backlog and a final, decisive separation from its former parent. The stock reached €170.68 recently, marking a near 200% gain from its low in April 2025. This surge coincides with Siemens AG reducing its stake to a minimal 5.54%, a move valued at approximately €3.8 billion that pushes the holding below the symbolic 6% threshold and significantly increases the free float.
Operational performance provides the substance for this valuation. The company's order backlog has swelled to a record €146 billion. In the first quarter, net profit tripled to €746 million, while new orders jumped 33% to €17.6 billion. A particular standout is the Grid Technology segment, which posted 27% organic revenue growth last quarter, far exceeding its own annual target of 19-21%. This boom is driven by global grid expansion and the surging power demands of AI data centers.
A strategic network of 28 production sites in the United States is providing a crucial buffer. CFO Maria Ferraro clarified that US tariff impacts for 2026 are expected to remain in the low triple-digit million-euro range, below the prior year's figure of around €200 million. This localized manufacturing strategy insulates a significant portion of the business from cross-border supply chain risks.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Investor confidence is further supported by capital returns. A €2 billion share buyback program is actively underway, with over 7.3 million shares repurchased between March and early April alone. The company has also reinstated dividend payments following its strong performance.
Yet, a major question mark persists over the wind power unit, Siemens Gamesa. While its quarterly loss narrowed dramatically from €374 million to €46 million, the division is still projected to be in the red for the first half of 2026. Management's stated goal of reaching break-even for the full year remains a critical catalyst for the stock. This pressure is intensifying, with US hedge fund Ananym Capital recently arguing in a letter to the board that a sale or full separation of Gamesa would unlock significantly more value than the current turnaround plan.
Analysts hold widely divergent views on the stock's path forward. Targets range from Barclays' €100 "Equal-Weight" rating to a consensus high of €220. JPMorgan sits at €200, while Bank of America is more cautious at €150.
The upcoming second-quarter results in May 2026 will be a key test. Measurable progress toward profitability at Siemens Gamesa and the trajectory of free cash flow will dictate the market's reaction. For now, the confirmed full-year guidance—net profit between €3 and €4 billion on revenue growth of 11-13%—provides a solid foundation for the current valuation as the company stands fully on its own.
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