Siemens Energy's Record Order Haul and Gamesa Turnaround Collide With a Lone Bear Call
Published on 09/17/2026 at 20:10 | Editorial boerse-global.de
Siemens Energy drew two very different kinds of attention on Thursday. The Munich-based power equipment maker reported its strongest-ever quarterly order intake and a long-awaited profit from its wind division, while at the same time one research house reiterated its pessimistic stance on the stock's long-term earnings power.
A record book of business
Order intake for the most recent quarter reached EUR 17.9 billion, a company record, pushing the total backlog to EUR 162 billion. Revenue advanced 18.5 percent to EUR 11.4 billion, and profit before special items came in at EUR 1.62 billion.
The standout line item was Siemens Gamesa, the wind subsidiary that had not posted a positive quarterly result since 2022. Management also intends to spin off the "Transformation of Industry" unit, a move aimed at sharpening the group's focus.
Those fundamentals landed on a broadly constructive trading day in Germany, with Siemens Energy among the strongest performers in the DAX.
Rostock platform adds to grid momentum
Separately, transmission system operator 50Hertz awarded a second billion-euro contract for an offshore wind converter platform. The structure — 90 meters long, 50 meters wide and 60 meters tall — will be installed roughly 200 kilometers west of Sylt in the North Sea and will carry more than 2 gigawatts of capacity. Most of the fabrication will take place in Rostock, where as many as 1,000 new jobs could be created.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Siemens Energy supplies the high-voltage components for the project. That work does not carry the same order-of-magnitude punch as the core business, but it reinforces the company's footing in the expanding grid build-out segment.
The bear case arrives on cue
MWB used the same session to reaffirm its "Sell" rating, citing concerns about a long-term normalization of the business. The firm did not disclose a price target in the note, though its skepticism was plain.
The timing is notable. After years of booming investment in the energy transition and gas turbine demand, more voices are warning of a return to more ordinary growth rates. MWB's argument is not about short-term swings but about how durable today's margins and order intake really are once the data center and grid expansion cycle eventually loses steam.
That view sits awkwardly beside the broader mood in the sector. Grid expansion and electrification remain a structural growth theme in Europe, with electricity's share of final energy consumption projected under the EU electrification plan to rise from roughly 23 percent today to an indicative 46 percent by 2040 — figures that have fueled bullish scenarios for grid and power plant equipment suppliers for months.
At the same time, cracks have appeared on the renewable developer side: Sowitec Group has already filed for insolvency, and peers including BayWa r.e. and ABO Energy are in restructuring. Those troubles touch project development rather than Siemens Energy's turbine and grid technology business directly, yet they show the energy sector is more heterogeneous than the boom narratives of recent quarters suggested.
Price action tells its own story
The shares climbed as much as 3.5 percent during the morning and traded above the 141.95-euro level that had been viewed as pivotal. By the latest reading the stock stood at 141.36 euros, up from Wednesday's close of 136.78 euros.
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Even after the rebound, the picture is mixed. The price remains well below its 50-day moving average of 149.19 euros and about 28 percent under its 52-week high of 195.38 euros, set in April. Year to date, the shares are still up 17 percent.
A separate snapshot put the stock at 139.68 euros, about 2.1 percent above the prior day, while the monthly performance shows a decline of 9.6 percent — evidence that the market has already been interrogating the growth story more critically than it did a few weeks ago.
Most analysts remain optimistic, betting that the combination of operational recovery, the Gamesa turnaround and a steady order pipeline in the grid business will keep the debate over a sustainable inflection at Siemens Energy alive. MWB's sell call inserts a counterweight into that discussion, forcing investors to weigh near-term order momentum against the prospect of long-term margin normalization — a trade-off that carries more weight given the volatile price swings of recent weeks.
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