Siemens Energy's Wind Turnaround Gains Traction as Record Backlog and Omterra Rebrand Reshape the Story
Published on 09/23/2026 at 13:32 | Editorial boerse-global.de
Siemens Energy is drawing fresh attention from investors as its long-struggling wind division finally crosses into profit, a milestone that arrives alongside a record order book and a sweeping corporate rebrand. The shift marks a notable change in tone for a company that spent years wrestling with quality setbacks and balance-sheet strain at Siemens Gamesa.
At the heart of the recovery is a major contract win in Canada, which lifted the group's order intake to an all-time high of more than EUR 160 billion. That backlog now stands as one of the largest in the European industrial landscape, giving the DAX-listed group a deep pipeline across gas turbines, grid technology and wind.
Siemens Gamesa Returns to Profitability
The return to profitability at Siemens Gamesa is widely viewed as the decisive test of whether the broader turnaround can hold. For a business that weighed heavily on group earnings for years, the swing back into the black signals that restructuring efforts are gaining purchase.
Concrete evidence of the operational ramp-up has emerged from the North Sea, where the Borkum Riffgrund 3 offshore wind farm — inaugurated by Ørsted and Nuveen — relies entirely on Siemens Gamesa hardware. All 83 installed turbines are of the SG 11.0-200 DD series, and the project, with a combined capacity of 913 megawatts, entered full commercial operation at the end of August.
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That on-time grid connection matters beyond a single project. After the quality problems that plagued earlier turbine generations, a flawless start-up at a large offshore site serves as tangible proof that manufacturing processes have been brought under control — a point analysts have flagged as critical to restoring confidence in the wind unit.
Cost Cuts and the Omterra Rebrand
Alongside day-to-day operations, Siemens Energy is preparing structural savings that could reshape its cost base. Because the licensing agreement covering the Siemens brand name expires in 2030, the company will operate under the name Omterra going forward. The break from the legacy brand is expected to eliminate roughly EUR 300 million in annual licensing fees starting at the end of 2026.
The prospect of lower fixed costs, combined with fuller utilization of its factories, is altering how the market assesses the group's risk profile. Where the wind business once dragged on the balance sheet, observers now see a clearer path toward margin improvement.
Analyst Support and Share Performance
That improving picture is reflected in bullish analyst commentary. JPMorgan has issued a buy rating on the stock with a price target of EUR 245, while the broader consensus also sits above the current trading level. The shares changed hands at EUR 144.30, and have added 20 percent since the start of the year.
The scale of Siemens Energy's ambition is perhaps best illustrated by contrast with a smaller peer. Nordex, a pure-play onshore specialist listed on the TecDAX, carries a market capitalization of around EUR 9.6 billion — a fraction of Siemens Energy's roughly EUR 121.8 billion. Where Nordex channels its efforts into standardizing its Delta4000 platform to win on cost in a price-sensitive market, Siemens Energy spreads its bets across the entire energy transition value chain, from gas turbines and grid infrastructure to offshore wind.
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That breadth has its own logic: offshore wind farms can be wired directly into the group's grid infrastructure, creating synergies a focused turbine maker cannot replicate. Siemens Energy reported comparable revenue growth of 18.5 percent in the third quarter of 2026, underscoring the operational recovery. Nordex, for its part, has pushed its EBITDA margin into double digits — a meaningful achievement for a turbine builder long accustomed to thin profitability.
Hydrogen Tests and Grid Expansion
Both companies have delivered fresh operational news in recent weeks. Siemens Energy is testing new gas turbine technology at the Marl chemical park, aimed at securing the transition to hydrogen-capable power plants, while continuing to expand its grid capacity. Nordex used the Hamburg wind trade fair to unveil the N193/7.X, a new turbine targeting sites with low to medium wind speeds that promises up to 14 percent more yield than its predecessors.
For investors, the choice between the two comes down to profile. Siemens Energy offers exposure to the energy transition in its entirety, with diversification that cushions project risk but introduces the complexity of integrating a wind division and a cyclical reliance on large industrial contracts. Nordex represents a concentrated wager on onshore wind, more sensitive to policy shifts and global competition, yet carrying greater upside potential if margin gains and new products land as planned.
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