Siemens Energy Surges as Wind Unit Returns to Profit, Even as One Analyst Stays Bearish
Published on 09/17/2026 at 16:01 | Editorial boerse-global.de
Siemens Energy shares powered to the top of the DAX on Thursday, climbing 3.5% to EUR 141.60 as investors digested a record quarterly performance and a fresh multi-billion-euro offshore contract. The advance left the stock briefly trading above EUR 141.95, a chart level technicians had flagged as the trigger for a potential new rally leg. The move also narrowed the gap to the shares' 50-day moving average of EUR 149.20, which had stood 5.1% above the price before the session's jump. Earlier in the week, the stock had tested a support zone and bounced off it.
Record Order Intake and a Long-Awaited Turnaround
The third quarter delivered an order intake of EUR 17.9 billion — a company best. The order backlog swelled to EUR 162 billion, while revenue rose 18.5% to EUR 11.4 billion. Profit before special items came in at EUR 1.62 billion.
The standout item in the report was the wind power division. Siemens Gamesa posted a positive quarterly profit for the first time since 2022, a signal that the long-running overhaul of the troubled unit is finally gaining traction after years of loss-making.
Rostock Wins Second Converter Platform Order
Running alongside the earnings release, 50Hertz awarded a second billion-euro contract for an offshore wind converter platform to the Rostock joint venture NSORe, which brings together Neptun Werft, Meyer Werft and Smulders. Siemens Energy will supply the high-voltage components for the project.
NSORe's share of the two converter installations combined comes to roughly EUR 2.5 billion, and the work is expected to create as many as 1,000 jobs in Rostock. The platform, measuring 90 by 50 by 60 meters, is destined for the North Sea about 200 kilometers west of Sylt, with the "North Sea Connector 2" grid link scheduled to go live by the end of 2034.
Should investors sell immediately? Or is it worth buying Siemens Energy?
For Siemens Energy, the deal adds another building block to a grid business that is increasingly becoming a second pillar alongside power generation. Combined with the strong quarterly figures, it hands the market two distinct arguments for the day's share price move: operating strength in the current business and visible future revenue from grid expansion.
The Bear Case That Won't Budge
Not everyone is convinced. On the same day, analysis house MWB reaffirmed its "Sell" rating on Siemens Energy, citing concerns about the long-term normalization of the business. The firm did not disclose a specific price target, but its skepticism was plain.
The timing is notable. After years of booming investment in the energy transition and gas turbine demand, a growing chorus of voices is warning that growth rates may be returning to more ordinary levels. MWB's argument is not about short-term cyclical swings but about how durable today's margins and order intake really are once the data center and grid build-out cycle eventually loses steam.
That caution sits in stark contrast to the broader mood in the energy sector. Grid expansion and electrification remain a structural growth theme in Europe, with the EU's electrification plan targeting an indicative 46% share of electricity in final energy consumption by 2040, up from roughly 23% today. Figures like these have fueled bullish scenarios for grid and power plant equipment suppliers for months.
At the same time, cracks are appearing in parts of the renewable energy industry. After Sowitec Group's insolvency, other developers including BayWa r.e. and ABO Energy are now in restructuring. These troubles mainly affect the project development side of renewables rather than Siemens Energy's turbine and grid technology business directly, but they show the sector is becoming more heterogeneous than the boom narratives of recent quarters suggested.
Momentum Versus Normalization
The central question MWB raises concerns the sustainability of the high growth rates currently seen in data centers and grid infrastructure. While many market participants treat capacity expansion and electrification as long-term trends, the analysis house appears to assume that growth and margins will normalize over the medium term — with consequences for valuation.
The stock's monthly performance underscores that the market has already begun to scrutinize the growth story more critically than it did a few weeks ago: Siemens Energy is down 9.6% over the past month. Thursday's gain of around 2.1% from the previous day's close, at EUR 139.68, offers a snapshot of that tension. Investors are increasingly forced to weigh short-term order momentum against the prospect of long-term earnings normalization — a balancing act that carries more weight with every volatile swing in the share price.
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