Siemens Energy Taps Nokia's Ex-CEO for Board as Buyback and Omterra Rebrand Reshape the Story
Published on 09/24/2026 at 17:30 | Editorial boerse-global.de
Siemens Energy used a single Thursday to telegraph where it intends to sit in the global power-and-computing economy: squarely at the chokepoints. The Munich-based energy technology group announced a boardroom succession, kicked off a multi-billion-euro share repurchase, and continued laying the groundwork for a sweeping corporate rebrand — all while its stock barely budged.
The shares traded at EUR 142.96 in the session, a dip of 0.4%, according to one reading of the market. A separate quote put the price at EUR 143.02, down 0.3% on the day. The muted tape follows a turbulent stretch: worries about future spending on AI data centers and debates over regulatory requirements had dragged the stock as low as EUR 131.28 in mid-September, before media reports of a rebound to around EUR 146 in the days that followed.
A board seat built for the grid-and-software era
Matthias Rebellius will step down from the supervisory board on September 30, leaving ahead of schedule at his own request after joining the panel in 2020. Pekka Lundmark has been appointed by court order to fill the seat effective October 1, with shareholders set to formalize the move at the annual general meeting on February 25, 2027.
Lundmark's résumé reads like a purpose-built answer to the industry's shifting demands. He ran Nokia as chief executive from 2020 to 2025, giving him firsthand exposure to the complexities of network infrastructure, and previously led the utility Fortum and the crane maker Konecranes. That blend of energy and technology experience maps directly onto a grid build-out that now leans as heavily on digital control and software-driven efficiency as it does on turbines and transformers.
The handover also extends a longer arc: Siemens Energy has been steadily replacing its ties to former parent Siemens AG with independent, internationally seasoned industrial and technology figures.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Capital return meets an AI-driven demand wave
On the same day, September 24, the company launched a buyback program worth up to EUR 2 billion, capped at 50 million shares and running through the end of March 2027. The scale of the authorization does more than absorb liquidity — it tells the capital market that management is confident in its own balance sheet.
Demand-side evidence backs that up. JPMorgan's Phil Buller reaffirmed an "Overweight" rating on the stock Thursday, pointing to the bank's semiannual capital expenditure survey, which documents robust demand prospects across semiconductors, hardware and AI infrastructure — and, above all, data centers built for artificial intelligence. The electricity appetite of those facilities implies heavy investment in generation and grid stability, a tailwind that should feed Siemens Energy's order book for years.
Record orders and a wind unit back in the black
The operating picture from the fiscal third quarter, the period through June 30, 2026, gives those projections something concrete to stand on. Revenue reached EUR 11.45 billion, up 17.5% year over year, while earnings per share climbed to EUR 1.28 from EUR 0.71 in the prior-year quarter.
Order intake hit a record EUR 17.9 billion, swelling the total backlog to EUR 162 billion and producing a book-to-bill ratio of 1.57. Siemens Gamesa, the wind division, delivered a positive result for the first time since fiscal 2022. CEO Christian Bruch said the brisk summer demand keeps the company on track for the upper end of its own profit margin range.
Spinning off Transformation of Industry, becoming Omterra
Structural changes are moving in parallel. Roughly a month ago, the supervisory board approved the carve-out of the Transformation of Industry division, which bundles steam turbine, hydrogen and industrial activities. That business generated EUR 5.7 billion in revenue and an 11.3% margin in fiscal 2025 with about 17,000 employees, and is to be established as a standalone entity. Siemens Energy is targeting deconsolidation while intending to retain a significant minority stake.
A broader identity shift is coming too. Siemens Energy and Siemens Gamesa Renewable Energy are to operate under the single name Omterra, a process beginning in stages later in 2026. The change stems from a time-limited agreement covering use of the Siemens brand with former parent Siemens AG.
The Street still sees room to run
September's volatility has done little to sour sentiment. Several research houses came out positive on the group Tuesday, and media reports indicate nine of eleven tracked analysts recommend buying the shares. Evercore-ISI's Alexander Virgo set a EUR 250 target, while JPMorgan's Buller sees EUR 245 — meaningful upside from current levels. Across all tracked ratings, price targets range from EUR 130 to EUR 250.
What happens next likely hinges on how smoothly the division carve-out proceeds and whether Siemens Gamesa reaches its goal of operational break-even in 2026. For now, the combination of a billion-euro capital return, order demand stoked by the AI boom, and a supervisory board sharpened for the energy-and-digital intersection argues for a company in robust shape — even on a day when the stock barely moved.
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