Siemens Energy at a Crossroads: Q3 Results, a €1 Billion Buyback, and a Potential Spin-Off Converge
22.06.2026 - 02:43:17 | boerse-global.de
Siemens Energy is weighing one of the most significant strategic moves since its creation: the potential spin-off of its “Transformation of Industry” division. The unit, which employs around 17,000 people, bundles technologies such as hydrogen electrolysers, steam turbines and compressors. The company has confirmed the review but has not yet taken a final decision. The goal would be to reduce complexity and concentrate on gas turbines and grid infrastructure — areas where the order book has been swelling.
That restructuring debate will be front and centre when management holds a pre-close call with institutional analysts on 29 June. The session marks the start of the quiet period ahead of the official third-quarter earnings release on 5 August. Chief financial officer Maria Ferraro has already been taking the transformation story on the road, most recently at the J.P. Morgan European Industrials Conference in London.
The Q3 report will be the first real check on the upgraded full-year guidance. Siemens Energy is targeting comparable revenue growth of 14% to 16% and an adjusted operating margin of 10% to 12%. Investors will also be watching for signs that its beleaguered wind turbine subsidiary, Siemens Gamesa, can achieve operational breakeven within the current fiscal year.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Alongside the strategic review, the share buyback programme is running full throttle. The second tranche, worth up to €1 billion, saw the company repurchase 696,530 of its own shares in the week from 8 to 14 June alone. The overall programme covers a maximum of 57 million shares and is due to run until at least 30 September 2026. Some of the bought-back stock will be used for equity-based compensation; the rest will be cancelled, lifting earnings per share.
On the charts, the stock closed Friday at €168.88 — virtually on top of its 50-day moving average of €169.31. The shares have surged 37.5% over the past 12 months, and the relative strength index of 55.5 suggests a neutral position after the recent rally. The 52-week high sits at €195.54, roughly 14% above the current price, meaning the Q3 numbers on 5 August could decide whether the €170 level can be breached on a sustained basis.
Operationally, the company has been stacking up big wins. The total order backlog has swelled to approximately €154 billion, underpinned by contracts such as a giant offshore converter platform that will connect North Sea wind farms to the grid and a gas turbine order for a new power plant in Abu Dhabi. These projects reinforce the logic of a leaner Siemens Energy focused on its strongest growth engines.
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