Siemens Energy's Record €17.7bn Orders and Raised Guidance Fail to Stem a 6.4% Weekly Slide
31.05.2026 - 03:02:10 | boerse-global.de
Siemens Energy posted a standout second quarter, with order intake surging to a record €17.7bn – well ahead of market expectations – while revenue hit €10.3bn and adjusted EBIT reached €1.164bn. The book-to-bill ratio of 1.72 underscores how quickly new business is outpacing execution, and the order backlog has swelled to €154bn. Management responded by lifting its full-year guidance twice within a month, now targeting comparable revenue growth of 14–16% and net profit of around €4bn, with an adjusted margin of 10–12%. Yet none of that could prevent the stock from sliding 6.4% over the past week to close at €162.60 on Friday.
The recent pullback is widely attributed to profit-taking after an extraordinary rally. Since hitting a 52-week low of roughly €83 in June 2025, the shares had nearly doubled. The current price sits 13.5% below the year's high of €188, and market observers see the decline as a natural digestion of those gains rather than a fundamental shift. The sell-off accelerated on Thursday and Friday, with the stock losing 2.73% on the final session alone.
Analysts are divided over what comes next. Barclays' Vladimir Sergievskiy warned after the latest quarterly report that the valuation already prices in the best business cycle in a generation as if it would never end. JPMorgan, by contrast, maintains an "Overweight" rating and a price target of €225 – roughly 38% above current levels. The US bank's conviction is bolstered by recent investor meetings in Asia and its own China conference, suggesting the growth story remains intact.
Should investors sell immediately? Or is it worth buying Siemens Energy?
A lingering concern is Siemens Gamesa. The wind-power subsidiary continues to weigh on the group's overall valuation, and analysts say the speed at which it reaches breakeven will be decisive for the parent company's re-rating. One analyst noted that if the Gamesa drag is fully removed, the market could reassess Siemens Energy entirely. For now, the wind overhang keeps investors cautious even as the grid and electrification business booms.
From a technical perspective, the stock has lost momentum without breaking the long-term trend. The 50-day moving average at €167.35 sits 2.84% above the closing price – a level the shares have fallen through. The 200-day average at €133.43 is 21.86% below current levels, highlighting the depth of the prior advance. The relative strength index at 53.1 points to a neutral setup, with no clear directional signal.
Looking ahead, the next major catalyst is the European Central Bank's rate decision on June 11. Eurozone inflation stands at 3.0%, well above the 2% target, and any move toward higher rates would pose a headwind for long-term infrastructure projects, which depend on low capital costs. Siemens Energy is also scheduled to report its third-quarter results on August 5, 2026. That report will show whether the order momentum continues and whether Gamesa finally starts to contribute meaningfully to earnings. Until then, the stock appears caught between strong operational momentum and the profit-taking that has followed an extraordinary run.
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