Siemens Energy's Record Quarter Meets a Market Pause as Gamesa's Breakeven Remains Distant
30.05.2026 - 22:12:56 | boerse-global.de
The numbers are hard to argue with. Siemens Energy booked a record order intake of €17.7 billion in its fiscal second quarter, revenue climbed to €10.3 billion, and adjusted EBIT hit €1.164 billion. The company’s book-to-bill ratio of 1.72 signals it is winning work faster than it can deliver, while the overall order backlog swelled to €154 billion. Management responded by lifting full-year guidance twice in quick succession — first in late April, then again in mid-May — now calling for comparable revenue growth of 14% to 16% and net profit of roughly €4 billion for fiscal 2026.
Yet the share price tells a different story. On Friday, the stock closed at €162.60, down 2.73% on the day and extending the week’s loss to 6.4%. That retreat followed a sharper-than-4% drop on Thursday, pulling the shares some 13% below the April high of €188.00. Market observers chalk the move up to profit-taking after a spectacular run — the stock has nearly doubled since a 52-week low of around €83 in June 2025.
The stubborn overhang remains the wind-power subsidiary Siemens Gamesa. CEO Christian Bruch has made clear that a breakeven at Gamesa is not expected before the fourth quarter of fiscal 2026. Because the full-year earnings forecast hinges on that milestone, Gamesa continues to be the biggest unknown in the investment case. JPMorgan, which rates the stock “Overweight” with a price target of €225 — some 38% above current levels — is clearly betting that the broader business will eventually outweigh the wind drag.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Elsewhere, the operating picture is robust. The grid technologies division, in particular, is firing on all cylinders. Orders in the United States doubled to €6.94 billion in the second quarter, and regional revenue surged 45.7%. That strength helped Siemens Energy double its free-cash-flow outlook to €8 billion. The company plans to pump around €2 billion into grid infrastructure by 2028, capitalising on surging demand from AI data centres and renewable energy buildout. With a market capitalisation near €145 billion, Siemens Energy is far from the restructuring story it once was.
Technically, the current pullback looks like a normal consolidation after an exceptional rally. The relative strength index sits at 53 — neutral territory — and the stock still trades roughly 22% above its 200-day moving average of €133.43. Near-term focus rests on the 100-day moving average at €158.76. If that level holds, the correction is likely healthy. A break below it could open the way toward the psychologically important €150 mark. Adding a potential catalyst, the European Central Bank’s interest-rate decision on 11 June could sway the entire industrial sector.
Investors will get the next hard data point on 5 August, when Siemens Energy reports third-quarter results. By then, the market will want to see whether the order engine maintains its pace — and whether Gamesa can finally begin to lighten the load.
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