Siemens Energy: Stock Retreats as Record Order Book and Accelerated Buybacks Collide
Veröffentlicht: 30.06.2026 um 02:51 Uhr, Redaktion boerse-global.de
Siemens Energy has snapped up more than 2 million of its own shares in under four weeks, spending roughly €322 million since the start of the latest buyback tranche on 4 June. The purchases, executed at an average price of €157.42, represent over a third of the €1 billion tranche that runs until the end of September 2026. The broader program, which targets up to €6 billion in buybacks by the close of fiscal 2028, underscores management’s confidence in the company’s cash generation—but the stock remains under pressure, having shed nearly 8% in the past seven days.
The disconnect between operational momentum and share price is stark. Bernstein Research has reiterated its €210 price target, implying roughly 32% upside from the current level around €159.50. Analyst Alasdair Leslie concluded positively after the management’s Pre-Close Call on 29 June, noting that order intake in the Gas Services and Grid Technologies divisions is likely to beat consensus. The group’s order backlog already stands at €154 billion, recently bolstered by a large offshore converter system order from grid operator 50Hertz.
Yet the market is demanding proof that the wind power division, Siemens Gamesa, can finally deliver. After years of dragging on group results, Gamesa is expected to reach an operating break-even this fiscal year. The company’s full-year target of around €4 billion in net profit hinges on that turnaround. On the broader financial front, Siemens Energy raised its guidance for free cash flow before tax to approximately €8 billion in the second quarter. For fiscal 2026, it expects revenue growth of 14% to 16% and a margin before special items of 10% to 12%.
Should investors sell immediately? Or is it worth buying Siemens Energy?
The buyback activity over the week of 22–26 June saw around 539,000 shares repurchased across Xetra and three multilateral trading systems—CBOE DXE, Aquis Exchange Europe, and Turquoise Europe. Including the dividend already paid, Siemens Energy is targeting total capital returns to shareholders of up to €3.6 billion in the current fiscal year. At that pace, the second tranche remains comfortably on track.
On a 12-month view, the stock has climbed almost 63%, but it now trades roughly 18% below the April high of €195.54. The 50-day moving average at €168.45 (or €168.40 in one reading) sits well above the current price, while the 200-day line at €140.26 remains clearly undercut—suggesting the longer-term trend is still intact. Monday’s session saw a modest 1.8% gain, lifting the shares to €157, but the weekly performance remains down sharply.
The quiet period began on 1 July, meaning no further management commentary until the release of third-quarter results on 5 August. Until then, the market will weigh the unprecedented order backlog against the lingering questions around Gamesa’s profitability. The next quarterly report will reveal whether the strong order intake has begun to flow through to the bottom line—and whether the accelerated buyback is a signal of confidence or simply a mechanical deployment of excess cash.
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