Siemens Energy's Record €17.9 Billion Order Haul Lifts Sentiment as Omterra Rebrand Looms
Published on 09/24/2026 at 14:20 | Editorial boerse-global.de
Siemens Energy is finding its footing again after a turbulent stretch in mid-September, when a combination of regulatory jitters over artificial intelligence and worries about a slowdown in data-center capital spending knocked the stock as low as €131.28 at one point.
The Munich-based energy technology group has since clawed back ground. On Thursday the shares were quoted at €143.02, a modest 0.3% decline on the day, following a rebound to roughly €146 in the sessions immediately after the selloff. The recovery leaves the stock up about 20% since the start of the year, even after the recent bout of volatility.
At the heart of the market's renewed composure is a set of operating figures that few peers can match. For the third quarter of fiscal 2026, which closed on June 30, Siemens Energy booked revenue of €11.45 billion — a 17.5% jump year over year. Earnings per share climbed to €1.28 from €0.71 in the same period a year earlier.
Order Book Swells to €162 Billion
The standout number, however, sits on the demand side. Order intake hit a record €17.9 billion in the quarter, pushing the group's total backlog to €162 billion. That translates into a book-to-bill ratio of 1.57, a reading that signals incoming business is outpacing revenue by a wide margin. Gas Services led the charge, with grid technology also contributing substantial growth.
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Just as significant for the long-suffering wind division, Siemens Gamesa delivered a positive quarterly result for the first time since fiscal 2022, posting an operating EBITA of €75 million. Chief executive Christian Bruch pointed to brisk summer demand in reaffirming that the company is on track to reach the upper end of its own profit-margin guidance.
For the full fiscal year 2026, management continues to expect comparable revenue growth of 14% to 16%, with the margin before special items targeted at the top of the previously communicated range. That confirmation underscores the view that demand for power and grid equipment remains robust despite short-term market swings.
Breakup and a New Name
Behind the operational headlines, Siemens Energy is quietly redrawing its corporate map. Roughly a month ago, the supervisory board approved the carve-out of the Transformation of Industry division, which bundles steam turbines, hydrogen and industrial activities. The unit generated €5.7 billion in revenue in fiscal 2025 with about 17,000 employees and a margin of 11.3%.
The plan calls for the business to be established as a standalone entity, with Siemens Energy pursuing a deconsolidation while retaining a significant minority stake. A sweeping brand overhaul is moving in parallel: Siemens Energy and Siemens Gamesa Renewable Energy are set to operate under the single name Omterra, a process that will roll out gradually later in 2026. The change reflects a time-limited agreement governing use of the Siemens brand with the former parent, Siemens AG.
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Analysts Keep the Faith
The recent share-price swings have done little to dent bullish sentiment on the sell side. Nine of eleven tracked analysts recommend buying the stock, according to media reports, with price targets spanning €130 to €250. Alexander Virgo of Evercore-ISI has set a €250 objective, while JPMorgan's Phil Buller sees €245 — a call reinforced by his conversations with Bruch.
What happens next will hinge largely on how smoothly the Transformation of Industry separation proceeds and whether Siemens Gamesa can hit its target of breaking even on an operating basis in 2026.
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