Siemens Energy Taps Nokia Veteran for Board as Grid Spending Trumps AI Sentiment
Published on 09/26/2026 at 10:41 | Editorial boerse-global.de
Siemens Energy's overhaul has reached the supervisory board. On Thursday the company disclosed that Matthias Rebellius will step down from the board effective September 30, 2026, with Pekka Lundmark taking his seat from October 1. The Munich district court appointed Lundmark to the role ahead of a formal shareholder vote in February.
The choice carries weight beyond a routine board rotation. Lundmark, a former Nokia chief executive who also ran Finnish utility Fortum and industrial group Konecranes, pairs energy-sector leadership with deep experience in telecommunications and digital infrastructure. Siemens Energy explicitly highlighted his expertise in digitalization and artificial intelligence — a signal about where it sees the next phase of grid and power plant technology heading.
Grid Operators Face a Harder Engineering Problem
Feeding volatile renewables into increasingly complex networks while data centers devour ever more electricity demands more than traditional engineering. Adding technological depth at the top of the company fits that reality, and it dovetails with a broader restructuring that has been gathering pace for months.
Roughly a month ago, Siemens Energy began preparing the legal and operational separation of its Transformation of Industry division, a unit of about 17,000 employees that generated EUR 5.7 billion in revenue in fiscal 2025. The plan is a deconsolidation in which the company intends to retain a significant minority stake. A rebranding to Omterra is slated to take effect from the end of 2026, a move expected to save roughly EUR 300 million a year in licensing fees that currently flow to the former parent — a meaningful lift to profitability.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Those efforts rest on a solid core. A month ago the company reported record order intake of EUR 17.9 billion for the third quarter of fiscal 2026, with revenue climbing 18.5% to EUR 11.4 billion. Siemens Gamesa posted a positive result for the first time since fiscal 2022 and is on track for its targeted break-even in 2026. Management reaffirmed full-year guidance, expecting the margin before special items at the upper end of a 10% to 12% range.
Berenberg Looks Past the Tech Wobble
The stock's recent turbulence has little to do with that operating performance. AI enthusiasm had kept energy markets buzzing for months before calls from parts of the technology industry for a slower AI rollout abruptly reversed sentiment. A sector-wide selloff in mid-September dragged down energy and AI-infrastructure names, catching Siemens Energy in the downdraft even though nothing in its day-to-day business had changed.
Berenberg analyst Chris Armstrong made the case that investors are looking through the wrong lens. He kept his "Buy" rating and EUR 205 price target, arguing the company is a structural beneficiary of government spending. Where states fund transmission-grid modernization and supply security, long-term budget decisions govern demand — and short-term market mood swings barely register. Transmission lines and switchgear are planned, approved and built over years, driven by the fundamental reworking of generation capacity rather than fashionable trading themes.
Where the Shares Stand
The market's jitters still show up in the price. The stock closed Friday at EUR 144.06, leaving it 26% below its 52-week high of EUR 195.38, while holding a gain of 20% since the start of the year. That spread captures the tug-of-war over valuation: macro caution on one side, an improving industrial order book on the other.
Alongside the board change, a share buyback program is under way, with management signaling confidence in its own balance sheet. Fresh fundamental markers are close: a pre-close call for the fourth quarter of fiscal 2026 is scheduled for Wednesday, followed by the full earnings conference on November 11.
The real test for Siemens Energy lies outside the mood of the technology sector. Between state-backed grid programs and global demand for energy infrastructure, the company is cementing its market position — and the boardroom reshuffle, severing another tie to its former parent, sharpens that profile during an intense transformation.
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Siemens Energy Stock: New Analysis - 26 September
Fresh Siemens Energy information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
