Siemens Energy's Wind Turnaround Gains Momentum as Net Profit Jumps 60% and Order Book Hits Record
20.05.2026 - 13:41:59 | boerse-global.de
Siemens Energy delivered a powerful second-quarter performance that underscores the depth of its recovery, even as the shares struggle to regain their recent all-time high. Net profit after tax surged 60% year-on-year to €835 million, driven by an exceptional order intake of €17.75 billion that handily beat consensus estimates. Revenues on a comparable basis reached €10.29 billion, while earnings per share rose to €0.89 from €0.50 a year earlier.
The market’s initial response has been muted — the stock gained 1.24% on Wednesday to €170.36, still down 9% from the 52-week peak of €188.00 touched on April 24. The pullback comes after a blistering rally that saw the share price climb 38.73% year-to-date and 117.13% over the past 12 months. Some investors are naturally locking in profits, leaving the stock 4.26% lower over the past seven days despite the upbeat fundamentals.
A key catalyst for the improving sentiment is the wind turbine subsidiary Siemens Gamesa, whose operating loss shrank to just €44 million. Market observers now expect the division to reach breakeven in the final quarter of the fiscal year. Management responded by raising the full-year guidance, now forecasting a net profit of approximately €4 billion. The company also laid out plans to buy back up to €6 billion of its own shares by the end of fiscal 2028, and analysts anticipate a significantly higher dividend of €1.84 per share.
Should investors sell immediately? Or is it worth buying Siemens Energy?
The grid technology and gas turbine businesses remain the engine room of the group. An order backlog of €154 billion provides exceptional revenue visibility, and the company has locked in supply by extending a copper-components contract with ASTA Energy Solutions AG through 2032. Meanwhile, the free cash flow target before taxes was raised sharply to around €8 billion, a sign that the record order book is rapidly converting into cash. Analysts have responded by lifting their price targets: J.P. Morgan set a target of €225, Jefferies at €215 with a “Buy” rating, and Goldman Sachs at €212.
Technically, the recent retreat has not broken the uptrend. The shares remain above their 50-day moving average of €164.09, and the relative strength index at 60.7 suggests no extreme overheating. The annualized 30-day volatility of 45% nevertheless warns of continued swings. With the market capitalisation hovering at €145.95 billion, Siemens Energy retains its heavy weight in the DAX. All eyes now turn to August 5, when the third-quarter report will reveal whether the order momentum in grid technology can sustain the premium valuation.
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