Siemens Energy Powers Up with Goldman Endorsement and Data Center Congress Push
01.06.2026 - 10:11:29 | boerse-global.de
Siemens Energy finds itself at the intersection of analyst conviction and real-world demand this week. The Munich-based group not only earned a spot on Goldman Sachs’ exclusive “European Conviction List – Directors’ Cut” on Monday, but is also making a splash as the Patron Sponsor of the Datacloud Global Congress 2026 in Cannes, the premier gathering for digital infrastructure.
The timing is no coincidence. The congress, running from 2 to 4 June at the Palais des Festivals, draws more than 6,000 participants, roughly 70% of them at C-level, VP or director level. Siemens Energy is there under the banner “Let’s energize data centers”, pitching its expertise in scalable energy systems at a moment when AI and cloud expansion are driving an insatiable appetite for power networks and gas turbines. The company claims to be executing the largest power plant build-out in its history, and the data center theme directly underpins the growth story that Goldman is betting on.
Goldman analyst Ajay Patel describes Siemens Energy as a “structural winner” from the energy transition. His earnings per share estimate for 2030 sits 10% above consensus, fuelled by AI data centres and rising investment in grid technology. The stock, trading at €164.58, gained 1.2% on the day and now stands 12% below its 52-week high of €188. Year to date, the shares have added 34%.
Should investors sell immediately? Or is it worth buying Siemens Energy?
That rally rests on robust fundamentals. Siemens Energy has guided for revenue growth of 14% to 16% in the current fiscal year 2026, with an operating margin of 10% to 12%. Free cash flow before taxes is pegged at roughly €8 billion. The grid technologies division, a key beneficiary of the data centre boom, is expected to expand sales by 25% to 27% and deliver an operating margin of 18% to 20%.
The company is putting its cash flow to work for shareholders. Between 4 March and 19 May, Siemens Energy repurchased 12.6 million of its own shares at an average price of €158.50, completing the first tranche of a buyback programme originally set at €2 billion. Thanks to strong cash generation, the programme was later increased by a further €1 billion, bringing the total to €3 billion. Together with a dividend of €0.6 billion, shareholders are receiving €3.6 billion this fiscal year. The longer-term outlook is even bolder: Siemens Energy plans to return roughly €10 billion to investors by 2028, with €6 billion coming through buybacks.
The next major test arrives on 5 August, when the group reports third-quarter results. The bar is high: the order backlog stands at a record €154 billion, and in the second quarter the company booked order intake of €17.7 billion, delivering a book-to-bill ratio of 1.72. How much of that backlog translates into earnings will determine whether the stock can recapture its highs — and whether the Goldman conviction list proves prescient.
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