Siemens Energy’s €154 Billion Order Book Collides With Germany’s Stalled Rechenzentrum Plans
13.06.2026 - 07:31:58 | boerse-global.de
The chief executive of Siemens Energy delivered a stark verdict on Friday: Germany is squandering the artificial-intelligence infrastructure boom while his company’s order backlog swells to a record €154 billion. Christian Bruch’s warning comes as fresh data shows the conglomerate is grappling with a four-year waiting list for gas turbines, yet the country it calls home has stopped a major data-center project dead in its tracks.
Bruch pointed specifically to the cancellation of EdgeConnex’s planned data-center facility in Maintal, a decision he described as “bewildering.” With only 3 gigawatts of total data-center capacity in Germany, of which just 500 megawatts are dedicated to AI workloads, the country is a laggard. Brussels hopes to double that to 6 GW, but Bruch said the pace is far too slow compared with the sprint underway in the United States and China.
Inside Siemens Energy’s own factories, the story could hardly be more different. The company now holds firm orders for gas turbines totaling 60 GW, with an additional 27 GW already reserved. The associated service contracts alone are expected to generate roughly €35 billion over the next two decades. That torrent of demand has pushed the overall order book to the highest level in the company’s history.
Should investors sell immediately? Or is it worth buying Siemens Energy?
The robust pipeline is translating directly into upgraded financial targets. Management now expects revenue growth of as much as 16% for the current fiscal year 2026, with pre-tax free cash flow climbing to approximately €8 billion. The grid-technology division, which serves the exploding U.S. demand for electricity driven by AI data centers, is on track to expand sales by up to 27% this year.
The stock responded with a partial rebound on Friday, gaining 1.39% to close at €153.46. That snapped a recent slide that had erased 13.76% over the preceding 30 days. Despite the day’s uptick, the shares remain about 21% below the 52-week high of €195.54, and the next technical resistance lies at the 50-day moving average near €168.
RBC Capital Markets analyst Mark Fielding remains bullish, reiterating an “Outperform” rating and a €200 price target. He bases the call on expected organic revenue improvements this year. The next concrete checkpoint for investors will come on August 5, 2026, when Siemens Energy publishes its third-quarter results.
Bruch’s frustration with German policymakers underscores a widening gap between the company’s global success and the home market’s inertia. While the U.S. grid business rides the AI wave, Germany is holding back investments that would secure the country’s place in the next wave of digital value creation. “If you don’t build the infrastructure, you lose the added value — and ultimately your prosperity,” he said. Siemens Energy’s order book suggests the world is listening, but the CEO’s message to Berlin is clear: time is running out.
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