Siemens Energy’s Data Center Push Fails to Ignite Shares Despite €17.7bn Quarter
05.06.2026 - 18:45:20 | boerse-global.de
Siemens Energy has positioned itself as the indispensable energy behind the artificial intelligence boom, yet its stock continues to slide. The Munich-based industrial group used this week’s Datacloud Global Congress in Cannes to showcase its credentials as the power supplier of choice for hyperscale data centers, but investors remain unconvinced — at least for now.
Under the banner “Let’s energize data centers”, the company presented scalable power systems and resilient energy architectures tailored to the voracious electricity appetite of AI workloads. Board member Tim Holt opened the conference with a discussion on how the industry can handle rising power densities, followed by panels on building generation capacity by 2030 and the interplay between energy policy and data-center growth. The event was a deliberate push to capture a market where demand is real: AI-driven load increases, 24/7 uptime requirements, and growing societal competition for energy resources.
The numbers behind the narrative are impressive. In the second quarter of its 2026 financial year, Siemens Energy booked €17.7bn in orders, lifting its total order backlog to €154bn. Comparable revenue rose 8.9% to €10.3bn. Crucially, a quarter of all Gas Services orders now come from data-center projects, and the group secured 5 gigawatts of capacity from such contracts in the second quarter alone. For the full year, management expects comparable revenue growth of 14% to 16%, an adjusted operating margin of 10% to 12%, and free cash flow before taxes of around €8bn.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Yet the share price tells a different story. The stock closed at €159.32 in the previous session and now trades at €158.26, roughly 19% below the April high of €195.54. Over the past 30 days, it has lost nearly 15%. The relative strength index has cooled to 39.7, signalling a pullback rather than a rout, but the retreat has been sharp after a rally that still leaves the stock up about 80% over the past 12 months and 29.74% year-to-date.
Analysts see the fundamental case as intact. Goldman Sachs recently added Siemens Energy to its European Conviction List, calling the company a “structural winner” from both the energy transition and the AI boom. The bank’s focus is particularly on the Grid Technologies division, where integration of Fluence batteries and transformers helps stabilise renewable energy feeds for server farms. Goldman Sachs estimates that operating profit in 2030 will be roughly 10% above current market consensus.
The market’s caution may hinge on execution and margins. While the order book bulges, the wind-turbine unit Siemens Gamesa remains a drag on profitability. The group has started a roadshow through European financial centres this week to explain how it will translate its €154bn backlog into higher margins. Investors will get the next hard data point on August 5, 2026, when third-quarter results are released. Until then, the disconnect between Siemens Energy’s data-center momentum and its languishing share price is likely to persist.
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