Siemens Energy’s Record Backlog Exposes a Tension Between Global Demand and Domestic Gridlock
13.06.2026 - 13:21:41 | boerse-global.de
A €154bn order book, a €6bn share buyback programme, and a stock that has still shed 14% in a month. Siemens Energy is navigating a rare disconnect: booming demand for its grid and turbine technology has not translated into the kind of market enthusiasm investors might expect. The culprit, according to chief executive Christian Bruch, is a home?market bottleneck that risks leaving Germany behind in the race to build artificial?intelligence data centres.
Speaking in Hamburg on Friday, Bruch warned that the country’s current data?centre capacity — roughly 3 gigawatts, of which only 500 megawatts is dedicated to AI — falls far short of a targeted 6 GW, with 2 GW earmarked for AI workloads. The US and China are already well ahead on both fronts. He singled out the Edgeconnex project in Maintal, near Frankfurt, where local protests against a planned gas?fired power plant killed the development before it started. For a company that supplies the energy infrastructure these facilities rely on, such domestic stalling represents a drag on new business that flows more easily to faster?moving regions.
The operational picture remains robust. Siemens Energy booked second?quarter orders of €17.7bn, comfortably above analyst expectations, pushing the cumulative order backlog to a record €154bn. That backlog is heavily weighted toward grid technology, with Grid Technologies reaping the rewards of a global network build?out fuelled by the energy demands of AI data centres. But the equipment side tells a different story: some 87 GW of gas?turbine orders sit on the books, and customers are waiting up to four years for delivery. The logjam provides long?term revenue visibility but crimps near?term revenue growth.
Should investors sell immediately? Or is it worth buying Siemens Energy?
To keep shareholders engaged, management has launched the second tranche of its buyback programme, worth up to €1bn and running to September 2026. In the first week of June alone, the company repurchased 237,040 shares. The full programme, which extends to the end of fiscal 2027/2028, has a total envelope of €6bn — a signal the board sees intrinsic value in the stock even as the market remains sceptical.
For the current fiscal year, Siemens Energy raised its guidance to revenue growth of 14% to 16%, an operating margin of 10% to 12%, net profit after taxes of roughly €4bn, and free cash flow before taxes of about €8bn. Yet the shares closed Friday at €153.46 — up 1.4% on the day but still some 21% below the April high of €195.54 and 9% beneath the 50?day moving average. The relative strength index of 42.7 points to mildly oversold territory without a clear catalyst for a rebound.
Investors will look for that catalyst next week when chief financial officer Maria Ferraro takes the stage at the J.P. Morgan European Industrials Conference on 17 June and the ODDO BHF London Forum on 18 June. The market wants specifics on how the company plans to ease capacity constraints, particularly in gas turbines, and on the turnaround at wind?power subsidiary Siemens Gamesa, which is expected to deliver a positive profit contribution by the end of the fiscal year. For now, the choice between Germany’s slow?moving infrastructure policy and the company’s global order momentum remains the central story — one that Bruch’s political message made unmistakably clear.
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