Siemens Energy's Record Orders and Buyback Can't Convince as Amundi Scales Back
13.06.2026 - 19:04:57 | boerse-global.de
The contradiction at Siemens Energy is hard to ignore. The Munich-based group just posted its strongest order intake in years, lifted its full-year guidance, and is ploughing billions into a share buyback. Yet the stock has shed roughly 14% over the past month, and one of Europe's largest asset managers has quietly trimmed its position below a key reporting threshold.
Amundi now holds 2.93% of Siemens Energy's voting rights — 2.95% when including other instruments, down from a previously reported 3.05%. The Paris-based fund manager has not exited entirely, but the reduction takes it under the 3% mandatory disclosure level. The move arrives during a period of operational strength that has so far failed to lift the share price.
Order books are bulging. In the second quarter of fiscal 2026, Siemens Energy booked €17.7 billion in new orders, well ahead of market expectations. That pushed the total backlog to a record €154 billion. The Grid Technologies division is the main engine, riding surging demand for grid infrastructure driven by the global energy transition and the power needs of new AI data centres. But the success comes with a bottleneck. The gas turbine segment alone has amassed roughly 87 GW in outstanding orders, leaving some customers waiting up to four years for delivery. That secures long-term planning visibility but slows near-term revenue conversion.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Management has responded with an upgraded outlook. For fiscal 2026, the company now expects revenue growth of 14% to 16%, an operating margin between 10% and 12%, net profit of around €4 billion, and free cash flow before taxes of roughly €8 billion. To return capital to shareholders, Siemens Energy launched the second tranche of its buyback programme, which will repurchase up to €1 billion in shares by September 2026. In the first week of June alone, the company bought back 237,040 shares. The overall programme runs until the end of fiscal 2027/2028 and has a total volume of up to €6 billion.
None of this appears to have moved the market. The stock closed on Friday at €153.46, still up 25% year to date and roughly 79% above its level 12 months ago, but 21% below the April high of €195.54. The relative strength index sits at 42.7, indicating a neutral to slightly oversold condition. Chart watchers are eyeing two critical levels: the stock is trading about 9% below its 50-day moving average, while the 200-day line at €136.66 provides support from below. If that floor holds, the long-term uptrend remains intact; a break lower would open the door to further losses.
The divergence between operational momentum and market sentiment leaves investors searching for clarity. They will get a chance next week when chief financial officer Maria Ferraro speaks at the J.P. Morgan European Industrials Conference on 17 June and again at the ODDO BHF London Forum on 18 June. Expectations are high for concrete updates on capacity strategy and the turnaround at Siemens Gamesa — the wind power subsidiary that management has promised will deliver a positive earnings contribution by the end of the fiscal year. Until then, the €154 billion question is whether the stock can shake off its recent weakness and catch up with the business.
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