Siemens Energy has marked a significant milestone by reinstating its dividend, yet the path forward remains dominated by the ongoing challenges at its Siemens Gamesa wind subsidiary. The company’s recent Annual General Meeting (AGM) not only saw shareholders approve all agenda items but also outlined a clear strategic priority: complete the turnaround at Gamesa before entertaining any structural changes.
Shareholder Approval and Dividend Details
At the AGM held on February 26 in Berlin, shareholders gave their overwhelming consent to all proposed resolutions. The most anticipated item for many investors was the authorization of the first dividend payment since 2022. With 99.99% of votes in favor, a dividend of €0.70 per share was approved for the 2025 fiscal year.
The other votes also resulted in decisive outcomes. The company’s management and supervisory boards were formally discharged with substantial majorities. This event was notable as the first in-person AGM since Siemens Energy became an independent entity, attracting 800 shareholders on-site. In total, 66.10% of the voting capital was represented.
The ex-dividend date is set for today, February 27, 2026. In the previous trading session, the share price closed at €164.75.
Operational Momentum and U.S. Expansion
Despite the internal debates, the company’s operational performance provides strong counterpoints. In its Q1 2026 results, released on February 11, Siemens Energy reported a record order intake of nearly €18 billion, pushing its order backlog to €146 billion. The free cash flow also surged to a record €2.9 billion, and the full-year 2026 outlook was reaffirmed.
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Further signaling growth, the group announced in early February a $1 billion U.S. investment plan to expand manufacturing capacity. This initiative includes a new switchgear plant in Mississippi and is expected to create over 1,500 new jobs. Management cites rising demand for energy infrastructure, partly driven by data center expansion, as a key catalyst.
This operational strength is reflected in the share price performance. The stock has gained 15.10% over the last 30 days and is up 34.69% since the start of the year. Short-term technical indicators show a bullish trend, with the 14-day RSI at 85.4. The current price sits just 2.25% below its 52-week high of €169.20.
The Pressing Siemens Gamesa Question
The most prominent discussion at the meeting centered on the future of the troubled Siemens Gamesa Renewable Energy unit. While several major shareholders, including DWS and Deka Investment, emphasized that restructuring must take precedence, U.S. activist investor Ananym Capital advocated for a spin-off, suggesting the separated entity could be worth up to $10 billion.
Company leadership acknowledged the logic behind such a move but insisted on completing the turnaround first. The urgency for repair is clear: Siemens Gamesa reported an operating loss of €1.36 billion for fiscal 2025 and is targeting a breakeven result in the current fiscal year. The intense shareholder focus on this issue was evident, with over 200 questions submitted during the AGM.
Investors now look ahead to the next key date: the Q2 2026 report scheduled for May 12, 2026. This update will reveal whether the company’s broader operational tailwinds can maintain their strength as the complex Gamesa restructuring continues.
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