The US data-center buildout is proving the engine behind Siemens Energy’s best-ever quarter for orders, even as the company’s long-troubled wind unit finally shows signs of healing. The convergence of these two forces has propelled management to lift its full-year profit forecast to around €4 billion, with the stock surging to within striking distance of a 52-week high.
Siemens Gamesa, the wind-turbine subsidiary that has weighed on the parent’s results for years, posted an operating loss of just €44 million in the latest quarter — a fraction of the €249 million deficit recorded a year earlier. The loss margin shrank to 1.7%, helped by a strict cost-efficiency drive and the first commercial orders for a new turbine platform that the company says is stabilizing its product portfolio.
Even as Gamesa takes steps toward breakeven, the core power-equipment and grid businesses are firing on all cylinders. Siemens Energy’s order intake hit an all-time high of €17.7 billion in the first quarter, pushing the total backlog to a record €154 billion. Analysts had expected a significantly lower number. The standout performance came from the United States, where orders surged 65% year-on-year as hyperscalers and utilities scramble for transformers and grid infrastructure to support data-center expansion.
Buoyed by the order strength, the board now expects revenue to grow between 14% and 16% for the full year, with net profit landing at roughly €4 billion — a target that was previously at the lower end of that range and now sits firmly at the top.
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Wall Street has taken note. JPMorgan raised its price target to €225, while Goldman Sachs set a fair value of €212 and Deutsche Bank called the stock at €200. Not every voice is entirely bullish: analysts at Morningstar caution that the extraordinary pace of order intake may normalize from these heights, urging a more measured view of the outlook.
Siemens Energy is also returning cash to shareholders. The ongoing share repurchase program has now bought back more than 11 million shares, tightening the free float. Meanwhile, the company declared a dividend of €0.70 per share for the past fiscal year, and market consensus projects a sharp increase to €1.84 per share for fiscal 2026.
Shares hit €181.84 on Thursday, near their 52-week peak, and have nearly doubled over the past twelve months. For the bulls, the combination of a narrowing Gamesa loss and a backlog swelled by AI-driven energy demand provides a solid foundation for the raised guidance — provided the wind unit can finally deliver on its own turnaround.
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