Siemens Energy has entered a pivotal phase. The Munich-based group this week updated institutional investors at the J.P. Morgan European Industrials Conference in London, armed with a raised full-year outlook and a record €154bn order backlog. But the bigger story is internal: management is preparing to carve out its steam turbine and compressor unit under the code name “Project Voyager,” a move that could radically reshape the company’s profile.
Chief Executive Anne-Laure de Chammard is weighing an IPO or a direct spin-off for the division, which currently generates €5.7bn in annual sales and employs around 17,000 people. Under the most advanced plan, Siemens Energy would sell roughly 60% of the business, retaining a minority stake. The ambition is to create a leaner parent company focused entirely on the booming electrification market, while the spun-off industrial arm targets revenue of as much as €11bn by 2031, with operating profit climbing to €1.8bn.
The restructuring news comes against a backdrop of accelerating orders. In the second quarter, order intake jumped to €17.7bn from €14.4bn a year earlier, lifting the total backlog to €154bn — up from €133bn a year ago. That performance supported a guidance upgrade in May: comparable revenue growth for fiscal 2026 now expected at 14% to 16%, with an EBIT margin before special items of 10% to 12%. The company also forecasts net profit of approximately €4bn and free cash flow before taxes of around €8bn.
Should investors sell immediately? Or is it worth buying Siemens Energy?
Grid Technologies and Gas Services are the engines of that growth. The grid unit is targeting full-year revenue expansion of 25% to 27% and a margin of 18% to 20%, while Gas Services expects 16% to 18% top-line growth and a 14% to 16% margin. By contrast, the wind arm Siemens Gamesa remains a drag, with 2026 revenue growth pegged at just 3% to 5% and earnings only expected to break even. Alongside the operational push, Siemens Energy is ploughing €6bn into a share buyback programme running through fiscal 2028; the second tranche, worth up to €1bn, is slated for completion by the end of September 2026.
Digitalisation is also being woven into the turnaround. The company has partnered with Databricks to link production data to cloud-based AI systems, aiming to slash maintenance costs on large-scale industrial equipment. Yet the carve-out plan has drawn scepticism from some quarters. Union Investment has described the industrial unit as a “black box,” while IG Metall is demanding greater transparency for workers. On the stock market, however, optimism prevails. Shares closed Thursday at €171.00, having nearly doubled year-on-year and rallied 11.4% over the past seven days. The stock sits roughly 24% above its 200-day moving average, just above the €169.74 mark where it defends the 50-day line — a 38% year-to-date advance.
All eyes now turn to August 5, 2026, when Siemens Energy releases third-quarter results. The raised bar means any slip in delivery could rattle the recent gains, but with a €154bn order book and a radical portfolio shake-up taking shape, the narrative has rarely been more compelling for investors.
Ad
Siemens Energy Stock: Buy or Sell?! New Siemens Energy Analysis from June 19 delivers the answer:
The latest Siemens Energy figures speak for themselves: Urgent action needed for Siemens Energy investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from June 19.
Siemens Energy: Buy or sell? Read more here...
