Siemens Energy has entered a quiet period ahead of its third-quarter results on August 5, with the company’s pre-close call offering the last substantive glimpse into operations until the numbers land. The message from management was clear: demand remains strong, but supply-side bottlenecks in gas turbines and grid components are the binding constraint. Against that backdrop, a regulatory filing from French asset manager Amundi revealed a slight reduction in its holding, trimming a position that still leaves the investor just above the 3 percent disclosure threshold.
The production squeeze is most acute in gas turbines, where Siemens Energy’s order backlog sits at roughly 60 gigawatts. To address the capacity shortfall, the company is rolling out a first expansion phase for medium-sized turbines in the second half of the year, adding 30 units to the current annual output of 50. For large turbines, the target is around 50 units per year by fiscal 2027, up from the current 35. Pricing power in new equipment is gradually feeding into service contracts, though the full effect of today’s orders typically takes about three years to materialise, given the lag between delivery, warranty, and service revenue recognition.
In grid technologies, the data centre boom is providing an extra tailwind. Siemens Energy booked roughly €2 billion in orders linked to data centre projects in the first half of fiscal 2026, almost matching the full-year volume of the prior period. Transformers, switchgear, STATCOMs, and grid connection solutions make up the relevant portfolio. The division’s full-year forecast calls for revenue growth of 25 to 27 percent and an adjusted margin of 18 to 20 percent, a target already raised after the first half’s performance.
The wind business, Siemens Gamesa, remains the most closely watched turnaround story. A significant portion of offshore orders has slipped into fiscal 2027, meaning third-quarter order intake will rely mainly on onshore baseline business. The profitability outlook is unchanged: a negative first half followed by a positive second half, yielding a break-even result for the full year. Cash flow in the wind division, however, is expected to stay negative until 2028.
Should investors sell immediately? Or is it worth buying Siemens Energy?
From a technical perspective, the stock’s recent rally has stalled. The shares closed at €161.96 on the Wednesday after the quiet period began, a slight tick up from €161.90 on the day of the Amundi filing. The current price sits 3.78 percent below the 50-day moving average of €168.33 but comfortably above the 200-day average of €140.88, a gap of nearly 15 percent. The relative strength index stands at 49.7, signalling neither overbought nor oversold conditions. At the 52-week peak of €195.54 from April 24, the stock trades 17.2 percent lower, while it remains more than 91 percent above the 52-week trough of €84.62 hit in September 2025.
Amundi’s disclosure, filed on June 26, showed the asset manager now holds 3.00 percent of voting rights, down from 3.11 percent. That breaks down into 2.997 percent from shares and 0.003 percent from an instrument labelled “Collateral Given (right to recall)”, representing a total of 25,807,207 attributable voting rights from shares and an additional 28,293 from the instrument. The reduction keeps Amundi just above the 3 percent reporting threshold but is not in itself a fundamental signal; it merely reflects a minor shift in institutional positioning.
The operational story, meanwhile, remains supported by a hefty backlog. In the second quarter, Siemens Energy reported order intake of €17.7 billion, pushing the total order book to €154 billion with a book-to-bill ratio of 1.72. Comparable revenue rose 8.9 percent to €10.3 billion, adjusted operating profit reached €1,164 million, and net income came in at €835 million. Those numbers underpinned an upgraded fiscal 2026 outlook, with revenue growth now expected at 14 to 16 percent and net profit of around €4 billion, driven largely by the grid business. The company also reiterated its target for roughly €8 billion in free cash flow before taxes for the full year.
With the quiet period in force, no near-term catalysts are expected until the Q3 release. The pre-close call confirmed robust demand and high visibility, but also flagged persistent supply constraints. The Amundi trim is a footnote in a broader picture dominated by capacity expansions, data centre orders, and a slowly improving Gamesa — all factors that will be tested when the numbers arrive on August 5.
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