Grid and Gas Drive Siemens Energy’s €17.7bn Order Haul, but Wind Business Still at the Starting Gate

Siemens Energy reports record €154bn backlog as Grid Technologies and Gas Services drive strong growth, while wind unit Siemens Gamesa struggles. Stock up 38% YTD, guidance raised.

The gap between Siemens Energy’s powerhouse divisions and its problem child continues to widen. Grid Technologies is on track to notch revenue growth of 25% to 27% this year, with an underlying margin between 18% and 20%. Gas Services is not far behind, targeting 16% to 18% top-line expansion and a 14% to 16% margin. Siemens Gamesa, by contrast, is expected to grow just 3% to 5% and scrape only break-even earnings—a reminder that the wind-turbine turnaround remains a work in progress.

Those segment-level targets rest on a second-quarter order intake of €17.7bn, up sharply from €14.4bn a year earlier. The cumulative effect pushed the order backlog to a record €154bn, compared with €133bn at the same point in fiscal 2025. The company’s overall guidance, raised in May, now calls for comparable revenue growth of 14% to 16%, a margin before special items of 10% to 12%, net profit of roughly €4bn, and free cash flow before taxes of about €8bn.

Management took that message to London this week, appearing at the J.P. Morgan European Industrials Conference and a second investor event. Chief Financial Officer Maria Ferraro attended in person, reinforcing the narrative that Siemens Energy has left its crisis phase behind. As part of the same confidence-building push, the group is executing a €6bn share buyback programme that runs through the end of fiscal 2028. The current tranche, worth up to €1bn, is slated for completion by September 2026.

Investors have already priced in much of the optimism. The stock closed at €171.00 on Thursday, representing a gain of roughly 38% since the start of the year and a near-doubling over the past twelve months. On a seven-day view the shares have added 11.4%, and they now trade about 24% above their 200-day moving average.

The next real test comes on 5 August, when Siemens Energy publishes its third-quarter results. After the raised guidance and the strong first half, the market will be watching closely to see whether the momentum can be sustained—or whether any stumble in the wind division or a slowdown in orders could trigger a pullback. For now, the order book provides plenty of cover, but execution will be the ultimate judge.