Siemens Energy Concludes €2 Billion Buyback Tranche While Order Backlog Swells to €154 Billion

Siemens Energy wraps up first €2B share buyback, orders surge to €17.7B, backlog at €154B, and full-year outlook raised twice.

Siemens Energy has wrapped up the first leg of its ambitious share repurchase programme just as the company’s order book hits a fresh record, underscoring the dual momentum behind the stock. The energy technology group snapped up nearly €2 billion of its own shares between March and May, while simultaneously logging an unprecedented €17.7 billion in quarterly order intake.

The buyback, executed between 4 March and 19 May 2026, saw Siemens Energy acquire 12,618,469 shares — equivalent to 1.465% of its share capital — at an average price of €158.50 apiece. The final two trading sessions were modest: on 18 May the company bought 184,632 shares at roughly €172.30, followed by just 2,292 shares at €170.41 the next day. The programme marks the first tranche of a larger commitment; management has pledged to repurchase up to €6 billion in shares by the end of fiscal 2028. How the remaining €4 billion will be deployed in the coming years remains one of the key questions for equity investors this cycle.

On the operational front, the half-year numbers painted a picture of accelerating demand. Siemens Energy’s order intake jumped to a record €17.7 billion, pushing the total backlog to a historic €154 billion. Gas Services booked 102 gas turbines alone, while Grid Technologies secured large data centre contracts in the United States. The first half generated net profit of €1.443 billion on revenue approaching €20 billion, with earnings per share from continuing operations more than doubling year-on-year. Management responded by lifting the full-year outlook twice: net income is now expected to hit roughly €4 billion, up from earlier forecasts, and revenue growth is seen accelerating to 14–16% versus the prior 10–12% guidance. Free cash flow for the year is targeted at around €8 billion.

The buyback’s average purchase price of €158.50 sits well below the current trading level. The shares closed at €173.72 on the Friday the programme ended, while a separate report logged €174.06, reflecting tight trading. Year-to-date, the stock has risen over 41%, with one estimate pegging the gain at nearly 42%. The 50-day moving average stands at €164.96, and the stock is trading roughly 5% above that level. The 52-week high of €188.00 from April remains the next technical milestone. From the 52-week low of €81.78, the share price has more than doubled.

Deutsche Bank Research reiterated a Buy rating with a price target of €200, pointing to margin expansion potential, particularly in the grid business. The bank sees the current valuation as offering room for further upside as the order backlog converts into fatter margins.

Still, risks persist. Large energy groups could retreat from German offshore wind projects, according to the analyst note, and while the wind division has shown slight improvement, it has yet to become a growth driver. The repurchased shares will be used either for employee compensation programmes or cancelled, the company said. Transactions were executed across multiple platforms including Xetra, CBOE DXE, Aquis Exchange Europe and Turquoise Europe, with an independent mandate deciding the timing.

Investors will get the next update on 5 August 2026, when Siemens Energy reports third-quarter results. The focus will be on whether the record €154 billion backlog can continue to translate into higher margins and sustain the momentum that has already powered the stock through a 41% year-to-date advance.