Siemens Energy Investors Eye Dividend Lift After Record €17.7 Billion Quarterly Orders

Siemens Energy shares rally on record €154bn order backlog, upgraded guidance, dividend forecast up to €1.84. Analyst sees 18-20% margin by 2030.

Siemens Energy shareholders are sizing up a substantial dividend boost after the company’s blockbuster performance reignited analyst expectations. Management paid out €0.70 per share in March – the first distribution in four years – and market estimates now point to a payout of as much as €1.84 for the current fiscal year. The optimism is grounded in a series of record operational numbers that have transformed the narrative around both the parent company and its long-troubled wind turbine subsidiary, Siemens Gamesa.

The second quarter, which ended on 31 March 2026, delivered an all-time high order backlog of €154 billion. New orders surged to a record €17.7 billion, propelled by strong US demand and an exceptional performance from the Gas Services division. Revenue climbed 8.9% on a comparable basis to €10.29 billion, while earnings per share nearly doubled from €0.50 to €0.89. These figures provide the foundation for the upgraded full-year guidance: the company now expects revenue growth of up to 16%, an operating margin between 10% and 12%, and net profit of around €4 billion.

Deutsche Bank analyst Gael de-Bray sees further upside that the market has not yet fully priced in. He reiterated his buy recommendation on 22 May with a €200 price target, about 15% above the current level of €173.72. De-Bray points to two underappreciated drivers: a ramp-up in spare parts revenue from 2030 onward and structurally rising demand for grid infrastructure. He dismisses concerns about a potential peak in gas turbine orders as overblown. Looking ahead, he anticipates management could announce a margin target of 18% to 20% for 2030 as early as November 2026, which would underscore the company’s profitability trajectory.

The stock’s chart reflects the recent momentum. Shares have gained roughly 41% since the start of the year and more than 112% over the past twelve months, recovering from a 52-week low of €81.78. The current price stands about 8% below the 52-week high of €188.00 reached on 24 April, with the €180 mark acting as the next technical resistance. On the downside, the 50-day moving average near €165 provides initial support, and the stock trades more than 32% above its 200-day line, keeping the long-term uptrend intact. Analysts see room to run, with a consensus price target of €186.30.

Investors have several near-term catalysts to watch. Siemens Energy’s management will present at the Berenberg Innovation Seminar in Zurich on 2 June, and the next hard numbers arrive on 5 August with the third-quarter results. A key variable remains Siemens Gamesa, which is closing in on an operational turnaround with a target of reaching breakeven later this year. If the wind unit delivers on its recovery promise, it could provide an additional tailwind for both the dividend forecast and the broader bull case.