Siemens Energy Launches European Roadshow After 16% Monthly Rout Despite Record €17.7bn Quarter

Record €17.7B orders and upgraded guidance fail to lift Siemens Energy shares, down 16% in 30 days. Management roadshow seeks to rebuild trust amid oversold RSI and technical resistance.

The market's reception to Siemens Energy's recent achievements has been paradoxically chilly. While the company posted a record order intake of €17.7 billion in the second quarter of fiscal 2026 — a near-30% surge year-on-year — and lifted its full-year guidance, its shares have shed more than 16% over the past 30 days. To counter the growing skepticism, the management team is taking its case on the road.

Next week, the investor relations team will hit financial capitals across Europe, starting in Zurich and moving on to Munich on June 9, before heading to Copenhagen and Stockholm. The timing is no coincidence: the stock closed at €155.70 on Friday, down 2.48% on the day and a full 20% below the 52-week high of €195.54 struck on April 24. The slide has pushed the relative strength index to 37.0, deep into oversold territory.

The underlying business, however, tells a far more upbeat story. Siemens Energy now expects comparable revenue growth of 14% to 16% for the full year, up from an earlier forecast of 11% to 13%. Net income is seen hitting roughly €4 billion, with free cash flow before taxes reaching around €8 billion. The order backlog has swelled to a record €154 billion, providing exceptional long-term visibility. On the back of that momentum, the company launched a €1 billion share buyback programme that runs through the end of September — a clear vote of confidence from the boardroom.

Yet the share price continues to struggle below key technical markers. The stock currently trades under both its 50-day moving average of €168.46 and its 100-day average of €160.21. The €160 level looms as a psychological hurdle; a decisive move back above it could offer a much-needed bullish signal. The 200-day moving average at €135.22 remains a distant anchor, roughly 15% below the current price.

Analysts largely remain bullish. RBC Capital Markets reiterates an "Outperform" rating with a €200 target, pointing to structurally rising organic revenues across European capital goods companies with long-cycle businesses. On a 12-month view, Siemens Energy shares are still up about 77%, though the year-to-date gain stands at a more modest 26.8% once the recent retreat is factored in.

Management has plenty of other arrows in its quiver. The wind turbine subsidiary Siemens Gamesa is approaching breakeven and is expected to contribute positively to group results in the current fiscal year — a potential turning point after years of losses. The recent acquisition of the Camlin Group, announced on June 2, strengthens the company's grid monitoring and digitalisation capabilities. Meanwhile, Siemens Financial Services is financing a large battery storage project in Poland scheduled to come online at the end of 2026.

The roadshow will give executives a platform to explain how that record €154 billion order backlog will translate into operating profits, and whether the buyback can regain investor trust. For now, the market remains unconvinced — but with the RSI flashing oversold and fundamental momentum still strong, the path to a recovery may be shorter than the recent sell-off suggests.