Siemens Energy’s €154bn Backlog Fails to Convince as Buyback Programme Gets Off to a Slow Start

Siemens Energy shares fall 2% after €1bn buyback launch, as profit-taking outweighs raised 2026 guidance and €154bn order backlog.

The market’s reaction to Siemens Energy’s latest buyback announcement has been less than enthusiastic. The energy technology group has boosted its guidance for the 2026 financial year, forecasting comparable sales growth of between 14% and 16%, with net profit climbing to around €4bn, backed by a colossal order backlog of €154bn. Yet the share price continues to slide, closing Friday at €155.70 and falling a further 2.07% on Monday to €156.02, as profit-takers dominate the mood.

The new phase of the buyback programme, launched on 4 June 2026, authorises the acquisition of up to €1bn worth of shares, with a maximum of 57 million shares. Siemens Energy plans to use the repurchased stock for equity-based compensation, employee schemes or cancellation. The programme runs until 30 September at the latest, with an independent institute handling daily purchases without interference from the company.

So far, however, the buyback has done little to support the price. In the June overview, no actual volumes, average prices or cash amounts had yet been reported for any executed trades. The company has committed to disclosing individual transactions no later than the seventh trading day after execution, but the initial silence suggests that the buying tempo has been cautious. That is not necessarily a warning signal, but it explains why the announcement alone has not provided a floor under the stock.

Operationally, Siemens Energy continues to deliver solid numbers. The wind power subsidiary Siemens Gamesa is on track to reach breakeven by year-end and return to positive group profit from 2026. In the second quarter, the group booked orders of €17.7bn, bringing the total backlog to €154bn. Revenue reached €10.3bn, with net profit of €835m. The target for free cash flow before taxes stands at roughly €8bn, while the margin before special items is expected to land between 10% and 12%. A recent success in the project pipeline includes a 150-megawatt battery storage facility in Poland, financed by Siemens Financial Services, due to go live by the end of 2026.

The chart picture has cooled significantly. Over seven trading days the stock has shed 4.05%, and over the past month the loss amounts to 15.98%. The current price sits 20.21% below the year’s high of €195.54, a pullback that goes beyond ordinary noise. The shares are trading below the 50-day moving average of €168.46, confirming the recent pressure. The relative strength index at 37.2 points to elevated selling, though the stock is not yet in deeply oversold territory.

Still, the longer-term trend remains intact. Since the start of the year, Siemens Energy shareholders are up 27.05%, and over twelve months the gain is 76.89%. The 200-day moving average, currently at €135.22, still lies well below the current price, providing a structural support. The buyback itself creates a continuous safety net, with daily volumes depending on the share price. A break below the €155 support could trigger a test of the €150 zone, but the underlying demand from the programme should cushion any further decline.

The market is now waiting for concrete evidence that the buyback is being executed. Once the first daily purchase reports appear — expected within seven trading days — investors will have a clearer sense of the pace. Until then, the story remains split: exceptionally strong fundamentals against a share price that, after a long rally, is still letting off steam.