Siemens Energy’s 21% Correction Hides Record Orders, a €6 Billion Buyback, and a Wind-Power Step Forward

Siemens Energy shares slide 21% from April highs despite record €154B backlog and €6B buyback. CFO Ferraro to address strategy at JPMorgan conference amid wind unit recovery.

Siemens Energy investors have endured a rough month. The stock sits at €153.46, some 21% below its April high of €195.54, and the 30-day decline stands at nearly 14%. Yet beneath that surface weakness, the company is juggling a record order book, a massive shareholder return programme and a rare piece of good news from its long-troubled wind division.

The next major catalyst arrives on Wednesday, when chief financial officer Maria Ferraro takes the stage at J.P. Morgan’s investor conference. The market wants clarity on financial strategy, the pace of restructuring, and the status of the buyback that Siemens Energy has rolled into its second tranche. That tranche is worth up to €1 billion and is due to complete by the end of September 2026, while the overall programme – which can reach €6 billion – runs until 2028.

The bullish case rests on staggering operational momentum. In the second quarter of 2026, the company booked €17.7 billion in new orders, a record, and its total backlog swelled to roughly €154 billion. The energy-for-AI theme is driving demand for gas turbines, and Siemens Energy is responding with a pricing strategy that draws a sharp line between domestic and European clients.

European energy suppliers hoping to secure turbine capacity now face reservation fees running into the millions. German customers, however, are exempt. The company cites its responsibility for the domestic energy transition, even though German orders account for less than 10% of total gas turbine production. CEO Christian Bruch has publicly warned that Germany risks falling behind in data-centre and AI infrastructure, and the fee waiver looks like a direct attempt to keep local projects moving. The bigger brake, he argues, is bureaucracy: slow permitting processes threaten to convert that gigantic order pipeline into actual deliveries.

While the gas turbine division races ahead, the wind unit is finally showing signs of life. Siemens Gamesa, which has been a persistent drag on earnings, expects to reach breakeven in 2026. As proof of tangible progress, all 100 turbines for the UK offshore wind farm Sofia have now been installed – a modest but concrete milestone after years of losses.

On the charts, the correction has broken the short-term uptrend. The 50-day moving average at €168.70 sits well above the current price, and the 30-day drop of nearly 14% has pushed the relative strength index to a neutral 42.7 – no longer overbought, but not yet signalling a rebound. The stock closed Friday up 1.39%, and the psychologically important €155 level lies just overhead. Whether that resistance gives way depends in part on whether Ferraro can convince the room on Wednesday that the buyback is on track and that Gamesa’s turnaround is real. The next quarterly results will deliver the final verdict.