Siemens Energy's Record Quarter Meets a Chilly Reception from Investors

Siemens Energy stock falls 23% from April peak despite record €154B backlog, raised guidance, and €1B buyback. Roadshow in Nordics aims to address market skepticism.

Siemens Energy’s management kicks off a two-day Nordic roadshow in Copenhagen today, but the conversation is likely to be dominated by one awkward question: why is a stock with a record order book, a raised guidance, and a €1 billion buyback program trading more than 23% below its April high? The investor relations team faces an audience that has watched the shares shed over 15% in the past 30 days alone, even as the underlying business posts all-time highs.

The second quarter of fiscal 2026 delivered an order intake of €17.7 billion — a jump of 29.5% year-on-year — pushing the total order backlog to €154 billion. Gas Services led the charge with €8.9 billion, while Grid Technologies contributed nearly €7.0 billion. Revenue rose 8.9% to €10.3 billion, and earnings before special items came in at €1.164 billion, yielding an 11.3% margin. On the back of these numbers, Siemens Energy raised its full-year guidance on 12 May: the company now expects comparable revenue growth of 14% to 16%, a net profit of around €4 billion, and free cash flow before taxes of roughly €8 billion.

Yet the stock closed yesterday at €150.02, a 15.87% decline over the trailing 30 days and a 23.3% slide from the 52-week peak of €195.54 reached on 24 April. The relative strength index has fallen to 33.5, indicating that short-term momentum has cooled sharply. A second source puts the current share price at €145.94, with an RSI closer to 31 — either way, the stock is deep in oversold territory.

The company’s €1 billion share buyback programme, which runs until September 2026 as part of a larger framework extending through the end of fiscal 2027/28, has so far failed to stem the selling pressure. Between 4 and 7 June, Siemens Energy repurchased 237,040 of its own shares, but the effect has been barely visible against the broader decline.

Grid Technologies remains a particular bright spot: the segment is expected to post revenue growth of 25% to 27%, fuelled by surging demand for grid equipment from the AI and data centre sectors. In early February, Siemens Energy announced a $1 billion investment to expand its US manufacturing capacity. That bullish outlook, however, has not been enough to convince traders to hold the line.

The roadshow — today in Copenhagen, tomorrow in Stockholm — follows a meeting with Munich-based investors on Tuesday. Next week, CFO Maria Ferraro is scheduled to attend the J.P. Morgan European Industrials Conference in London on 17 June. None of these events will introduce new operational data; the conversation will instead centre on why a company that has just lifted its forecast is watching its stock fall so hard. For institutional investors in the Nordic capitals, the question is less about the numbers and more about the market’s willingness to look beyond short-term noise.