Siemens Energy Pursues Twin Supply Deals From Kyiv to the Caspian as Buyback Passes 1.18 Million Shares

Siemens Energy negotiates Ukraine grid deals and joins a Caspian corridor project while confirming 2026 targets and a EUR 2 billion buyback.

Siemens Energy is lining up two very different infrastructure opportunities at once — one tied to keeping Ukraine's energy system running through wartime, the other aimed at moving green power across Central Asia. Both hinge on the same core competency: the Munich group's transmission and turbine technology.

Kyiv Talks Center on Storage and Distributed Generation

State-owned Naftogaz is weighing the purchase of five gas turbine compressor units from Siemens Energy, according to Reuters, which cited Ukraine's energy ministry. The units would go into underground gas storage facilities, where the focus of negotiations has settled on modernization, security and cyber screening, and physical protection of the sites.

Running alongside that track, Siemens Energy and the Ukrainian energy ministry are discussing the supply of twelve additional industrial gas turbines intended for decentralized power generation — a setup meant to make the grid more resilient to outages. No order values or delivery schedules for the equipment have been disclosed. The cooperation rests on a memorandum that covers technical consulting as well as the design of financing structures through development banks, export credit agencies and international financial institutions.

The talks sit inside a broader economic package. During a visit by German Chancellor Merz, German companies signed 14 agreements with Ukraine worth roughly EUR 6.6 billion (USD 7.39 billion), with bilateral energy projects accounting for more than EUR 155 million of that total. For Siemens Energy, the initiatives open a path to embedding its technology in the reconstruction and safeguarding of Eastern European power and gas networks. Binding purchase contracts, however, remain contingent on viable financing commitments from the lenders involved.

Caspian Grid Role Adds a Second Front

Siemens Energy extended its international project footprint on Saturday by signing a letter of intent with the Green Corridor Alliance. The agreement covers collaboration on power transmission systems for the Trans-Caspian Green Energy Corridor, a regionally significant infrastructure program, and includes possible consulting services for the venture.

Transmission systems form the backbone of cross-border energy corridors expected to carry substantial volumes of electricity, and such projects require specialized technology for low-loss transmission over long distances. By attaching itself early to the corridor, the company is staking out a position in a project of regional weight.

Order Book Backs the Full-Year Targets

The new cooperation agreement lands in a stretch of heavy operational activity. Management reaffirmed its outlook, targeting comparable revenue growth of 14% to 16% for fiscal 2026, a margin before special items of 10% to 12%, and net income of around EUR 4 billion.

New business has also delivered fresh momentum. The group agreed to supply 119 SGT-400 gas turbine cores, each rated at about 15 megawatts, to Dynamis Power Solutions for mobile power generation in the United States. First deliveries under that large order are slated for 2027, providing dependable utilization across coming fiscal years.

Share Price, Buyback and Boardroom Shift

The stock closed Friday at EUR 145.56, up 21% since the start of the year, recovering noticeably after earlier swings. In Monday trading the shares slipped 1.0% to EUR 144.10, still holding a gain of 20% year-to-date.

On the capital return side, the company repurchased another 894,429 of its own shares between September 28 and October 4 under its ongoing buyback program. That brings total repurchases since the program began on September 24 to 1,185,415 shares, acquired across venues including Xetra and European multilateral trading facilities. The third tranche of the buyback, worth up to EUR 2 billion, runs until March 31, 2027 at the latest.

There was also a change at the top of the supervisory board around the turn of the month: Pekka Lundmark succeeded Matthias Rebellius after the Munich local court approved his appointment.

Investors will get detailed insight into the business trajectory in a few weeks. Siemens Energy publishes fourth-quarter and full-year fiscal 2026 results on November 11, when it will become clear how close the company came to its confirmed target of around EUR 8 billion in free cash flow before taxes.