Siemens Energy Wins RBC Backing for 2026 as Buyback Rolls and Board Seat Changes Hands

RBC adds Siemens Energy to its Top 30 Global Ideas for 2026 with an Outperform rating and EUR 200 target, steadying shares after AI-infrastructure jitters.

Fresh backing from RBC has steadied Siemens Energy shares after a midweek wobble tied to fears that the artificial-intelligence buildout could lose steam, with the stock closing Friday at EUR 145.56 — up 1.1% on the day.

The Canadian bank added the German power-equipment maker to its "Top 30 Global Ideas for 2026" list and reaffirmed an Outperform rating with a EUR 200 price target. RBC's case rests on expectations through 2030: average annual revenue growth of 13% and an average gain of 40% in adjusted operating profit (EBITA).

AI Infrastructure Fears Hit the Sector First

Before that vote of confidence landed, the stock had come under selling pressure on Wednesday as reports about risks tied to high-performance systems stoked concern that large projects could slow. Market watchers pointed out that spending on the power and grid technology such projects require might then flow more slowly than previously hoped.

The retreat wasn't confined to Siemens Energy. A broad pullback in AI-infrastructure names weighed on the sector, with worries about cooling data-center investment and debate over tighter safety rules adding to the gloom. Warnings from Anthropic chief Dario Amodei were cited as one backdrop for that caution. Operational setbacks at Siemens Energy itself were not the trigger for the dip.

That sensitivity cuts both ways for the company. Big data centers need vast amounts of stable baseload power and capable transmission infrastructure, making the AI theme a core growth driver — and leaving the stock exposed to swings in the tech sector. Investors are weighing how quickly global operators will actually expand capacity in the years ahead.

Long-Term Grid Story Intact

Analysts argue the broader push to modernize power networks remains on track. Berenberg's Chris Armstrong called the company a structural beneficiary of government spending programs, pointing to fiscal stimulus and rising exports. RBC, for its part, sees long-term demand for energy solutions offsetting the recent softness in the infrastructure sector.

Year to date, the shares are up 21%, though they still sit 25% below their 52-week high.

Board Reshuffle and Insider Sale

Governance news is running alongside the trading narrative. Pekka Lundmark is set to succeed Matthias Rebellius on Siemens Energy's supervisory board, a move shareholders will vote on at the annual general meeting on February 25, 2027. The change comes as former parent Siemens AG, which has held only a small stake since the 2020 spin-off, operates under altered ownership structures.

Separately, supervisory board member Robert Kensbock sold shares via Xetra on September 25 for a total of EUR 160,326.50. The transaction followed the launch roughly a week earlier of the third tranche of a buyback program worth up to EUR 2 billion.

What's Next on the Calendar

Attention now turns to year-end reporting. After a pre-close call on September 30 for the fourth quarter of fiscal 2026, the company's expanded conference on its business figures is scheduled for November 11, 2026.