Siemens Energy's Wind Turnaround Gains Momentum as AI Data Centers Fuel a Quarter of Gas Orders

Siemens Energy's wind unit posts profit, gas turbine orders surge from AI data centers. CEO warns German red tape costs investment. EU plans to triple data center capacity.

For Siemens Energy, two seemingly unrelated forces are converging to reshape its growth trajectory. A struggling wind-turbine unit that once bled cash is finally posting meaningful profits, while a surge in gas-turbine orders from the artificial-intelligence boom is filling the company’s order book. The result is a cleaner, more balanced investment case — provided policymakers do not trip it up.

The wind business, Siemens Gamesa, delivered an operating result before special items of approximately €1.16 billion in the second quarter, prompting management to raise the unit's revenue-growth forecast to between three and five percent. The target had previously been lower. Siemens Gamesa is now expected to reach break-even on an operating basis by the end of the current fiscal year. The timing is important: this week the company is sending its experts to the Global Offshore Wind 2026 conference in Manchester, where the theme is “securing the future” — a reference to the contracts-for-difference mechanisms that underwrite major offshore wind projects.

That dual narrative extends well beyond wind. More than a quarter of Siemens Energy’s gas-services order backlog now comes from the power needs of data centers, with the grid business still below the ten-percent mark. The big U.S. tech platforms — Alphabet, Meta, Amazon and Microsoft — plan combined infrastructure spending of roughly $800 billion in 2026 alone, and McKinsey projects global data-capacity outlays of up to $7 trillion by the end of the decade. Siemens Energy supplies the gas turbines that keep those server farms running, making it a direct beneficiary of the AI buildout.

Chief Executive Christian Bruch is leveraging that momentum to deliver a pointed warning about Germany’s competitiveness. The country currently has only about three gigawatts of data-center capacity, of which a mere 500 megawatts are dedicated to AI. Some six gigawatts are planned, but Bruch points to the shelved Edgeconnex facility near Frankfurt — scuppered by disputes over an associated gas plant — as evidence that red tape is already costing the country. The consequence: Softbank is investing $50 billion in France instead. Bruch argues that Germany needs clear national targets to keep industrial AI training on home soil.

The broader European picture is equally striking. EU energy commissioner Dan Jörgensen wants to nearly triple the bloc’s data-center capacity from 12 to 28 gigawatts by the early 2030s. Sector electricity consumption currently accounts for 2.5 percent of the EU total, a share that could double by 2030. Ireland offers a glimpse of the future: data centers already consume over a fifth of the country’s power, and in the Dublin area the figure is roughly half. Globally, the International Energy Agency expects data-center electricity demand to reach 950 terawatt-hours by 2030, double today’s level.

Investors have taken note. Siemens Energy shares closed Monday at €154.42, up nearly 26 percent year to date, and have since nudged higher to around €155.70 — still roughly 21 percent below their April peak of €195.54. The stock trades below its 50-day moving average but well above the long-term trend line, while its relative-strength index of 43.6 indicates no overheating. The average analyst price target stands at €186.30, implying upside of roughly 20 percent from current levels. The next major catalyst arrives on August 5, when Siemens Energy reports quarterly results that will reveal whether the data-center share of its order book has continued to climb.

The Manchester conference itself may prove decisive for the wind unit’s near-term outlook. Clear political commitments on subsidy frameworks would directly bolster the recovery story at Siemens Gamesa, while any regulatory wobble could put the targeted break-even at risk. For a company riding both a wind turnaround and an AI-driven gas boom, the message is the same: policy clarity is the fuel that keeps both turbines spinning.