Siemens Energy AG

2026 Aug — Q3 FY 2026 results; strong recovery and upgraded outlook

Siemens Energy reported Q3 FY 2026 results showing record orders, revenue and profitability, with management confirming and raising the FY 2026 outlook. Siemens Gamesa delivered a positive quarterly result and contributed materially to group improvement.[2]

Investor perception shifted from a company burdened by wind-business problems toward a profitable growth story. The narrative moved from operational strain at Siemens Gamesa toward visible improvement, strong order intake and cash generation. The market treated the firm as a turnaround that had moved into execution and de-risking mode.

Q3 FY 2026 revenue reached €11.4 bn on a comparable basis, up 18.5% year-over-year. Profit before Special items in Q3 FY 2026 was €1,623 m, compared to €497 m in Q3 FY 2025. Net income for the quarter was €1,188 m with basic EPS of €1.28. Free cash flow pre-tax in Q3 FY 2026 reached €2,319 m.[2]

2026 May — Q2 FY 2026 results; outlook raised on improved profits and cash flow

Siemens Energy reported Q2 FY 2026 results and raised its fiscal-year 2026 guidance: comparable revenue growth of 14–16%, profit margin before Special items of 10–12%, and net income guidance around €4.0 bn. Free cash flow pre-tax outlook was also materially lifted.[7]

The results confirmed that recovery was durable. Investors increasingly accepted that the company could convert order momentum into margins and cash, reinforcing the de-risking narrative after prior years' troubles at the wind unit.

Profit before Special items in Q2 FY 2026 was €1,164 m, compared to €906 m in Q2 FY 2025. Net income for the quarter was €835 m. Free cash flow pre-tax in Q2 FY 2026 reached €1,975 m.[7]

2025 Nov — FY 2025 results and mid-term target increase

Siemens Energy published FY 2025 figures and announced strengthened mid-term targets after broad-based growth across segments.[15][6]

Investors reacted to consistent top-line growth and improving margins across the group. Sentiment shifted further from restructuring pain toward execution and value creation from scale in services and integrated renewables equipment.

FY 2025 orders reached €58.9 bn, up 19.4% on a comparable basis, with revenue of €39.1 bn, up 15.2%. Profit margin before Special items was 6%, with profit before Special items of €2,355 m. Net income was €1,685 m, compared to €1,335 m in FY 2024.[15]

2024 May–Jul — Leadership change at Siemens Gamesa; restructuring continues

Siemens Energy replaced the Siemens Gamesa CEO. Jochen Eickholt stepped down with Vinod Philip named as successor effective July 31, 2024, as part of continued restructuring and management overhaul at the wind-turbine unit.[12]

The departure signalled that management was prepared to refresh leadership to accelerate turnaround. Investors viewed the change as necessary to restore execution at the most problematic part of the group, moving the story from crisis-management toward active restructuring.

2023 Jun–Dec — Siemens Energy completes squeeze-out and integration of Siemens Gamesa

Minority shareholders of Siemens Gamesa approved a capital reduction on June 13, 2023. Siemens Energy completed de-listings and steps to take Siemens Gamesa fully private and integrate it into the group. By mid-2023 Siemens Energy became the sole shareholder of Siemens Gamesa after earlier tender offer and delisting steps.[14][9][10]

Market perception was mixed. Some investors welcomed consolidation for clearer control and strategic alignment, while others worried about the cost and execution risk of integrating a troubled wind-turbine business full-time. The move concentrated Siemens Energy's exposure to onshore and offshore wind execution risk.

Total cash outlay to acquire remaining Siemens Gamesa shares was approximately €4.05 bn. The stake increased to more than 92% by late 2022 with delisting in February 2023, followed by capital reduction approval in June 2023 enabling full integration.[9][14][10]

2023 Mar — Capital increase to fund Siemens Gamesa takeover

Siemens Energy raised approximately €1.259 bn via an accelerated bookbuild in March 2023, selling approximately 72.7 million new shares at €17.32 apiece to help finance the purchase of Siemens Gamesa.[8]

The fundraising and dilution underscored balance-sheet strain and financing needs after the offer for Siemens Gamesa. Investors saw higher execution risk and dilution pressure even as the strategic rationale for full ownership was presented.

Accelerated bookbuild proceeds totalled €1.259 bn at a placement price of €17.32 per share. The Siemens parent stake diluted from approximately 35% to approximately 32% as a result.[8]

2022 May–Dec — Tender offer to acquire remaining Siemens Gamesa shares

Siemens Energy announced a tender offer in May 2022 and completed it in December 2022 to buy remaining Siemens Gamesa shares, increasing its stake to approximately 98% and initiating standing purchase order and delisting steps. Siemens Energy intended full consolidation and integration of the wind business.[10][9]

The market initially treated the move as strategic vertical integration into wind-turbine manufacturing and service. Concern about legacy warranty and quality issues, restructuring costs and integration complexity grew as Siemens Gamesa's profitability and cash profile deteriorated.

A standing purchase order was placed at €18.05 per share for remaining Siemens Gamesa shares during late-2022 processes, with the stake reaching approximately 98% before delisting actions.[9][10]

2021 Sep–Dec — Spin-off and listing; early post-listing performance and challenges

Siemens Energy began life as an independent, publicly listed company after Siemens completed the spin-off and listing. In the subsequent months the company faced headwinds from the high-cost, capital-intensive wind business and pandemic and market effects on project timing.[6][3]

Investors initially evaluated Siemens Energy as a potential long-term industrial and energy transition play but were cautious about the capital intensity and execution risk of its large wind-turbine exposure. The stock was treated as a mix between a growth-oriented renewables compounder and a value or turnaround candidate depending on wind unit performance.