Despite strong quarterly figures and record orders, Siemens Energy shares are coming under pressure and losing for the third day in a row. What’s behind it?
• Siemens Energy shares in a downward trend
• Analysts remain divided
• Concerns about valuation and Siemens-Gamesa are weighing on the share price
Siemens Energy shares are once again under pressure to sell: After a long period of strong price gains, the stock recorded losses for the third trading day in a row on Friday. In Thursday trading, the stock finally lost 4.36 percent to 166.76 euros via XETRA. On Friday it finally fell by a further 2.11 percent to 163.24 euros. This brings the question into focus as to whether the strong operational development has already been fully priced into the price.
Record order intake meets muted price reaction
Fundamentally, Siemens Energy actually provides arguments for optimism: According to the company, incoming orders reached a record level of 17.7 billion euros in the second fiscal quarter of 2026, well above the expected around 15.6 billion euros. Sales and earnings also developed solidly: Sales climbed to 10.3 billion euros and earnings before special items to 1.164 billion euros.
What is particularly striking is the book-to-bill ratio of 1.72 and an order backlog of 154 billion euros. According to the company’s outlook, the Grid Technologies division will be the main growth driver with expected margins of 18 to 20 percent. For the entire group, Siemens Energy is also raising its forecast for the 2026 financial year and now expects sales growth of 14 to 16 percent and a profit after taxes of around 4 billion euros.
Despite these strong numbers, the market has recently become increasingly nervous – a classic sign of profit-taking after a strong rally.
Analysts between confidence and valuation doubts
Analysts also paint a mixed picture. JPMorgan confirmed the “Overweight” rating after the quarterly figures and set the price target at 225 euros. Analyst Phil Buller particularly pointed to growing momentum in the areas of AI and data center infrastructure in Asia.
This contrasts with a much more cautious assessment from other companies: Barclays raised its price target slightly from 100 to 110 euros, but maintained a neutral rating. Analyst Vlad Sergievskii emphasizes that the current valuation already prices in an exceptionally strong infrastructure cycle.
Berenberg also still sees potential and increased the price target to 200 euros with an unchanged “buy” vote, but indirectly warns against excessive expectations. The focus is particularly on the valuation: While the expected P/E ratio for 2027 falls to around 29.7, the current level is significantly higher – an indication of strong growth that has already been priced in.
Assessment, Gamesa and the key risk factors
Despite its operational strength, the share price is not without risks. The price has more than doubled within a year, thus anticipating a significant amount of future expectations. In addition, there is the continued weak development of the wind subsidiary Siemens Gamesa, which reported a negative free cash flow of 654 million euros in the second quarter and thus burdened the consolidated balance sheet.
There is also a tension between valuation and reality: the high price-earnings ratio signals that investors have already priced in a lot of optimism. If expected earnings growth does not fully materialize or the infrastructure cycle weakens, price pressure could increase.
The next important impulse for the share is likely to come on August 5, 2026 with the figures for the third financial quarter. Then it will become clear whether Siemens Energy can maintain the high momentum in incoming orders and whether there is actually a sustainable trend reversal at Gamesa.
Bettina Schneider, Evelyn Schmal, editorial team finanzen.net
This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.
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