Siemens Energy: Feedback from roadshow with CFO

Research evidence excerpt

Siemens Energy: Feedback from roadshow with CFO

Deutsche Bank

Research

Rating Company Date

Buy Siemens Energy 21 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 20 May 2026 (EUR) 174.32

ENR1n.DE ENR GR GER ENR1n

Price Target (EUR) 200.00

Capital Goods

52-week range (EUR) 187.62 - 79.16

Diversified / Conglomerates

Feedback from roadshow with CFO

Valuation & Risks

Gael de-Bray, CFA

We hosted a roadshow in Paris with Maria Ferraro, CFO of Siemens Energy and

Research Analyst

Tobias Hang, head of IR. We believe that investors' concerns regarding a possible +33-1-4495-6562

peak in Gas GW orders ignore the expected step-up in aftermarket revenue from

FY30 onwards and the structural growth dynamics of the Grid business. In Nabil Najeeb

November, we expect management to increase its share buyback program and

+44-20-754-17410

guide for a margin range of 18-20% for FY30. In addition, the CFO confirmed that

the trademark agreement with Siemens AG will come to an end in the course of John Kim

2030, allowing the group to save an incremental 1ppt of margin from 2031 Research Analyst

onwards. +44-20-754-18699

Seetharaman Ramakrishna

Continued strong gas demand Research Associate

Management now expects the market for gas turbines to remain at 110-120 GW

until at least the end of the decade, versus 90-100GW communicated at the CMD

Price/price relative

last year. It also aims to maintain a market share around 30%, which implies an

annual order run rate of around 35GW on average over 2026-30, following 26GW 200

in FY25 and our estimate of 42GW for FY26. Data centers account for 25-30% of the 100

group's gas turbine backlog (24GW), with the rest coming from traditional utilities 0

(60%) as well as from peaking, marine, and FPSO applications (10-15%).