Siemens Energy (AO) | Buy | CFO meeting feedback: GS & GT prospects strong, portfolio a topic

Research evidence excerpt

Siemens Energy (AO) | Buy | CFO meeting feedback: GS & GT prospects strong, portfolio a topic

Marketing event feedback

Release date: 24 June 2026

William Mackie

Head of Capital Goods

+44 (0) 207 621 5183

wmackie@keplercheuvreux.com

BuySiemens Energy

Germany | Capital goods Beta Profile: MCap: EUR138.6bn Country Top Picks

Target Price: EUR200.00 Bloomberg: ENR GR Reuters: ENR1n.DE

Current Price: EUR162.50 Free float 83%

Up/downside: 23.1% Avg. daily volume (EURm) 924.6

YTD abs performance 35.0% Market data: 23 June 2026

52-week high/low (EUR) 187.62/84.40

CFO meeting feedback: GS & GT prospects strong, portfolio a topic

Key points:

We hosted a "fire side chat" with the CFO. Overall, the message was very positive. Demand is expected to remain strong in the key

divisions of Gas Services and Grids Technologies, supporting positive pricing and robust order prospects.

Focus for the group remains Electrification, opening the door to refinement of the existing business portfolio, both for the

Transformation of Industries segment and parts of Wind. THis maybe addressed at the CMD in November.

Cash generation is expected to remain high in the 2026-2028 period, lifted by favourable net working capital evolution,

improvement of profitability and a return to positive cash generation for Siemens Gamesa.

Strength in Gas and Grid continues, expect a positive update to mid-term targets in November

We hosted a virtual "fireside chat" as of our Efficiency Day series. with Maria Ferraro (CFO, Siemens Energy). Topics

covered the medium-term earnings trajectory through the 2028–2030 period, free cash flow composition, capital allocation

framework, gas turbine market structure, slot reservation agreements, grid technology capacity, and the Siemens Gamesa wind

turnaround.