Siemens Energy Early look at Q3’26 - Expect a strong Q3 with a medium-term update with the extended Q4 call

Research evidence excerpt

Siemens Energy Early look at Q3’26 - Expect a strong Q3 with a medium-term update with the extended Q4 call

J P M O R G A N Europe Equity Research

29 June 2026

Siemens Energy Overweight

ENR1n.DE, ENR GR

Early look at Q3’26 - Expect a strong Q3 with a Price (29 Jun 26):€158.58

medium-term update with the extended Q4 call ▲Price Target (Dec-27):€235.00 Prior (Jun-27):€225.00

Siemens Energy hosted a Q3 pre-close call after market close today, which

consisted of a reiteration of the key messages from our conference (see here), European Capital Goods

namely that: 1) GS orders in Q3 are strong, the pricing environment is good and Phil Buller AC

the outlook for 2027 remains very good (with a 110-120GW demand environment (44-20) 3493-9403

foreseen in the coming years), 2) the medium-term outlook for GT remains under- phil.buller@jpmorgan.com

J.P. Morgan Securities plc

appreciated by financial markets, and 3) ToI is indeed under strategic review,

Akash Guptaalthough a final decisions has not been made, yet. We also note the reference to an

(44-20) 7742-7978

“extended Q4 call”, which strikes us as an opportunity to revisit medium term akash.z.gupta@jpmorgan.com

guidance and portfolio topics. In sum, our bullish stance on the equity is unchanged J.P. Morgan Securities plc

for both the near and medium term. We reiterate our OW/AFL rating and increase Chitrita C Sinha

our PT to €235 from €225 as we roll forward our largely unchanged estimates to (44-20) 7742-7176

Dec-27 (from Jun-27) chitrita.sinha@jpmorgan.com

• Powerful GS & GT outlooks: The core market environment remains Jeremy Caspar

unchanged: structurally growing electricity demand, with very strong (44-20) 3493-5188

momentum. On GS, the company now points to a 110-120GW gas turbine jeremy.caspar@jpmorgan.com