ENR: Full Q2 results confirms pre-release; FY26 buyback cadence accelerated

研报英文原文证据摘录

ENR: Full Q2 results confirms pre-release; FY26 buyback cadence accelerated

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Colin Moody, CFA (Analyst)

Mark Fielding (Analyst)

May 12, 2026

Siemens Energy AG

Full Q2 results confirms pre-release; FY26 buyback cadence accelerated

XETRA: ENR | EUR 177.08 | Outperform | Price Target EUR 200.00

Sentiment: Neutral

Full release in line with pre-announcement; 2026 buyback accelerated this year from €2bn to €3bn (total €6bn plan unchanged

for now).

Results vs expectations: Siemens Energy published its Q2 results today, in line with the pre-release on 23rd April, see our first take

here. Reported figures confirm the pre-announcement figures.

Key highlights / surprises: In Gas Services, there were 12GW of new commitments (77 gas turbines), driven by 5GW of datacenter

commitments (largely accounting for US order activity) as well as European power capacity demand (especially Poland). Total

commitments now stands at 87GW (up from 80GW last quarter), comprising 60GW firm and 27GW of SRAs. On SRA/Firm orders,

8GW were converted during the quarter. GS margins were notably impacted by a lower Service share of revenues at 57% (comp

period: 67%) which was driven largely by high OE strength. Grid Tech orders benefitted from a €1bn HVDC order in the quarter.

Siemens Energy have also announced an acceleration in their buyback program of €1bn (i.e., prior expectations for 2026 was €2bn

buyback, now doing €3bn) - speaking to the company any decisions around changing capital allocation policy would be made at

the year-end.

Outlook: Siemens Energy confirmed its upgraded FY26 guidance announced in the pre release 14-16% comparable revenue growth

outlook (VA cons 13.6%/ RBCCMe: 13.1%), with a Profit before SI margin of 10-12% (company-collated cons.