JPM | European Industrials Conference: Siemens Energy CFO - Spec Quick Notes

研报英文原文证据摘录

JPM | European Industrials Conference: Siemens Energy CFO - Spec Quick Notes

Specialist Sales J P M O R G A N

17 June 2026

JPM | European Industrials Conference: Siemens Energy CFO - Spec

Quick Notes

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

CFO Maria Ferraro hosted by Phil Buller

QUICK CONCLUSION: Investors should be reassured by the commentary regarding ongoing strong market conditions - with

book-to-bill this year ‘firmly >1x. In addition, commentary re no cancelations and commercial terms for orders in the US are

likely taken well. CMD in November should see updated (likely upgraded) guidance for Grid and also cash returns to

shareholders.

CAPACITY ADDITIONS?

• Company has announced several capacity additions in recent years - most recently at the CMD. Have added 30 medium size

GT’s this year. Adding 30% capacity to large GT’s. Capacity is desperately needed.

• Competition in markets? Demand remains very very strong and the market remains very supply constrained. This is bringing

new entrants with different technologies - but this is not a concern at the time being. ENR has not lost a tender vs a new

entrant.

• Peak orders? See the market at 110-120 GW this year. Just entering the budgeting cycle - and there’s no shift in momentum. If

the market continues with this level of demand or strengthens further then the the Company might need to add additional

capacity. All capacity expansion at the moment is brownfield.

• Pricing? Continues to be very robust. Customers will pay a hefty premium for faster delivery.

• Slot reservations? To clarify that a slot reservation is just an agreement to potentially sign a contract. ENR would like slot

reservations to become firm orders - so don’t want this as ‘business as usal’.