Siemens Energy (ENRIn.DE): Restructuring to bring greater focus & higher margins?

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Siemens Energy (ENRIn.DE): Restructuring to bring greater focus & higher margins?

Equity Research

18 June 2026 | 11:29AM BST

Siemens Energy (ENR1n.DE): Restructuring to bring greater focus &

higher margins?

This morning it was reported that Siemens Energy is considering spinning off its Ajay Patel

+44(20)7552-1168 | ajay.patel@gs.com

Transformation of Industry business segment, according to Manager Magazin. Goldman Sachs International

Lawrence Lavizani

Our view: At the end of FY 2025, Transformation of Industry had revenue of €5.7bn, +44(20)7051-1060 |

lawrence.lavizani@gs.com

€646m EBITA (11% EBITA margin) and a €8bn order backlog. A disposal, if Goldman Sachs International

confirmed, would be aligned with the company’s strategy and in line with Alberto Gandolfi

management communication in previous investor presentations. It would further +39(02)8022-0157alberto.gandolfi@gs.com|

focus the portfolio, provide additional funds for returns of value and likely improve Goldmanbranch Sachs Bank Europe SE - Milan

group margins given the lower margin outlook for the division.

We see Siemens Energy’s delivery this year as providing reassurance on fundamental

demand tailwinds (grid capex, energy security), and expect further top-line growth

and margin improvement. FY results should support this view, as the company plans

to give new medium-term targets out to FY 2030. Our EBITA estimates are c.10%

ahead of Visible Alpha Consensus Data by FY 2030, and we forecast a further

material acceleration in cash flow. On our estimates, Siemens Energy trades at a c.6x

2030E EV/EBITDA, with visibility and growth expanding. This growth is driven by: (1)

higher profitability within Gas Services; (2) solid long duration top-line growth and