A Profitable Rebrand to Create Omterra

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A Profitable Rebrand to Create Omterra

EUROPE | Capital Goods

Siemens Energy EquityJulyResearch14, 2026

FLASH NOTEA Profitable Rebrand to Create Omterra

Siemens Energy's move to rebrand as Omterra reflects the expiry of the RATING BUY

time-limited Siemens trademark licence agreed at the 2020 spin-off. More PRICE €154.12^

importantly, it removes a substantial royalty burden: We estimate Siemens PRICE TARGET | % TO PT €215.00 | +40%

Energy paid over €0.3bn to Siemens AG last year and is on track for €0.4bn 52W HIGH-LOW €191.66 - €83.32

this year, equivalent to a c.90bps uplift to EBITA margins once the transition FLOAT (%) | ADV MM (USD) 92.9% | 436.71

is complete, which could happen before 2030 now, given the early launch MARKET CAP €131.1B | $149.5B

of the new brand. TICKER ENR GR

^Prior trading day's closing price unless otherwise

noted.

Rebranding: Siemens Energy today announced plans to rebrand as Omterra, bringing Siemens

Energy and Siemens Gamesa under a single independent brand umbrella. The transition was

anticipated, given the time-limited trademark licence agreed with Siemens AG as part of the

2020 spin-off. Management stressed that the move does not alter the company’s strategy, Exhibit 1 - The brand fee is applied to revenues

associated with the Siemens brand, recorded

operations or customer relationships, but rather reflects Siemens Energy’s evolution into a as an expense item in SG&A; SGRE incurs no

strategically, operationally and financially independent company. The rebranding process will fees

begin later this year and be implemented in stages. 1.5%

revenue 1.2%

0.9%Elimination of punishing royalty payments: Under the original spin-off terms, Siemens of%a

asEnergy's non-Gamesa businesses paid a margin-linked licence fee ranging from 0.3% of Fee 0.6%