Markets
Siemens Energy Jumped 9.7% on a €9 Billion Buyback
Siemens Energy rose about 9.7% to €131.46 on November 11, 2026, after record results, a new buyback of up to €9 billion and a dividend raised to €2.30.
Investors in Europe's power-equipment makers got the answer they wanted on Wednesday. Siemens Energy shares rose about 9.7% on Xetra on November 11 to €131.46, according to RTTNews, after the company reported record results for its fiscal year to September, raised its 2030 profit targets and announced a new share buyback of up to €9 billion running to the end of fiscal 2030.
The numbers behind it were large. Fourth-quarter revenue rose 21.5% on a comparable basis to a record €12.8 billion and net income reached €1.257 billion, against €168 million a year earlier. For the full year, orders rose 18.8% to €68.1 billion and the order backlog hit a record €164 billion, with a book-to-bill ratio of 1.54: the company took in about €1.54 of new orders for every euro it billed. Pre-tax free cash flow was €8.8 billion, above its own target of about €8 billion.
Two businesses did almost all the work. Gas Services, which sells turbines to power plants, grew revenue 20.3% with a 16.4% margin and lifted orders 45.9%; chief financial officer Maria Ferraro said customers linked to data centres account for about €15 billion of the backlog, under 10%. Grid Technologies, which makes transformers and switchgear, grew 26.2% at an 18.9% margin. Siemens Gamesa, the wind unit that cost the group €1.4 billion a year earlier, broke even, though its orders fell 31%. Chief executive Christian Bruch said the company had "delivered on all raised guidance targets."
Shareholders get much more of the cash. The proposed dividend rises to €2.30 a share from €0.70, and total returns including buybacks were about €5 billion in fiscal 2026. For fiscal 2027 the company expects comparable revenue growth of 14% to 16%, a margin of 14% to 16% and net income of about €5 billion, and by 2030 it now targets a margin of 20% to 22%. Not every energy name shared the mood: Danish turbine maker Vestas fell 9.2% after its third-quarter revenue of €5.7 billion missed forecasts of about €6 billion, CNBC reported.
The split between the two says something about where the money in power equipment is going. Gas turbines and grid hardware, which can be delivered to data centres and utilities within a few years, are sold out and priced accordingly, while wind remains a low-margin business. A €164 billion backlog is close to four years of revenue at the 2026 pace, which is why investors were willing to pay up for it: the question for 2027 is less whether the orders arrive than whether the factories can deliver them on time.