Siemens Energy: Entering The Supercycle

Siemens Energy issued a record outlook for fiscal 2026, supported by a €71 billion service backlog and improved margins. Its wind subsidiary, Siemens Gamesa, reported a second consecutive profitable quarter and is targeting break-even in fiscal 2026, followed by positive cash flow by fiscal 2028. The company is expanding capacity in gas turbines, transformers and switchgear, while also outlining plans for shareholder returns.