Siemens Energy: Roadshow Feedback with CFO Shows Total Commitments Increase to 80GW
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Following a roadshow with CFO Maria Ferraro, Deutsche Bank reaffirmed its Buy rating on Siemens Energy, raising the 12-month target price to EUR 180 from EUR 170. The upgrade follows record FQ1'26 orders of EUR 17.6 billion, representing a 34% year-over-year increase. The company secured 102 gas turbine orders and added 13GW in new commitments, driving total committed capacity up 10GW sequentially to 80GW.
Management now expects the gas turbine market to sustain levels of 100–120GW through the end of the decade, an increase from the prior CMD expectation of 90–100GW. Demand remains structurally robust across multiple sectors: data centers account for 25% (22GW) of the backlog, traditional utilities represent 60%, and peaking and maritime make up the remaining 15%. Pricing continues to strengthen, with average prices per GW rising approximately 10% sequentially.
Siemens Energy is rapidly expanding production capacity from 17GW in FY24 to an average of 22GW for FY25–27. Siemens Gamesa posted a smaller-than-expected operating loss of EUR 46 million, keeping the division on track to reach break-even in FY26 and target a 3–5% margin by FY28. Deutsche Bank slightly raised its FY26 EPS forecast to EUR 3.96. Key risks include potential project execution delays and unforeseen onshore wind quality provisions. Shares closed at EUR 162.10 on February 13, 2026.