Energy · Profile from Energy Research Companion
Siemens Energy
The Munich-based maker of gas turbines, grid equipment and (through Siemens Gamesa) wind turbines that Siemens AG spun off onto the Frankfurt exchange in September 2020. It bought out Siemens Gamesa's minority shareholders in 2022–23, only for the wind unit's onshore quality defects to trigger a profit warning on 22 June 2023, a share-price fall of roughly a third in a day and, in November 2023, a €15bn guarantee package in which the German federal government counter-guaranteed €7.5bn (reported). Twenty months later the same company replaced the state-backed facility early (June 2025), resumed dividends and, carried by US gas-turbine demand from utilities and data centres and by European HVDC orders, reported a record order backlog of ~€162bn at 30 June 2026 (company). Its story is the clearest case in the book of one unit's losses nearly sinking a grid-and-gas champion — and of scarcity in the other units paying for the repair.
At a glance
- Founded
- Carved out of Siemens AG's Gas and Power division plus its 67% stake in Siemens Gamesa Renewable Energy (SGRE); listed in Frankfurt 28 Sep 2020 (reported). Roots in Siemens & Halske (1847) and Siemens's power-generation business (KWU, Westinghouse's fossil business bought 1998)
- Headquarters
- Munich, Germany; large US operations in Orlando (gas services, Florida), Charlotte (North Carolina), Houston and elsewhere
- Ownership / structure
- Public (Xetra: ENR; DAX member); Siemens AG kept ~35.1% at the spin plus ~9.9% in the Siemens Pension-Trust (reported) and has sold down since (stake ~below 20% by 2025–26, verify); Siemens Gamesa wholly owned and delisted from Spanish exchanges in Feb 2023 (reported)
- Leadership (2026)
- Christian Bruch (president and CEO since 2020, formerly Linde); Maria Ferraro (CFO, verify); Joe Kaeser (supervisory-board chair since 2020); Siemens Gamesa CEO Vinod Philip (from 2025, verify; Jochen Eickholt 2022–25)
- Segments
- Gas Services (heavy-duty and aeroderivative gas turbines, steam turbines, generators, service); Grid Technologies (HVDC, transformers, switchgear, grid software); Transformation of Industry (compression, electrolysers, industrial steam turbines); Siemens Gamesa (onshore and offshore wind turbines and service)
- Scale
- Order backlog ~€138bn at 30 Sep 2025 and ~€162bn at 30 Jun 2026; Q3 FY2026 orders ~€17.9bn, profit before special items ~€1.62bn (company, 5 Aug 2026); FY2025 revenue ~€39bn (verify); ~100,000 employees (verify); gas turbines sold rose from ~100 units (FY2024) to ~194 (FY2025) (company)
- Signature moves (incl. failures)
- Spin-off from Siemens (2020); Coastal Virginia Offshore Wind turbine supply (2021–26); Nord Stream turbine and Russia exit (2022); Siemens Gamesa full takeover (2022–23); onshore quality crisis and profit warning (2023); state-backed guarantee package and its early exit (2023–25); US gas and grid build-out — Charlotte transformers, $1bn US factories (2024–26); HVDC framework orders (TenneT and others, 2023–26); Siemens Gamesa restructuring and India sale (2024–26)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2020
Spin Off from Siemens
Spin-off or IPO
2021
CVOW Turbine Supply and US Offshore Exposure
Offtake or supply contract
2022
Nord Stream Turbine and Russia Exit
Sanctions / divestment (exit from Russia)
2022
Siemens Gamesa Full Takeover
Acquisition (buy-out of minorities)
2023
HVDC Frameworks and the Grid Boom
Offtake or supply contract (multi-year framework agreements)
2023
Onshore Quality Crisis and Profit Warning
Restructuring / failure (product quality crisis)
2023
State Backed Guarantee Package
Financing (state support)
2024
US Gas and Grid Build Out
Construction / capacity investment
2025
Siemens Gamesa Restructuring and India Sale
Restructuring / divestment