Siemens Energy Has Become One of AI’s Most Unexpected Winners

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The German power-equipment maker has gone from wind-turbine crisis to record profit, and the AI data-center boom is now filling its order book with gas turbines, transformers and grid gear.

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Siemens Energy shares jumped after the company capped a record year with €4.1 billion (about $4.6 billion) of net profit, a tripled dividend and plans for another €9 billion of share buybacks. The numbers mark a dramatic reversal for a company that only a few years ago was being defined by spiraling losses at Siemens Gamesa.

The new growth engine is electricity itself. AI data centers are consuming huge amounts of power, while grids are already struggling with electrification and renewable generation. Siemens Energy sells much of the hardware needed to solve both problems.

Fiscal 2026 revenue rose 15.5% on a comparable basis to €44.2 billion, while net income climbed to €4.13 billion from €1.69 billion. Profit before special items more than doubled to €5.49 billion and the margin rose to 12.4% from 6%.

Orders reached €68.1 billion and the backlog hit a record €164 billion. The US was the standout, with orders rising more than 70% to €27.7 billion as utilities, technology companies and data-center developers raced to secure generation and grid equipment.

CEO Christian Bruch said roughly €15 billion of the backlog is linked to data centers, about 9% of the total. Demand is showing up in both gas turbines and Grid Technologies, which sells the equipment needed to move that power.

Free cash flow before tax nearly doubled to €8.8 billion, helping Siemens Energy propose a €2.30 dividend, up from €0.70, after repurchasing €3.1 billion of shares during the year. The company now plans an additional buyback of as much as €9 billion through 2030, and shares rose more than 7%.

The AI trade is no longer just about who makes the fastest chip. Once companies build giant data centers, they need enough electricity to run them, enough transmission capacity to connect them and backup generation to keep them online.

That moves the bottleneck…

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