Siemens Energy Investors Urge Wind Focus

Why It Matters

The wind turbine business is pivotal to Siemens Energy’s recovery, and its performance will shape the company’s valuation and strategic direction amid activist pressure.

Key Takeaways

• Shareholders demand wind unit stabilization before spin‑off
• Siemens Energy targets breakeven in 2026 after €1.36bn loss
• Activist Ananym Capital values Siemens Gamesa at $10bn
• AGM on Feb 26 will decide Gamesa’s future
• DWS and Deka stress restructuring over immediate divestiture

Pulse Analysis

Siemens Energy’s wind turbine arm, Siemens Gamesa, has become a flashpoint for investors as the broader group battles a €1.36 billion loss recorded in 2025. The unit’s chronic under‑performance has eroded margins, prompting management to pledge a restructuring roadmap that targets breakeven by the end of 2026. This turnaround effort is critical not only for the company’s balance sheet but also for preserving its credibility in the rapidly expanding renewable‑energy market, where demand for offshore and onshore turbines is accelerating.

Activist pressure has intensified after Ananym Capital disclosed a stake and floated a $10 billion spin‑off valuation for Gamesa. While the proposal promises a potential premium for shareholders, major institutional investors such as DWS, Deka, and Union Investment argue that a premature divestiture could jeopardise the unit’s recovery. Their consensus is to prioritize operational fixes—cost cuts, supply‑chain optimisation, and technology upgrades—before any strategic separation is entertained. The upcoming annual general meeting on 26 February will serve as a litmus test for whether the board will entertain a spin‑off or commit to a deeper integration of the wind business.

The outcome carries broader implications for the renewable sector and for Siemens Energy’s positioning amid AI‑driven infrastructure growth. A stabilized Gamesa could become a cornerstone of Siemens Energy’s portfolio, leveraging the surge in data‑center and AI‑related power demand. Conversely, a delayed or failed turnaround may accelerate market share gains for rivals like Vestas and Ørsted. Stakeholders are watching closely, as the decision will signal how legacy industrial firms balance short‑term financial discipline with long‑term sustainability ambitions.

Siemens Energy investors urge wind focus

Shareholders back stabilisation plan amid activist pressure · 17 February 2026 08:35

Three major Siemens Energy shareholders want the company to prioritise repairing its loss‑making wind turbine unit before any spin‑off, Reuters has reported.

Reuters said the stance reflects support for stabilising the business first and only then assessing strategic options, following pressure from US activist investor Ananym Capital for a break‑up.

Ananym Capital in December disclosed a stake in Siemens Energy and pushed for a spin‑off of Siemens Gamesa, saying it could be worth $10 billion, according to the news agency.

Group management has said the idea has merit but wants to restructure the business and is targeting breakeven this year after a €1.36 bn loss in 2025.

Shareholders are expected to debate the future of Siemens Gamesa at the annual general meeting on 26 February.

Tobias Klaholz, fund manager at DWS, said meeting the short‑term priority of stabilising the unit and significantly improving profitability was crucial.

“It therefore seems too early for a possible spin‑off. In the medium term, however, a review of Siemens Gamesa definitely makes sense,” he said.

Ingo Speich of Deka Investment also said the focus should be on Siemens Gamesa’s restructuring.

“However, if there are new significant burdens, this could quickly change. Then the future of the wind division would have to be reconsidered more broadly,” he said.

Charlie Penner, Ananym’s co‑founder, said Siemens Gamesa would have to be strengthened before any spin‑off.

“As that day gets closer and as Gamesa approaches profitability, the board should be prepared to act decisively,” he said.

Reuters reported that shareholders believe Siemens Energy’s share‑price performance, supported by demand for infrastructure to power artificial‑intelligence technology, has provided some cover for management.

Union Investment fund manager Maria Mihaylova said Siemens Gamesa was an “important part of the turnaround story of Siemens Energy”, and that there was no need for a spin‑off.