Siemens Energy Adds Up to €9 Billion to Share Buybacks a Day Before Annual Results

The new programme comes on top of an existing buyback of up to €6 billion, which takes the company's total repurchase capacity to as much as €15 billion through fiscal 2030. Reuters put the new tranche at about $10.04 billion.

The size of the plan shows how much cash AI is now generating for the companies that supply the power behind it. Siemens Energy reported record sales, margins and orders for its third quarter in August, driven by demand for gas turbines from AI data centres in the United States and from power plant projects in the Middle East, according to Global Banking & Finance Review. Governments turning to gas to cut emissions have also lifted orders for power plants and related equipment, a run some industry executives call a "super cycle".

The announcement came a day before the company reports fourth-quarter and full-year results on Wednesday, November 11, when it is expected to update its capital allocation plans through 2030. The filing did not say how the repurchases will be carried out or how they will be split across the years to 2030.

Share buybacks on this scale are a turnaround for Siemens Energy, which needed German government guarantees in 2023 after quality problems at its wind turbine unit, Siemens Gamesa. Its gas services business, which makes the turbines that utilities and data centre developers are ordering, has since become its main source of profit.

Investors will be looking at Wednesday's results for the company's outlook for fiscal 2027, order backlog and any new mid-term targets. Analysts expect the 2030 targets to be updated alongside the results.