𝗦𝗶𝗲𝗺𝗲𝗻𝘀 𝗘𝗻𝗲𝗿𝗴𝘆 𝗮𝗰𝗰𝗲𝗹𝗲𝗿𝗮𝘁𝗲𝘀: 𝗮 𝘀𝘁𝗿𝗼𝗻𝗴 𝘀𝗶𝗴𝗻𝗮𝗹 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗲𝗻𝗲𝗿𝗴𝘆 𝘀𝗲𝗰𝘁𝗼𝗿 𝗔𝗽𝗿𝗶𝗹 𝟮𝟰, 𝟮𝟬𝟮𝟲 The week ends with an announcement that did not go unnoticed on the DAX: Siemens Energy raises its 2026 guidance and confirms a very strong momentum. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 Revenue growth revised upward: 14–16% (vs. 11–13%) Expected operating margin: 10–12% Estimated net income: around €4 billion Free Cash Flow: around €8 billion (vs. €4–5 billion previously) 𝗚𝗿𝗼𝘄𝘁𝗵 𝗱𝗿𝗶𝘃𝗲𝗿𝘀 Grid Technologies (power networks) Expected growth: 25–27% Margins: 18–20% Gas Services Growth maintained at 16–18% Siemens Gamesa (wind) Growth: 3–5%, with a return to break-even 𝗦𝘁𝗿𝗼𝗻𝗴 𝗾𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 Orders: +29.5% (above expectations) Revenue: +8.9% Net income: €835M vs. €501M last year Free Cash Flow: €1.975 billion The strong increase in the order book improves the group’s visibility. 𝗔𝗻𝗮𝗹𝘆𝘀𝘁𝘀’ 𝗿𝗲𝗮𝗰𝘁𝗶𝗼𝗻𝘀 Price target raised to €100 by mwb research Bank of America raises its Free Cash Flow forecasts by +40% for 2026 and +11% for 2027 EBITA estimates revised upward above consensus These revisions confirm a robust operational momentum, driven by demand for energy infrastructure and electrification. $NSDQ100 $SPX500 $NFLX $AL2SI.PA $ENR.DE $MU ⚠️ Risk Warnings: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘤𝘩𝘰𝘰𝘴𝘦 𝘵𝘰 𝘶𝘴𝘦 𝘪𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘢 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.