Top Siemens Energy investors say wind unit spin-off is premature, for now
16/02/2026 15:17
Activist investor calling for spin-off Three shareholders back company strategy to stabilise unit first Fate of wind business likely a topic at upcoming AGM By Christoph Steitz FRANKFURT, Feb 16 (Reuters) - Three major Siemens Energy ENRn1.DE shareholders said the company should prioritise fixing its loss-making wind turbine division before considering a spin-off, pushing back against calls from an activist investor pressing for a break-up. The comments reflect support for the company's current strategy of stabilising the business first and looking at possible strategic options later. U.S. activist shareholder Ananym Capital in December disclosed a stake in Siemens Energy, pushing for a spin-off of its wind business Siemens Gamesa, saying it could be worth $10 billion down the line. Group management has said the idea has merit, but it wants to restructure the business for now, targeting break even this year following a 1.36 billion euro ($1.61 billion) loss in 2025. SIEMENS ENERGY HIGH SHARE PRICE OFFERS COVER FOR MANAGEMENT The fate of Siemens Gamesa is expected to be a topic of debate among shareholders at the group's annual general meeting on February 26. Tobias Klaholz, a fund manager at DWS DWSG.DE, which according to LSEG data holds 1.84% in Siemens Energy, 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, which holds around 0.88% of the German power equipment manufacturer, 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. Shareholders said Siemens Energy's share price performance, boosted by demand for infrastructure to power artificial intelligence technology, had provided some cover to management regarding Siemens Gamesa's ongoing problems. Union Investment fund manager Maria Mihaylova argued that Siemens Gamesa was an "important part of the turnaround story of Siemens Energy", saying there currently was no need for a spin-off at all. ($1 = 0.8430 euros) (Reporting by Christoph Steitz; Editing by Joe Bavier) ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))