The spin-off from Siemens AG in autumn 2020 was the starting signal for one of the most spectacular success stories in the DAX. Those who entered at the IPO are now sitting on a substantial profit. But the path to the record high was rocky.
• From the €22 IPO start to the €6 low. • Radical turnaround with record high at €191.66. • Return explosion of up to 2,245 percent.
The IPO took place on September 28, 2020. The share started with an initial price of €22.01. However, the initial euphoria quickly gave way to an operational crisis. The Spanish wind power subsidiary Siemens Gamesa in particular became a burden. Serious quality defects in the onshore wind turbines led to unpredictable subsequent costs and deep losses. The crisis came to a head in autumn 2023. When Siemens Energy had to apply for state guarantees of €7.5 billion for financial stabilization, the share price came under pressure. On October 26, 2023, the paper temporarily collapsed by up to 40 percent and marked a low of €6.40 since the IPO. The federal government classified the group as a strategic asset and provided guarantees to avoid jeopardizing the energy transition. This low point also marked the turnaround. From a restructuring case, the paper developed into a top performer in the DAX. After a price increase of 320 percent in 2024 (rank 1) and a further 139 percent in 2025 (rank 2), Siemens Energy is again leading the field in the current year. Since the beginning of the year, the title has been in third place in the DAX ranking 2026 with an increase of 23 percent. On April 24, 2026, the paper reached a record high of €191.66. Currently, the share stands at €150.10.
What became of €1,000
Anyone who invested €1,000 at the IPO in September 2020 at the first price of €22.01 experienced a roller-coaster ride. At the low point in October 2023, the value of this investment shrank to a meager €290. That corresponded to a book loss of almost 71 percent. When the record high was reached in April 2026, the initial capital swelled to €8,710. Anyone who has held the position in their portfolio to date can look at a value of €6,820 at the current price of €150.10. That corresponds to a total return of 582 percent since the IPO. The calculation example is even more speculative for bold contrarians. Anyone who collected shares at the low point of the crisis in October 2023 for €1,000 at the low price of €6.40 now owns a equivalent value of €21,400. That corresponds to a pure price increase of around 2,040 percent – or an annualized return of a spectacular 221 percent per year. For comparison: Even the global AI high-flyer Nvidia only covered a fraction of this distance in the same period with an increase of around 410 percent, while the DAX gained 64 percent. The fundamental basis for the rise is the global hunger for electricity. Megatrends such as artificial intelligence through the construction of new data centers and the advancing e-mobility are increasing energy demand. Siemens Energy is well positioned with its portfolio in the segments Gas Services (31 percent of sales), Grid Technologies (28 percent), Wind Power (27 percent) and Transformation of Industry (14 percent). While gas turbines are experiencing a renaissance as a flexible bridge technology during the coal phase-out, the restructuring of power grids is filling order books in the grid technology segment. The group's total order backlog stood at €146 billion at the end of December. The problem child remains the wind subsidiary Gamesa, for which the market expects a sustainable operational turnaround only in 2027.
FAQ: Frequently asked questions about Siemens Energy
Does Siemens Energy currently pay a dividend?
Yes. After the strong 2025 financial year, the group returned to dividend payments. Shareholders approved a distribution of €0.70 per share at the Annual General Meeting. This was the first payment since 2022.
What does the current shareholder structure of Siemens Energy look like?
The largest institutional single shareholder is BlackRock with a stake of 7.67 percent. The former parent company Siemens AG holds a direct position of 5.54 percent. This is followed by the Vanguard Group (3.79 percent), Crédit Agricole (3.04 percent) and the Norwegian sovereign wealth fund Norges Bank (2.77 percent).
How do analysts rate the share and where is the consensus price target?
23 analysts recommend buying (76.7 percent), six recommend holding (20.0 percent) and only one recommends selling. The average 12-month price target is €194.20, which at the current price level means a further potential return of around 29 percent.
