Published by Global Banking & Finance Review®
Posted on February 26, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleAt Siemens Energy’s AGM, Deka warned against a cut-price sale of Siemens Gamesa while activist Ananym renewed calls for a spin-off. Management aims to stabilize the wind unit and reach break-even in 2026 before strategic steps.
FRANKFURT, Feb 26 (Reuters) - Siemens Energy should not sell its wind division below value, a top-20 shareholder said on Thursday at the group's annual general meeting, where the future of the struggling business will be a key topic after calls for a spin-off.
The future of Siemens Gamesa, which has weighed on Siemens Energy's profits for years, has come into sharper focus after U.S. activist shareholder Ananym in December called for a review and spin-off, arguing it would boost shareholder value.
Siemens Energy has been open in principle to the idea but wants to first stabilise the business, which made a 1.36 billion euro ($1.61 billion) operating loss last year and is expected to break even in 2026.
Investors in Germany have backed the strategy of fixing the business before considering strategic steps.
THERE SHOULD BE NO FIRE SALE
"To be clear: divesting Gamesa at this point in time would be equal to selling it below its value," Deka Investment's Ingo Speich said. "Do not squander away Gamesa."
Ananym said in a statement it had recently held "very constructive direct discussions" with Siemens Energy's leadership, adding there largely was agreement in the thinking about Gamesa.
"No one is calling for a fire sale, or a sale at all, we're talking about a spin-off. And we understand nothing can be done today," it said, adding the goal was to start thinking about the future and that management had done a "heroic job" on getting Gamesa closer to being able to stand on its own feet.
Ananym said that even if Siemens Gamesa could be stabilised it was unlikely to reach the margin targets set by the parent and would continue to be a drag on its parent.
Siemens Energy has said it wants all of its businesses to generate double-digit margins, far higher than the 3-5% profit margin targeted for Siemens Gamesa by 2028.
Siemens Energy CEO Christian Bruch said there would have to be a clear path towards double-digit returns for the division by 2028.
($1 = 0.8471 euros)
(Reporting by Christoph Steitz. Editing by Mark Potter and Louise Heavens)
Investors are debating the future of Siemens Gamesa. Deka urges against selling the wind unit below fair value, while an activist investor pushes for a spin-off to unlock shareholder value.
U.S. activist Ananym Capital wants Siemens Energy to spin off Siemens Gamesa, arguing the wind unit depresses the parent’s valuation and that separation could create value.
After a €1.36bn operating loss last year, management targets break-even in 2026 and a 3–5% profit margin by 2028, below Siemens Energy’s double-digit margin ambition.
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