Finance
Siemens Energy investors say wind unit spin-off is premature
Published by Global Banking & Finance Review®
Posted on February 16, 2026
2 min readLast updated: February 16, 2026
Quick Summary
Siemens Energy investors urge restructuring of its wind unit before any spin-off, despite activist investor pressure. The topic will be discussed at the AGM.
Siemens Energy Shareholders Urge Focus on Wind Unit Before Spin-Off
Siemens Energy's Strategic Direction
By Christoph Steitz
Shareholder Perspectives
FRANKFURT, Feb 16 (Reuters) - Three major Siemens Energy shareholders said the company should prioritise fixing its loss-making wind turbine division before considering a spin-off, responding to calls from an activist investor pressing for a break-up.
Management's Response
The comments reflect support for the company's strategy of stabilising the business first and only then looking at possible strategic options.
Future Considerations
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.
Group management has said the idea has merit, but it wants to restructure the business and is targeting breakeven this year following a 1.36 billion euro ($1.61 billion) loss in 2025.
SIEMENS ENERGY HIGH SHARE PRICE OFFERS COVER FOR MANAGEMENT
Shareholders at the group's annual general meeting on February 26 are expected to debate the future of Siemens Gamesa.
Tobias Klaholz, a fund manager at DWS, 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.
Charlie Penner, Ananym's co-founder, also said Siemens Gamesa would have to be strengthened before it could be spun off.
"As that day gets closer and as Gamesa approaches profitability, the board should be prepared to act decisively," he said in emailed comments.
Shareholders said Siemens Energy's share price performance, boosted by demand for infrastructure to power artificial intelligence technology, had provided some shelter for management from Siemens Gamesa's ongoing problems.
Union Investment fund manager Maria Mihaylova said Siemens Gamesa was an "important part of the turnaround story of Siemens Energy", and that there was no need for a spin-off.
($1 = 0.8430 euros)
(Reporting by Christoph Steitz; Editing by Joe Bavier and Barbara Lewis)
Key Takeaways
- •Siemens Energy investors prioritize wind unit restructuring.
- •Activist investor Ananym Capital pushes for spin-off.
- •Shareholders support current strategy over immediate spin-off.
- •Siemens Gamesa's future debated at upcoming AGM.
- •Company aims to break even after significant losses.
Frequently Asked Questions about Siemens Energy investors say wind unit spin-off is premature
1What is a spin-off?
A spin-off is a corporate action where a company creates a new independent company by selling or distributing new shares. This often occurs to unlock value in a specific business unit.
2What is a loss-making division?
A loss-making division refers to a segment of a company that is not generating profits and is instead incurring losses, affecting the overall financial performance of the company.
3What is corporate restructuring?
Corporate restructuring involves reorganizing a company's structure, operations, or finances to improve efficiency, reduce costs, and enhance profitability.
4What is shareholder value?
Shareholder value is a business term that refers to the financial worth of a company as perceived by its shareholders, often measured by stock price and dividends.
