Three major shareholders of Siemens Energy want the company to prioritise repairing its loss-making wind turbine division before considering any spin-off, Reuters reported, signalling investor support for stabilising the business first.
According to the news agency, the position reflects resistance to calls from US activist investor Ananym Capital, which has pushed for a separation of Siemens Gamesa after building a stake disclosed in December. Ananym has argued the wind unit could be worth about $10bn as a standalone company.
Siemens Energy management has acknowledged the strategic logic of a potential spin-off but said its immediate focus is restructuring the business. The group is targeting breakeven at Siemens Gamesa this year after the division posted a €1.36bn loss in 2025.
The future of the wind unit is expected to be debated at Siemens Energy’s annual general meeting on 26 February.
Tobias Klaholz, fund manager at DWS, said improving the division’s profitability must come first.
“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.
Deka Investment fund manager Ingo Speich also emphasised the need to focus on 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.
Even Ananym co-founder Charlie Penner indicated the unit must be strengthened before any separation.
“As that day gets closer and as Gamesa approaches profitability, the board should be prepared to act decisively,” he said.
Reuters added that strong demand for power infrastructure linked to artificial intelligence has supported Siemens Energy’s share price, giving management some breathing room.
Maria Mihaylova of Union Investment described Siemens Gamesa as “an important part of the turnaround story of Siemens Energy”, adding there was currently no need for a spin-off.
