Amid the wreckage of Germany’s industrial sector this year, there is one group whose share price rally outstrips even Nvidia’s artificial intelligence-fuelled ascent. This standout was Siemens Energy, the company that in November 2023 required a €15bn German government-backed rescue as it battled a crisis at its wind turbine business.
Shares in the group have surged more than 300 per cent this year (albeit after a difficult 2023), adding about €30bn to its market capitalisation and making it the top performer in the Stoxx 600. Nvidia’s shares are up 187 per cent year-to-date.
A year ago, the question was whether Siemens Energy — spun out of the Siemens conglomerate in 2020 — was at breaking point. Now it is how much further can the shares run?