{"slug":"siemens-energy","name":"Siemens Energy","name_en":"Siemens Energy","ticker":"ENR.DE","updated_at":"2026-07-12T08:28:04.436246+00:00","canonical":"https://valuechain.wiki/siemens-energy","same_as":["https://finance.yahoo.com/quote/ENR.DE"],"citable":"밸류체인 그래프 기준 Siemens Energy의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Siemens Energy is directly linked to 2 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 5 companies within two hops; the links are backed by 8 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"가스터빈·전력망(데이터센터 전력)","kicker_en":"Gas turbines & grid","lead":"가스터빈·전력망·변압기 대기업. AI 데이터센터 전력 수요로 2025년 가스터빈 194기 판매(전년 100기), 하이퍼스케일러에서 그리드 수주 €20억+. 수주잔고 사상 최대 €1,460억(58GW). 미국에 $10억 투자(미시시피 세계 최대 그리드 공장). GE 베르노바와 함께 발전·전력망 축.","lead_en":"A gas-turbine, grid and transformer major. AI-datacenter power demand drove 194 gas-turbine sales in 2025 (up from 100), with €2B+ in grid orders from hyperscalers. A record €146B backlog (58GW). A $1B US investment (its largest grid factory worldwide in Mississippi). With GE Vernova, a generation and grid axis.","segments":{"fy":2025,"parts":[{"desc":"AI 데이터센터·유틸리티 전력 수요가 끌어올린 성장 축 — 2025년 판매 194기, 수주잔고가 향후 매출을 선확정","name":"가스터빈"},{"desc":"데이터센터 온사이트·송배전 기기(변압기·차단기) — 전력화 붐의 병목 부품","name":"그리드·변압기"},{"desc":"구조적 부진 축 — 그룹 이익의 하방 요인으로 구조조정 대상","name":"풍력(가메사)"}],"total":"391억 유로 (FY2025, +15.2% 비교가능)","concentration":"수주잔고 €1,460억·가스터빈 194기·데이터센터 전력으로 터빈·그리드 폭증. 데이터센터 전력으로 터빈·그리드 폭증."},"segments_en":{"fy":2025,"parts":[{"desc":"The growth axis lifted by AI-datacenter and utility power demand — 194 units sold in 2025, backlog pre-committing future revenue","name":"Gas turbines"},{"desc":"Datacenter onsite and T&D equipment (transformers, breakers) — a bottleneck of the electrification boom","name":"Grid/transformers"},{"desc":"The structurally weak axis — a drag on group profit and a restructuring target","name":"Wind (Gamesa)"}],"total":"€39.1bn (FY2025, +15.2% comparable)","concentration":"€146B backlog; 194 gas turbines; datacenter power surge. Turbines and grid surge on datacenter power."},"returns_yearly":{"2021":-35.4,"2022":-2.7,"2023":-27,"2024":314.2,"2025":149.9,"2026":5.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard 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AG","tier":1,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":2,"returns_yearly":null}],"analysis":"AI 데이터센터 전력 수요가 가스터빈·그리드 사이클을 폭발적으로 끌어올린 대표 수혜주다 — 2025년 가스터빈 판매가 전년 100기에서 194기로 뛰었고, 수주잔고가 사상 최대 €1,460억(58GW)에 달해 향후 수년 매출을 사실상 선확정했다. 이익 논지의 핵심은 이 잔고를 실제 인도로 바꾸는 캐파·실행력이며, 미시시피 세계 최대 그리드 공장($10억) 증설이 그 대응이다. 리스크는 풍력(가메사)의 구조적 부진과 대형 프로젝트 실행 리스크이고, 그래프 파급은 하이퍼스케일러·유틸리티의 전력 발주가 터빈·변압기 수요로 전이되는 경로다. 옛 모회사 지멘스 AG의 잔여 ~10% 지분은 지배가 아닌 재무적 관계로 점진 처분 중이다.","analysis_en":"A prime beneficiary as AI-datacenter power demand explosively lifts the gas-turbine and grid cycle — 2025 gas-turbine sales jumped to 194 units from 100, and a record €146B backlog (58GW) effectively pre-commits several years of revenue. The profit thesis hinges on the capacity and execution to convert that backlog into deliveries, addressed by expansions like the world's largest grid factory in Mississippi ($1B). Risks are the structural weakness of wind (Gamesa) and large-project execution, and in graph terms hyperscaler/utility power orders transmit into turbine and transformer demand. Former parent Siemens AG's residual ~10% stake is a purely financial relationship being gradually monetized.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investor","counterparty":"Siemens AG (분사 모회사·잔여지분 ~10%)","counterparty_slug":"siemens-ag","confidence":"high","metric":{"type":"ownership","unit":"%","value":10,"qualifier":"residual"},"note":"2020년 지멘스에서 분사한 뒤 옛 모회사 지멘스 AG가 약 10% 잔여지분을 재무자산으로 보유 — 지멘스는 이 지분을 점진 처분 중이라, 지배가 아닌 순수 재무적 관계로 남는다.","note_en":"After the 2020 spin-off, former parent Siemens AG holds ~10% as a financial-asset residual stake and is gradually monetizing it — a purely financial, non-controlling relationship.","sources":[{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-12-04","url":"https://www.siemens.com/applications/b09c49eb-3a14-73b3-9f71-e30e3c2dfdbd/assets/pdfs/en/Siemens_Report_FY2025.pdf","title":"지멘스 연차보고서 FY2025","title_en":"Siemens Report (Annual Report) FY2025","excerpt":"Siemens AG retains a residual ~10% financial stake in Siemens Energy after the 2020 spin-off.","excerpt_en":"Siemens AG retains a residual ~10% financial stake in Siemens Energy after the 2020 spin-off."}]},{"direction":"revenue","counterparty":"유틸리티·하이퍼스케일러 (터빈·그리드)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"grid_yoy_pct":25.4,"revenue_yoy_pct":15.2,"net_income_eur_bn":1.685,"group_revenue_eur_bn":39.1},"note":"유틸리티·하이퍼스케일러가 가스터빈·그리드·변압기를 발주 — 잔고 €1,460억이 향후 수년 매출을 선확정하고, 관건은 이를 인도로 바꾸는 캐파다.","note_en":"Utilities and hyperscalers order gas turbines, grid and transformers — the €146B backlog pre-commits several years of revenue, and the crux is the capacity to turn it into deliveries.","sources":[{"stance":"confirms","publisher":"Siemens Energy","publisher_en":"Siemens Energy","kind":"filing","lang":"de","published_at":"2025-11-19","url":"https://www.siemens-energy.com/global/en/home/investor-relations.html","title":"Siemens Energy 회사·IR(프랑크푸르트 ENR)","title_en":"Siemens Energy company/IR (Frankfurt ENR)","excerpt":"지멘스에너지 연차·IR: 수주잔고 €146B, 터빈·그리드.","excerpt_en":"Siemens Energy annual/IR: €146B backlog, turbines and grid."},{"stance":"mentions","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"analysis","lang":"en","published_at":"2025-11-19","url":"https://finance.yahoo.com/news/siemens-energy-ag-smegf-q4-170107583.html","title":"지멘스에너지 Q4 FY2025 — 사상 최대 매출·중기 전망 상향(분석)","title_en":"Siemens Energy Q4 FY2025 — record revenue and raised mid-term outlook (analysis)","excerpt":"FY2025 사상 최대 매출·그리드 +25.4%, 중기 전망 상향.","excerpt_en":"FY2025 record revenue, Grid +25.4%, mid-term outlook raised."},{"stance":"confirms","publisher":"Siemens Energy","publisher_en":"Siemens Energy","kind":"filing","lang":"en","published_at":"2025-11-19","url":"https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q4-fy-2025.html","title":"지멘스에너지 FY2025(2025.9 종료) 결산 — 매출 €39.1B(+15.2% 비교가능), 그리드 +25.4%","title_en":"Siemens Energy FY2025 (ended Sep 2025) results — revenue EUR 39.1B (+15.2% comparable), Grid +25.4%","excerpt":"지멘스에너지 FY2025(2025.9 종료) 매출 €39.1B(+15.2% 비교가능)·순이익 €1.685B. 그리드테크(변압기·차단기)가 +25.4%로 사상 최대 분기매출 — 데이터센터·전력화 수요가 견인. 유틸리티·하이퍼스케일러가 고객.","excerpt_en":"Siemens Energy FY2025 (ended Sep 2025) revenue EUR 39.1B (+15.2% comparable), net income EUR 1.685B. Grid Technologies (transformers, switchgear) grew +25.4% with record quarterly revenue — driven by data-center and electrification demand. Customers are utilities and hyperscalers."},{"stance":"confirms","publisher":"Power Engineering","publisher_en":"Power Engineering","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.power-eng.com/gas/turbines/siemens-energy-to-invest-1b-in-u-s-manufacturing-as-grid-gas-turbine-demand-rises/","title":"Siemens Energy 미국 $10억 투자(그리드·터빈)","title_en":"Siemens Energy $1B US investment (grid, turbines)","excerpt":"유틸리티·하이퍼스케일러에 가스터빈·그리드·변압기 공급(잔고 €146B).","excerpt_en":"Gas turbines, grid and transformers to utilities and hyperscalers (€146B backlog)."},{"stance":"confirms","publisher":"Energy Connects","publisher_en":"Energy Connects","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.energyconnects.com/news/gas-lng/2025/november/siemens-energy-boosts-outlook-on-turbine-data-center-demand/","title":"Siemens Energy, 터빈·데이터센터 수요로 전망 상향","title_en":"Siemens Energy boosts outlook on turbine and datacenter demand","excerpt":"유틸리티·하이퍼스케일러에 가스터빈·그리드·변압기 공급(잔고 €146B).","excerpt_en":"Gas turbines, grid and transformers to utilities and hyperscalers (€146B backlog)."}]},{"direction":"revenue","counterparty":"Digital Realty","counterparty_slug":"digital-realty","confidence":"mid","metric":{"fy":2025,"grid_yoy_pct":25.4,"revenue_yoy_pct":15.2,"net_income_eur_bn":1.685,"group_revenue_eur_bn":39.1},"note":"데이터센터 리츠 디지털리얼티가 온사이트 전력·그리드 기기를 조달 — AI 데이터센터 전력화 수요를 대표하는 고객 사례.","note_en":"Data-center REIT Digital Realty sources onsite power and grid equipment — an emblematic customer of AI-datacenter electrification demand.","sources":[{"stance":"confirms","publisher":"지멘스에너지 연차보고서","publisher_en":"Siemens Energy Annual Report","kind":"filing","lang":"en","published_at":"2025-11-19","url":"https://assets.siemens-energy.com/dam/32b27e9a-af91-4915-8b51-b3af012d0d98/A-Siemens_Energy_Annual_Report_2025-pdf_Original%20file.pdf","title":"지멘스에너지 연차보고서 — siemens-energy 실적","title_en":"Siemens Energy Annual Report — siemens-energy results","excerpt":"FY2025 매출 €391억(비교가능 +15.2%)","excerpt_en":"FY2025 revenue €39.1bn (+15.2% comparable)"},{"stance":"confirms","publisher":"Siemens Energy","publisher_en":"Siemens Energy","kind":"filing","lang":"en","published_at":"2025-11-19","url":"https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q4-fy-2025.html","title":"지멘스에너지 FY2025(2025.9 종료) 결산 — 매출 €39.1B(+15.2% 비교가능), 그리드 +25.4%","title_en":"Siemens Energy FY2025 (ended Sep 2025) results — revenue EUR 39.1B (+15.2% comparable), Grid +25.4%","excerpt":"지멘스에너지 FY2025(2025.9 종료) 매출 €39.1B(+15.2% 비교가능)·순이익 €1.685B. 그리드테크(변압기·차단기)가 +25.4%로 사상 최대 분기매출 — 데이터센터·전력화 수요가 견인. 유틸리티·하이퍼스케일러가 고객.","excerpt_en":"Siemens Energy FY2025 (ended Sep 2025) revenue EUR 39.1B (+15.2% comparable), net income EUR 1.685B. Grid Technologies (transformers, switchgear) grew +25.4% with record quarterly revenue — driven by data-center and electrification demand. Customers are utilities and hyperscalers."},{"stance":"confirms","publisher":"Energy Connects","publisher_en":"Energy Connects","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.energyconnects.com/news/gas-lng/2025/november/siemens-energy-boosts-outlook-on-turbine-data-center-demand/","title":"Siemens Energy, 터빈·데이터센터 수요로 전망 상향","title_en":"Siemens Energy boosts outlook on turbine and datacenter demand","excerpt":"데이터센터·유틸리티에 그리드·터빈 공급.","excerpt_en":"Grid and turbines to datacenters and utilities."}]},{"direction":"revenue","counterparty":"데이터센터 그리드 인프라 (변압기·차단기)","counterparty_slug":null,"confidence":"mid","metric":{"fy":2025,"grid_yoy_pct":25.4,"revenue_yoy_pct":15.2,"net_income_eur_bn":1.685,"group_revenue_eur_bn":39.1},"note":"지멘스 에너지 그리드 테크놀로지스가 데이터센터에 변압기·차단기 등 송배전·온사이트 전력 기기를 공급한다. AI 데이터센터 붐이 FY2025 이 부문 수주를 끌어올렸다.","note_en":"Siemens Energy's Grid Technologies supplies data centers with transformers, circuit breakers and onsite power equipment, and the AI data-center boom drove FY2025 orders in this segment.","sources":[{"stance":"confirms","publisher":"지멘스 에너지","publisher_en":"Siemens Energy","kind":"ir","lang":"en","published_at":"2026-07-05","url":"https://www.siemens-energy.com/us/en/home/products-services/solutions-industry/data-center.html","title":"데이터센터 전력 솔루션","title_en":"Data Center Power Solutions","excerpt":"지멘스 에너지는 데이터센터에 가스터빈·변압기·송전 솔루션 등 온사이트 발전과 그리드 연결 기기를 공급한다.","excerpt_en":"Siemens Energy supplies data centers with gas turbines, transformers and transmission solutions for onsite generation and grid connection."},{"stance":"confirms","publisher":"Siemens Energy","publisher_en":"Siemens Energy","kind":"filing","lang":"en","published_at":"2025-11-19","url":"https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q4-fy-2025.html","title":"지멘스에너지 FY2025(2025.9 종료) 결산 — 매출 €39.1B(+15.2% 비교가능), 그리드 +25.4%","title_en":"Siemens Energy FY2025 (ended Sep 2025) results — revenue EUR 39.1B (+15.2% comparable), Grid +25.4%","excerpt":"지멘스에너지 FY2025(2025.9 종료) 매출 €39.1B(+15.2% 비교가능)·순이익 €1.685B. 그리드테크(변압기·차단기)가 +25.4%로 사상 최대 분기매출 — 데이터센터·전력화 수요가 견인. 유틸리티·하이퍼스케일러가 고객.","excerpt_en":"Siemens Energy FY2025 (ended Sep 2025) revenue EUR 39.1B (+15.2% comparable), net income EUR 1.685B. Grid Technologies (transformers, switchgear) grew +25.4% with record quarterly revenue — driven by data-center and electrification demand. Customers are utilities and hyperscalers."},{"stance":"confirms","publisher":"Energy Connects","publisher_en":"Energy Connects","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.energyconnects.com/news/gas-lng/2025/november/siemens-energy-boosts-outlook-on-turbine-data-center-demand/","title":"Siemens Energy, 터빈·데이터센터 수요로 전망 상향","title_en":"Siemens Energy boosts outlook on turbine and datacenter demand","excerpt":"지멘스 에너지가 데이터센터에 쓰이는 변압기·차단기 수주 증가로 이익을 봤다고 밝혔다.","excerpt_en":"Siemens Energy said it has profited from rising orders for transformers and circuit breakers used in data centers."}]},{"direction":"cost","counterparty":"부품·소재·제조 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"터빈·그리드 부품·소재·제조.","note_en":"Turbine and grid parts, materials and manufacturing.","sources":[{"stance":"confirms","publisher":"Power Engineering","publisher_en":"Power Engineering","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.power-eng.com/gas/turbines/siemens-energy-to-invest-1b-in-u-s-manufacturing-as-grid-gas-turbine-demand-rises/","title":"Siemens Energy 미국 $10억 투자(그리드·터빈)","title_en":"Siemens Energy $1B US investment (grid, turbines)","excerpt":"터빈·그리드 부품·소재·제조.","excerpt_en":"Turbine and grid parts, materials and manufacturing."}]},{"direction":"cost","counterparty":"증설·인력 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"미국 $10억 증설·인력.","note_en":"$1B US capacity and workforce.","sources":[{"stance":"confirms","publisher":"Power Engineering","publisher_en":"Power Engineering","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.power-eng.com/gas/turbines/siemens-energy-to-invest-1b-in-u-s-manufacturing-as-grid-gas-turbine-demand-rises/","title":"Siemens Energy 미국 $10억 투자(그리드·터빈)","title_en":"Siemens Energy $1B US investment (grid, turbines)","excerpt":"미국 $10억 증설·인력.","excerpt_en":"$1B US capacity and workforce."}]}]}