Siemens Energy

Siemens Energy, spun off from Siemens in 2020, is one of the world's biggest suppliers of power-generation and grid technology, from gas turbines to the high-voltage equipment that connects renewable energy to the network. It also owns the wind-turbine maker Siemens Gamesa, whose quality problems and heavy losses forced the group to seek German state guarantees in 2023. Since then the turnaround has gathered pace, helped by booming demand for grid gear, but the company does not currently pay a dividend as it repairs its finances. This is a recovery and energy-transition story, and any return of the payout will depend on the wind business finally turning profitable.