The debate surrounding a potential spin-off of Siemens Energy is intensifying, as an activist investor is pushing for a clear separation from the loss-making wind energy business. Ananym Capital believes the company would be significantly more valuable without this division, and the fund also sees considerable share price potential. At the same time, the performance of Siemens Gamesa and its sharply rising share price illustrates the divergent development of the individual business units, which is why the investor considers a strategic realignment essential. (handelsblatt: 09.12.25)
Spin-off as a Lever for New Corporate Value
From Ananym Capital’s perspective, the wind power division is obscuring the true value of the group. In a letter to management, the investor emphasizes that wind energy faces a particularly difficult path. This assessment is aimed directly at Siemens Gamesa, whose operational problems have been causing significant losses for years. A spin-off or demerger could therefore uncover hidden value because profitable and loss-making divisions would no longer be mutually burdensome.
The investor also argues that the share price could be significantly higher if the wind energy business were to operate independently or be completely divested. Internal estimates place the potential increase at around 40 percent. This expectation is based on the assumption that capital would then be deployed more strategically and that internal competition for investments would be eliminated.
Successful divisions stand in contrast to the wind energy business
While Siemens Gamesa is posting losses, other parts of the group are experiencing strong growth. The gas-fired power plant and electricity grid business is benefiting from rising global energy demand. Forecasts have been raised several times, and the share price has increased by more than 140 percent within a year. This contrast strengthens the argument for a spin-off, as investors prefer clear structures.
Despite these successes, wind power remains a strategic anomaly. The operating loss of €1.36 billion in fiscal year 2024/25 significantly impacts the overall balance sheet. Although Siemens Gamesa is aiming for profitability in the short term, long-term doubts persist, making a separation of the group increasingly realistic.
Investor pressure meets open corporate strategy
With a volume of around $300 million, investor Ananym Capital is not among the largest funds, but it wields considerable influence. Its demand for a spin-off combines financial logic with strategic clarity. Siemens Energy has signaled its willingness to discuss the matter and emphasizes its ambition to achieve a leading position in every business segment.
There is no guarantee for the wind energy business. This openness suggests that a spin-off remains a possibility in the long term. For management, the most important factor is that returns are comparable. If wind power lags significantly behind, it will lose its strategic legitimacy within the portfolio.
Strategic Reorientation: Between Focus and Withdrawal
In recent years, Siemens Gamesa has concentrated on reducing operational risks, particularly in the onshore sector. Quality issues led to a stronger focus on select markets and products. These adjustments are intended to create stability, but many market observers consider them insufficient.
Several options are on the table. A spin-off could accelerate the strategic realignment and give both units greater autonomy. Alternatively, a stronger focus on offshore wind, where Siemens Energy is considered the global market leader, could be considered. Even a complete withdrawal from the wind business does not appear to be out of the question, although this step remains politically and economically sensitive. One thing is clear, however: Without a structural decision, the company will lose valuable time.