Siemens Energy adds up to €9 billion to share buyback plan

Siemens ​Energy plans to buy ‌back ​up to €9 billion ($10.04 billion) worth of additional shares through ‌the end of fiscal 2030, the German energy technology company said on Tuesday.

The planned purchases would ‌be in addition to an ongoing share ‌buyback programme of up to €6 billion, Siemens Energy said in a regulatory disclosure. The company is due ⁠to report ​fourth-quarter ⁠results on Wednesday.

It posted record third-quarter sales, margins and ⁠orders in August, driven by demand for gas turbines ​from expanding AI data centres in the ⁠US and power plant projects in the Middle ⁠East. Those ​trends, along with governments increasingly turning to gas to cut emissions, have fuelled ⁠demand for power plants and related equipment in what ⁠some ⁠industry executives have described as a "super cycle."

($1 = 0.8968 euros)