Siemens Energy accelerates share buyback after Q2 cash flow jumps
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The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren
FRANKFURT, May 12 (Reuters) - Siemens Energy will accelerate its standing share buyback programme after posting a 42% increase in pre-tax free cash flow, the company said on Tuesday, benefitting from demand for data centres to power artificial intelligence technology.
The company, which released preliminary results last month alongside a raised outlook for the current fiscal year, said it would buy back up to 3 billion euros worth of stock in 2026, up from 2 billion planned so far for the current fiscal year.
The overall size of the 6 billion euro buyback, announced in November, remains unchanged.
(Reporting by Christoph Steitz. Editing by Mark Potter)
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