SCHEDULE: Siemens Entities Update Fluence Energy Stake

Siemens AG and its affiliates have updated their beneficial ownership in Fluence Energy, Inc., reporting a combined 38.9% stake and a group ownership of 64.0%.

Summary

• Siemens AG and its affiliates (SPT Holding Sarl, Siemens Pension-Trust e.V.) collectively report beneficial ownership of 51,499,195 shares of Fluence Energy, Inc. Class A common stock.
• This represents 38.9% of the total 132,220,374 Class A common shares outstanding as of December 31, 2025.
• SPT Holding Sarl holds 31,761,131 shares (24.0%), with Siemens Pension-Trust e.V. deemed to share beneficial ownership as SPT Holding's parent.
• Siemens AG directly holds 19,738,064 shares and shares voting and dispositive power over SPT Holding's shares.
• SPT Invest Management Sarl no longer beneficially owns any shares, marking an exit filing for this entity.
• The Reporting Persons, along with AES Grid Stability, LLC and Qatar Holding LLC, form a 'group' under a Stockholder Agreement, collectively owning 117,666,665 shares, or 64.0% of the Class A Common Stock.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing positively as it confirms continued strong institutional backing from Siemens AG and its affiliates, which can provide stability and strategic advantages for Fluence Energy in a competitive market.

Positives

• Significant institutional backing from Siemens AG and its affiliates, indicating continued strategic interest in Fluence Energy.
• The large group ownership (64.0%) suggests a stable shareholder base and potentially aligned long-term strategic objectives among major investors.

Risks

• The concentration of ownership among a few large institutional investors and a 'group' could potentially limit liquidity for other shareholders.
• Decisions made by the controlling group (64.0% ownership) may not always align with the interests of minority shareholders.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding Fluence Energy's future performance or strategic direction, focusing solely on beneficial ownership disclosure.

Industry Context

StockSavvy.ai notes that Fluence Energy operates in the rapidly expanding energy storage sector, a critical component of the global transition to renewable energy. The continued significant ownership by Siemens AG, a global industrial and technology powerhouse, underscores the strategic importance of energy storage solutions and Fluence's position within this market. This strong institutional backing can be a positive signal for the company's long-term stability and access to resources, aligning with broader industry trends of consolidation and strategic partnerships in the clean energy space.

Comparison to Industry Standards

• The 38.9% beneficial ownership by Siemens AG and its affiliates is a substantial stake, indicating a deep strategic commitment, comparable to major industrial players maintaining significant holdings in their spin-off or joint venture entities within high-growth sectors.
• The collective 64.0% ownership by the 'group' (Siemens entities, AES Grid Stability, LLC, and Qatar Holding LLC) suggests a highly concentrated ownership structure, which is common in early-stage or strategically important companies where founding partners or key investors retain significant control to guide long-term development, similar to structures seen in companies like Tesla in its early growth phases or certain renewable energy project developers.

Corporate Governance

Related Party Transactions

• SPT Holding Sarl is a wholly owned subsidiary of Siemens Pension-Trust e.V.
• Siemens AG is an affiliate of Siemens Pension-Trust e.V.
• The Reporting Persons (Siemens entities) are part of a 'group' with AES Grid Stability, LLC and Qatar Holding LLC under a Stockholder Agreement, indicating coordinated actions among these major shareholders.

Stakeholder Impact

• Shareholders: The significant and coordinated ownership by Siemens and other large institutional investors may provide stability but also means a large portion of voting power is concentrated, potentially limiting the influence of smaller shareholders.
• Employees: Strong institutional backing could imply long-term stability and strategic direction, which may positively impact employee confidence.
• Customers/Suppliers: Continued strong backing from a major industrial player like Siemens could enhance Fluence Energy's credibility and operational stability, benefiting customer and supplier relationships.

Key Dates

Recommendation

The filing primarily updates beneficial ownership, confirming a stable and significant stake by Siemens AG and its affiliates. While this strong institutional backing is a positive for long-term stability, the filing itself does not present new operational or financial performance data that would warrant a change in investment thesis. The existing large ownership group suggests a degree of control that could influence strategic decisions, but without new performance metrics, a 'hold' recommendation is appropriate for investors to await further operational updates.

Keywords

Fluence Energy, Siemens AG, Beneficial Ownership, Schedule 13G, Institutional Ownership, Energy Storage, Class A Common Stock, Shareholder Agreement, SPT Holding, Siemens Pension-Trust