Siemens – Earnings release and financial results Q3 FY 2026

Record third quarter – Outlook raised

 

“We delivered another very successful quarter with record orders and profit. By executing our ONE Tech Company program, we’ve been accelerating our innovation, which is enabling us to create additional value for our customers. Our technological leadership in all businesses, clear focus on industrial AI, and strong positioning in attractive markets are driving our profitable growth. We have exactly the technologies our customers need to speed up their innovation, increase their productivity and drive their digital transformations,” said Roland Busch, President and Chief Executive Officer of Siemens AG. “We are on track to complete another successful fiscal year, and we raise our outlook.”

 

 

“We delivered excellent free cash flow of €4.1 billion in the third quarter, which reflects our strong operational performance. For the full fiscal year, we once again aim to achieve a double-digit free-cash-flow return on revenue. We’re executing our strategy consistently, and our newly launched share-buyback program continues to create value for our shareholders,” said Veronika Bienert, Chief Financial Officer of Siemens AG. “As expected, we’ve now received binding decisions from the tax authorities clarifying the relevant tax topics. As a result, we can proceed with the spin-off of Siemens Healthineers as planned.”

 

 

• Third-quarter orders climbed 14% on a comparable basis, excluding currency translation and portfolio effects, led by a sharp increase at Smart Infrastructure; comparable revenue rose 8%, with increases in all industrial businesses
• On a nominal basis, orders reached a record €27.9 billion, up 13%, and revenue rose 7% to €20.8 billion for a very strong book-to-bill ratio of 1.34
• Profit Industrial Business surged 25% to a record €3.5 billion, with a profit margin of 17.3%, on improvements in most industrial businesses
• Net income rose 15% to €2.6 billion; corresponding basic earnings per share (EPS) were €2.93, and EPS before purchase price allocation accounting (EPS pre PPA) were €3.14
• Excellent cash generation resulted in sharply higher Free cash flow of €4.1 billion for the Siemens Group

 

 

Siemens

 

• Record-high order intake, with a sharp increase at Smart Infrastructure as well as significant growth at Siemens Healthineers and Digital Industries; Mobility close to the very high prior-year level
• All industrial businesses reported revenue growth, which was led by significant increases at Smart Infrastructure and Digital Industries
• Currency translation effects took one percentage point each from order and revenue growth; portfolio transactions had a minimal effect
• Profit Industrial Business rose to a record high; the increase was led by sharply higher profit at Digital Industries; higher Profit Industrial Business included positive effects from tariff refunds in the U.S., primarily at Siemens Healthineers
• Results outside Industrial Business included divestment gains of €0.2 billion in both periods under review
• Excellent third-quarter Free cash flow driven by €4.2 billion from Industrial Business, exceeding the already strong level of €3.0 billion in Q3 FY 2025; improvements in all industrial businesses, most notably at Mobility and Digital Industries
• As of June 30, 2026, provisions for pensions and similar obligations remained at €0.7 billion – the same low level since the end of FY 2025
• ROCE rose slightly as higher net income more than offset an increase in average capital employed

 

 

Digital Industries

 

• Higher volume, profit, and profitability in both the automation business and the software business
• Order growth was led by the automation business, primarily driven by the short-cycle business
• Revenue growth was strongest in the software business, due mainly to substantial growth in the electronic design automation business and supported by new volume resulting from the acquisition of Dotmatics
• On a geographic basis, volume increased in all reporting regions, with substantial order growth in China and substantial revenue growth in the U.S.
• Profit and profitability improved strongly, with the software business making the largest contribution; profit for the current quarter included €35 million in integration costs related to the acquisitions of Altair and Dotmatics, reducing Digital Industries’ profit margin by 0.7 percentage points

 

 

Smart Infrastructure

 

• Continued highly profitable growth with volume expansion in all three businesses and all reporting regions
• Orders reached a new quarterly record; double-digit growth in all three businesses, led by sharply higher order intake in the electrical products and electrification businesses, which won a number of large contracts from data center customers in the U.S. and Europe
• The electrification and the electrical products businesses were also the main contributors to revenue growth, supported by strong execution of their large order backlogs
• Profit and profitability increased in all businesses, driven by higher revenue, improved capacity utilization, and ongoing productivity measures, which more than compensated for adverse currency effects and higher commodity costs year-over-year; positive effects from tariff refunds in the U.S. were partly offset by an impairment related to the electric-vehicle charging infrastructure business

 

 

Mobility

 

• Order intake again reached a very high level, including contract wins for double-deck trains in Switzerland, worth €2.2 billion; for extended maintenance in the U.K., worth €2.0 billion; and for longterm service for battery-powered trains in Germany, worth €0.6 billion
• Higher revenue was primarily driven by significant growth in the rail infrastructure business
• Solid profit and profitability
• In May 2026, Mobility signed an agreement to acquire several businesses from the Italy-based MERMEC Group to strengthen its rail portfolio, particularly in diagnostics and measurement technologies, and to further expand its signaling activities and its market access in Italy; closing of the transaction is subject to customary conditions and is expected by the end of calendar 2026

 

 

Siemens Healthineers

 

• Volume increase driven by the imaging and precision therapy businesses; revenue decline in the diagnostics business resulted in part from a structural change in the market environment in China
• Despite adverse currency effects, profit and profitability rose in all businesses, most notably in the imaging and precision therapy businesses; increases due primarily to positive effects from tariff refunds in the U.S.

 

 

Siemens Financial Services

 

• Siemens Financial Services delivered a strong performance driven by the equity business, which recorded a gain of €156 million from the sale of a stake in an equity investment in the UK, partly offset by a revaluation loss
• Total assets increased slightly due to currency translation effects

 

 

Reconciliation to Consolidated Financial Statements

 

• Financing, eliminations and other items included a €77 million divestment gain; for comparison, Q3 FY 2025 had included a €154 million divestment gain related to the airport logistics business, as well as a positive result of €121 million from revised estimates related to provisions for a legacy project, and a revaluation gain of €85 million on an equity investment

 

 

Outlook 

Following the strong first nine months of the current fiscal year, we raise our fiscal 2026 outlook for EPS pre PPA to a range of €11.20 to €11.50 (previously €10.70 to €11.10).

We continue to expect comparable revenue growth for the Siemens Group in the range of 6% to 8% and a book-to-bill ratio above 1 for fiscal 2026. 

Digital Industries continues to expect comparable revenue growth of 7% to 10% and a profit margin of 17% to 19% for fiscal 2026.

Smart Infrastructure now expects for fiscal 2026 comparable revenue growth of 10% to 11% (previously 8% to 10%) and a profit margin of 18.5% to 19.5% (previously 18% to 19%).

Mobility continues to expect for fiscal 2026 comparable revenue growth of 5% to 7% and a profit margin of 8% to 10%.

This outlook excludes burdens from legal and regulatory matters.

 

 

Notes and forward-looking statements 

Starting today at 08:00 a.m. CEST, the press conference call on Siemens’ third-quarter results for fiscal 2026 will be broadcast live at www.siemens.com/conferencecall.

Starting today at 09:30 a.m. CEST, you can also follow the conference call for analysts and investors live at www.siemens.com/analystcall.

Recordings of both conference calls will be made available afterwards.

The financial publications can be downloaded at: www.siemens.com/ir.

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forwardlooking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report (siemens.com/siemensreport), and in the Interim Group Management Report of the Half-year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decrees, decisions, assessments or requirements of regulatory or governmental authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

This document is a Quarterly Statement according to Section 53 of the Exchange Rules for the Frankfurter Wertpapierbörse.

 

 

 

Financial Results 

Third Quarter and First Nine Months of Fiscal 2026

 

Key figures (in millions of €, except where otherwise stated)

 

 

 

 

Consolidated Statements of Income

 

 

 

 

Consolidated Statements of Comprehensive Income

 

 

 

 

Consolidated Statements of Financial Position

 

 

 

Consolidated Statements of Cash Flows

 

 

 

 

Overview of Segment figures

 

 

 

EBITDA Reconciliation

 

 

 

Orders & Revenue by region