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Press Release12 February 2026Siemens AGMunich
Strong start to fiscal 2026 – Outlook raised
Siemens had
a successful start to fiscal 2026 with a strong performance in the first quarter
(ended December 31, 2025). After this strong start to the fiscal year, Siemens
raises its outlook for basic EPS from net income before purchase price
allocation accounting (EPS pre PPA) from a range of €10.40 to €11.00 to a range
of €10.70 to €11.10 for fiscal 2026. Furthermore, Siemens confirms the
remaining expectations for fiscal 2026.
“Our strong
first-quarter performance shows that we’re delivering on our strategy. Siemens
is very well positioned in its growth markets. Artificial intelligence is a
strong growth driver for our businesses. We’re scaling industrial AI in our
core industries together with world-class partners. By integrating AI deeply
into design, development, products and operations, we’re adding measurable
value for our customers,” said Roland Busch, President and CEO of
Siemens AG. “After a strong start to the fiscal year, we raise our
outlook.”
“Our strong
operating performance translated into high profitability in the first quarter.
We are continuing to rigorously execute our strategy, and our accelerated share
buyback program is consistently creating value for shareholders,” said
Ralf P. Thomas, Chief Financial Officer of Siemens AG.”
Revenue growth in all industrial businesses and high profitability
In
Q1 2026, Siemens increased orders 10 percent on a comparable basis –
that is, excluding currency translation and portfolio effects – to
€21.4 billion (Q1 2025: €20.1 billion). Order growth was led by
Smart Infrastructure, which posted record-high order intake, and was supported
by significant growth at Digital Industries and a considerable increase at
Mobility. Revenue grew on a broad basis across the industrial businesses
8 percent on a comparable basis to €19.1 billion (Q1 2025:
€18.4 billion). The book-to-bill ratio was a strong 1.12. The order
backlog reached a record high of €120 billion at the end of Q1 2026.
Profit
Industrial Business rose to €2.9 billion, a significant increase of 15 percent
(Q1 2025: €2.5 billion). The profit margin of the Industrial Business improved to
15.6 percent (Q1 2025:14.1 percent).
Net
income was strong at €2.2 billion (Q1 2025: €3.9 billion).
Q1 2025 had benefited from a €2.1 billion gain (after tax) from the
sale of Innomotics. In Q1 2026, corresponding basic earnings per share
before purchase price allocation accounting (EPS pre PPA) were €2.80 (Q1 2025:
€4.86). Excluding the €2.64 per share relating to the sale of Innomotics, EPS
pre PPA in Q1 2025 had totaled €2.22.
Free
cash flow all-in at Group level from continuing and discontinued operations reached
€677 million, a seasonally solid level (Q1 2025: €1.6 billion).
The decline in free cash flow was due primarily to the Industrial Business,
which generated free cash flow of €1.0 billion compared to €1.7 billion
in Q1 2025. The main factor was a build-up of working capital, including
effects from the timing of payments in Mobility projects. Outside the Industrial
Business, Siemens recorded a cash outflow of €0.4 billion related to the settlement
of an obligation regarding the final disposal of nuclear waste.
Strong performance in all industrial businesses
Digital Industries achieved double-digit growth rates
in orders and revenue, with strong contributions to growth from both the
software business, which won several larger contracts, and the automation
business, which was driven mainly by the short-cycle business. On a geographic basis, orders and revenue were
up in all reporting regions, with strong comparable increases in the U.S. and
China. Orders grew 13 percent
on a comparable basis to €4.8 billion (Q1 2025: €4.2 billion), while
revenue rose 10 percent on a comparable basis to €4.5 billion (Q1 2025: €4.1 billion).
Profit increased 37 percent to €804 million (Q1 2025: €588 million).
As a result, the profit margin was 17.8 percent (Q1 2025: 14.5 percent).
The substantial increases in
profit and profitability were largely attributable to the automation business.
At Smart
Infrastructure, orders rose 22 percent on a comparable basis to a
record high of €7.2 billion (Q1 2025: €6.2 billion). On a comparable basis, orders and revenue
increased at all businesses and in all reporting regions. Revenue grew to a total of €5.5
billion (Q1 2025: €5.3 billion), driven mainly by the electrification business, which
continued to execute strongly on its large order backlog. On a geographic basis, revenue
growth was primarily attributable to Europe and the U.S. Profit totaled €1.1 billion (Q1 2025: €891 million).
The profit margin was 19.0 percent (Q1 2025: 16.9 percent). Smart Infrastructure increased profit and
profitability in all its businesses on higher revenue, economies of scale and
ongoing productivity improvements. Profitability also benefited from positive
commodity-hedging effects, which more than offset adverse currency effects.
At Mobility, orders increased 10 percent
on a comparable basis to €2.9 billion (Q1 2025: €2.7 billion). This
increase was due to higher volume from large orders, including a contract worth
€0.6 billion for the delivery of battery-powered regional trains in
Germany and the extension of an existing contract worth €0.4 billion for
the delivery of automatic metro trains in France. Revenue grew 9 percent on a comparable
basis to €3.2 billion, driven mainly by the rolling stock and customer
services businesses. Profit rose 15 percent to €286 million (Q1 2025:
€249 million), while the profit margin increased to 9.0 percent (Q1 2025:
8.4 percent).
Annual Shareholders’ Meeting to vote on dividend proposal
The ordinary Annual
Shareholders’ Meeting of Siemens AG will take place as an in-person event immediately
following the publication of the company’s Q1 figures. Shareholders will vote
on a proposal by the Managing and Supervisory Boards to distribute a dividend
for fiscal 2025 of €5.35 per share. The proposed dividend is €0.15 higher
than the dividend for fiscal 2024 and a testimony to Siemens’ progressive
dividend policy.
For this press release
Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, mobility, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. A leader in industrial AI, Siemens leverages its deep domain know-how to apply AI – including generative AI – to real-world applications, making AI accessible and impactful for customers across diverse industries. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a leading global medical technology provider pioneering breakthroughs in healthcare. For everyone. Everywhere. Sustainably. In fiscal 2025, which ended on September 30, 2025, the Siemens Group generated revenue of €78.9 billion and net income of €10.4 billion. As of September 30, 2025, the company employed around 318,000 people worldwide on the basis of continuing operations. Further information is available on the Internet at www.siemens.com.
Notes and forward-looking statements
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 forward-looking 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 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.