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Press Release13 May 2026Siemens AGMunich
Siemens continues path of profitable growth
Siemens continued its path of profitable growth also in Q2 2026 (ended March 31, 2026) and – due to its positive business development – confirms its outlook for fiscal 2026 at Group level despite increased uncertainty in the economic environment.
“We
delivered a successful second quarter despite the geopolitical environment,
which remains very demanding. Siemens is benefiting from its technological
strength and strong positioning in key growth markets. Digital Industries and
Smart Infrastructure posted impressive overall performance – clear evidence
that we’re on a path of profitable growth,” said Roland Busch, President
and Chief Executive Officer of Siemens AG. “With our Eigen Engineering
Agent, we’re further expanding our leadership position in industrial AI, and we
see AI as a clear growth driver for our hardware, software and services business.”
“Our
operating businesses’ convincing performance and our strong free cash flow
prove our resilience. As a result, we’re very well positioned to reach our
full-year group targets. At the same time, by announcing our new share-buyback
program, we’re enabling our shareholders to participate in our success. In this
way, we’re continuing our stringent capital allocation,” said Veronika Bienert,
Chief Financial Officer of Siemens AG.
Significant growth in orders and revenue
In
Q2 2026, Siemens increased revenue 6 percent on a comparable basis –
that is, excluding currency translation and portfolio effects – to €19.8 billion
(Q2 2025: €19.8 billion). Orders climbed 18 percent on a
comparable basis to €24.1 billion (Q2 2025: €21.6 billion). The book-to-bill ratio was an
excellent 1.22. The order backlog reached a new record high of €124 billion
at the end of Q2 2026.
Profit Industrial Business rose to €3.0 billion due to strong
operating performance at both Digital Industries and Smart Infrastructure (Q2 2025:
€3.2 billion). Profit Industrial Business in Q2 2025 had benefited
from a €0.3 billion gain related to exiting the wiring accessories
business at Smart Infrastructure. As a result, the profit margin of the
Industrial Business was 15.4 percent compared to 16.9 percent in Q2 2025.
Net income reached €2.2 billion
(Q2 2025: €2.4 billion). Consequently, basic earnings per share
before purchase price allocation accounting (EPS pre PPA) totaled €2.81
(Q2 2025: €3.00).
Free cash
flow all-in from continuing and discontinued operations rose very strongly to
€1.7 billion (Q2 2025: €1.0 billion). The Industrial Business
delivered significantly higher free cash flow of €2.4 billion, driven by
improvements across most businesses. Outside the Industrial Business, higher
tax payments had negatively impacted free cash flow in Q2 2025.
In the first half of fiscal 2026, Siemens’
digital business grew by 19 percent – well above the ambition level of
15 percent set last November. The increase was driven by a good mix of
organic growth from expanding Siemens Xcelerator’s software and digital
services offerings combined with the strong growth trajectory of the company’s recent
software acquisitions.
Double-digit order growth at Digital Industries, Smart Infrastructure and Mobility
Volume
at Digital Industries rose due to increases at the software and
automation businesses. Orders grew a substantial 12 percent on a
comparable basis to €4.8 billion (Q2 2025: €4.3 billion). Revenue
improved considerably, increasing 8 percent on a comparable basis to €4.6 billion
(Q2 2025: €4.3 billion), whereby the software business grew 14 percent
to €1.6 billion. Siemens’
software business seized several larger opportunities across its portfolio and
is also successfully upselling within its customer base. Organic annual
recurring revenue (ARR) grew a very healthy 11 percent compared to Q2 2025
and reached €5.5 billion. Profit and profitability increased significantly
despite strong negative currency translation effects. Profit climbed 35 percent
to €857 million (Q2 2025: €634 million). Digital Industries’
profit margin totaled 18.5 percent (Q2 2025: 14.8 percent). Its software
business made the largest contribution to these improvements.
Smart Infrastructure continued
volume growth on a comparable basis across all businesses. Orders climbed 35 percent
on a comparable basis to €7.5 billion (Q2 2025: €6.0 billion) and
once again reached a quarterly record high, driven primarily by the electrification
and electrical products businesses, including strong growth from several large
contract wins at data center and semiconductor customers, predominately in the
U.S. Revenue grew 10 percent on a comparable basis to €5.9 billion (Q2 2025:
€5.7 billion). Smart Infrastructure increased profit (€1.1 billion) and
profitability (18.6 percent) across all businesses except the electrical products
business, which had benefited in Q2 2025 from the previously mentioned
€315 million gain related to exiting the wiring accessories business.
At Mobility, orders soared 41 percent
on a comparable basis to €5.3 billion (Q2 2025: €3.9 billion) due
to higher volume from large orders. At €3.0 billion, revenue was slightly
below the strong prior-year level. Development was burdened by the impact of
U.S. tariffs and by delayed call-offs under framework agreements for large rail
infrastructure projects. Profit
was down 28 percent to €208 million (Q2 2025: €291 million).
As a result, Mobility’s profit margin was 6.9 percent (Q2 2025: 9.1 percent).
The decline in profit and profitability was due mainly to burdens resulting from
U.S. tariffs.
Siemens announces new share buyback program
In addition, Siemens is continuing its stringent approach to capital allocation and announcing a new share buyback program of up to €6 billion to extend for a period of up to five years. The initiative will enable the company to continue its ambitious share buyback program while maintaining flexibility in challenging times.
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.