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Continued profitable growth and excellent free cash flow  

“We again achieved profitable growth and showed our competitive strength across all our businesses. We have seen normalization of demand, particularly in China and in short-cycle business. I’m very pleased that our financial performance was again strong and resilient. We continue to execute our strategy of creating high-value growth and accelerating our customers’ digital transformation and sustainability journeys,” said Roland Busch, President and Chief Executive Officer of Siemens AG. 
“Again in the third quarter our excellent free cash flow reflected our businesses’ strong performance. In addition, an upgrade of our credit rating by Moody’s underlines our financial strength. We are ideally positioned to continue creating value for our shareholders, customers and employees,” said Ralf P. Thomas, Chief Financial Officer of Siemens AG. 

Industrial Business delivers clear revenue growth

In Q3 2023, Siemens increased revenue 10 percent on a comparable basis to €18.9 billion (Q3 2022: €17.9 billion). Orders also rose 15 percent on a comparable basis to €24.2 billion (Q3 2022: €22.0 billion). 
Profit Industrial Business was €2.8 billion (Q3 2022: €2.9 billion), including substantial profit growth at Smart Infrastructure and Digital Industries, whereby profit in Q3 2022 had included a €739 million gain from the sale of Yunex. The profit margin was 15.3 percent (Q3 2022: 17.0 percent). Net income rose to €1.4 billion after a net loss of €1.5 billion in Q3 2022 due to an impairment of the stake in Siemens Energy AG and Russia-related effects. In Q3 2023, the Siemens Energy investment recorded a loss of €0.6 billion due mainly to participation in the loss after tax of Siemens Energy. Corresponding EPS pre PPA was €1.78 (Q3 2022: a negative €1.85). Excluding the loss from the Siemens Energy investment, EPS pre PPA totaled €2.60.
Free cash flow all-in at group level from continuing and discontinued operations was an outstanding €3.0 billion (Q3 2022: €2.3 billion). This considerable improvement was due primarily to the very strong free cash flow of €3.1 billion generated at the Industrial Business (Q3 2022: €2.5 billion), coupled with strong cash inflows at all the industrial businesses.

Strong profit growth at Smart Infrastructure and Digital Industries

At Digital Industries, revenue rose by a total of 11 percent on a comparable basis to €5.3 billion. This growth was driven primarily by the automation businesses – especially by the factory automation and process automation businesses. Orders declined 35 percent on a comparable basis to €4.1 billion due mainly to order development at the automation businesses, which had benefited in prior periods from proactive customer purchasing. Orders were down in all regions, but most notably in China. In contrast, orders in the software business rose due to several larger contract wins. Profit grew 24 percent to €1.1 billion, while the profit margin totaled 21.1 percent. Both increases were supported by higher capacity utilization and a more favorable product mix combined with the greater availability of components for high-margin products.
At €5.4 billion, orders at Smart Infrastructure were nearly at the high level of Q3 2022, which had benefited from proactive customer purchasing particularly in the short-cycle businesses. Order input was driven by significant growth at the electrification business due to a number of larger orders for data centers and orders from battery manufacturers and power distribution customers. Revenue rose on a comparable basis at all businesses, increasing by a total of 15 percent to €4.9 billion. Growth at the electrical products and electrification businesses was particularly strong. Profit increased 37 percent to €769 million. The profit margin totaled 15.6 percent compared to 12.9 percent in Q3 2022.
Mobility again achieved a record-high quarterly order intake of €8.3 billion. This strong increase was driven by a number of major contract wins, including the recognition of a €2.5 billion order for the first line of a turnkey rail system in Egypt and a €2.1 billion order for suburban trains in Germany. Revenue grew 12 percent on a comparable basis to €2.6 billion. All businesses contributed to this growth, which was due to the increased conversion of the order backlog resulting from improved component availability. Profit and profitability rose at all businesses but did not reach in total the extraordinarily high level of Q3 2022, which had been due to a gain of €739 million from the sale of Yunex. 

Outlook on group level confirmed

For the Siemens group, Siemens continues to expect comparable revenue growth, net of currency translation and portfolio effects, in the range of 9 percent to 11 percent and a book-to-bill ratio above 1.
Digital Industries now expects for fiscal 2023 to achieve comparable revenue growth of 13 percent to 15 percent (previously expected at 17 percent to 20 percent). The profit margin is now expected to be in the range of 22 percent to 23 percent (previously expected at 22.5 percent to 23.5 percent).
Smart Infrastructure continues to expect for fiscal 2023 comparable revenue growth of 14 percent to 16 percent and a profit margin in the range of 14.5 percent to 15.5 percent. 
Mobility continues to expect for fiscal 2023 comparable revenue growth of 10 percent to 12 percent and a profit margin in the range of 8 percent to 10 percent.
Siemens continues to expect the profitable growth of its industrial businesses to drive an increase in EPS pre PPA to a range of €9.60 to €9.90 in fiscal 2023, excluding the Siemens Energy investment, which during the first nine months of fiscal 2023 contributed €902 million to Net income and corresponding EPS pre PPA of €1.14.
This outlook excludes burdens from legal and regulatory matters.

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Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power.
In fiscal 2022, which ended on September 30, 2022, the Siemens Group generated revenue of €72.0 billion and net income of €4.4 billion. As of September 30, 2022, the company had around 311,000 employees worldwide. Further information is available on the Internet at
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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 (, 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 decisions, assessments or requirements of regulatory 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.
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Florian Martens

Siemens AG

+49 162 230-6627 

Katharina Hilpert 

Siemens AG

+49 173 893-4962

Simon Friedle

Siemens AG

+49 1525 215-9076