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Earnings Release Q2 FY 2022

In the second quarter, Siemens continued its growth path and achieved strong operational performance. The rise in orders and revenue again reflects the trust our customers place in us to support digitalization, automation and sustainability. In an extremely challenging environment, our business continues to be strong. We join the international community in condemning the war in Ukraine and are focused on supporting our people and providing humanitarian aid. Today, we announced our decision to carry out an orderly process to wind down our industrial business activities in Russia.

Roland Busch, President and Chief Executive Officer of Siemens AG

With strong operating results and excellent free cash flow of €1.3 billion, Siemens’ second quarter underlines our execution capabilities and strength, even in the face of significant headwinds. The now tangible results of our portfolio optimization and ongoing mitigation of supply chain challenges allow us to look confidently into the second half of our fiscal year. As a result, we confirm our outlook.

Ralf P. Thomas, Chief Financial Officer of Siemens AG

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We confirm our financial targets for fiscal 2022 for the Siemens Group, which are based on continuing growth in global GDP and our expectation that the challenges to our businesses from COVID-19 and supply chain constraints will not worsen in the remainder of fiscal 2022. Under these conditions, we expect our Industrial Business to continue its profitable growth.
For the Siemens Group we expect 6% to 8% growth in comparable revenue, net of currency translation and portfolio effects (previously expected at mid-single-digit), and a book-to-bill ratio above 1.
Digital Industries expects for fiscal 2022 to achieve comparable revenue growth of 9% to 12% (previously expected at 5% to 8%) and a profit margin of 19% to 21%, including an expected reduction of up to two percentage points from fast ramp-up of the strategic transition to software as a service (SaaS) in parts of its large software business.
Smart Infrastructure expects for fiscal 2022 comparable revenue growth of 6% to 9% (previously expected at 5% to 8%). The profit margin is expected to be 12% to 13%. 
Mobility, which previously expected fiscal 2022 comparable revenue growth of 5% to 8%, now expects revenue on the prior-year level. The profit margin is expected to be 10.0% to 10.5%, with the expected gain from the sale of Yunex Traffic being sufficient to balance impacts related to the sanctions imposed on Russia.
We continue to expect the profitable growth of our Industrial Business to drive an increase in basic EPS from net income before purchase price allocation accounting (EPS pre PPA) to a range of €8.70 to €9.10, up from €8.32 in fiscal 2021. Net income in fiscal 2021 included a positive contribution from divestments and other portfolio-related gains totaling €1.5 billion. We assume a similar positive contribution in fiscal 2022 from portfolio-related results net of burdens related to Russia. Portfolio-related results include the sales of Yunex Traffic, the mail and parcel-handling business of Siemens Logistics and our stake in Valeo Siemens eAutomotive.
This outlook excludes burdens from legal and regulatory matters.
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

Daniela Markovic

Siemens AG

+49 172 699-8785