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Earnings Release and Financial Results Q2 FY 2023

“Siemens continues its outstanding performance, delivering several records, including impressive margin increases and all-time highs in profit for Digital Industries and Smart Infrastructure, as well as another record in order backlog,” said Roland Busch, President and Chief Executive Officer of Siemens AG. “Our very strong results show that we have the right strategy, the right technology, and the right team to support our customers in becoming more competitive, resilient and sustainable.”

Roland Busch, President and Chief Executive Officer of Siemens AG

“We have delivered what we promised: We converted our fantastic revenue growth into high profit and ultimately into strong free cash flow. That is execution at its best, giving us the confidence to raise our guidance,” said Ralf P. Thomas, Chief Financial Officer of Siemens AG.

Ralf P. Thomas, Chief Financial Officer of Siemens AG

The financial publications can be downloaded at


Following the strong first half of fiscal 2023, we again raise our outlook for the fiscal year. 
For the Siemens Group we now expect comparable revenue growth, net of currency translation and portfolio effects, in the range of 9% to 11% (previously expected at 7% to 10%) and continue to expect a book-to-bill ratio above 1.
Digital Industries now expects for fiscal 2023 to achieve comparable revenue growth of 17% to 20% (previously expected at 12% to 15%). The profit margin is now expected to be 22.5% to 23.5% (previously expected at 20% to 22%).
Smart Infrastructure now expects for fiscal 2023 comparable revenue growth of 14% to 16% (previously expected at 9% to 12%). The profit margin is now expected to be 14.5% to 15.5% (previously expected at 13.5% to 14.5%). 
Mobility now expects for fiscal 2023 comparable revenue growth of 10% to 12% (previously expected at 6% to 9%). The profit margin is continued to be expected in the range of 8% to 10%.
We now expect this profitable growth of our industrial businesses to drive an increase in EPS pre PPA to a range of €9.60 to €9.90 (previously expected at €8.90 to €9.40) in fiscal 2023. Including €2.01 per share in the second quarter of fiscal 2023 resulting from partial reversal of the previous impairment on Siemens’ stake in Siemens Energy AG, EPS pre PPA is expected in a range of €11.61 to €11.91.
This outlook excludes burdens from legal and regulatory matters and material impairments as well as reversals of material impairments.
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