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Press Release12 November 2026Siemens AGMunich
Earnings Release and Financial Results Q4 FY 2026
Fiscal 2026 was an outstanding year for Siemens. We delivered strong profitable growth in our core markets – driven by innovation, competitiveness and strong execution of our strategy. With our expanded range of digital offerings from Siemens Xcelerator, our digital business grew 16 percent. Industrial AI is an exceptional growth opportunity, and Siemens is built to win in this space. By consistently scaling Industrial AI, we are unlocking our next phase of profitable growth. Given our ambition to outperform our core markets, we are providing an ambitious outlook for fiscal 2027 and are raising our Group-level mid-term targets.
Roland Busch, President and Chief Executive Officer of Siemens AG
After an outstanding fourth quarter, we closed fiscal 2026 with records in orders, profit and Free cash flow. We want our shareholders to benefit from this success. As a result, we propose raising the dividend to €5.50 per share, in line with our progressive dividend policy. In addition, as part of the previously announced spin-off, we plan to transfer 34.1 percent of our stake in Siemens Healthineers to our shareholders at a ratio of one Siemens Healthineers share for every two Siemens shares. We are building on the strength of the past fiscal year as we turn our focus to the next phase of our profitable growth trajectory in fiscal 2027 and beyond.
Veronika Bienert, Chief Financial Officer of Siemens AG
Please read the complete Earnings Release and Financial Results:
Earnings Release Q4 FY 2026, July 1 to September 30, 2026Outlook
For fiscal 2027, we assume that the global economy will continue to expand, with GDP growth driven mainly by ongoing investment in AI and digital infrastructure, public investment programs, and a further pickup in industrial activity.
We intend to reduce our stake in Siemens Healthineers through a direct spin-off during fiscal 2027 and to deconsolidate Siemens Healthineers. Before the transaction is completed, Siemens Healthineers’ results will be reported as discontinued operations on a comparable basis for all periods presented. The criteria for classifying Siemens Healthineers as discontinued operations are expected to be met in the course of the first quarter of fiscal 2027. To reflect this change, forecasts for fiscal 2027 for the Siemens Group exclude effects related to Siemens Healthineers. These include the non-cash gain from the transaction, spin-off-related transaction costs, Siemens Healthineers’ operating earnings contributions, and future earnings effects resulting from accounting for the remaining investment under the equity method.
On this basis, our outlook for fiscal 2027 is as follows:
Digital Industries expects comparable revenue growth − net of currency translation and portfolio effects − of 8% to 12% and a profit margin of 20% to 22%.
Smart Infrastructure expects comparable revenue growth of 11% to 13% and a profit margin of 19.5% to 20.5%.
Mobility expects comparable revenue growth of 6% to 8% and a profit margin of 8% to 10%.
For the Siemens Group, we expect comparable revenue growth in the range of 9% to 11% and a book-to-bill ratio above 1.
Based on the expected profitable growth of our industrial businesses, we anticipate basic EPS from net income before purchase price allocation accounting (EPS pre PPA) in a range of €10.20 to €10.80 in fiscal 2027. Comparable EPS pre PPA, that is excluding Siemens Healthineers, was €9.27 in fiscal 2026.
This outlook excludes burdens from legal and regulatory matters.
Press Event
Notes and forward-looking statements
Starting today at 08:00 a.m. CET, the press conference call on Siemens’ fourth-quarter results and the preliminary figures for fiscal 2026 will be broadcast live at www.siemens.com/conferencecall. Starting today at 09:30 a.m. CET, you can also follow the conference call for analysts and investors live at www.siemens.com/analystcall. Recordings of both conference calls will be made available afterwards.
The financial publications can be downloaded at: www.siemens.com/ir.
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.
All information is preliminary.
Starting today at 08:00 a.m. CET, the press conference call on Siemens’ fourth-quarter results and the preliminary figures for fiscal 2026 will be broadcast live at www.siemens.com/conferencecall. Starting today at 09:30 a.m. CET, you can also follow the conference call for analysts and investors live at www.siemens.com/analystcall. Recordings of both conference calls will be made available afterwards.
The financial publications can be downloaded at: www.siemens.com/ir.
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.
All information is preliminary.