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News17 May 2023Siemens AGSiemens Korea, Seoul

[Global News] Outstanding performance continues – outlook raised again

Siemens continued its strong growth momentum also in Q2 2023 (ended March 31, 2023). The quarter was characterized by very strong order intake, outstanding revenue growth driven by substantial increases at Digital Industries, Smart Infrastructure and Mobility, and higher Profit Industrial Business, including sharp increases at Smart Infrastructure and Digital Industries, which both achieved their highest-ever quarterly profit. Following the strong first half of fiscal 2023, Siemens is again raising its outlook for the fiscal year.

The second quarter with a very strong order intake was mainly driven by the highest-ever quarterly order intake for Mobility which included a €2.9 billion order for locomotives and associated maintenance in India; clear growth in Smart Infrastructure while Digital Industries and Siemens Healthineers posted double-digit declines from high bases of comparison. Outstanding revenue growth on substantial increases was recorded at Digital Industries, Smart Infrastructure and Mobility.

“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 CEO 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.”

Financial Highlights:

Revenue and orders for the second quarter each increased 15% on a comparable basis, excluding currency translation and portfolio effects

On a nominal basis, revenue climbed 14% year-over-year, to €19.4 billion; orders rose 13%, to €23.6 billion, driven by substantially higher volume from large orders in Mobility; the book-to-bill ratio was 1.22

Profit Industrial Business surged 47%, to €2.6 billion, with a profit margin of 14.2%; Digital Industries and Smart Infrastructure both delivered sharp increases and their highest-ever quarterly profit, while Mobility posted a profit compared to a loss in Q2 FY 2022 which included a €0.6 billion impact resulting from sanctions imposed on Russia

As a result net income rose to €3.6 billion, also benefiting from reversal of an impairment of Siemens’ stake in Siemens Energy AG resulting in a tax-free gain of €1.6 billion; corresponding basic earnings per share (EPS) were €4.39 and EPS before purchase price allocation accounting (EPS pre PPA) were €4.57, each including €2.01 per share related to the impairment reversal

Excellent Free cash flow from continuing and discontinued operations, reaching €2.3 billion for the quarter

Learn More

Q2 FY2023 Earnings Release and Financial Results

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