Siemens
Shareholder Letter Q3 FY 2025
Financial Highlights
- Orders: €24.7bn (+28%)
- Revenue: €19.4bn (+5%)
- Free Cash Flow: €2.9bn
- Profit Margin (Industrial Business): 14.9%
- Earnings Per Share (pre PPA): €2.78 (€2.93 excl. effects from Altair & Dotmatics)
Business Segment Performance
- Digital Industries: Revenue -10%, Profit margin: 14.5%
- Smart Infrastructure: Revenue +9%, Profit margin: 18.8%
- Mobility: Revenue +19%, Profit margin: 9.3%
- Siemens Healthineers: Revenue +8%, Profit margin: 14.5%
Footnotes
1. On a comparable basis (excluding currency translation and portfolio effects).
2. Earnings per share before purchase price allocation accounting.
3. Effects related to Altair and Dotmatics, which were successfully acquired ahead of schedule, as well as the gain from the sale of Innomotics, are not included in this outlook.
4. Effects related to Altair and Dotmatics totaled -€30 million (including severance) and reduced profit margin by 1.2 percentage points.
5. Publicly listed subsidiary of Siemens; Siemens' share in Siemens Healthineers: 71 percent (as of July 30, 2025).
Message from Leadership
Roland Busch
President and CEO
Siemens is delivering robust results despite a volatile global market, driven by digitalization and sustainability. The acquisition of Dotmatics opens new markets in life sciences, combining scientific intelligence with industrial AI.
Ralf P. Thomas
CFO
The company achieved €2.9 billion in Free Cash Flow in Q3 and aims for a double-digit Free-Cash-Flow return for the full fiscal year. Siemens confirms its outlook for fiscal 2025, expecting sustainable and profitable growth.
Focus on Shareholder Return
Dividends and Share Buyback
A bar chart displays the dividend per share from FY14 to FY24, showing an increase from €3.30 to €5.20. A note clarifies that FY2020 reflects a stable dividend compared to FY2019, adjusted for the Siemens Energy spin-off.
Share Buyback: A total of €6 billion is allocated for share buybacks over up to 5 years (FY2020-2024). Approximately €2.9 billion has been repurchased since inception in February 2024.
Dividends: €16 billion in dividends are noted.
Stock Performance
September 30, 2024: Siemens share price was €181.34, with a Total Shareholder Return (TSR) of +28% compared to the DAX at +25%.
August 7, 2025: Siemens share price reached €227.10.
Peer Performance (TSR): Alstom +12%, ABB +11%, Schneider -4%, Rockwell +25%, Dassault -22%. TSR is defined as return on share price development including dividend reinvestment.
Siemens Opens Modern Train Factory and Service Center in Munich
On July 7, Siemens celebrated the opening of its expanded train factory in Munich-Allach, a key location in Siemens Mobility's European service network. Approximately €250 million was invested in new buildings, state-of-the-art production facilities, and AI-based software solutions since 2023. This investment underscores Siemens' commitment to Germany as a manufacturing and innovation hub.
The expansion creates over 500 new jobs, bringing the total workforce to approximately 2,500. The factory will produce Vectouro passenger cars and Vectron locomotives, tripling its capacity for modern services. Munich-Allach will also serve as the new headquarters for Siemens Mobility, integrating R&D, production, service, and management to foster innovation and rapid implementation.
Michael Peter
CEO Siemens Mobility
The Munich-Allach facility is becoming a global competence center, combining efficiency and innovation. By integrating AI applications, laser-guided installation, robotics, and digital twins, Siemens is transforming heavy manufacturing with AI and advancing the rail industry.
Image Description: An exterior view of the new, modern Siemens train factory and service center in Munich-Allach.
A group of eight key individuals, including Siemens executives and Bavarian officials, are pictured at the opening of the Munich-Allach facility. From left to right: Kristina Sittig, Karl Blaim, Dieter Reiter, Markus Söder, Roland Busch, Katharina Rohrbacher, Michael Peter, and Kerstin Straubinger, with their respective titles provided.
A press release is available on the Siemens website.
Did You Know? Siemens Digitalizes Acoustics for Bavarian State Opera
Siemens and the Bavarian State Opera are digitalizing the acoustics of Bavaria's National Theater in Munich. A digital twin simulates sound effects, orchestral setups, and venue configurations in a 3D acoustic model, allowing assessment before rehearsals.
The "Sound of Science" mixed-reality application enables acoustic testing of various setups and audience positions using virtual reality, independent of physical location. This addresses the trend of shorter rehearsal times and rising concert logistics costs, enabling precise planning for theater professionals and providing audiences with a preview of acoustic conditions.
Stephan Frucht
Artistic Director of the Siemens Arts Program
The simulation of realistic stage productions allows theater professionals to plan more precisely and gives audiences a preliminary impression of acoustic conditions.
Illustration Description: An illustration depicts the 'Sound of Science' application, showing a user interacting with a digital twin of a concert hall. The graphic highlights the ability to change hall configurations to achieve optimal acoustic scenarios, transitioning from a real-world setting to a digital simulation.
The technology is powered by Siemens Simcenter, a portfolio of simulation and testing solutions.
The complete article can be found on the Siemens website.
Financial Calendar
- Aug 07, 2025: 3rd quarter results FY25
- Nov 13, 2025: 4th quarter results FY25
The complete financial calendar is available on the Siemens website.
Contact Investor Relations
Siemens AG
Werner-von-Siemens-Str. 1
80333 Munich, Germany
Phone: +49 (89) 7805 32474
Email: investorrelations@siemens.com
Website: http://www.siemens.com/ir
Contact Persons
- Tobias Atzler, Head of IR
- Nikola Petrovic
- Martin Bacherle
- Cinzia Fasoli
- Julia Barth
- Christopher Helmreich
- Nico Zeissler
Notes and Forward-Looking Statements
This document contains forward-looking statements regarding Siemens' future business, financial performance, and developments. These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results may differ materially. Siemens does not intend to update or revise these statements.
The document also includes supplemental financial measures (non-GAAP measures) which should be considered alongside GAAP measures and may differ from those used by other companies.
Due to rounding, numbers and percentages may not add up precisely.
