Robust results continue – Outlook confirmed
Roland Busch, CEO Siemens AG
Ralf P. Thomas, CFO Siemens AG
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
Notes and Forward-Looking Statements
This document contains statements related to Siemens' future business and financial performance, and future events or developments. 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.
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If risks or uncertainties materialize, or if decrees, decisions, assessments, or requirements of regulatory or governmental authorities deviate from expectations, or if events of force majeure (such as pandemics, unrest, or acts of war) occur, or if underlying expectations including future events occur later or not at all, or if assumptions prove incorrect, actual results, performance, or achievements of Siemens may vary materially (negatively or positively) 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 that differ from those anticipated.
This document includes supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures), which are not clearly defined in the applicable financial reporting framework. These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens' net assets, financial positions, or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies reporting 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.
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
Robust results in Q3 Business highlights
STRONG TOPLINE
- Book-to-bill at 1.28x
- Backlog at €117bn
- Orders up +28% to €24.7bn: Major contracts drive MO; SI close to PY level on tough comps; DI up sequentially; SW very tough comps y-o-y; AUT up broad-based.
- Revenue up 5% to €19.4bn: Strong contribution by MO, SI & SHS; DI AUT returned to growth; Electrification up +16%.
STRINGENT EXECUTION
- IB margin at 14.9%: SI, MO, SHS with margin expansion; DI lower on tough comps in SW; IB profit of €2.8bn.
- EPS pre PPA excl. Altair and Dotmatics of €2.93 (Altair & Dotmatics effect of -€0.15).
- Excellent free cash flow: €3.0bn for IB, €2.9bn for all-in.
OUTLOOK CONFIRMED
- Ongoing uncertainty in the economic environment.
- Effects related to Altair and Dotmatics excluded from guidance.
Note: Growth rates are comparable, excl. FX and portfolio
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
Shaping the future through stringent execution of ONE Tech Company program
INVESTMENT
- Closing of Dotmatics acquisition to expand AI-powered SW-portfolio to Life Sciences.
- Acquisition of ebm-papst's IDT business completed.
- Listing of Siemens Energy India.
- Opening high-tech train factory & service center in Munich.
PRODUCTIVITY
- Continuing efforts to further optimize global footprint and localize value chains.
- Agreement in Germany for DI AUT competitiveness.
ONE
Stronger customer focus
Faster innovations
Higher profitable growth
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Siemens Xcelerator and vertical know-how drive customer value
A circular diagram illustrates the interplay of 'Vertical domain know-how', 'Foundational Technologies', and 'Cross collaboration' driving customer value through Siemens Xcelerator.
AEROSPACE & DEFENSE NORTHROP GRUMMAN
Design & simulation of complex systems
Renewal of long-standing collaboration for digital engineering ecosystem: real-time collaboration, rapid development & digital-first approach.
PUBLIC BUILDINGS FEDERAL GOVERNMENT
Heritage building with cutting-edge tech
Berlin State Library transformed into smart, sustainable landmark with >50% less energy consumption through advanced building technology and digital platform.
GREEN ENERGY TURN2X
Scale up renewable natural gas
Comprehensive use of technology from digital twin, automation, instrumentation & energy management for remote operation of production process.
MOBILITY TURNKEY EGYPT
Modern rail system
Turnkey order based on existing framework agreement to create 6th largest high-speed rail network and cut carbon emissions by 70% compared to current car or bus transport.
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Scaling sustainability impact for customers
Decarbonization & energy efficiency
India – Freight locomotives
- First electric locomotive of 1,200 in total flagged off.
- ~90% of technology made in India.
- Potential to replace up to 800,000 trucks over its 35 years lifecycle.
- Siemens Railigent X platform for predictive maintenance.
Resource efficiency & circularity
Technology partnership
- Modular edge data center, engineered with partners Cadolto and Legrand for speed, scalability and sustainability.
- Customizable, prefabricated modules tailored to specific operational needs.
- 30% less CO2-emissions during construction, 90% recycling rate, fully reusable components.
Foundation of ethics & governance
EcoTech Label
- 50,000 products have earned certification since Siemens EcoTech launch in 2024.
- Environmental impact independently verified by TÜV Rheinland.
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Combining the real and digital worlds
Continuing strong growth momentum with double-digit ARR growth
DI SW – Annual Recurring Revenue (ARR)
Chart Description: A bar chart showing DI SW Annual Recurring Revenue (ARR) in €bn from Q3 FY23 to Q3 FY25. Key figures include: Q3 FY23: 3.7bn (27% Cloud ARR), Q1 FY24: 3.9bn (33%), Q2 FY24: 4.1bn (37%), Q3 FY24: 4.2bn (39%), Q4 FY24: 4.4bn (42%), Q1 FY25: 4.6bn (42%), Q2 FY25: 4.5bn (45%), Q3 FY25: 4.9bn (43%). Growth rates are +15% (1) and +12% (2). 47% ARR is excl. Altair.
Cloud ARR:
- Up 1.3x y-o-y to €2.1bn.
- 50% Cloud ARR target by end of FY25 confirmed (excluding Altair and Dotmatics).
1 ARR: FX comparable; 2 ARR: comparable (excluding FX and Altair)
SaaS transition with high momentum
Chart Description: A bar chart showing accumulated # Customers (SME customers) from Q3 FY23 to Q3 FY25. Figures show growth from ~9,260 in Q3 FY23 to ~22,840 in Q3 FY25. The percentage of new customers is 68% in Q3 FY25. Customer retention is high, with 82% in Q3 FY23 growing to 87% in Q3 FY25.
Customer transformation rate to SaaS:
Chart Description: A line graph showing the Share of renewals based on total contract value (TCV) from Q3 FY23 to Q3 FY25. The rate is consistently high, ranging from 78% (Rolling 4Q) in Q3 FY23 to 94% in Q3 FY25.
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
Digital Industries (DI)
Automation recovery continuing, Software with very tough comps, free cash flow a stand-out
Orders
Chart Description: Bar chart showing Orders in €bn for Q3 FY24 (4.5) and Q3 FY25 (4.4), with a -4% (1) change.
Revenue
Chart Description: Bar chart showing Revenue in €bn for Q3 FY24 (4.9 total, 2.8 DI SW, 2.1 DI Automation) and Q3 FY25 (4.4 total, 1.5 DI SW, 2.9 DI Automation), with a -10% (1) change.
- Significant order growth in Automation, up +19%.
- SW lower due to exceptionally large license deals in prior year.
- Book-to-bill at 0.99x.
- Backlog €9.0bn, therein €5.5bn SW, €3.5bn AUT.
1 Comparable, excl. FX and portfolio
Profit margin
Chart Description: Bar chart showing Profit margin for Q3 FY24 (23.3%) and Q3 FY25 (16.1% excl. Altair & Dotmatics, 15.7% reported). Change is -840bps. Target range is 17-23%.
Free cash flow
Chart Description: Bar chart showing Free cash flow in €m for Q3 FY24 (0.85) and Q3 FY25 (1.72), with a +16% change.
- Automation up +4%, supported by discrete automation, up +5%.
- SW down -30% due to large license contracts in EDA and PLM in prior year & temporary EDA restrictions in China.
x.x therein Software; x.x% Profit margin excl. severance
- Robust Automation margin, progress in adjusting capacity.
- SW sharply below prior year.
- Altair effects and Dotmatics transaction costs of -120bps.
- Effect from FX -40bps.
- Broad-based strong cash conversion.
x.xx Cash Conversion Rate
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
Digital Industries (DI)
Marginal sequential order improvement in Q3; pace of recovery rather muted due to the volatile macro environment
Revenue growth in Automation driven by China, while Germany still flat
Q3 FY 25 – Key regions Automation
| Region | Orders | Revenue | Notes |
|---|---|---|---|
| China | +31% | +19% | Orders up substantially y-o-y on easy comps; Revenue up from low levels, sequential improvement. |
| Germany | +2% | 0% | Order momentum in core industries subdued on soft macro; Revenue lower sequentially. |
| Italy | +80% | +15% | Orders sharply up on easy comps; Revenue further up sequentially. |
| U.S. | +28% | +4% | Orders up sequentially; Revenue for both, Process and Discrete, moderately up. |
Q3 FY 25 – Software
| Region | Orders | Revenue | Notes |
|---|---|---|---|
| Global | N/A | -30% | Substantially down due to extraordinarily tough comps from large license deals. |
Note: Growth rates comparable, excl. FX and portfolio
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Smart Infrastructure (SI)
Strong revenue growth and record profitability, >€1bn free cash flow again a highlight
Orders
Chart Description: Bar chart showing Orders in €bn for Q3 FY24 (6.0) and Q3 FY25 (5.7), with a -1% (1) change.
Revenue
Chart Description: Bar chart showing Revenue in €bn for Q3 FY24 (5.4 total, 4.3 SI, 1.1 Service) and Q3 FY25 (5.7 total, 4.5 SI, 1.2 Service), with a +9% (1) change.
- Book-to-bill at 1.00x.
- Electrification up +2%; Electrical Products down -2%; Buildings down -3%.
- Large orders below strong PYQ, base business clearly up.
- Strong backlog €18.7bn.
1 Comparable, excl. FX and portfolio
Profit margin
Chart Description: Bar chart showing Profit margin for Q3 FY24 (17.0%) and Q3 FY25 (19.0%). Change is +180bps. Target range is 16-20%.
Free cash flow
Chart Description: Bar chart showing Free cash flow in €m for Q3 FY24 (1,007) and Q3 FY25 (1,011), with a 0% change.
- Strong momentum at Electrification with further outstanding growth of +16%.
- Electrical Products up +6%; Buildings up +5%; Service business up +8%.
x.x x.x therein Service; x.x% Profit margin excl. severance
- 19th consecutive quarter with margin expansion.
- Strong margin conversion, increased capacity utilization and ongoing productivity improvements.
- Continuing strong cash conversion.
x.xx Cash Conversion Rate
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
Smart Infrastructure (SI)
Strong orders from Electrification and Electrical Products base business
Broad-based revenue growth driven by backlog and strong momentum in the U.S. and Germany
Q3 FY 25 – Key regions
| Region | Orders | Revenue | Notes |
|---|---|---|---|
| U.S. | 0% | +12% | Orders up DD in Electrification, lower large data center orders in EP; Revenue fueled by backlog execution, especially in Electrification. |
| Germany | +6% | +11% | Orders driven by Electrification with large project wins in power utilities; Revenue up in all businesses driven by Electrification. |
| China | +11% | +3% | Orders up by strength in Electrification & EP; Revenue up in Electrification and EP, Buildings soft. |
| Europe (incl. CAME, excl. Germany) | -8% | +7% | DD order growth in EP, offset by lower large order wins in Electrification, Buildings stable; Backlog execution drives revenue in Electrification & Buildings, EP up modestly. |
Q3 FY 25 – Service
| Region | Revenue | Notes |
|---|---|---|
| Global | +8% | Clear revenue growth across all key regions, led by Americas. |
Note: Growth rates comparable, excl. FX and portfolio
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Mobility (MO)
Major orders, high-teens revenue growth and strong margin performance
Orders
Chart Description: Bar chart showing Orders in €bn for Q3 FY24 (2.4) and Q3 FY25 (7.9), with a +240% (1) change.
Revenue
Chart Description: Bar chart showing Revenue in €bn for Q3 FY24 (2.6 total, 2.1 MO, 0.5 Customer Services) and Q3 FY25 (3.1 total, 2.5 MO, 0.6 Customer Services), with a +19% (1) change.
- Book-to-bill at excellent 2.58x.
- Strong momentum across businesses driven by major and large orders.
- Backlog at €52bn with further improved gross margin, therein €15bn Customer Services.
1 Comparable, excl. FX and portfolio
Profit margin
Chart Description: Bar chart showing Profit margin for Q3 FY24 (8.7%) and Q3 FY25 (9.5%). Change is +60bps. Target range is 10-13%.
Free cash flow
Chart Description: Bar chart showing Free cash flow in €m for Q3 FY24 (-1.16) and Q3 FY25 (-0.40). Change is n/a.
- Rolling Stock up +33% on very easy comps.
- Rail Infrastructure up +3%.
- Therein Customer Services up +20%.
x.x x.x therein Customer Services; x.x% Profit margin excl. severance
- Broad-based increases on higher revenue.
- Stringent project execution.
- Significant catch-up in Q4 expected.
x.xx Cash Conversion Rate
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Below Industrial Business
Financing, Elimination, Others with several portfolio related effects
Chart Description: A waterfall chart for Q3 FY25 showing financial components. Industrial Business starts at €2,820m. SFS: +€112m. Governance: -€18m. Innovation: -€181m. Financing, Elimination, Others: +€368m. PPA: -€210m. Tax (at 23.1% rate): -€668m. Income Cont. Ops.: €2,222m. Disc. Ops.: +€21m. Net Income: €2,243m. Minorities: €197m.
- €154m gain from partial divestment of Airport Logistics.
- €121m effect from revised provisions for a legacy project.
- €85m revaluation gain from an equity investment.
Note: As of FY 25, “Financing, Elim., Other” contains items previously included: POC effects (mainly Siemens Energy India), GBS, Advanta, Treasury, and other items. In addition, SRE, Pensions, and Next47 are now included.
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
Strong free cash flow performance clearly ahead over prior year
Highly confident to achieve double-digit FCF return for 6th year in a row
FCF Industrial Business
Chart Description: Bar chart showing FCF Industrial Business in €bn. 9M FY24: 5,913 (0.71). Q1 FY25: 1,732 (0.69). Q2 FY25: 2,104 (0.65). Q3 FY25: 3,005 (1.07). 9M FY25: 6,842 (0.80). Change is +16%.
FCF "all in"
Chart Description: Bar chart showing FCF "all in" in €bn. 9M FY24: 4,513 (0.66). Q1 FY25: 1,584 (0.41). Q2 FY25: 1,003 (0.41). Q3 FY25: 2,918 (1.30). 9M FY25: 5,505 (0.64). Change is +22%.
Q3 cash performance
- Strong contribution from businesses.
- Cash outflows for tax payments €0.4bn lower y-o-y.
Capital allocation for shareholders
- Share buyback program very well on track after 18 months.
- €2.9bn (Feb 2024 - up to 5 yrs) allocated.
- €6.0bn total planned.
- As of August 1, 2025.
x.xx Cash Conversion Rate
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Consistent cash generation underpins very strong balance sheet
Sound basis for stringent capital allocation, balancing investments and shareholder returns
Capital structure
Chart Description: Line graph showing Industrial net debt/EBITDA (c/o) from Q3 23 to Q3 25. Values are: 0.8x (Q3 23), 0.7x (Q4 23), 0.6x (Q1 24), 0.7x (Q2 24), 0.7x (Q3 24), 0.4x (Q4 24), 1.1x (Q1 25), 1.0x (Q2 25), 1.1x (Q3 25). Target is Up to 1.5x.
Financial strength
- Consistent strong cash generation in first nine months.
- Pension deficit remains at historic low of €0.8bn.
- Capital structure will be well within target corridor after closing of Dotmatics acquisition for an enterprise value of US$5.1bn early in Q4 25.
- Excellent financial position confirmed with industry leading credit ratings.
- Successful refinancing through dual bond issuance of €4bn and US$7bn at attractive interest rates.
- Continued commitment to progressive dividend policy and accelerated share buyback program.
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Outlook FY 2025 confirmed
Siemens Group
[Actuals YTD 9M FY 25]
Book-to-bill
>1 [1.16]
Revenue growth
Comparable
3% – 7% [5%]
EPS pre PPA
€10.40–€11.00 [€8.20]
Siemens Businesses
Revenue growth
Comparable
Profit margin
| Business | Revenue Growth | Profit Margin |
|---|---|---|
| Digital Industries [excl. Altair & Dotmatics effects] | -6% – 1% [-9%] | 15% – 19% [15.3%] |
| Smart Infrastructure [excl. Wiring Accessories gain] | 6% – 9% [9%] | 17% – 18% [18.1%] |
| Mobility | 8% – 10% [14%] | 8% – 10% [8.9%] |
Effects related to Altair and Dotmatics, which we successfully acquired ahead of schedule, as well as the gain from the sale of Innomotics, are not included in this outlook. During the first nine months of fiscal 2025, these effects contributed, in total, a positive €2.44 per share to basic EPS pre PPA. This outlook also excludes burdens from legal and regulatory matters.
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Questions and Answers
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Appendix
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Digital Industries (DI)
Trends in vertical end market
Market recovery muted due to uncertain macro environment
| Vertical end markets | Revenue exposure | Market trend¹ Q2 FY 25 | Market trend¹ Q3 FY 25 |
|---|---|---|---|
| Automotive | 20% | ➡️ | ➡️ |
| Machine Building | 15% | ➡️ | ➡️ |
| Pharma & Chemicals | 10% | ➡️ | ➡️ |
| Food & Beverage | 10% | ➡️ | ➡️ |
| Electronics & Semiconductors | 10% | ↗️ | ↗️ |
| Aerospace & Defense | 5% | ➡️ | ➡️ |
1 Y-o-Y industry revenue development for next 6 months based on industry production data from statistical office sources (e.g. NBoS, US Fed, Eurostat)
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Smart Infrastructure (SI)
Trends in vertical end markets
Key verticals with consistent market trends
Data Center and Power Utilities remain growth engines
| Vertical end markets | Revenue exposure | Market trend¹ Q2 FY 25 | Market trend¹ Q3 FY 25 |
|---|---|---|---|
| Commercial Buildings | 15% | ➡️ | ➡️ |
| Data Center | 10% | ↗️ | ↗️ |
| Public Sector / Education | 10% | ↗️ | ↗️ |
| Healthcare | 5% | ↗️ | ↗️ |
| Industrial | 25% | ↗️ | ↗️ |
| Power Utilities | 15% | ↗️ | ↗️ |
1 Trend next 4 quarters, Y-o-Y vertical market development
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Financial Services
Strong FY 25 YTD performance on prior year level
Earnings before Taxes (EBT)
Chart Description: Bar chart showing EBT in €m. Q1 FY25: 113. Q2 FY25: 231. Q3 FY25: 112. 9M FY24: 540. 9M FY25: 531. ROE: 20.1% for both periods. Change in ROE is -2%.
Total Assets
Chart Description: Bar chart showing Total Assets in €bn. Q1 FY25: 33.6. Q2 FY25: 33.3. Q3 FY25: 32.0. Q4 FY24: 32.8. Q3 FY25: 32.0. therein Equity business is shown.
- Strong 9M performance of the equity business driven by a major gain from a sale in Q2.
- Solid result of the debt business.
- Decrease in total assets compared to September 30, 2024, driven by negative currency translation effects.
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Order backlog as a source of strength and resilience
Expected revenue generation from backlog
Chart Description: A stacked bar chart showing expected revenue generation from backlog in €bn. For 'Order backlog June 2025': DI: 9, SI: 19, MO: 52, SHS: 35, Other: 2. Total: 117. For 'FY 2025e': DI: 4, SI: 0, MO: 18, SHS: 6, Other: 0. Total: 28. For 'FY 2026e': DI: 3, SI: 34, MO: 65, SHS: 0, Other: 0. Total: 102. For 'After FY 2026e': DI: 0, SI: 0, MO: 0, SHS: 0, Other: 0. Total: 0. (Note: The chart seems to indicate future revenue generation from backlog, not just the backlog itself. The values for FY2025e and FY2026e are lower than the initial backlog, suggesting a portion is expected to be realized.)
Key developments
- Strong book-to-bill at 1.28.
- Material negative currency translation effects.
- Backlog at DI on normal levels.
- Strong backlog level in systems, solution and service business of SI providing sound basis for revenue growth trajectory.
- MO with high visibility; stringent execution is key to deliver on further improved backlog quality.
- Attractive long-term share in SHS backlog.
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Decrease in Net Debt on strong operating cash flows
Capital Structure improves and continues to be well within target range
Operating Activities
Chart Description: Bar chart showing Net Debt evolution in €bn. Net Debt Q2 2025: 42.8. Cash flows from operating activities (w/o ∆ OWC): 4.0. ∆ OWC: -0.4. Cash flows from investing activities: -1.4. Financing and other topics: 0.0. Net Debt Q3 2025: 40.6. Net Debt adjustments: 26.9. Ind. Net Debt Q3 2025: 13.7.
Details for Operating Activities: therein: Altair (3): -0.6, CAPEX: -0.6, SFS: -0.3, Sale of stake in SE: +0.2.
Details for ∆ OWC: therein: Inventories: 0.0, Trade and other receivables: -0.3, Trade payables: +0.1, Contract assets/liabilities: -0.2.
Details for Financing and other topics: therein: Share buyback: -0.8, Interest paid: -0.3, Sale of stake in SHS: +0.3, FX: +1.2.
Cash & cash equiv. Q2 2025: €13.8bn (1).
Cash & cash equiv. Q3 2025: €15.6bn (2).
1 Sum Cash & cash equivalents of €13.8bn incl. current interest bearing debt securities of €1.1bn. 2 Sum Cash & cash equivalents of €15.6bn incl. current interest bearing debt securities of €1.0bn. 3 Remaining liabilities incl. convertible bond.
Ind. Net Debt/ EBITDA (c/o)
1.0x (Q2 FY25: 1.1x)
Net Debt adjustments
SFS debt: 28.0, Q3 vs Q2: -1.1
Provisions for pensions: -0.8, Q3 vs Q2: 0.0
Credit guarantees: -0.3, Q3 vs Q2: 0.0
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Provisions for pensions remain stable on historic low level despite volatile market environment
| in €bn¹ | FY 2022 | FY 2023 | Q1 FY 2024 | Q2 FY 2024 | Q3 FY 2024 | Q4 FY 2024 | Q1 FY 2025 | Q2 FY 2025 | Q3 FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Defined benefit obligation (DBO)² | -27.8 | -26.6 | -28.8 | -28.3 | -27.6 | -28.4 | -28.3 | -27.2 | -26.9 |
| Fair value of plan assets² | 25.9 | 25.5 | 27.7 | 27.9 | 27.6 | 28.3 | 28.0 | 27.0 | 26.7 |
| Provisions for pensions and similar obligations | -2.3 | -1.4 | -1.5 | -1.4 | -1.3 | -0.9 | -0.9 | -0.8 | -0.8 |
| Discount rate | 3.9% | 4.6% | 3.5% | 3.7% | 3.8% | 3.5% | 3.6% | 3.9% | 3.8% |
| Interest income | 0.3 | 1.0 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 |
| Actual return on plan assets | -6.7 | 0.2 | 1.7 | 0.7 | 0.3 | 1.0 | -0.2 | -0.4 | 0.4 |
1) All figures are reported on a continuing basis (w/o Liabilities held for disposal). 2) Fair value of plan assets including effects from asset ceiling (Q3 2025: -€0.7bn); Difference between DBO and fair value of plan assets additionally resulted in net defined benefit assets (Q3 2025: €0.6bn).
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Bondholders value strong Siemens rating and sound refinancing profile
Total loan and bond debt of around €49.9bn
Chart Description: A bar chart showing loan and bond maturity profile as of June 30, 2025, in EUR bn. Bars represent maturities from FY 2025 (0.7) to FY 2065 (0.6), with significant amounts in FY 2026 (6.4), FY 2027 (6.2), FY 2028 (4.8), FY 2029 (4.0), FY 2030 (3.5), FY 2031 (3.1), FY 2032 (2.9), FY 2035 (1.5), FY 2036 (1.0), FY 2037 (2.0), FY 2041 (1.3), FY 2043 (0.8), FY 2044 (0.8), FY 2045 (1.5), FY 2046 (2.0), FY 2047 (1.3), FY 2055 (1.1).
Ratings:
MOODY'S: Long Term Aa3, Short Term P-1, Outlook stable.
S&P Global: Long Term AA-, Short Term A-1+, Outlook stable.
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Profit Bridge from SHS disclosure to SAG disclosure
Different profit definitions at SHS and SAG to be considered in models
| €m | Q3 FY 25 | 9M FY 25 | ||
|---|---|---|---|---|
| SHS EBIT (adjusted) | 953 | 16.8% | 2,757 | 16.2% |
| PPA (SHS logic)¹ | -88 | -271 | ||
| Transaction, integration, retention, carve-out cost | -13 | -22 | ||
| Gains and losses from divestments | 0 | 0 | ||
| Severance | -31 | -64 | ||
| Expenses for other portfolio-related measures | 0 | 0 | ||
| Other restructuring expenses | -87 | -128 | ||
| SHS EBIT (as reported) | 733 | 12.9% | 2,272 | 13.3% |
| PPA (SAG logic)² | +87 | +266 | ||
| Consolidation / Accounting Differences | +1 | +9 | ||
| SAG Profit (as reported) | 821 | 14.5% | 2,547 | 14.9% |
| Severance | +31 | +64 | ||
| SAG Profit (excl. severance) | 852 | 15.1% | 2,610 | 15.3% |
1 PPA on intangible assets as well as other effects from IFRS 3 PPA adjustments. 2 PPA on intangible assets.
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Outlook FY 2025 as presented by Siemens Healthineers on July 30, 2025
Outlook 2025: mid-points raised for growth and adj. EPS
FY2024
Revenue growth¹
5.2%
Adj. EPS
€2.23
FY2025E
Revenue growth
5.5 to 6% (previously: 5 to 6%)
Adj. EPS
€2.30 to 2.45² (previously: €2.20 to 2.50)
1 Excluding antigen of €121m in FY2023; FY2024 and FY2025 include no antigen. 2 Including assumed tariff impact of ~€200 to 250m on adj. EBIT for FY2025.
Note: Outlook for FY2025 is based on assumptions on current macroeconomic environment, including the regulations with regards to trade tariffs currently in force and planned for implementation as well as the interest rate level, exchange rate developments, and further assumptions (see Quarterly Statement Q3 FY2025).
Q3 FY2025
Unrestricted | Siemens Healthineers AG, 2025 | 13
Unrestricted | Siemens 2025 | Communications | Q3 Press Call | 2025-08-07
