Siemens AG: Mixed FQ2'26 results

Research evidence excerpt

Siemens AG: Mixed FQ2'26 results

Deutsche Bank

Research

Rating Company Date

Hold Siemens AG 13 May 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 264.60

SIEGn.DE SIE GR GER SIEGn

Price Target (EUR) 255.00

Capital Goods

Diversified / Conglomerates ADR ISIN 52-week range (EUR) 268.65203.75-

SI US8261975010

Mixed FQ2'26 results

Valuation & Risks

Gael de-Bray, CFA

Siemens announced that the Supervisory Board intends to elect Mark Schneider

Research Analyst

to succeed Jim Hagemann Snabe as Chairman following the AGM in February +33-1-4495-6562

2027. Siemens also announced a new share buyback program of up to €6bn

running for a period of up to 5 years, but reported mixed Q2 results. Group orders Nabil Najeeb

beat consensus by 8%, with a strong book-to-bill of 1.22x. However, revenues and

+44-20-754-17410

industrial profit missed by 2% and 3%, respectively, with organic growth of 6%,

and a margin of 15.4%, 20bps below consensus, driven by a miss at Mobility. For

Price/price relative

FY26, the group left its organic growth and EPS guidance unchanged, although

both SI and DI's organic growth outlooks were revised higher, offset by a

downward revision for Mobility. Most of Siemens' electrification and automation

peers had already reported stronger-than-expected results, so we believe

positioning was for a small beat and raise. We expect the shares to react slightly 100

negatively. 2024 2025 2026

Siemens AG – (Rebased)

Divisional details Performance (%) 1m 3m 12m

n Digital Industries - DI orders reached €4.76bn, up 12% YoY organically and

Absolute 15.3 3.0 19.3

2% above consensus with a book-to-bill of 1.03x. Of note, automation

orders reached only €3bn, a 4% decrease sequentially, which is somewhat DJ (.STOXXE) -1.3 -1.7 10.9