SIEMENS HEALTHINEERS : Parent overhang partially dissipates but FQ3 bar looks high

Research evidence excerpt

SIEMENS HEALTHINEERS : Parent overhang partially dissipates but FQ3 bar looks high

EQUITIES

MEDTECH & SERVICES

NEUTRAL TARGET PRICE EPS 09/26e EPS 09/27eSIEMENS HEALTHINEERS PRICE* EUR33.6  TARGET PRICE EUR37 (UPSIDE 10%)  -10% non material  -2%

NEUTRAL TARGET PRICE EPS 09/26e EPS 09/27eSIEMENS HEALTHINEERS ADR PRICE* USD19.7  TARGET PRICE USD21.8 (UPSIDE 11%)  -10% non material  -2%

Parent overhang partially dissipates but FQ3 bar looks high

FQ2 sales/adj. EBIT came in -2%/-4% below cons. with Diagnostics the major drag to performance,12 MAY 2026

Securities Research Report impacted by China. While the book-to-bill of 1.02x impacted by customer phasing was a negative

Production time: 10:20* (London time)

surprise, the cut of the FY26 sales growth and EPS guide to 4.5-5.0% (vs 5-6%) and EUR2.20-2.30

Research Analysts & Publishing Entities

(vs EUR2.20-2.40) was somewhat expected following soft FQ1 and prior comment on cost inflation.

Hugo Solvet

BNP Paribas London Branch Parent overhang slowly (but not fully) dissipating(+44) 203 430 8478

hugo.solvet@uk.bnpparibas.com We welcome 1) incremental visibility on the timeline for the spin-off from parent SIE, expected to

happen in FQ3 (April-June) 2027, 2) expectations for no impact on profitability from potential license

fees/brand name change – although negotiations are still ongoing, and 3) commitment to contain net

financial costs. Assuming no surprises on those would leave one last, yet sizeable, headwind of a

technical nature, i.e. flowback possibly expected the 20-30% range.

Ambitious FQ3 sales guide, downside to FY27 remains

We understand new product launches in Advanced Therapies should help support growth through

the rest of the year, with management targeting FQ3 group growth of 5-6%. That said, Varian comps