First Read: Siemens "Key takeaways from sell-side meeting with CEO and CFO"

Research evidence excerpt

First Read: Siemens "Key takeaways from sell-side meeting with CEO and CFO"

Global Research

13 May 2026ab

First Read

EquitiesSiemens

Key takeaways from sell-side meeting with CEO Germany

and CFO Advanced Industrial Equipment

12-month rating Buy

12m price target €300.00

Bottom line

We attended a sell-side update with Siemens CEO and CFO. Overall, we found the

meeting tone confident with companies making good progress across DI and SI globally Price (13 May 2026) €264.35

with favourable demand trends and well-managed price-cost equation. The meetings RIC: SIEGn.DE BBG: SIE GR

left us further convinced that the implied H2 / Q4 guidance is rather conservative but we

Trading data and key metrics

also appreciate management’s (and especially given the recent CFO change) desire to

build a track record of delivery and over-delivery. Reiterate Buy. 52-wk range €268.65-203.75

Market cap. €208b/US$244b

Key points Shares o/s 788m (ORD)

H2 guidance looking increasingly conservative. The combination of H1 Free float 94%

results and Q3 divisional guides implies flat yoy and qoq margin in SI in Q4 and Avg. daily volume ('000) 1,421

margin down 200bps yoy, flat qoq in DI, on our calculations. Management were Avg. daily value (m) €330.3

quite open to admit a degree of conservatism in the current guidance, which we Common s/h equity (09/26E) €65.4b

see as appropriate at this stage given the geopolitical situation with inflation and P/BV (09/26E) 3.1x

supply chain disruption risks. The incremental positive drivers for H2 2026 and Net debt to EBITDA (09/26E) 2.4x

2027 are fading FX headwind group-wide and falling acquisitions integration costs

EPS (UBS, diluted) (EUR)

in DI (which should turn into a net positive in 2027 with cost synergies delivery).

UBS Cons.

US share gains.