SIEMENS : Q2 Conf call feedback - Are the software deals set to continue?

Research evidence excerpt

SIEMENS : Q2 Conf call feedback - Are the software deals set to continue?

EQUITIES

CAPITAL GOODS

SIEMENS OUTPERFORMPRICE* EUR264.6  TARGET PRICE EUR300 (UPSIDE 13%)

SIEMENS ADR OUTPERFORMPRICE* USD157.6  TARGET PRICE USD176 (UPSIDE 12%)

FLASH NOTE

Q2 Conf call feedback – Are the software deals set to continue?

13 MAY 2026 Securities Research Report Production time: 10:33* (London time)

Research Analyst & Publishing Entities

Jonathan Mounsey BNP Paribas London Branch (+44) 207 039 9529 jonathan.mounsey@uk.bnpparibas.com

The Siemens Q2 conference call has just finished. The three main talking points for the Siemens results Q&A are:

Datacentres: Analysts asked about the Company's order performance in the datacentres market. Management

mentioned the successful launch of new products, such as the 800V DC technology, and the Company's focus on

expanding its manufacturing footprint and improving its supply chain.

M&A & Strategic Initiatives: Analysts inquired about the Company's M&A strategy. Management emphasised their

focus on acquiring digital assets, including software, AI-related technologies, particularly connected hardware. The CFO

emphasized the importance of maintaining a prudent approach to capital allocation, focusing on strategic fit, synergies,

and value creation for the Company. The CEO seemed willing to continue to add software to the Group despite market

worries regarding the terminal values from many such assets.

Chinese momentum: Management expects China to improve gradually, driven by a combination of factors such as

increasing consumer confidence, the government's strategy to promote high-quality manufacturing, and the country's

ability to diversify its exports away from the US. The CEO sees China pivoting towards high-tech manufacturing. This