SIEMENS : What’s the ‘deal’ with Siemens?

Research evidence excerpt

SIEMENS : What’s the ‘deal’ with Siemens?

EQUITIES

CAPITAL GOODS

SIEMENS OUTPERFORMPRICE* EUR264.6  TARGET PRICE EUR300 (UPSIDE 13%) TARGETunchangedPRICE EPS 09/26e-5% EPS 09/27e-3%

SIEMENS ADR OUTPERFORMPRICE* USD157.6  TARGET PRICE USD176 (UPSIDE 12%) TARGETunchangedPRICE EPS 09/26e-5% EPS 09/27e-3%

What’s the ‘deal’ with Siemens?

A mixed set of results – but SI orders stand out with Datacentres intake up triple digits13 MAY 2026

Securities Research Report Siemens delivered a mixed set of Q2 results. Group organic order growth was up 18% (vs. Co Cons

Production time: 18:29* (London time) 8.0%) and Smart Infrastructure beat by 19% (its organic order growth was 35%). SI’s US order

Research Analysts & Publishing Entities growth accelerated to +72% (+54% in Q1). SI’s Datacentres orders were up triple digits, to stand at

Jonathan Mounsey EUR1.9bn (25% of the SI intake). DI’s intake growth slowed to +7% (+17% in Q1), a little

BNP Paribas London Branch disappointing. Group organic sales growth was in line. Digital Industries was slightly ahead, while(+44) 207 039 9529

jonathan.mounsey@uk.bnpparibas.com Mobility sales missed by 4% as US tariffs drove a mechanical impact on revenue recognition under

IRFS15. The Group’s Industrial operating profit margin was slightly light at 15.4% (vs. Co Cons

15.6%), due to margin misses at Healthineers and Mobility. The Digital Industries margin was 18.5%,

beating Company Consensus by 140bps. Smart Infrastructure margins were in line.

An update to guidance, buyback & talk of future deals

Digital Industries’ outlook has been upgraded from a 5‑10% to a 7‑10% organic revenue‑growth

range, with its margin guidance now set at 17‑19% (prev.15-19%). Smart Infrastructure organic sales