Siemens: 2Q26 review: industrial acceleration

Research evidence excerpt

Siemens: 2Q26 review: industrial acceleration

iQprofile SM Siemens

Key Income Statement Data (Sep) 2024A 2025A 2026E 2027E 2028E Company Sector

(EUR Millions) Electrical Equipment

Sales 75,928 78,913 82,888 90,329 69,300

EBITDA Adjusted 12,788 12,549 13,416 15,250 13,237

Depreciation & Amortization (3,158) (3,389) (4,207) (4,103) (2,817) Company Description EBIT Adjusted 9,630 9,160 9,208 11,147 10,420

Net Interest & Other Income 809 838 873 1,200 1,200 Siemens is a global leader in electrical engineering. It

Tax Expense / Benefit (2,321) (2,501) (3,004) (3,458) (3,193) focuses on energy (mainly gas turbines, power

Net Income (Adjusted) 8,300 9,599 8,350 9,613 9,617 transmission and wind turbines), industry (automation and

Average Fully Diluted Shares Outstanding 797 794 787 787 787 drives), health care and infrastructure and cities (transport,

Key Cash Flow Statement Data building technologies, power distribution). In fiscal 2024,

Net Income (Reported) 8,300 9,599 8,350 9,613 9,617 Siemens generated revenue of EUR76bn and had around

Depreciation & Amortization 3,073 1,330 4,108 4,103 2,817 300k employees worldwide.

Change in Working Capital (332) 471 (599) (500) (500)

Deferred Taxation Charge 0 0 0 0 0

Other CFO (1,927) 3,381 (792) (821) (1,581)

Cash Flow from Operations 9,114 14,781 11,067 12,395 10,352 Investment Rationale

Capital Expenditure (2,088) (2,445) (3,155) (3,077) (2,937) We have a Buy rating on Siemens. We expect the both the

(Acquisition) / Disposal of Investments (353) (13,683) 0 0 0 Digital Industries and Smart Infrastructure businesses to

Other CFI 237 186 0 0 0 maintain their current robust growth levels, driven by

Cash Flow from Investing (2,204) (15,942) (3,155) (3,077) (2,937)

strong demand dynamics supported by long-dated backlog