SIEMENS : Paris in the spring - with Siemens

Research evidence excerpt

SIEMENS : Paris in the spring - with Siemens

EQUITIES

CAPITAL GOODS

SIEMENS OUTPERFORMPRICE* EUR260.5  TARGET PRICE EUR300 (UPSIDE 15%)

SIEMENS ADR OUTPERFORMPRICE* USD152.0  TARGET PRICE USD176 (UPSIDE 16%)

FLASH NOTE

Paris in the spring – with Siemens

19 MAY 2026 Securities Research Report Production time: 18:21* (London time)

Research Analyst & Publishing Entities

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

We hosted Siemens new CFO Veronika Bienert for a roadshow with investors in Paris. We summarise below

the main talking points from the day.

Digital Industries: The rollout of Siemens’ Chinese local-for-local product offerings continues. The Firm launched 18

products into the market in FY25 and has added another 26 in the FY26. The process will continue and some of these

‘simpler’ products may have applicability in other markets outside of China. Revenues from these products are growing

at a rate above 20%. The CFO confirmed that their distributor checks confirm no abnormal build up of inventory. The

demand appears to reflect the real level of customer activity. Management is therefore confident that demand will remain

solid in the upcoming months and so they are confident to make numbers this year as communicated.

Investors were keen to understand the margin potential at DI. The CFO confirmed that the business has realised the

EUR150mn of targeted cost savings, that Altair integration costs are set to ease and that the targeted EUR500mn of

Altair related sales synergies are beginning to accrue through cross selling initiatives. The SaaS transition within the

PLM business is almost complete. Siemens has ‘passed beyond the belly of the fish.’ Further margin benefits from the