Siemens Healthineers AG: Feedback from the European Leadership conference

Research evidence excerpt

Siemens Healthineers AG: Feedback from the European Leadership conference

Equity Research

European Medical Technology & Services

22 May 2026

Siemens Healthineers AG

Feedback from the European

Leadership conference

Service contracts a good inflation hedge given CPI clauses. SHLG.DE/SHL GY OVERWEIGHT

POSITIVEPricing measures set out at CMD now easier to achieve. Work EuropeanTechnologyMedical& Services

ongoing on carving out Diagnostics. Reimbursement changes Price Target EUR 50.00

in RT not seen as a major topic. Limited visibility on 232 but Price (21-May-26) EUR 34.51 Potential Upside/Downside +44.9%

Source: Bloomberg, Barclays Researchcould be “tailor-made” and exclude PCCT.

We were pleased to host Marc Koebernick, Siemens Healthineers' Head of Investor Relations, at European Medical Technology &

our European Leadership conference yesterday. We highlight our three key takeaways below. Services

Hassan Al-Wakeel, CFA

1.1. Inflation: The company believes they are well equipped in deal with inflation with service +44 (0)20 7773 3898

contracts having CPI clauses and thus providing a good hedge. Price increases in MR come hassan.al-wakeel@barclays.com

Barclays, UK at a 6-12 month lag given lead times, although this is trending down since helium free

requires less preparation time, whilst radiotherapy has longer lead times. They also believe Jonathon Unwin

that their pricing ambitions set out at CMD of 1% between CMD and 2028 would be easier to +44 (0)20 7773 0354

realise given higher inflation. jonathon.unwin@barclays.com

Barclays, UK

2.2. Radiation Therapy reimbursement: Reimbursement risks is not seen as a major topic or Marco Pires-Cox

discussed internally. Varian has 80% market share in the US and has seen no impact on +44 (0)20 3134 3421

order growth.