Siemens: 3Q Preview

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Siemens: 3Q Preview

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Siemens

3Q Preview

Reiterate Rating: BUY | PO: 310.00 EUR | Price: 269.20 EUR

3Q Preview – momentum continues across SI and DI 30 June 2026

We expect Siemens to deliver a strong 3Q, with continued momentum across both Equity

Smart Infrastructure (SI) and Digital Industries (DI). In SI, we forecast c.25% organic

order growth and c.10% revenue growth, with margins of c.18.8% (incl. severance),

Key Changesreflecting sustained strength from electrification, grid investment, and data centre

demand, with no clear signs of slowdown in order intake. In DI, we anticipate solid (EUR) Previous Current

performance, with orders up c.10% driven by automation, revenues growing c.8.5% Price Obj. 300.00 310.00

supported by both automation and software, and margins of c.18.2% (incl. severance).

The automation backdrop remains constructive, with improving machine tool data, solid Benjamin Heelan >>

Research Analyst

trends in China at peers, and broadly +ve industry commentary underpinning confidence Merrill Lynch (DIFC)

in near-term demand. We update our estimates, and reit Buy, PO €310 (ADR $177). +44benjamin.heelan@bofa.com20 7996 5723

Software remains robust despite sector de-rating AlexanderResearch AnalystJones, CFA >>

Within software, we expect another solid quarter, with c.12% ARR growth, highlighting MLI (UK) +44 20 7995 5828

the resilience of Siemens’ portfolio despite the broader de-rating of software assets. alexander.jones2@bofa.com

Looking ahead, we see further support from an expected acceleration in EDA into 4Q, Aron Ceccarelli >>

while the integration of Dotmatics and Altair through to 2027 should enhance scale, ResearchMLI (UK) Analyst

support revenue synergies, and drive margin expansion.