Siemens Healthineers Thoughts ahead of 3Q26 results

Research evidence excerpt

Siemens Healthineers Thoughts ahead of 3Q26 results

EUROPE | Medical Supplies & Devices

Siemens Healthineers EquityJuneResearch25, 2026

ESTIMATE CHANGEThoughts ahead of 3Q26 results

3Q26 results on 3 Aug. Pre-close brief in line with Q2 comments and OSG/ RATING BUY

margin comments seem broadly captured by cons. Expect another solid print PRICE €34.52^

from Imaging/Varian, with Dx less of a burden than in Q2 - a marked, phasing- PRICE TARGET | % TO PT €50.00 | +45%

driven recovery in B2B was also guided. This should back SHL's reduced FY26 52W HIGH-LOW €50.00 - €32.81

guide of 4.5-5.0% OSG and EPS of €2.20-2.30. SHL is a quality compounder, in FLOAT (%) | ADV MM (USD) 32.3% | 41.17

our view, but re-rating may wait for late H2 (flowback, FY27 guide, Dx carve-out, MARKET CAP €38.6B | $43.9B

China). TICKER SHL GR

^Prior trading day's closing price unless otherwise

noted.

Q3 OSG likely above FY guide. CFO hinted at 5-6% OSG in Q3 (cons 5.0%), with China-related Dx

rev decline (cons -1.5%) halving vs H1 (<5% decline). Imaging seen up MSD (cons +5.7%), in line

with FY guide and in spite of tough comps. PT to accelerate seq. (cons +7.7%), driven by AT. FX FY (Sep) CHANGE TO JEFe JEF vs CONS

HW likely 1-2pp. 2026 2027 2026 2027

REV* NM <1% NM +1%

"Much stronger B2B in Q3 than in Q2". B2B of 1.02x meant MSD order decline in Q2 - 2nd Q in EPS NA <1% +1% -3%

a row of decline, arguably on strong comps. Phasing shall lead to a marked recov. from Q3. Solid

backlog expansion still on the cards (avg 1.12x in past 4 Qs). 2026 (€) Q1 Q2 Q3 Q4 FY

Q3 margin likely down y/y across all divisions. SHL expects y/y mgin decline in Imaging (cons EPS -- -- -- -- 2.25

22.9% vs 23.7% in 3Q25) and PT (cons 13.6% vs 14.4% in 3Q25), due to FX and addtional cost PREV

inflation.