Siemens AG (SIE GR): Buy: Automation upcycle driving DI in Q3

Research evidence excerpt

Siemens AG (SIE GR): Buy: Automation upcycle driving DI in Q3

1 July 2026

Siemens AG (SIE GR) EquitiesIndustrial Conglomerates

Buy: Automation upcycle driving DI in Q3 Germany

◆ DI Q3 order intake up sharply y-o-y with strong contribution

MAINTAIN BUY

from automation and moderate software growth

◆ Ongoing demand strength in SI and large order wins in TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

Mobility tee up robust industrial business outlook in Q3 300.00 300.00

◆ Maintain Buy and TP of EUR300, Siemens to report Q3 FY26 SHARE PRICE (EUR) UPSIDE/DOWNSIDE

numbers on 6 August 2026 281.15 +6.7%

(as of 30 Jun 2026)

Key messages: We expect Siemens (SIE) to post Q3 FY26 results in line with

MARKET DATA

previously issued guidance (at Q2 results). We note a continuation of the Market cap (EURm) 219,859 Free float 86%

communication trend around an improving demand backdrop for automation, Market cap (USDm) 251,123 BBG SIE GR

3m ADTV (USDm) 380 RIC SIEGn.DE

particularly in China, confirming our own upbeat view (see Buy: Automation upcycle

cements optimism, 22 May). SIE remains very confident of obtaining all approvals FINANCIALS AND RATIOS (EUR)

Year to 09/2025a 09/2026e 09/2027e 09/2028e

required for the direct spin-off of a 30% stake in Healthineers, which is due for HSBC EPS 12.11 10.23 12.33 14.18

approval at the February 2027 AGM. HSBC EPS (prev) 12.11 10.23 12.33 14.17

Change (%) 0.0 0.0 0.0 0.0

Digital Industries (DI): We expect Q3 order intake to be sharply up y-o-y (albeit on Consensus EPS 11.69 10.85 12.39 13.92

PE (x) 23.2 27.5 22.8 19.8

an easy EUR4.4bn comp) and ahead q-o-q (vs EUR4.8bn in Q2-FY26), with a strong Dividend yield (%) 1.9 2.0 2.0 2.1

contribution from automation and moderate growth in software. We see comparable EV/EBITDA (x) 20.6 18.9 16.0 14.1