Equity Snap: Siemens Healthineers AG (SHL GR): Q3 beat on EPS; FY26 guidance trimmed on top line

Research evidence excerpt

Equity Snap: Siemens Healthineers AG (SHL GR): Q3 beat on EPS; FY26 guidance trimmed on top line

31 July 2026

Equity Snap: Siemens Equities Health Care Equipment &

Healthineers AG (SHL GR) Supplies

Q3 beat on EPS; FY26 guidance trimmed on top line Germany

◆ Q3 revenues were 1% below cons with weakness in Imaging Shubhangi Gupta*, PhD

and Dx; adj EPS above cons with tariff refund impact GlobalHSBC SecuritiesLife Sciencesand Capital& HealthcareMarketsAnalyst(India) Private

Limited

◆ Order momentum strong; market might focus on Imaging and shubhangi.gupta@hsbc.co.in

+91 80 4555 2143

China weakness

Rajesh Kumar*

Senior Global Life Sciences & Healthcare Analyst

HSBC Bank plc

Siemens Healthineers AG (SHL GR, EUR37.20, Buy, TP EUR45.00) rajesh4kumar@hsbcib.com

(Priced as of 30 Jul 2026) +44 20 7991 1629

FY26 outlook: Siemens Healthineers updated FY26 outlook with Diagnostics * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

performance (decreasing revenue) and 15cts tariff refund impact (EPS raised). Adj not registered/ qualified pursuant to FINRA regulations

EPS raise is driven by Q3 beat. For Q4, VA cons is modelling 6.25% organic revenue

growth, with 7.2% in Imaging, 5.7% in Advanced Therapies and a flat Diagnostics

(Dx) business, and adj EPS of EUR0.68 (in line with new guidance mid-point).

Although order momentum remains strong, conversion to revenues would be a key

focus. The market might start debating expectations for FY27 (VA cons at 6% organic

revenue growth and 10% adj EPS y-o-y growth).

Q3 FY26: Q3 revenues were 1% below cons with weakness in Imaging and Dx. Adj

EPS was c32% above cons with tariff refund impact across all segments. Margin

impact from tariff refunds was 490bps in Imaging, 350bps in Precision Therapy,

110bps in Diagnostics.