F3Q26: Orders Strong, Imaging Weaker

Research evidence excerpt

F3Q26: Orders Strong, Imaging Weaker

Update

July 31, 2026 06:20 AM GMT

Morgan Stanley & Co. International plc+MSiemens Healthineers AG | Europe Aisyah Noor

Equity Analyst

F3Q26: Orders Strong, Imaging Aisyah.Noor@morganstanley.comAlejandra Galindez +44 20 7425-6177

Research Associate

Alejandra.Galindez@morganstanley.com +44 20 7677-2699

Weaker Jack Reynolds-Clark, CFA

Jack.Reynolds-clark@morganstanley.com +44 20 7425-3474

AlphaSignals Earnings Reaction

Siemens Healthineers AG (SHLG.DE, SHL GR)

Unchanged Modest upside Largely unchanged

Medical Devices | Germany

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target €37.00

Shr price, close (Jul 30, 2026) €37.20

Key Takeaways 52-WeekMkt cap, currRange(mn) €50.00-32.81€42,205

Net debt (09/26e) (mn)* €(2,128)

A mixed print in our view with strong equipment BTB offset by weaker Imaging EV, curr (mn)* €40,836

growth

* = GAAP or approximated based on GAAP

FY26 guide lowered on growth due to Diagnostics miss, raised on EPS due to

tariff refunds (unchanged when excluding refunds)

FQ3 Sales -1% below cons driven by miss in Imaging (-2%) and Dx (-2%)

EBIT was in line with cons ex-tariff refunds

MS View: overall a mixed print as strong BTB of 1.27x supported by 2 Value

partnerships, offset by a weaker Imaging quarter. Imaging csg was +2%, a -3% miss

to cons, driving a -6% Imaging EBIT (ex-refunds) miss to consensus. SHL attributes

this to shift in MR revenues from Q3 to Q4. The EPS guidance raise was entirely

attributed to tariff refunds worth 15c to the FY26 EPS, without which we note the

range would be unchanged. For the call we expect commentary on 1) Order strength