Q3 Review: Exactly what the Dr. ordered

Research evidence excerpt

Q3 Review: Exactly what the Dr. ordered

Equity Research

European Medical Technology & Services

3 August 2026

Siemens Healthineers AG

Q3 Review: Exactly what the Dr.

ordered

FY27 reset comes a quarter early and, in our view, is what SHLG.DE/SHL GY OVERWEIGHT

investors have been waiting for. We rebase FY27 EPS to €2.35 Unchanged

European Medical

(5% growth), believe this allows narrative to pivot to Technology & Services POSITIVE

Unchanged

execution & upside (rather than d/s). Exciting product cycle Price Target EUR 47.50

lowered -5% from EUR 50.00stories in Varian launch (hosting ASTRO trip), PCCT and

PETNET. Price (31-Jul-26) EUR 36.86

Potential Upside/Downside +28.9%

Source: Bloomberg, Barclays Research

We update numbers following the company's FQ3 print (see Q3 first take: Top-line guide

cut on Dx, strong orders and rebasing FY27, 31 Jul). The quarter was characterised by soft Market Cap (EUR mn) 41578

guidance on FY27E EPS, which we see as MSD% growth at a minimum, and now forecast Shares Outstanding (mn) 1128.00

5% growth. The FY27 outlook for earnings growth has been a key debate across the sector Free Float (%) 27.89

(see MedTech back from the dead? Assessing inflation risk) and in particular around 52 Wk Avg Daily Volume (mn) 1.1

inflationary headwinds for SHL. As such, we see Friday's print as a clearing event for Dividend Yield (%) 2.72

Healthineers. We view SHL as one of the most compelling product stories in EU Medtech, Return on Equity TTM (%) 12.05

and the quarter provided proof points of this thesis with Healthineers gaining share in CT Current BVPS (EUR) 17.13

in the US driven by PCCT (see: An exciting catalyst pathway, 3 Nov), and confirmation that Source: Bloomberg

PETNET is likely to surpass €1bn in revenue this year; above our Blue Sky scenario of