Healthineers: Q3 2025/26 saw another guidance cut due to China Diagnostics but order book shows strength in core business

Research evidence excerpt

Healthineers: Q3 2025/26 saw another guidance cut due to China Diagnostics but order book shows strength in core business

Susannah Ludwig +41 582 723 127 susannah.ludwig@bernsteinsg.com 4 August 2026

separation from Siemens is expected to introduce recurring standalone costs, which management continues to estimate at a

mid-double-digit million euro level and is equivalent to a headwind of c. -€0.02 to -0.03.

Against these headwinds, the company highlighted several offsetting tailwinds. Tariff mitigation measures announced at the

Capital Markets Day are expected to begin contributing in 2026/27E , forming the first phase of management's plan to fully

mitigate the approximately €400m tariff impact by 2027/28E. In addition, Imaging continues to benefit from strong adoption

of photon-counting CT and DryCool MRI, while Precision Therapy remains supported by the strong momentum in Advanced

Therapies and Varian. Management also reiterated its confidence in maintaining high-single-digit growth at Varian over time,

aided by an upcoming radiation therapy platform launch and a strong installed base.

One key variable is inflation. Healthineers now sees rising costs for memory chips, selected raw materials and logistics

becoming a meaningful headwind. Management currently assumes that the benefit from tariff mitigation in 2026/27E could be

largely offset by these inflationary pressures, neutralizing one of the more obvious earnings tailwinds.

We forecast a 2026/27 adj. EPS of €2.36, which is +5% above our tariff refund adjusted forecast for 2026 adj. EPS.

Q3 PERFORMANCE BY BUSINESS AND GEOGRAPHY

GROUP PERFORMANCE

Healthineers saw mixed performance in Q3 in its core businesses. Precision Therapy growth accelerated while Imaging was