Siemens Healthineers AG (SHLG.DE): Updating our estimates post Q3 26 results; Remain Neutral

Research evidence excerpt

Siemens Healthineers AG (SHLG.DE): Updating our estimates post Q3 26 results; Remain Neutral

Equity Research

3 August 2026 | 9:12PM BST

Siemens Healthineers AG (SHLG.DE): Updating our estimates post Q3 26

results; Remain Neutral

We are updating our estimates following Siemens Healthineers’ Q3 26 earnings. We Richard Felton, CFA

+44(20)7552-7872 |

incorporate Q3 26 results, updated FY26 guidance (and tariff refund impact), and richard.felton@gs.com

Goldman Sachs International

reflect on management commentary for EPS growth in FY27e.

Lauren Mitchell

+44(20)7774-8731 |

Taking a step back, we note the positive takeaways from Q3 26 results: (1) We lauren.r.mitchell@gs.com

believe that management commentary on FY27e provides investors with an early

sense of the building blocks EPS growth, (2) The financial implications of the spin

from Siemens AG are more clear, including removing uncertainty around a significant

licensing fee impact (as some investors had worried) and (3) Growth in Imaging and

at the group level to accelerate into Q4, after timing impacts of orders in Q3 weighed

on growth.

Against those positives, we highlight key questions that remain around, (1)

Diagnostics in China that faces potential further policy headwinds and could present

further downside risk to estimates (e.g. hemostasis VBP, DRG, pricing unification), (2)

Diagnostics ex. China as legacy platforms decline, which is important in the context

of FY27 consensus still showing +53% adj. EBIT growth for Diagnostics.

Overall our adj. EBIT estimates are +7%/-1%/-3% in FY26/27/28e adjusted EPS; the

increase to FY26 is driven by tariff refunds in FY26, partly offset by lower contribution from

Dx. Our model does not assume further tariff refunds. We lower our FY27/28e estimates