First Read: Siemens "Q2 FY26 Call: Positive stacking up for H2" (Buy) Kukhnin

研报英文原文证据摘录

First Read: Siemens "Q2 FY26 Call: Positive stacking up for H2" (Buy) Kukhnin

company to gain market share. OEM business grew in Q2. Siemens did price

increase in Q1, and it is stable QoQ in Q2. Siemens note there could be an element

of pre-buy within China Automation, however it notes it has not seen a

meaningful shift in KPIs such as ordering patterns or lead times.

Automation growth verticals run-through: Automotive growth has been

limited in early-2026 (Europe recovery, China softened qoq, Japan flat); Machinery

with automation demand is expected to grow LSD to MSD (Europe slightly +ve in

Q2); Chems moderate growth (driven by China, Europe weakened further);

Pharma (led by China but pricing under pressure); F&B production remains modest

so cautious near-term outlook; Electronics & Semi both strong due to AI chip

demand; A&D key growth driver.

Middle East: Siemens' exposure to Middle East is 3-4% of sales. Siemens have

not noted any material changes in broader customer buying behaviour as a result

of the conflict.

M&A: As expected, Siemens did not comment on media article on potential

MerMec acquisition in rail (link).

SHL spin: Siemens confirmed it will vote at the AGM in Feb'27 on the spin.

Currently Siemens hold 67% of SHL.

Software performance and AI monetisation: Siemens are confident in having

taken share in H1 in software judging by growth delivered vs peers (Digital

business +19% in H1, Software +14% in Q2, +11% in Q1). The company is

making progress in moving towards token-based monetisation of its software

platforms in response to AI / AI agents but called relatively early days. In terms of

USP and competitive advantage, Siemens highlight Teamcenter X SaaS cloud-

based PLM together with agents offerings that enhance capability; AI agents for