Siemens Healthineers AG：Q3'26业绩：Q3销售略低于预期，但基础EBIT符合预期，EPS超预期。FY26指引已修订

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J P M O R G A N

Europe Equity Research

31 July 2026

Siemens Healthineers AG

Q3’26 results: Q3 sales a touch below but u/l EBIT in

line and EPS ahead. FY26 guidance revised

Overweight

SHLG.DE, SHL GR

Price (30 Jul 26):€37.10

Price Target (Jun-27):€54.30

Our Take: Order book-to-bill of 1.27 (low-mid teens order growth) is the key

highlight. Revenues were 1.8% below on softness in Imaging (tough comps and

timing) and Diagnostics (China), adjusted EBIT was in line (adjusted for tariff

refund) and u/l EPS 3.8% ahead. FY26 guidance: revenues trimmed on slower

Diagnostics growth, u/l EPS reiterated (and upgraded for tariff refund).

Commentary in the presentation on FY27 is likely to lead to the conclusion that

double-digit EPS growth in FY27 is unlikely. Given the very recent bounce, we see

the shares down MSD-HSD.

European Medical Technologies &

Services

(44-20) 3493-5648

J.P. Morgan Securities plc

Noteworthy Areas: Order book-to-bill of 1.27 was strong following the softer

Q2. Revenues 1.8% below, with Imaging 2.2% below on timing of deliveries

and Dx 1.6% below on soft China. Adj EBIT (stripping out the tariff refunds)

was in line despite the soft revenues, helped by favourable mix and a one-off

in Dx.

Imaging: Revenue growth of 2.3% (consensus +5.4%) was impacted by

strong comp and slippage of deliveries into Q4. MU/l margin of 21.6%

(cons 22.4%) impacted by lower sales and share-based payments.

Precision Therapy: Revenue growth of 9.2% (cons +7.7%) with strong

contribution from Varian (+9.3%), despite MSD declines in China. U/l

margins at 14.0% (cons 13.6%).

Diagnostics: Revenue growth of -5.5% (cons -2.9%) on continued

weakness in China. Margins at 3.0% were in line. Ongoing revenue

weakness here is the key driver of the FY26 group revenue downgrade.

Other: Corporate costs were c€20m better than consensus pencilled in,

helping group EBIT come in in line with expectations.

FY27: Slide 15 in the presentation gives some qualitative views on EPS

growth into FY27, which is likely to lead to the conclusion that DD EPS

growth is unlikely (something we previewed here), although we think the

buyside is closer to HSD already.

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