Siemens Healthineers (SHLG.DE): 3QFY26 slightly below; FY26 EPS guidance unchanged excl. tariff refunds; Buy

研报英文原文证据摘录

Siemens Healthineers (SHLG.DE): 3QFY26 slightly below; FY26 EPS guidance unchanged excl. tariff refunds; Buy

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31 Jul 2026 02:36:43 ET │ 12 pages

Siemens Healthineers (SHLG.DE)

3QFY26 slightly below; FY26 EPS guidance unchanged excl. tariff

refunds; Buy

CITI'S TAKE Buy

Price (30 Jul 26 17:30) €37.20 SHL reported 3QFY26 org. growth c.170bps below Vara consensus/Citi;

Target price €45.00 the miss was driven by Imaging on installation slippage into 4QFY26, and

Dx (ongoing China softness). Excl. tariff refund benefits, adj. EBIT was in- Expected share price return 21.0%

line with consensus and c.1% below Citi; excl. central items, adj. EBIT was Expected dividend yield 2.7%

2-3% below consensus and Citi. Equipment book-to-bill ratio was very Expected total return 23.7%

strong at 1.27, implying at least mid-to-high teens order growth in Market Cap €41,962M

3QFY26 on our math (+c.6% on a 4-year stack). SHL lowered FY26 top- US$48,371M

line guidance primarily to reflect Dx weakness, while raising EPS guidance

to account for the tariff refund benefit in 3QFY26; on an underlying basis,

the EPS guidance is unchanged despite the lower org. growth

outlook. For FY27 EPS, the slides appear to imply c.Eur2.35-2.40, in Veronika DubajovaAC

line with Citi. We see 3QFY26 as somewhat below expectations, +44-20-7986-4585

although we note the miss in Imaging is predominantly timing-related, veronika.dubajova@citi.com

with MR revenues shifted to 4QFY26. Buy. Giang H Nguyen, CFA

+44-20-7986-3903

Org. growth missed consensus and Citi driven by Imaging and Dx — Imaging came giang.nguyen@citi.com

in c.310bps below consensus and Citi; per management, this reflects some slippage Harry Shrives Ph.D., CFA

of MR installations WW, and photon-counting CT installations in China (which was -