Siemens $SIE (-0,45 %) also presented its latest quarterly figures last week. I have summarized the analyst conference for you here.

Siemens has made a promising start to the 2025 financial year. financial year. With a book-to-bill ratio of 1.09, incoming orders were higher than in the previous year, increasing the order backlog to a record a record value of 118 billion euros increased. Demand was particularly strong in the Smart Infrastructure segment. There were signs of a recovery in the Digital Industries segment.

Turnover increased by 3%, with Mobility and Smart Infrastructure being the biggest growth drivers. At 2.5 billion euros, earnings exceeded market expectations. At 1.6 billion euros, free cash flow reached a seasonally high level. An important component of the strategy is the planned acquisition of Altair to strengthen the software business.

The company continues to see great potential in the application of artificial intelligence in the areas of automation, mobility, infrastructure and healthcare. Roland Busch emphasized that the intensive use of AI in all industries that Siemens serves will accelerate the transformation towards better and faster decisions and productivity gains based on data-driven knowledge. AI should increase productivity by simplifying tasks, shortening time-to-market and using resources more efficiently.

Siemens sees itself as an ideal partner to enable customers to deploy AI in the real world at scale, as Siemens has know-how and access to large amounts of operational data at its disposal.

The Digital Industries recorded incoming orders of 4.2 billion euros, an increase of 6% compared to the previous year. However, sales fell by 11%, which was primarily due to the reduction in inventories by customers customers. Profitability reached 14.5%, with the software business showing a robust performance. Incoming orders for the second quarter are expected to be on a par with the previous year. The company expects the situation to improve situation will improve in the second half of 2025as soon as the inventory reduction has been completed.

Smart Infrastructure once again delivered an outstanding quarterly performance with an increase in orders of 5% to EUR 6.2 billion. Growth was particularly strong in the Electrification division. Sales increased by 8%. The operating margin increased to 16.9%. Sales growth at the upper end of the annual forecast of 6% to 9% is expected for the second quarter.

Mobility recorded a solid start to the financial year. Incoming orders were lower, as expected. The order backlog stands at 49 billion euros. Turnover increased by 10%. The profit margin reached 8.4%.

Various topics were addressed in the subsequent Q&A part of the conference call:

Software business: An analyst asked about the software business as a competitor of Siemens had received some orders from VW. Chief Financial Officer (CFO) Ralf Thomas explained that it is difficult to predict large orders. He pointed out that the first quarter was very strong in the EDA (Electronic Design Automation) segment, but that this would not be repeated in the second and third quarters. The fourth quarter looks promising again. Thomas emphasized that Siemens wants to grow profitably and not as fast as possible. Roland Busch added that Siemens software is used by many car manufacturers. Siemens values the long-term partnership with VW and will continue to work with VW in the future.

Portfolio: Another analyst mentioned the rumor about the sale of shares in Healthineers. shares. Roland Busch replied that they wanted to see the synergies after the investment in Varian. If you take a closer look at Siemens Healthineers, the synergies would rise to a higher level in this financial year and good progress would also be made in diagnostics.

Digital Industries margin: An analyst asked about the margin of 14.5% in Digital Industries. Ralf Thomas explained that the second half of 2024 was very strong in the software sector, but that this would not be repeated to the same extent in the 2025 financial year. However, the market for electronics and semiconductors is developing very promisingly. The automotive industry is stagnating in Europe and Japan, while China is developing positive momentum. There are initial signs of stabilization in the mechanical engineering sector. The chemical and pharmaceutical industries are developing positively.

Outlook for digital industries: One analyst wanted to know how confident the Executive Board is of achieving the growth targets for Digital Industries. Ralf Thomas confirmed that he was very confident of achieving the growth targets. The first signs of new orders in the automation sector, including China, are encouraging.

Europe: An analyst asked about the development of the European business. Ralf Thomas replied that it was not a single driver. China is gaining momentum, while Japan, Europe and the USA are stabilizing, but remain negative compared to the previous year. He expects a stabilization, followed by a slight expansion for the year as a whole, which, however, will only take place in the second half of the year. Europe is a challenge due to customs discussions and the like.

I hope you enjoyed the summary.

Stay tuned!

$KTN (-1,29 %) Today I would like to introduce you to Kontron in a little more detail, as an interesting zone has been reached both fundamentally and in the chart.

Roughly speaking, Kontron is a full-stack provider (hardware and software) of IoT solutions.

Trends that Kontron plays on:

• IoT
• Industry 4.0 (i.e. networked production machines)
• automation
• Transportation (IoT data networking for trains)
• Defense (especially secure communication solutions)
• Energy and smart home (AI could also be seen here)

With KontronOS, Kontron offers a secure IoT operating system that has been specially developed for machines.

KontronGrid allows up to one million IoT devices to be connected with each other.

Last year, Kontron acquired the Katek Group, adding smart home applications and intelligent energy control (e-cars, photovoltaics) to its portfolio.

Kontron generates the majority of its sales (over 80%) in Europe and the rest mainly in the USA and China. European sales are growing significantly faster.

Summary/investment thesis:

Kontron is a very broadly positioned industrial group that manufactures and services networked technologies for production, defense and energy (AI was also mentioned here at one point). There is an ever-increasing proportion of software, which is slowly increasing margins (gross margin is now around 36-40%).

Kontron has been able to announce new orders in recent months (and also today):

• with automotive manufacturers for 5G communication modules for vehicle networking (volume approx. €250m)
• in the defense sector for high-performance communication computing units for surveillance (volume approx. 165M€)
• in the area of defense for sensors for autonomous air traffic control (20M€)
• in the area of transportation for an innovative platform for interlocking systems

There is also a collaboration with Qualcomm $QCOM (-4,11 %) to revolutionize the areas of edge computing and artificial intelligence.

The order backlog is growing steadily and the company is really playing on almost every trend. According to its own statements, there are high barriers to entry.

Here is the CEO's comment:

"Kontron has become the global technology leader of IoT technologies. With our secure KontronOS operating system, innovative solutions for ultra-fast 5G data communication and our de facto IoT standards for special markets such as railroad technology, defense and smart charging technology, we are driving future applications such as artificial intelligence - based on huge amounts of data that only IoT-enabled devices can deliver. We are therefore only at the beginning of a promising growth cycle in IoT technology."

Kontron is currently valued relatively favorably with a P/E ratio of 14.5 and a forward P/E ratio of 11 (5-year average: 19). Sales growth over the next few years is expected to be around 10%, while profits are expected to grow by 20%pa. The stock has not made a great return so far and is moving sideways, but it has risen quite a bit in the last few months. There is a resistance at around 22-22.5€ which has been tested several times (and is also ATH). There is also a dividend yield of 3.2%. The dividend should also continue to grow strongly.

PS: Kontron is sitting on a huge treasure trove of data (from all the IoT machines etc.). This could be leveraged and AI could also be used here, e.g. for digital twins or to optimize production, similar to what $SIE (-0,45 %) Siemens is currently doing

Hello friends, I have just seen $SIE (-0,45 %) the dividend paid. Who can I invite for a kebab?

Feel free to send in your dividend payment:)

German investors who bet on the capital market achieved decent returns last year. This is the result of an of the portfolios of 330,000 users of the Getquin platformplatform, which is exclusively available to Handelsblatt. According to this, the average return was between 24 and 30 percent, depending on the size of the portfolio.

Many of these investors are pursuing unnecessarily risky strategies. This is because they invest a relatively large proportion of their money in individual shares. In contrast, exchange-traded ETFs, which often track broad indices, account for a smaller proportion.

It is striking how much money Getquin users have invested in individual company shares. On average, the average share of individual shares is 55 percent of the investment capital. In contrast, the average ETF share is only 37 percent.

When looking at the individual portfolio groups, it is interesting to note that most individual shares are held in small portfolios. However, even in the over EUR 100,000 portfolio group, investors have invested more than half of their money in individual stocks.

German Getquin users particularly like to invest in tech companies, many of them from the USA. It is therefore not surprising that US companies frequently appear among the 20 most popular individual stocks.

Many investors prefer shares from their home country. This phenomenon is known as "home bias". This apparently selective perception in favor of the domestic financial market explains why Allianz $ALV (-0,14 %) , SAP $SAP, BASF $BAS (+1,69 %) , Munich Re $MUV2 (-0,6 %) and Deutsche Telekom $DTE (+0,67 %) are five German companies. Siemens $SIE (-0,45 %) and Mercedes Benz $MBG (-1,31 %) are in the next five places.

Andreas Hackethal is not surprised that Getquin investors overweight both the domestic market and the tech sector. The finance professor from Goethe University Frankfurt's own portfolio studies produced similar results: Investors bought many individual stocks and more often than average from the domestic market. In this way, they tried to beat the market. Hackethal criticizes the "poor diversification" of Getquin usersand says: "Having so many individual stocks is an unnecessarily risky strategy."

In relation to the tech sector, this approach is particularly problematic: Because many ETFs already include the big tech companies anyway - including the funds that are most popular with Getquin investors: Replicas of the world equity indices MSCI World and FTSE All World as well as the US S&P 500. There is also one ETF in the top 10 that focuses on technology companies. In this respect, investors have bought a double tech overweight via individual shares and ETFs.

How have the portfolios of Getquin users developed? The strategies look successful over the past year: All custody account groups made gains in 2024, says Steil. The largest portfolios achieved the highest average return.

In the longer term, however, the picture is not so rosy. In 2022, for example, "most of the smaller portfolios made losses", notes Steil. Larger portfolios, on the other hand, show "consistently good figures" over the years, according to the analysis.

The reason is clear: in the largest portfolios, the proportion of individual shares in cryptocurrencies, which also fluctuate greatly in value, is relatively low. The ETF ratio is correspondingly high at just under 40 percent. Investors with larger portfolios therefore invest their capital in a more diversified manner. Olaf Stotz, Professor of Asset Management at the private university Frankfurt School of Finance & Management, explains this as follows: investors would be more rational with larger assets.

Experts generally do not think much of a strategy that tries to achieve higher returns with individual shares than by betting on the broad market. "Buying individual shares is a very bad bet," warns Niels Nauhauser, capital market expert at the consumer advice center in Baden-Württemberg.

Researcher Hackethal confirms this: On average, "investors left three percent return per year if they try to beat the market with certain strategies. The researcher has calculated: Investing in individual shares is "twice or three times as risky" as investing in the MSCI World.

The return on even the largest Getquin portfolios was only 0.5 percentage points higher than the broad US S&P 500 index last year.

With a corresponding index ETF, investors would have achieved almost the same return, but would have spread the risk of portfolio losses much more widely - across all 500 shares in the index.

For Hackethal, there are therefore no rational reasons for an individual share strategy. Why do many people still invest in this way? Hackethal says: "They want to feel a kick. They overestimate themselves. And they want to make money as quickly as possible." All of this is particularly true of younger and male investors.

However, a look at stock market history teaches the opposite: For long-term wealth accumulation, it is important to be patient and realistic, Hackethal emphasizes. Nobody should expect a return of 20 percent or more in the long term.

With an ETF on the global share index MSCI World, an investor could have accumulated 100,000 euros over the past 20 years with a monthly investment of 250 euros. The average annual return was 6.8 percent. With a savings rate of 200 euros per month, this mark would have been broken after 21 years on average.

This is not a rapid increase in wealth, as promised by windy finfluencers with reference to hype stocks such as Nvidia or cryptocurrencies. On the other hand, an investor with such an ETF strategy is taking significantly less risk.

Read the full article here: handelsblatt:%20Diese%20Daten%20zeigen,%20wie%20riskant%20viele%20Deutsche%20investieren%20-%20https%3A//hbapp.handelsblatt.com/cmsid/100094935.html

Source / graphics: Handelsblatt, 17.02.25

The Siemens $SIE (-0,45 %) AGM last week marked the start of the dividend season.

And Siemens is a reliable dividend payer with regular increases and an attractive yield of currently 2.7%.

Not all companies are such reliable dividend payers, e.g. $BAS (+1,69 %) will probably pay less in 2025 than in 2024.

Further reductions are to be expected from German car manufacturers. Nevertheless, it can be assumed that they will pay out the most despite the cuts. However, experts rightly warn that a high dividend yield alone is not a sign of quality.

Infographic: WELT

$SIE (-0,45 %) Siemens presented impressive figures in the first quarter of fiscal year 2025 with a 7% increase in revenue to €18.4 billion. Profit after tax even rose by 52% to €3.9 billion - mainly due to the successful sale of the subsidiary Innomotics. Undiluted earnings per share amounted to a solid 4.71 euros. Despite a decline in order intake, particularly in the Mobility sector, the markets reacted positively and Siemens shares rose by around 7%. Strong growth in uncertain times! 📈💰 #Siemens
#Umsatzwachstum
#Technologie
#Finanzen
#Aktien

Siemens Annual General Meeting: Shareholders reject purely virtual meetings 🚫💻

The Siemens Annual Shareholders' Meeting 2025 will not only be characterized by strong figures, but also by an unexpected defeat for the company's management. Shareholders rejected the proposal to hold future Annual General Meetings exclusively digitally. Many called for more transparency and personal interaction. The Group will now have to return to traditional, physical meetings next year - a decision that met with widespread resistance from funds and small shareholders. 🏢🔴 #SiemensHauptversammlung
#Aktionäre
#Transparenz
#CorporateGovernance

This morning on 13.01. Siemens AG has published $SIE (-0,45 %) published its figures for Q1 - 2025. Enclosed you will find my comprehensive classification of the annual report [1] and also the transcript of the earnings call [2].

• As always, I try to write as clearly as possible. I have made every effort to check all data carefully and to support all statements with sources.
• Current share in my portfolio after getquin Deepdive at just under 2.5%, also as an individual share.

📅 First of all, the context: Why is Q1 2025 already being reported?

Siemens has a different financial year that begins on October 1. This means that Q1 covers the period from October 1 to December 31, 2024 in fiscal year 2025.

Q1 - 2025 vs. estimates

[3]

Overview: Good figures with some challenges

Siemens was able to slightly increase its revenue in the first quarter of 2025, with profit even growing by over 50%. One important reason for this is a special gain from the sale of Innomotics, a former Siemens subsidiary for drive technology [1].

The most important figures at a glance:

• Turnover+3% to €18.4 billion
• Incoming orders: -7 % to € 20.1 billion
• Profit after tax: +52% to € 3.9 billion (incl. special effect - excluded from EBIT above*1)
• Free cash flow: +51% to € 1.6 billion

👉 Without the special effect from the Innomotics sale (€ 2.1 billion profit), the profit would have been significantly lower [1].

Profit from continuing operations in Q1 2025 amounted to € 1.801 billion and in Q1 2024 the figure was € 2.569 billion. This corresponds to a decrease of 30 % [1].

Classification of the decline in profit compared to the previous year:

1️⃣ Q1 2024 had a one-time positive effect of €500 million from the transfer of Siemens Energy shares to the Siemens Pension Trust. This effect will no longer apply in 2025.

2️⃣ Digital Industries recorded a significant decline in profits, primarily due to the fall in sales in the automation business (-24%).

3️⃣ Additional restructuring costs had a negative impact on earnings.

👉 Without the positive one-off effect from 2024, the decline would not have been quite as severe, but the difficult situation at Digital Industries still had a clear impact [1].

Another highlight: The order backlog reached a new record of €118 billion, even though incoming orders fell in Q1 [2]. - 118 billion € - insane! 🤯

How does the decline compare to the record?

Siemens has many large long-term orders that are not processed immediately. Even if fewer new orders come in during a quarter, the total number of open orders remains high [1].

Why has order intake fallen?

The decline is partly due to the fact that particularly large Mobility orders were concluded in the previous year. At the same time, macroeconomic uncertainties and a weaker willingness to invest in Europe and China are influencing order intake [2].

🏷️ What is behind the sale of Innomotics?

Innomotics was a Siemens subsidiary for large electric motors, drives and industrial drive systems, important for sectors such as energy, chemicals and infrastructure. Siemens sold the business because it no longer fitted in with its core business.

• The sale generated €3.1 billion in liquidity, which strengthened Siemens' financial position.
• The resulting special gain of €2.1 billion after tax significantly raises the profit for this quarter.

The Siemens Groups at a glance

Share of total sales:

• Digital Industries: 22,1%
• Smart Infrastructure: 28,8%
• Mobility: 16,2%
• Siemens Healthineers: 29,9%
• Siemens Financial Services: 0,5%

Reconciliation & Other: 2,5%

-> includes consolidation adjustments and intercompany effects

📊 Digital Industries (Automation & Software)

What does this area do?

Siemens is a global leader in industrial automation and software for factories. This involves robot control systems, production software and automation solutions for the automotive, pharmaceutical and electronics industries, for example.

Incoming orders+6 % to € 4.2 billion

Turnover: -11% to € 4.1 billion

Earnings: -34% to € 588 million

Why are things going badly?

Although automation is seen as the industry of the future, there is currently a decline in sales due to low capacity utilization and destocking by customers.

Factory automation is particularly affected with a decline of -24% (e.g. for mechanical engineering or semiconductors).

Customers have invested massively in recent years and are now reducing inventories, which partly explains the lack of sales, but at the same time customers are placing new orders for the period after the existing inventories have been reduced [2]

The software business (+15%) is also generating new orders and is growing strongly, even though representative sales in the automation sector are declining [2].

However, China is showing initial signs of recovery, which could help in the medium term.

🏡 Smart Infrastructure (energy & building technology)

What does this area do?

It's all about energy supply, building automation and infrastructure. Siemens helps companies to work more efficiently and sustainably, from smart buildings to energy grid feed-in.

Known products/services:

• Charging stations for electric cars
• Building management systems for smart office buildings
• Switchgear for power grids

Incoming orders+6 % to € 6.2 billion

Turnover: +10 % to € 5.3 billion

EarningsStable at € 891 million

👉 Demand for data center infrastructure and energy solutions was particularly strong -> USA (+17%) and Middle East particularly strong [2].

🚆 Mobility (railroad & transport infrastructure)

What does this sector do?

Siemens builds and maintains trains, rail infrastructure and signaling technology. This is about fast, efficient and sustainable mobility systems.

Well-known products/services:

• ICE trains for Deutsche Bahn
• Metro systems for major cities
• Digital interlockings for railroad lines

Incoming orders: -53 % to € 2.7 billion

Turnover+10 % to € 3.0 billion

EarningsStable at € 249 million

Why have incoming orders fallen so sharply?

👉 The same quarter of the previous year contained huge major orders, e.g. for the railroads in Germany & Austria.

👉 There will still be orders in 2025, but not on this scale - a purely statistical effect.

🏥 Siemens Healthineers $SHL (+0,45 %)
(medical technology)*2

What does this division do?

Siemens is a leader in medical and diagnostic technology. The company supplies imaging systems, laboratory diagnostics and digital health solutions.

Known products/services:

• MRI & CT devices for hospitals
• Laboratory diagnostics for blood tests & cancer research
• AI-supported diagnostic software

Incoming orders+13 % to € 6.3 billion

Turnover: +6 % to € 5.5 billion

Earnings: +14 % to € 789 million

👉 The Imaging business (MRI & CT) is doing particularly well.

💰 Siemens Financial Services (Finance Division)

What does this division do?

Siemens offers leasing and financing services, e.g. for companies that want to modernize their infrastructure.

Known products/services:

• Leasing for medical technology
• Project financing for renewable energies
• Industrial investments

ResultDecrease from € 260 million to € 113 million

Why this decline?

👉 In the same quarter of the previous year, Siemens sold an investment that generated a one-off profit of €131 million.

Without this one-off effect, earnings would have remained stable.

Conclusion:

• Siemens Healthineers is the largest division, accounting for just under 30% of total sales.

• Smart Infrastructure (Energy & Building Automation) follows with 28.8%, driven by high demand in the USA.

• Digital Industries (Automation & Software) contributes 22.1%, but is struggling with weak demand in factory automation.

• Mobility (Trains & Infrastructure) accounts for 16.2%, but is suffering from the sharp decline in order intake.

• Siemens Financial Services remains a small but profitable division (0.5% share of sales)

🍃 Indirect connection to Siemens Energy $ENR (-4,27 %)

Siemens still holds a minority stake in Siemens Energy, but has transferred parts of it to Siemens Pension-Trust e.V. This resulted in a one-off profit of €500 million in Q1 2024, which increased Siemens' earnings at the time [4].

👉 This year, this effect is missing. Siemens Energy also remains challenging: the wind power business (Gamesa) is struggling with production problems and anti-dumping duties [5].

Anti-dumping duty in the USA:

The USA recently (28/01/25) imposed an anti-dumping duty of 28.55% on wind tower components from Siemens Gamesa and Windar Renovables. This affects components manufactured in Spain and could affect Siemens Gamesa's competitiveness in the important US market [5].

🤝 Altair takeover: Siemens strengthens its software business

With the acquisition of Altair Engineering for around 10 billion US dollars, Siemens has taken a significant step towards strengthening its software & AI portfolio.

• Altair represents a significant expansion in the area of simulation technologies and machine learning and is expected to support Siemens in further expanding its position as a leading provider of industrial software.
• This acquisition is part of Siemens' strategy to drive digital transformation and create the most comprehensive AI-powered design and simulation portfolio in the world [6].

Prospects
Altair acquisition

• The acquisition is expected to increase Siemens' digital business revenue by €600 million and have a long-term positive impact of over one billion dollars annually [6].
• This strategic investment is expected to accelerate the digital and sustainable transformation of Siemens' customers by connecting the real and digital worlds.
• The acquisition process is still under regulatory review and could be completed by the end of 2025.

📌 AI & Industry 4.0: Siemens remains a pioneer [2]

Siemens is actively driving the introduction of industrial AI:

• Use of digital twins & AI to increase efficiency (e.g. Red Bull Racing, smart factories in Erlangen & Chengdu).
• Acquisition of Altair to strengthen the software business.
• Major projects such as Jet Zero (AI-supported aircraft design to reduce fuel consumption).

[7]

📌 Sustainability & decarbonization [2]

Siemens actively helps customers to reduce their CO₂ emissions:

• Products from 2024 save over 144 million tons of CO₂ over their lifetime.
• Own CO₂ emissions already reduced by 60% since 2019, target for 2025 achieved ahead of schedule.

🔮Outlook for 2025 [2]:

• Macroeconomic uncertainties remain, but Siemens confirms 3-7% sales growth.
• The order backlog provides stability, but growth also depends on industrial automation.
• AI & software as growth drivers, especially with Altair.
• Siemens focuses on decarbonization to open up new business areas.

🧠Fazit: light and shade in the first quarter

Siemens got off to a strong start in the first quarter of 2025, driven by solid revenue growth and an impressive rise in profits thanks to the Innomotics sale.

Despite a decline in order intake, especially in areas such as Mobility, the order backlog remains robust.

The strategic acquisition of Altair and the focus on AI and industrial digitalization position Siemens very well for the future.

The company is also showing a clear focus on sustainability and decarbonization.

With a stable foundation and a positive outlook for 2025, Siemens remains on a promising growth path, even if macroeconomic uncertainties persist.

I am holding my position for the long term and am excited to see where the journey takes us.

Thank you for reading 🤝

• Which areas do you find most exciting?

_________

*1

(The discrepancy of approx. 260 million between EBIT + sale of Innomotics and profit after tax is primarily due to interest and tax expenses)

*2

Siemens Healthineers is a majority holding of Siemens AG. This means that Siemens still has control over Healthineers, but the company is listed independently on the stock exchange.

📌 Important facts about the relationship between Siemens and Siemens Healthineers:

• Spun off in 2017 & listed on the stock exchange in 2018, but Siemens still holds a majority stake of around 75%.
• Independent company with a focus on medical technology (MRI, CT, laboratory diagnostics, AI-supported healthcare solutions).
• Siemens Healthineers has its own financial reports & strategy, but most of the profits flow back to Siemens.

👉 In short: Siemens Healthineers operates independently, but Siemens continues to call the shots as the main shareholder and benefits financially from the company's success

_________

Sources:

[1] https://assets.new.siemens.com/siemens/assets/api/uuid:5977f44e-8153-4cf9-b47c-a7cc3846781b/2025-q1-earnings-release-de.pdf

[2] https://edge.media-server.com/mmc/p/cc7ttbkc/

[3] https://web.quartr.com/companies/3485

[4] https://press.siemens.com/global/en/pressrelease/siemens-transfers-8-percent-stake-siemens-energy-ag-siemens-pension-fund

https://press.siemens.com/global/en/pressrelease/earnings-release-and-financial-results-q1-fy-2024

[5] https://cincodias.elpais.com/companias/2025-02-10/ee-uu-fija-un-arancel-antidumping-del-2855-para-las-torres-eolicas-de-siemens-gamesa-y-windar.html

[6] https://m.focus.de/finanzen/boerse/uebernahme-als-meilenstein-siemens-verspricht-sich-von-altair-uebernahme-hunderten-millionen-euro_id_260442962.html

[7] https://assets.new.siemens.com/siemens/assets/api/uuid:e5bbbc23-01c9-4214-a050-0c671b3e9d6b/2025-q1-presentation-en.pdf

World's largest battery manufacturer CATL plans mega IPO + Siemens with jump in profits + Redcare and DocMorris weak because of renewed fear of Amazon + Tesla with stabilization approach after series of losses + Thyssenkrupp lowers sales forecast and focuses on marine industry + US inflation rate rises surprisingly

World's largest battery manufacturer CATL plans mega IPO

• Chinese battery manufacturer Contemporary Amperex Technology (CATL) is on the verge of a mega IPO.
• The world's largest manufacturer of e-car batteries submitted the corresponding application to the Hong Kong Stock Exchange HKEX on Wednesday, confirming rumors of a secondary listing that have persisted for some time.
• The company from the southern Chinese city of Ningde is already listed on the Shenzhen stock exchange.
• As the news agency Bloomberg reported, CATL could now raise more than five billion US dollars with the listing in Hong Kong.
• The battery company intends to use this money primarily to finance investments in the plant currently under construction in Hungary, according to the listing prospectus.
• https://www.handelsblatt.com/unternehmen/industrie/elektromobilitaet-weltgroesster-batteriehersteller-catl-plant-mega-boersengang/100107367.html

Siemens $SIE (-0,45 %)with jump in profits but automation continues to weaken

• Thanks to the sale of its subsidiary Innomotics, the technology group Siemens earned significantly more at the start of the year.
• Earnings after tax rose to 3.9 billion euros in the three months to the end of December, as the company announced in Munich on Thursday.
• Siemens received 3.1 billion euros from the sale.
• In the previous year, the profit amounted to just under 2.6 billion euros.
• In operational terms, however, Siemens recorded a decline due to the continuing weakness in the automation business.
• The result of the industrial business fell by eight percent to 2.5 billion euros.
• The largest contributions to earnings came from the intelligent infrastructure (SI) business and the medical technology subsidiary Siemens Healthineers .
• On a comparable basis, sales rose by three percent to just under 18.4 billion euros.
• This figure excludes currency and portfolio effects.
• Siemens performed slightly better than analysts expected for both key figures.
• The Group confirmed its forecast for the year.

Redcare $RDC (-1,39 %)and DocMorris $DOCM (-1,46 %)weak because fear of Amazon again $AMZN (-2,39 %)

• New concerns about powerful competition from Amazon briefly put more pressure on the shares of Redcare Pharmacy and DocMorris on Wednesday afternoon.
• At times, Redcare fell by 4 percent to its low for the year.
• Most recently, it traded at 115.50 euros again, down just under 3 percent.
• DocMorris fell by a good 2 percent in Zurich.
• The reason for this was probably UBS expert Olivier Clavet's comment on the opening of the "Amazon Parafarmacia & Beauty" in Milan city center.
• Although the move itself is relatively insignificant, the license and the intention to expand into beauty and personal care products are not.
• According to Calvet, Redcare does not break down the share within non-prescription products.
• However, he believes that the Beauty and Personal Care (BPC) business is an important earnings driver

Tesla $TSLA (-4,32 %)
with stabilization approach after series of losses

• Tesla shares rose noticeably on Wednesday after five consecutive days of weak trading.
• Most recently, the shares were up 3.6 percent at 340.25 US dollars.
• Traders referred to a positive analyst study.
• The experts at Benchmark Research gave the shares a "buy" rating and a target price of 475 dollars.
• Autonomous driving and robotics are seen as growth drivers, as is the further market penetration of electric vehicles.
• Since the presentation of disappointing quarterly figures at the end of January, the shares of the electric car manufacturer led by tech billionaire Elon Musk have lost more than 22% at their peak.
• For the year to date, this still represents a drop of around 16 percent.
• Tesla missed Wall Street's expectations with its sales and earnings figures for the past quarter. In the previous year, the e-car manufacturer had also suffered its first decline in deliveries for more than a decade.
• Musk himself said that he sees Tesla "between two waves of growth".
• He is focusing primarily on autonomous driving technology and presented the prototype of a robotaxi without a steering wheel or pedals in October.
• Since the election of Donald Trump as the new US president at the beginning of November, Tesla shares have been virtually unstoppable and had been rushing from record to record by mid-December.
• This resulted in an annual gain of more than 60 percent.
• Major shareholder Musk had strongly supported Trump during the US election campaign and has since been considered one of the future president's most influential advisors.
• Tesla investors are primarily hoping that the car manufacturer will receive approval for more far-reaching autonomous driving more quickly under Trump.
• Critics of Tesla point to the industry pioneer's ageing model range.

US inflation rate rises surprisingly - to 3.0 percent

• US inflation rose surprisingly at the start of the year.
• Consumer prices rose by 3.0% year-on-year in January, faster than the 2.9% increase in December.
• This was announced by the Department of Labor in Washington on Wednesday.
• Economists polled by Reuters had also expected 2.9 percent for January.
• From December to January, prices rose by 0.5 percent.
• Experts had only expected an increase of 0.3 percent.
• The US Federal Reserve, which is supposed to ensure stable prices and promote full employment, recently left the key interest rate in the range of 4.25 to 4.50 percent.
• This ended, for the time being, the series of cuts that began in September.
• When pausing interest rates, the central bank referred to the increased pace of price rises.
• As Fed Chairman Jerome Powell recently confirmed, the US monetary authorities are in no hurry to lower interest rates further in view of the healthy economy.
• They also want to wait and see what economic consequences the policy of punitive tariffs introduced by US President Donald Trump will have.
• Tariff hurdles harbor a new inflation risk, as they are likely to make imports from the countries affected more expensive.
• According to experts, the sharp rise in the cost of living in the USA in recent years is one of the reasons why Trump is likely to win the White House again on 20 January.
• Trump was able to move into the White House again on January 20.

Thyssenkrupp $TKA (+0,54 %)lowers sales forecast due to weak demand and the ray of hope is the marine industry

• The industrial group Thyssenkrupp has had a mixed start to the year.
• Demand in the steel and automotive business as well as in trading remained rather weak.
• One bright spot was the marine business, which grew significantly.
• New business in particular developed strongly, as Thyssenkrupp announced in Essen on Thursday.
• Group CEO Miguel López wants to spin off the division.
• Work is continuing "at full speed" on the spin-off "in order to position the business in the best possible way to process the high order backlog and the continuing high level of customer interest in view of the changed security policy environment", he said when publishing the quarterly figures.
• In the three months to the end of December, thyssenkrupp's sales fell by four percent to 7.8 billion euros, which was significantly below expectations.
• In addition to weak demand, lower steel prices also had a negative impact.
• Adjusted earnings before interest and taxes, on the other hand, rose from 84 million to 191 million euros, which was a positive surprise.
• The company benefited from the ongoing restructuring program as well as lower raw material and energy prices.
• Above all, the profitability of the steel business increased.
• On the bottom line, thyssenkrupp posted a loss of 51 million euros and thus performed significantly better than in the same quarter of the previous year, when a loss of 314 million euros was also incurred due to depreciation and amortization.
• Thyssenkrupp lowered its sales forecast for the current financial year 2024/25 due to weak demand and now expects a range of minus three to 0 percent.
• Previously, the company had assumed a range of 0 to plus three percent.
• However, the earnings forecasts were confirmed.
• Due to advance payments in connection with a comprehensive order extension for four submarines at Marine Systems, thyssenkrupp raised its expectations for the cash inflow, which was widely observed by analysts.
• Free cash flow before mergers and acquisitions is expected to reach up to 300 million euros.
• The company had previously forecast an outflow of 200 to 400 million euros.
• Analysts had previously expected a cash inflow of 100 million euros.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Shell USD 0.36
• Equinor NOK 0.35

• Quarterly figures / company dates USA / Asia
• 07:30 Sony annual result
• 08:00 Honda Motor annual results
• 09:25 Nissan quarterly figures
• 12:30 GE Healthcare annual results
• 13:00 Altice quarterly figures
• 21:00 Airbnb annual results
• No time specified: Deere & Co | Baxter International | Applied Materials Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Siemens | Thyssenkrupp | Thyssenkrupp Nucera | Nestle | Commerzbank | Schott Pharma | DSM-Firmenich | Bertrandt | KWS Saat | Takkt Annual results
• 07:00 Fraport traffic figures January
• 07:30 Adyen | Douglas | MVV Energie | Orange Annual Results | Delivery Trading Update 4Q | Siemens PK
• 08:00 Barclays Annual Results | British American Tobacco | Unilever | Relx Annual Results
• 08:30 Siemens Analyst Conference
• 09:00 Nestle PK | Commerzbank Analyst Conference
• 10:00 Siemens AGM
• 10:30 Nestle Analyst Conference | Commerzbank BI-PK
• 11:00 Schott Pharma Analyst Conference | Thyssenkrupp Analyst and Press Conference
• 14:30 Commerzbank Capital Markets Day

• Economic data

08:00 DE: Consumer prices (final) January PROGNOSE: -0.2% yoy/+2.3% yoy Preliminary: -0.2% yoy/+2.3% yoy Previous: +0.5% yoy/+2.6% yoy HICP PROGNOSE: -0.2% yoy/+2.8% yoy Preliminary: -0.2% yoy/+2.8% yoy Previous: +0.7% yoy/+2.8% yoy

08:00 UK: GDP (1st release) 4Q FORECAST: 0.0% yoy/+1.2% yoy Q3: +0.1% yoy/+1.0% yoy | GDP month December | Trade Balance December | Industrial Production December

08:30 CH: Consumer prices January FORECAST: +0.4% yoy previously: +0.6% yoy

11:00 EU: Industrial Production December Eurozone OUTLOOK: -0.5% yoy/-3.6% yoy previously: +0.2% yoy/-1.9% yoy

14:30 US: Initial jobless claims (week) FORECAST: 215,000 previous: 219,000

14:30 US: Producer Prices January PROGNOSE: +0.3% yoy previous: +0.2% yoy Core rate (excluding food and energy) PROGNOSE: +0.3% yoy previous: 0.0% yoy

Europe wants to get involved in artificial intelligence by investing billions. In addition to leadership in technology, the AI summit in Paris is also about the contentious issue of regulation.

Dear all, which European companies are at the forefront here?

$SIE (-0,45 %) I hear they're getting a lot out of the pot.

At the end of the international AI Action Summit in Paris, around 60 countries worldwide are calling for the transparent and sustainable use of artificial intelligence with internationally applicable regulations. This is stated in the final document of the two-day summit with around 1,500 participants from around 100 countries, which was signed by Germany, the EU and China, among others - but not the USA and the UK. At the summit, high investments worth billions in AI were announced and the issue of regulation was debated.

EU Commission President Ursula von der Leyen promised billions in support for the AI sector in Europe. Artificial intelligence (AI) will improve healthcare, drive research and innovation and increase competitiveness, the German politician announced. In Paris, she announced that the so-called InvestAI initiative would be increased by 50 billion euros.

Billions in investment planned worldwide

At the summit in France, more than 60 well-known European companies had previously joined forces in an initiative to promote the development and application of artificial intelligence in Europe. More than 20 major international investors have earmarked 150 billion euros for AI-related projects in Europe over the next five years, it was reported.

A lot of money is also being invested in the USA: OpenAI and major technology partners want to invest 500 billion dollars in new AI data centers in the Stargate program. In France, companies want to invest around 109 billion euros in the expansion of AI infrastructure, said President Emmanuel Macron.

European start-ups are lagging behind

So far, only a few players from Europe have made a name for themselves in the AI sector. The industry leaders are based in the USA, but there is also competition in China. The European AI start-up Mistral AI from France mainly develops open source language models. Its German counterpart Aleph Alpha has largely abandoned the development of its own large language model and is focusing on specific AI solutions for corporate customers and public sector clients.

At the AI Summit, US Vice President J.D. Vance spoke out against strict regulation of artificial intelligence. "To restrict its development now (...) would be to paralyze one of the most promising technologies in generations," said the Republican. Vance says that we want to cooperate and be open when it comes to AI. "But to build that trust, we need international regulatory systems that encourage the creation of AI technologies rather than stifling them." Europe in particular needs to look at AI with optimism rather than trepidation.

USA and UK do not sign final declaration

Like the USA, the UK did not sign the final declaration of the Paris summit. "We did not sign the declaration because it does not reflect the UK's policy positions on opportunity and security," a government spokesperson told the British news agency PA. The decision had nothing to do with the USA.

Prime Minister Keir Starmer, who has been in government with the Social Democratic Labor Party since the summer, recently promoted the opportunities offered by artificial intelligence and said that his country would become an "AI superpower" thanks to billions in investment.

Scholz calls for clear rules for AI

Meanwhile, at a reception at the Élysée Palace, German Chancellor Olaf Scholz (SPD) spoke out in favor of clear rules for the use of AI, as the technology not only holds potential but also risks. In order to promote the acceptance of AI technologies, rules are needed that must be implemented in an innovative and future-oriented manner. This should also be the guiding principle when applying the EU's AI Act. At the beginning of February, the EU enacted the AI Act, the world's first cross-national legislation on the use of artificial intelligence.

In Paris, UN Secretary-General António Guterres urged that artificial intelligence (AI) should not only benefit industrialized countries, but also developing countries. "While some companies and countries are entering a rapid race with unprecedented investments, most developing nations are being left behind. This increasing concentration of capacities in the field of artificial intelligence threatens to exacerbate the geopolitical divide," said the UN chief.

Energy requirements are the crux of AI

At the Paris meeting, participants were also concerned about the energy requirements of artificial intelligence. As the Director of the International Energy Agency (IEA), Fatih Birol, said, a medium-sized data center consumes as much electricity as 100,000 households. AI companies rightly want a secure, affordable and sustainable power supply. Countries that have this are one step ahead of the others. Delays and cancellations in the construction of data centers are imminent if the expansion of the power supply drags on. However, AI could also help to optimize power systems and increase efficiency, said the IEA chief.

© dpa-infocom, dpa:250211-930-371555/3

https://www.tagesspiegel.de/gesellschaft/medien/kunstliche-intelligenz-ki-gipfel-milliardeninvestitionen-und-ringen-um-regulierung-13181710.html

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