Thank you @Multibagger for the contribution to Inline OS...

$SIE (-2,45 %)

Since I assume that the tariffs will only be used as a bargaining chip, I don't expect Siemens to slip below the €200 mark again (KO is at €200 and €280...)

Off topic: Presumably the bankers now have employees who are only concerned with monitoring Trump's posts in real time 👀

Hornbach Holding sets itself modest targets + Wolfspeed prepares to file for insolvency + Siemens senses a unique opportunity in AI

Hornbach Holding $HBH (-1,24 %)sets itself cautious targets

• The poor consumer sentiment and ongoing cost pressure will weigh on the DIY store and building materials group Hornbach Holding in the coming months.
• Despite ongoing spending discipline, further cost increases are expected due to inflation-driven salary rises, as the company announced on Wednesday in Bornheim when presenting its figures for the past 2024/2025 financial year (to the end of February).
• Meanwhile, the start to the spring season was "very successful", according to the statement.
• However, the volatile macroeconomic and geopolitical environment continues to pose risks with regard to supply chains and consumer sentiment.
• The management expects sales for the new financial year, which has been running since the beginning of March, to be at or slightly above the previous year's level, when 6.2 billion euros were generated.
• This will be helped not least by newly opened stores. At the same time, only stable adjusted operating earnings before interest and taxes are expected compared to the 270 million euros achieved last year.
• Analysts had expected an increase.
• Hornbach had already presented preliminary figures for the past financial year almost two months ago.
• These have now been confirmed.

Wolfspeed $WOLF (-7,21 %)is preparing to file for insolvency in the coming weeks

• Semiconductor supplier Wolfspeed is preparing to file for insolvency in the coming weeks as the company is struggling to cope with its mountain of debt.
• This was reported by the Wall Street Journal on Tuesday, citing people familiar with the matter.
• The company's shares fell by more than 57 percent in after-hours trading.
• Wolfspeed is struggling with sluggish demand in the industrial and automotive markets as well as uncertainty caused by tariffs.
• According to the report, the company plans to file for Chapter 11 bankruptcy with the support of a majority of its creditors after several out-of-court restructuring proposals were previously rejected by creditors.Wolfspeed declined to comment to Reuters.
• The company, which manufactures chips based on silicon carbide, had already expressed doubts about its ability to continue as a going concern earlier this month and forecast weaker annual sales than expected.
• Wolfspeed expects sales of USD 850 million for 2026, which is significantly below analysts' estimates of USD 958.7 million.

Siemens $SIE (-2,45 %)senses a unique opportunity in artificial intelligence (AI)

• to take the digitalization and automation of industry to a new level.
• Peter Körte, who has been responsible for technology and strategy on the Siemens Managing Board since October, sees Europe as a leader in industrial AI, and Siemens in particular, and announced a major AI model for industry with which the technology group intends to expand its leading role.
• In his opening speech at the two-day AI conference, he referred to the larger industrial base in Europe compared to the United States and the leading role of companies in aviation, car production, the pharmaceutical industry and mechanical engineering. (FAZ)

Wednesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Nemetschek SE € 0.55
• Symrise AG € 1.20
• Jungheinrich AG € 0.80
• SAF Holland SE € 0.85
• SMT Scharf AG Reg- istered Shares € 0.21
• FCR Immobilien A- G Ordinary Shares € 0.45

• Quarterly figures / Company dates USA / Asia
• 18:00 Amazon AGM

• Quarterly figures / Company dates Europe
• 07:00 Hornbach Holding Annual results
• 10:00 CTS Eventim | Porsche AG | SGL Carbon | Swatch AGM
• 11:00 Puma AGM
• 16:00 Halliburton | United Airlines | Mondelez AGM
• 18:00 Freenet quarterly figures

• Economic data

01:50 JP: April trade balance

08:00 UK: Consumer prices April Forecast: +1.0% yoy/+3.4% yoy Previous: +0.3% yoy/+2.6% yoy Core Forecast: +1.2% yoy/+3.6% yoy Previous: +0.5% yoy/+3.4% yoy

10:00 EU: ECB, Financial Stability Report May 2025

16:30 US: Crude oil inventory data (week) from the government Energy Information Administration (EIA) previous week

No time specified:

- US: U.S. President Trump, meets South Africa's President Ramphosa

- CA: Continuation of the meeting of G7 finance ministers and central bank governors (20-22.05.)

Dear Getquin Community,

As I would like to complete my portfolio with a maximum of 3 additional individual stocks in order to be represented in almost every sector, I need your support.

I am missing consumer staples, industrials and basic materials.

I would like to focus on growth with an ok dividend increase.

Do you know any good consumer stocks with good growth potential? $PEP (-1,39 %)
$KO (-0,14 %)
$ULVR (-0,12 %)
$PG (-0,45 %) The consumer stocks are good, but I don't feel there is much growth potential.

If possible, affordable shares as I can only buy whole shares. No $LOTB (-1,25 %)

industry I can't choose between $CAT (-1,63 %)
$SIE (-2,45 %) or something regional like $STR (+1,77 %) decide.

Basic materials: I'm absolutely not in there.

I would have looked at $LIN (-0,2 %)
$APD (+0,13 %)
$RIO (-0,83 %) although I see little upside potential in the latter.

Please let me know your opinion on this, or perhaps you have already had good or bad experiences.

MfG Flo

Today there were fresh figures from Siemens $SIE (-2,45 %) for the second quarter of 2025 and, as always, I'll try to make them as understandable as possible for you 📈

In this article you will find everything you need to know about the current status.

The information is based entirely on the Q2 report [1], the media presentation [2] and the earnings call [3].

Hier to the article from the last quarterly report.

📅 First of all, the context: Why Q2 at Siemens?

Siemens' fiscal year begins in October. That means:

• Q2 2025 covers the period from January to March 2025
• The figures were published on May 15, 2025

Overall overview: Robust performance with a special effect

Siemens delivered a strong operating performance. Sales grew by 6 %, incoming orders by 9 %. An important driver was a special gain from the sale of a company in the Smart Infrastructure division, more on this later.

Key figures

• Turnover+6% to € 19.8 billion
• Incoming orders: +9% to € 21.6 billion
• Book-to-bill ratio: 1.10 -> more orders than sales
• Order backlog: € 117 billion -> still at a record level 🔥
• Profit after tax (continuing operations): € 2.44 billion
• EPS (before PPA): € 3.00 -> incl. € 0.32 profit from the sale of the company

👉 The profit includes a special effect from the sale of the Wiring Accessories business in the Smart Infrastructure division. This contributed around € 0.32 to EPS and 550 basis points to the margin.

("EPS before PPA" shows the operating earnings per share, excluding distortions due to acquisition-related special effects, which analysts consider to be the more realistic benchmark for measuring earnings)

• Free cash flow (Industrial division): € 2.1 billion

(Why only the Industrial Sector is stated: Because the focus is on the Industrial Sector without Healthineers & Financial Services as the core business. This shows Siemens' true operating financial strength, without dividends from investments or financial transactions)

The Siemens Groups at a glance

Share of total sales:

• Digital Industries: 21,7%
• Smart Infrastructure: 28,8%
• Mobility: 16,2%
• Siemens Healthineers: ~28%
• Siemens Financial Services: 0,5%

*Difference to 100%: "Reconciliation to consolidated figures, see end of article

📊 Digital Industries (DI):

Siemens is 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.

Our productsSIMATIC, NX, Teamcenter, TIA Portal

📉 figures:

• Turnover: -5 % to € 4.3 billion
• Profit: -9 % to € 512 million
• Incoming orders: stable at € 4.3 billion
• Book-to-bill: 1,00

🔎 Regional trends:

• China: Incoming orders -16%, sales -10%
• Germany: Sales -22 %
• USA: stable sales

What's going on at Digital Industries...

Digital Industries is Siemens' central division for industrial automation and software, i.e. actually the area that should offer the greatest leverage in AI, efficiency and scalability in the future, which makes the current decline of Sales: -5% & profit: -9%.

• Particularly affected: discrete automation (e.g. mechanical engineering, automotive, electronics)

3 main reasons identified:

Destocking: destocking is dragging on

The problem was already visible in Q1, as in my article: customers (especially mechanical engineering & electronics manufacturers) ordered massively during the corona period, but now they don't need any new components for the time being because their warehouses are still full.

The consequenceLess call-offs, less sales at Siemens, although the demand remains in the medium term.

CFO Ralf Thomas:

"Distributor inventories in China are still above levels, even if declining."

Regional weaknesses, especially Europe & China

• In China, FDI sales fell by -10% in Q2, incoming orders by as much as -16%
• In Germany, sales even fell by -22%

• Reasons: hesitant investments, uncertain economy, geopolitical tensions

CEO Roland Busch:

"We need clarity on trade policy. Customers are holding back investments in key regions."

EDA software weakens, despite strong PLM

The software share is split in two:

• PLM (Product Lifecycle Management): +9% growth (positive)
• EDA (Electronic Design Automation): -34 % in orders (a heavy burden on earnings)

EDA tools are primarily used by chip manufacturers, where investment restraint is currently particularly high following the boom of recent years.

What's next...

✅ The book-to-bill ratio is back at 1.0 - a first signal of stabilization

✅ Siemens expects improvement from H2 if inventories continue to fall and the economy stabilizes

✅ Software business remains profitable in the long term, also due to the integration of Altair

CFO Ralf Thomas:

"We see green shoots in PLM and some signs of stabilization in short-cycle factory automation."

Interim conclusion Digital Industries:

The decline in DI is not a structural problem, but a cyclical weakness combined with geopolitical uncertainty. Siemens itself is continuing to invest in AI & software and believes that the downturn will bottom out this year.

For investors this means: Be patient, DI remains the key to the future in my opinion, even if it is currently bumpy.

🏡 Smart Infrastructure (SI): The star in the quarta

This is 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

figures:

• Turnover: +10 % to € 5.7 billion
• Profit: +27% to € 979 million (incl. special effect)
• Incoming orders: -3 % (strong comparative quarter)

Drivers:

• Data centers, power grids and industrial orders
• Services +6 %, broad margin expansion (18.5 % operating EBIT margin)
• USA & China strong growth in sales

🏷️ Wiring Accessories sales:

Sale of switches, sockets etc. -> no longer a strategic focus.

CFO Ralf Thomas:

"Concentrate on high-margin, digital and scalable solutions"

🚆 Mobility (MO): New orders, top margin

Siemens builds and maintains trains, rail infrastructure and signaling technology. The focus here is on 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

numbers:

• Turnover: +12 % to € 3.2 billion
• Profit: +70% to € 331 million (margin 9.4%)
• Incoming orders: +22% to € 3.9 billion
• Book-to-bill: 1,22

Drivers:

• New major orders in Rolling Stock & Rail Infrastructure
• Services continues with high margin, order backlog at €49 billion

CEO Roland Busch:

"Train business remains resistant to economic cycles and can be planned for the long term."

🧬 Siemens Healthineers $SHL (-2,93 %) (SHS): Strong performance despite trading risks

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

Known products/services:

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

Numbers

• Double-digit increase in orders
• Sales growth in the mid single-digit range
• US trade tariffs (anti-dumping) have a negative impact, but no direct drop in profits

💰 Siemens Financial Services (SFS)

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

Earnings before taxes: € +210 million (previous year: € 184 million)

• Main driver201 million profit from the sale of shareholdings
• Return on equity at 12.8%

Strategic highlights: AI, Altair & Innovation

📌 Altair takeover completed

Siemens strengthens its portfolio for industrial AI & simulation with the acquisition of Altair.

GoalComprehensive, AI-supported software offering across all industries.

CEO Roland Busch On the Altair deal:

"After a very stringent regulatory approval process, we closed the Altair acquisition earlier than planned. Customer feedback for the most complete AI-powered design and simulation portfolio has been excellent.

➡ Early closing of the Altair deal, integration and synergies start immediately Siemens is thus massively expanding its software portfolio.

📌 New acquisition: Dotmatics

• Specialist for AI-supported life science software (laboratory data, drug development)
• 95% subscription revenue, >40% EBITDA margin
• Complements Healthineers + PLM division

📌 Xcelerator & Industrial Copilot: Siemens drives industrial AI forward

Together with partners such as Microsoft $MSFT (-1,53 %) , NVIDIA
$NVDA (-2,11 %) and Accenture
$ACN (-3,2 %) are building an AI ecosystem for industry with the aim of revolutionizing manufacturing and development processes through artificial intelligence and digital twins.

Xcelerator is the open Siemens platform for industrial software, hardware and digital services.

Industrial Copilot is a new tool based on Foundation Models (comparable to GPT, but for industrial applications):

• It can generate control code by voice input
• Accelerates processes in development, production and maintenance
• First practical application, e.g. at Audi in production

Siemens was honored with the Hermes Award 2025 for real business impact.

GoalIncrease efficiency, avoid errors and cushion the shortage of skilled workers with intelligent assistance systems.

Roland Busch:
About the Industrial Copilot & Xcelerator

"Our Siemens Industrial Copilot received the prestigious Hermes Award for business impact - it's the first real generative AI for the factory floor.

➡ Siemens emphasizes the lead in AI in industry with real customer impact, e.g. Audi .

Regions at a glance

• Americas region: 42% share of sales, driven by strong demand in the USA - particularly in Smart Infrastructure and Mobility.
• China: Still weak, but first signs of recovery in DI
• Europe (EMEA): Mixed, Germany with weaknesses in the automation business

Siemens & Siemens Energy $ENR (-0,12 %): only a side note

Even though Siemens Energy has been an independent company since 2020, Siemens AG still holds a minority stake of less than 15% (as of Q2 2025).

The stake has been gradually reduced in recent years, with a large proportion going to the Siemens Pension Trust, for example.

In Q1 2024, this step resulted in a one-off gain of €500 million; this effect will be absent in 2025.

CFO Ralf Thomas (Q2 Call):

"We continue the divestment of the Siemens Energy stake - now below 15%."

Is this still relevant for investors?

No, Siemens Energy no longer plays an operational role for Siemens AG.

What remains, however, are risks at Siemens Energy (e.g. Gamesa, wind power problems, anti-dumping duties), which investors may still associate with Siemens. Even if at least emotionally.

However, Siemens itself emphasizes that Energy is no longer part of the strategic core.

In accounting terms, the investment is listed under "financial assets" and is to be further reduced.

Trade tariffs & geopolitics

USA imposes tariffs on products from Europe & China

Siemens Healthineers particularly affected: -€200-300 million profit risk

CEO Roland Busch:

"Tariff uncertainty is already having an impact on investment decisions."

Siemens is increasingly localizing production & supply chains ("local for local")

CFO Ralf Thomas on macroeconomic risks

"Looking ahead, further recovery of economic activity will depend heavily on clarity about the future tariff environment and on timely resolution of trade conflicts.

➡ Siemens identifies risks from trade conflicts, but remains optimistic

🔮 Outlook for 2025

• Total sales growth: 3-7% confirmed
• EPS (before PPA, without Innomotics): € 10.40-11.00

Segment targets:

• DI: -6% to +1%, margin: 15-19
• SI: +6-9%, margin: 17-18
• MO: +8-10%, margin: 8-10

👉 Siemens expects continued volatility (trade tariffs, economy, China), but believes it is strategically well positioned.

Further insights from the call:

CEO Roland Busch:

On the current global situation and Siemens' role in it:

"The last few months demonstrated to all of us how fundamentally and how fast the world is transforming... In an environment of accelerating technological progress driven by data and AI, we have to fundamentally rebuild our products, processes, and the way we operate."

➡ ContextSiemens sees the current upheaval as an opportunity for fundamental transformation and wants to be a leader in AI & digitalization.

About the strategic vision "One Tech Company":

"Through our leadership in industrial AI, we enable our customers to combine the real and the digital worlds to improve competitiveness, resilience and sustainability and to achieve real impact."

➡ Siemens is positioning itself as a central enabler of industrial digitalization

CFO Ralf Thomas: On the financial strength in Q2:

"Our excellent profit of €3.2 billion in the Industrial Business clearly topped market expectations even without the divestment gain from Wiring Accessories."

➡ Siemens shows strong operating performance - the special effect was not decisive for the success .

On the strategic importance of China:

"When I was in China... we noted some encouraging signals for more cooperation and openness to drive high-tech and high-quality growth."

Siemens relies on localized development and production; 16 new products were launched locally.

Current share price movement:

Looks like a slight price correction, probably a technical reaction.

• Profit taking
• Macroeconomic uncertainties
• Or or or

Valuation (no investment advice)

With a P/E RATIO of around 18 for a global industrial group with stable margins with stable margins, a growing share of software and high free cash flow is rather moderately valued in my opinion.

Especially compared to many highly valued growth or tech stocks, the valuation may even look rather attractive in the long term, especially when you consider that Siemens now generates around a third of its business with digital, software-based solutions and the trend is rising.

In combination with the strong Q2 figures, the confirmed outlook and a solid order backlog of 117 bn., Siemens is currently delivering a convincing mix of operational stability and structural growth potential.

For me, the share is therefore neither overvalued nor speculative, but appears fundamentally sound, strategically well positioned and interesting in the long term thanks to clear megatrends such as:

• Artificial intelligence & automation
• Decarbonization & electrification
• Digitalization of the industry

Conclusion

• In my view, Siemens has once again delivered a strong performance, both operationally and strategically.
• Smart Infrastructure & Mobility are the strong segments
• Digital Industries (recovery expected from H2) remains challenging
• The focus on software with AI & sustainability is clearly being implemented

The order backlog of 117 bn € is simply insane and, together with the cash flow, provides a certain degree of security

CEO Roland Busch:

"Our backlog is high-quality, high-margin and provides planning security."

I see Siemens as future-proof in the long term, top position in Industry 4.0, electrification & health tech

Strong balance sheet & dividend

Short-term headwinds from the economy & tariffs don't bother me.

I am holding my position and will double the current value within the next few months, Siemens remains a stable core stock with tech ambitions for me!

______

Thanks for reading! 🤝

______

Sources:

[1] https://assets.new.siemens.com/siemens/assets/api/uuid:1d09b7cc-50a4-48c5-b632-8b26971ba722/2025-q2-earnings-release-de.pdf

[2] https://assets.new.siemens.com/siemens/assets/api/uuid:2adbcbb2-f53b-4bb3-ba78-37ed1cb3948b/2025-q2-presentation-en.pdf

[3] https://web.quartr.com/link/companies/3485/events/257252/transcript?targetTime=0.0

______

*Difference in sales shares:

The ~5% difference is explained by:

Reconciliation consolidated financial statements

- Internal allocations, currency adjustments, cross-segment effects

Consolidation & other

- e.g. eliminated sales between the segments

These items are shown in the balance sheet under "Reconciliation to consolidated figures" in the balance sheet. In Q2, this reconciliation figure amounted to € 1.055 billion

The missing % of revenue is attributable to consolidation-related reconciliations and non-operationally allocated revenue, a completely normal figure for a diversified group such as Siemens.

Merck backtracks on annual forecast + Deutsche Telekom increases profits significantly + Siemens grows strongly + Mediamarkt parent Ceconomy improves profitability + RWE records losses as expected

Merck $MRK (-1,52 %)rows back with annual forecast

• The pharmaceutical and technology group Merck KGaA is lowering its targets for the year due to the recent strong exchange rate fluctuations, for example in the US dollar.
• In addition, the slight adjustment of the forecast in the laboratory business also reflects the "current uncertainties with regard to customs duties", the DAX-listed company announced in Darmstadt on Thursday.
• Nevertheless, Merck remains confident of achieving sustainable growth.
• Management now expects sales for the year as a whole to be in the range of EUR 20.9 to 22.4 billion, compared to the previous forecast of EUR 21.5 to 22.9 billion.
• Earnings before interest, taxes, depreciation and amortization adjusted for special items (adjusted EBITDA) are now expected to come in at 5.8 to 6.4 billion dollars in 2025 instead of the previously targeted 6.1 to 6.6 billion dollars.
• Meanwhile, Merck continued its recovery from a post-corona dip at the start of the year.
• Sales climbed by around three percent year-on-year to 5.28 billion euros, with the Group benefiting from the recovery in the pharmaceutical manufacturing business, particularly in the laboratory sector.
• However, semiconductor materials for AI applications also remained in demand.
• The operating result (adjusted EBITDA) rose by almost six percent to EUR 1.54 billion and exceeded analysts' average expectations.
• Merck earned 738 million euros after taxes, compared to 699 million euros a year earlier.

Deutsche Telekom $DTE (-1,36 %)increases profit significantly

• Deutsche Telekom continued to benefit from the growth of its US subsidiary in the first quarter and slightly raised its profit outlook for the year as a whole.
• Thanks in part to the even stronger dollar in the first quarter, the DAX-listed company's revenue increased by 6.5 percent to 29.8 billion euros, as the Bonn-based company announced on Thursday.
• Increasing service revenues in German mobile communications also contributed to this.
• The operating result adjusted for special items (EBITDA AL) rose by 7.9 percent to just under 11.3 billion euros.
• Below the line, special effects in particular led to a significant increase in profit of 43.5 percent to 2.8 billion euros.
• Based on constant exchange rates from the previous year, Deutsche Telekom CEO Tim Höttges now expects an operating result of around 45.0 billion euros and a free cash flow AL of around 20.0 billion euros.
• This is 100 million euros more than before. The reason for this is that the US subsidiary had already slightly increased its forecast due to acquisitions.

Siemens $SIE (-2,45 %)grows strongly

• The technology group Siemens grew strongly in the second quarter and performed better than expected.
• The company benefited from robust business in the field of intelligent infrastructure, the Mobility train division and the medical technology subsidiary Healthineers.
• Turnover rose by seven percent to just under 19.8 billion euros at the end of March, as the company announced in Munich on Thursday. Adjusted for currency and portfolio effects, the increase was six percent.
• The result of the industrial business increased by almost 30 percent to 3.24 billion euros.
• Siemens also benefited from the sale of non-core activities at Smart Infrastrucure.
• Order intake grew significantly by ten percent to 21.6 billion euros.
• The Train Division and Siemens Healthineers recorded significantly more new business.
• Incoming orders in the Digitalization division were at the previous year's level.
• There were rays of hope in the automation business, which has been weakening for some time: Siemens recorded significant growth there again thanks to higher demand from China.
• According to Siemens, the excess inventory in the region, which had been persisting for several quarters, was coming to an end.
• In contrast, automation orders in Germany had declined considerably.
• The figures were significantly better than analysts had expected.
• Siemens confirmed its forecast for the current fiscal year.
• The recently completed takeover of the US software group Altair is still not included.

Mediamarkt parent company Ceconomy $CEC (-2,06 %)improves profitability

• The Mediamarkt and Saturn parent company Ceconomy has further improved its profitability.
• Adjusted earnings before interest and taxes (EBIT) doubled to ten million euros in the traditionally weaker second quarter, as the retail group announced in Düsseldorf on Thursday.
• "For the ninth time in a row, we are growing sustainably and improving our profitability - proof that our strategy is successful and is being implemented consistently," said interim CEO Kai-Ulrich Deissner.
• The former CFO has taken over the position from Carsten Wildberger, who has moved into politics and is now in charge of the Digital Ministry in the new German government.
• According to the company, it is on course to achieve its medium-term targets.
• "We are focusing on strict cost discipline and adapting quickly to market changes," commented interim CFO Remko Rijnders.
• Turnover fell from 5.3 to 5.2 billion euros in the three months to the end of March.
• Analysts had expected an increase. Adjusted for currency and portfolio effects, Ceconomy achieved growth of 1.3 percent.
• Ceconomy's realignment from a traditional retailer to an omnichannel platform is reportedly progressing.
• Adjusted for currency and portfolio effects, online sales increased by 7.4 percent to just under 1.3 billion euros, accounting for a quarter of total sales.
• Ceconomy confirmed its forecast for 2024/25.

RWE $RWE (-0,87 %)records losses as expected

• As expected, the energy group RWE suffered a decline in operating profit at the start of the year.
• Among other things, the DAX-listed company recorded a rather weak start to the year in energy trading.
• Furthermore, weak wind conditions in Europe led to lower wind power production at sea and on land and thus to a drop in earnings, RWE announced in Essen on Thursday.
• The Executive Board confirmed its forecast for the year and operating earnings before interest, taxes, depreciation and amortization (ber EBITDA) fell by 23.5 percent to 1.3 billion euros in the first quarter.
• Adjusted for special effects, net profit even fell by almost 38 percent to just under half a billion euros.
• The results were thus roughly in line with the analysts' estimates made by the company in advance.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• BMW € 4.30
• Microsoft Corp $0.83
• Unilever PLC £ 0.39
• Shell PLC $ 0.36
• BP PLC £ 0.06
• Exxon Mobil Corp $ 0.99
• GSK PLC £ 0.16

• Quarterly figures / company dates USA / Asia
• 13:00 Walmart quarterly figures
• 13:30 Alibaba Group quarterly figures
• 14:00 Blackrock | Morgan Stanley AGM
• 22:30 AT&T AGM
• No time specified: Applied Materials | Deere & Co Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 TAG Immobilien | Allianz | Ceconomy | Deutsche Telekom | Merck KGaA
• 07:00 RWE | Siemens quarterly figures
• 07:00 Thyssenkrupp | Aareal Bank | Grenke | Schott Pharma | Südzucker
• 07:00 Thyssenkrupp Nucera quarterly figures
• 07:30 Prosiebensat1 | Talanx | Dermapharm | Douglas | Port of Hamburg
• 07:30 MLP quarterly figures
• 07:50 Engie | Energiekontor quarterly figures
• 08:00 RTL Group | Wüstenrot & Württembergische | Villeroy & Boch | Jost Werke
• 08:00 National Grid quarterly figures | Siemens PK
• 09:00 Thyssenkrupp PK | Ceconomy Analyst Conference
• 09:30 Merck KGaA PK | Siemens Analyst Conference
• 10:00 Aixtron | Commerzbank | Eon | Heidelberg Materials | Hugo Boss
• 10:00 Elmos Semiconductor | Redcare Pharmacy | Just Eat Takeaway AGM
• 10:00 Deutsche Telekom | RWE PK
• 11:00 Borussia Dortmund Quarterly Figures | United Internet AGM | Allianz PK
• 11:00 Thyssenkrupp Analyst Conference
• 11:30 Grenke PK
• 13:00 RWE Analyst Conference
• 14:00 Allianz | Merck KGaA Analyst Conference

• Economic data

08:00 DE: Wholesale prices April

08:00 UK: GDP (1st release) | GDP March | Trade Balance March | Industrial Production March

08:45 FR: Consumer prices April

09:00 FR: ECB Director Cipollone, speech at French payments forum

11:00 EU: GDP (2nd release) 1Q Eurozone FORECAST: +0.4% yoy/+1.2% yoy 1st release: +0.4% yoy/+1.2% yoy 4th quarter: +0.2% yoy/+1.2% yoy

11:00 EU: Industrial Production March Eurozone FORECAST: +1.1% yoy/+2.1% yoy Previous: +1.1% yoy/+1.2% yoy

14:30 US: Initial jobless claims (week) PROGNOSE: 226,000 previous: 228,000 | April producer prices PROGNOSE: +0.3% yoy previous: -0.4% yoy | Philadelphia Fed Index May PROGNOSE: -10.5 previous: -26.4

14:30 US: Retail Sales April PROGNOSE: +0.1% yoy previous: +1.4% yoy Retail Sales ex Motor Vehicles PROGNOSE: +0.3% yoy previous: +0.5% yoy 14:30 US: Empire State Manufacturing Index May PROGNOSE: -9.0 previous: -8.1

15:15 US: Industrial Production and Capacity Utilization April Industrial Production PROGNOSE: +0.1% yoy previous: -0.3% yoy Capacity utilization PROGNOSE: 77.8% previous: 77.8%

16:00 US: Inventories March PROGNOSE: +0.2% yoy previous: +0.2% yoy

While I'm struggling with the terrible controls on an old machine $SIE (-2,45 %) control system, I bought a few shares $UNH (-1,39 %) purchased.

Today I also bought 1× $MUV2 (-2,18 %) 5× $QCOM (-2,38 %) & 10x $QLYS (-2,15 %)

Greetings from Warsaw 🫡

Hi, since I find it really interesting to look at other portfolios, I thought I'd share mine as well.

My story: I'm 20 years old, started a savings plan on an ETF for the first time in November 2024 and then decided to invest in cryptos for a short time. I was never really taught how to handle money. For the first 2 years of my training, I had my account in the red for all sorts of shit. Thanks to a second job, I was able to afford a savings plan with ETFs and individual shares worth €600 for a few months as an apprentice. Now that this is no longer the case, I've made the decision to invest in ETFs and (in my opinion) expensive shares such as $SIE (-2,45 %) or $MSFT (-1,53 %) to save.

I buy everything else when the price drops and have a good feeling about it for the time being.

I always have this "Mr. Market" example from Warren Buffet in the back of my mind.

In addition, I had considered setting a limit of 10% per individual share in the portfolio to reduce the risk of extremely falling prices.

This $VWCE (-1,38 %) was my first savings plan and I'm actually really happy with it so far, except that with a 60% share from the USA, it has given me a bit of a stomach ache over the last few months.

However, because my entire portfolio consisted of American shares. I was able to learn relatively quickly that you should diversify your portfolio across more continents.

In the end, I opted for $SMEA (-0,88 %) and $AEJ (-0,3 %) in the end.

Over the next few months, I will be saving in both with a higher savings rate than the $VWCE (-1,38 %) to balance out all 3 in percentage terms.

At the end of the love story, I would say that I got off lightly with a 3% loss.

What do you think? I'm really looking forward to hearing the different opinions.

The current market sentiment at $BTC (+1,56 %) makes me personally incredibly bullish. We are just scratching the $100k mark again and nobody seems to care.

With New Hampshire, we have the first US state with a strategic BTC reserve.

A bill also came into force yesterday in Arizona that does not allow direct investment, but transfers confiscated BTC to the state reserve. In many other states, SBR laws are currently going through the official legislative process, which you can follow here:

https://bitcoinlaws.io/reserve-race

$MSTR (-8,94 %) hosted "Strategy World 2025" in Orlando from May 5-8. A conference at which BTC strategies and use cases for companies were presented.

Among others were:

- Visa $V (-2,26 %)

- Dell $DELL

- Salesforce $CRM (-4,21 %)

- Siemens $SIE (-2,45 %)

- Palantir $PLTR (-0,43 %)

- JP Morgan $JPM (-0,87 %)

All of these companies are apparently involved with Bitcoin.

There are more and more strategy imitators. More and more companies are dedicating their entire business model to buying as much BTC as possible.

The funding rate is at bear market levels, which indicates a healthy, sustainable increase. There are no over-leveraged long trades in the market.

There is less and less BTC on the exchanges. The stock on the exchanges has been falling continuously for 5 years. BTC is not only being bought, it is being withdrawn from the exchanges. The supply is therefore falling continuously.

And while all this is going on, interest in Bitcoin is absolutely low, as can be seen from Google Trends.

It's interesting to see the direction in which this is all developing. What do you think?

$SIE (-2,45 %)
$TSM (-2,93 %)

Siemens collaborates with TSMC to drive further innovation in semiconductor design and integration

(WK-intern) - Siemens Digital Industries Software today announced that it has intensified its long-standing collaboration with TSMC to drive innovation in semiconductor design and integration and enable joint customers to address next-generation technology challenges.

https://www.windkraft-journal.de/2025/04/25/siemens-und-tsmc-treiben-gemeinsam-innovationen-im-halbleiterdesign-voran/211346

$SIE (-2,45 %)

Citi has resumed coverage of Siemens (ETR: SIEGn ) with a Buy rating and a price target of €245, citing the company's growing leadership in industrial AI and automation.

The firm believes that Siemens' expanded software portfolio "puts it in a leading position to enable agent-based and physical AI in industrial applications."

While Citi acknowledged that economic concerns remain due to tariff-related macroeconomic uncertainty, it emphasized the strength of long-term trends.

"We continue to see strong long-term tailwinds in both automation and electrification," analysts wrote in a note.

The investment bank highlighted the "breadth of Siemens' offering in the software and automation markets" as one of its core strengths.

Citi sees Siemens' €7 billion Digital Industries software portfolio as a major competitive advantage following the recent acquisitions of Altair and Dotmatics.

"We believe Siemens' breadth of software offerings, expertise and installed base of edge devices give it a competitive advantage," the company said.

The ongoing shift towards software and SaaS models should also contribute to higher growth and margin targets in the medium term.

Citi also believes that Siemens should divest its 73 percent stake in Healthineers in its entirety and says a spin-off could be beneficial for both financial and strategic reasons.

"We think Siemens should fully exit Healthineers," the firm wrote, noting that deconsolidation could boost return on capital employed (ROCE) to around 25 percent from 18-19 percent and reduce the net debt to EBITDA ratio to 0.2x from 0.9x by fiscal 2026.

Although Citi lowered its 2026 earnings forecast by about 6% due to weaker expectations in short-cycle markets, the firm maintained its constructive view on Siemens' future.

"AI-driven automation in focus" will remain the main theme, Citi said, and Siemens is well positioned for the next industrial upturn.

https://www.investing.com/news/stock-market-news/siemens-gets-new-buy-rating-as-citi-says-ailed-automation-will-drive-next-upcycle-4004391