Business is going better than expected at technology group Siemens. CEO Roland Busch therefore raises the forecast. The share is approaching a record high ahead of the Annual General Meeting.
12.02.2026, 09.12 a.m.
Siemens increased earnings from its industrial business by 15 percent to €2.90 billion in the first quarter of fiscal year 2025/26 (as at the end of September), exceeding analysts' forecasts. They had expected an average of 2.64 billion euros. The bottom line was a profit of 2.22 billion euros, the Group announced on Thursday ahead of the Annual General Meeting. As expected, the profit was significantly below the previous year's figure of 3.87 billion. At that time, Siemens had earned 2.1 billion euros from the sale of the electric motor subsidiary Innomotics alone.
The results were well received by investors in the morning. In pre-market trading, the share price rose by around 3 percent to 263.75 euros.
On a comparable basis, Group sales climbed by 8 percent to 19.14 billion euros. This is at the upper end of the forecast for the year as a whole. Incoming orders soared by 10 percent to 21.37 billion, also exceeding the forecast. CEO Roland Busch (61) sees the start to the fiscal year as proof of the successful implementation of the strategy. "Siemens is very well positioned in its growth markets. Artificial intelligence is a strong growth driver for our business."
Siemens is now raising its profit expectations for the current fiscal year slightly. Adjusted earnings per share in 2025/26 will be between €10.70 and €11.10: Previously, the company had assumed 10.40 to 11.00 euros.
Digital Industries division recovers
Things are looking up for the problem child of recent years, the automation division Digital Industries (DI). In the first quarter, order intake and sales increased by 13 and 10 percent respectively, driven by the software business, on which Busch is particularly focusing. "We are creating the industrial counterpart to ChatGPT," he said in an interview with manager magazin. Initial impetus came from the multi-billion US acquisitions Altair and Dotmatics. The building technology and infrastructure division Smart Infrastructure continued to benefit from the boom in data centers in the USA - incoming orders soared by 22% to a record level.
The only disappointment was the cash inflow from operating activities (free cash flow), which attracted a lot of attention on the capital market and fell by more than half to EUR 677 million (EUR 1.58 billion). Legacy issues also played a role here: Siemens had manufactured fuel elements for nuclear power plants in Hanau for many years and has now paid 360 million euros for the German government to assume the costs for the disposal of radioactive waste after the nuclear phase-out and decommissioning of the site.
For the first time in six years, Siemens has invited its shareholders to an Annual General Meeting. The reason for this is a voting defeat last year. It is a first for Busch to appear live in front of the shareholders. More than 5000 shareholders have registered. Above all, they want to know how far Siemens has come on the way to becoming "One Tech Company", with which Busch wants to integrate the individual divisions more closely. The planned spin-off of the medical technology subsidiary Healthineers is also likely to be discussed.
rei/Reuters
