At hospital equipment supplier Siemens Healthineers $SHL (+0,17%) increased its revenue on a comparable basis by 5.9 percent to just under 23.4 billion euros in the past fiscal year 2024/25 (September 30).

Imaging once again developed particularly strongly. The division increased its sales by 8.5 percent to 13.2 billion euros, once again gaining market share. Varian grew by 6.9 percent to 4.1 billion euros. Sales in the diagnostics division only stagnated, but the division was able to further improve its operating result.

The adjusted operating result for the Group as a whole improved by ten percent to almost 3.9 billion euros in the 2024/25 financial year. This was in line with analysts' expectations. In terms of turnover, they had expected an average of 23.5 billion euros.

US tariffs weigh on Healthineers

However, the burdens from US tariffs and currency effects are increasing. The challenges are likely to become even greater in the new financial year. The bottom line profit could therefore fall. The stock market reacted to the cautious forecast with a temporary fall in the share price of more than ten percent to just over 45 euros.

In the final quarter of 2024/25, i.e. from July to September, Healthineers' revenue growth on a comparable basis was slightly weaker at 3.7 percent to 6.3 billion euros. The adjusted operating result fell slightly to 1.1 billion euros.

By way of comparison, the major European competitor Philips $PHIA (-1,09%) increased sales from July to September by three percent to 4.3 billion euros. The adjusted operating result improved from 516 to 531 million euros.

Both manufacturers are struggling with challenges that are likely to intensify in the coming months. US tariffs, for example, cost Healthineers 200 million euros in the past financial year. As they are now taking effect for the full year, this could amount to around 400 million euros in 2025/26. Currency developments are also having a negative impact on business.

But despite all this bad news, there could be a brilliant buying opportunity for the shares of the DAX company, at least according to analysts. In fact, the majority of market observers are optimistic, recommend buying on average and see share price potential of around 30 percent.

Siemens Healthineers $SHL (+0,17%) intends to present its next strategy phase "Elevating Health Globally" to investors in a few weeks. The "New Ambition" program, which was announced in 2021, has been completed. During this time, Healthineers has, among other things, further expanded its strong position in imaging and established more long-term partnerships with hospital chains. Insiders do not expect a radical change of strategy in the core businesses, but rather a further development of the strategy.

In addition, the management of Siemens $SIE (-1,02%) management will announce in the coming week whether the company will remain involved in medical technology in the long term or whether it will relinquish its majority shareholding. Siemens currently still holds around 70 percent of the shares in Healthineers.

The dividend is to rise from EUR 0.95 to EUR 1.00.

Source text (excerpt) & graphic: Handelsblatt, 05.11.2025

🌤 October review 2025

October was a month of upheaval, adjustment and small decisions with a big impact. With just two months to go until the IPQ's annual target, it currently stands at 97

📊 Performance & markets

An exact monthly performance cannot currently be calculated, but the robo-advisor is holding up well with an overall performance of +33,75 %.

Hot factor favorite
Allianz.

King Midas Factor
Xpeng.

1 Swiss franc quoted at 1.07 euros

₿ Crypto & alternative investments

There were minor adjustments and partial sales in the crypto sector. The share must be further reduced to 10%.

With Timeless was quiet, with only two Pokémon TTBs being sold.

Also with NFTs and music rights remained quiet - no new purchases, no sales, no drama.

🍷 Winery

The vineyard is also at a standstill. No new news, but sometimes calm is also a form of maturity.

📈 Individual shares, ETFs & savings plans

In the equities sector, on the other hand, things have been really busy.

$SLI (+3,27%) and $IBU (+4,8%) went through the roof - reason enough to take a few profits. In return $OTEX (+0,67%) was added to the portfolio. In addition $AAPL (+0,69%)
$MSFT (+0,91%) and $RWE (+1,36%) sold. Back in the depot: $AWK (+0,22%)
$SHL (+0,17%) and $CAKE (+2%) received an extra portion of capital.

The $XEON (+0,02%) was sold completely and shifted into the $bnp Paribas Easy Overnight - perhaps a mistake, perhaps a stroke of luck. Time will tell.

🚀 Crowdcube & Startups

It's been quiet here - no new projects.

🧠 Nao - a test run with hurdles

Curiosity is sometimes the best guide. After listening to a podcast about Nao I wanted to test the platform for myself. So I started eight savings plans on various assets on offer.

After just a few days, I had several exchanges with the support team Interest on the clearing account, confusing savings plan overviews and a strange booking logic: instead of being debited from the clearing account, the amounts were debited directly by direct debit.

When I wanted to withdraw the money, it turned out that it would remain blocked for a whole eight weeks. Not ideal.

Nevertheless, Nao remains exciting and the vision is convincing, even if the start was bumpy. Today a new product arrived, tradable via TR, so I sold my overnight rate swap with a yield of 6.2 % and reallocated. Was it the right decision? We'll see.

Do any of you also have experience with Nao?

🌴 Review October

I am currently on vacation for a week between October and November.

I've started my therapy, but I haven't felt any change yet. My biggest concern at the moment is the cost after the trial ends. A monthly dose costs around €250 and health insurance probably won't cover it. The trial will run until January, after which we will see what happens next.

On the positive side: the savings plan and the budget for 2026 are in place! In future, 10% of my gross salary plus reinvestments will go into individual shares. I have to plan a little more carefully because I have an unpaid vacation coming up in March 2026. I'm giving up my salary and 2.5 vacation days for this. I currently have my second readley test subscription in a row thanks to the Lidl app.

And yes, sorry to @christian

@TheRealRapha
@Leonard
@Gqnina I was at a wedding near Berlin and spontaneously spent two days at Tropical Island on the side. The headquarters had to wait, next time it will definitely work out! This week I'm treating myself to the fall fair and good food. And next week I'm off to Bavaria.

🎧 Interest rates, podcasts & real estate

With Vivid there was no news.

Podcast is in season 3 episode 1 is about financial goals

And also about real estate a small ray of hope: Service charges will fall by 5 euros in 2026.

🔮 Outlook for November

The coming month will probably be a little more expensive - a few purchases should finally be made. After all, you don't just live to make a profit. 😉

And you? How was your October?

If you want to find out more, feel free to follow me and if you don't like my investments: The block function works wonderfully. 😄

Thanks for reading - until the next review! 🙌

The second "What if" report by climate tech company Right° was published on Thursday. Right° compares company data with the goals of the Paris Climate Agreement. Right° sets the limit value at a global warming of 1.7 degrees by 2100.

None of the 34 DAX companies analyzed would be Paris-compatible if no further measures were taken to reduce emissions. However, according to the data, twelve companies have decoupled their value creation from climate-damaging emissions in recent years to such an extent that they are on a Paris-compatible path.

And five of these companies also have a Paris-compatible climate target.

For companies, doing business in line with Paris means decoupling their value creation from climate-damaging emissions.

According to the "What if" report, the climate pioneers RWE $RWESiemens Healthineers $SHL (+0,17%)Adidas $ADS (-1,22%)Deutsche Börse $DB1 (-0,71%) and Porsche, which was relegated from the DAX $P911 (-1,12%). Both the climate targets and the track record of these companies are on a Paris-compatible path.

However, there are clear differences between the DAX companies in terms of their track record. Many are a long way off the targets of the Paris Climate Agreement.

Source text (excerpt) & graphic: Handelsblatt, 31.10.25

15 of the 40 DAX companies are expected to achieve record profits in 2025.

However, five shares of the record profit groups are trading at least 20 percent below their previous high. This makes these stocks interesting because it reduces their valuation. One share is even trading 75 percent below its record high.

Handelsblatt profiles these five shares with a view to the companies' share valuations and business prospects.

75 percent below record high: Zalando

Zalando is currently trading $ZAL (+0,22%) is currently 75 percent below its all-time high, although the company is expected to earn more in the current financial year than ever before.

23 out of 31 analyses recommend buying the share at the current reduced price level, only two recommend selling.

However, shareholders should not be blinded by the supposedly favorable valuation, as the high average P/E ratio of 60 is distorted by losses and very meager profits from the early days as well as the brief euphoria for online retail shares during the pandemic.

42 percent below record high: Symrise

Analysts forecast for Symrise $SY1 (-0,37%) on average 514 million euros net profit, after the previous record profit of 478 million euros in the previous year. The operating profit before interest and taxes is expected to be 21.5 cents per euro. The previous forecast was 21 cents.

16 out of a total of 24 analysts recommend buying the share. One argument is the high dividend continuity. In spring, the payout increased for the 15th time in a row. Nothing stands in the way of another increase in 2026 in view of rising Group profits.

39 percent below record high: Beiersdorf

With a price loss of 30 percent over the past six months, the shares of consumer goods manufacturer Beiersdorf $BEI (+0,27%) is one of the worst performers in the DAX.

Nevertheless, Beiersdorf is on the verge of another record profit. After a net profit of 912 million euros in the past financial year, analysts are forecasting an average of just under one billion euros for 2025.

17 out of 26 analysts recommend buying the share, two recommend selling. Despite imminent record profits, the share is trading more than a third below its record high. With a P/E ratio of 20 based on the profits expected in the next four quarters, the share is still not cheap. However, it is valued 20 percent lower than the average of the past 20 years.

30 percent below record high: Siemens Healthineers

Hardly any other DAX-listed company is as globalized as the Siemens medical technology subsidiary. Siemens Healthineers generates 95 percent of its sales abroad. $SHL (+0,17%) abroad. This makes the company independent of the German market.

The manufacturer of surgical robots, computer tomographs and radiotherapy equipment posted a net profit of 1.9 billion euros last year. Analysts are forecasting a record profit of 2.2 billion euros for the current financial year.

With a P/E ratio of 18.8 based on the profits expected in the next four quarters, the share is moderately valued and 15 percent lower than the historical average. However, the Siemens subsidiary has only been listed on the stock exchange since 2018.

23 out of a total of 25 analysts who regularly analyze the Group recommend buying the share. None recommend selling. This gives Siemens Healthineers by far the best rating of the shares portrayed here.

20 percent below record high: SAP

In the past quarter, SAP's earnings before interest and taxes (EBIT), adjusted for special effects $SAP (-0,65%) earnings before interest and taxes (EBIT) adjusted for special items rose by around a third to 2.6 billion euros compared to the same period last year. The cash inflow, which is important for investors, increased by 83 percent to just under 2.4 billion euros.

For the year as a whole, analysts are forecasting an average net profit of 6.8 billion euros. That would be more than ever before and more than twice as much as in 2024. In the previous year, however, provisions worth billions of euros for employee severance programs distorted the balance sheet.

27 buy recommendations are offset by four hold and three sell ratings. One reason for the fairly strong vote despite the high valuation is the high level of resilience: a good 85% of revenue is based on recurring and therefore reliable business. This makes the IT group virtually independent of economic fluctuations.

Source text (excerpt) & graphic: Handelsblatt, 23.09.25

Artificial intelligence (AI) is gaining widespread acceptance in the healthcare sector. "85% of organizations in the healthcare sector are starting to implement AI solutions," says Kristoffer Karl Unterbrunner, portfolio manager at Medical Strategy, a fund provider specializing in the healthcare sector.

The potential of AI in the healthcare sector is immense

While the global market for AI in the healthcare sector was worth around 29 billion US dollars in 2024, according to the market research institute Fortune Business Insights, sales are expected to increase by an average of 44% annually to 504 billion US dollars by 2032.

The potential of AI is particularly high in the field of radiology. Integration into imaging procedures such as MRI makes diagnoses faster and more precise.

The pioneers include Siemens Healthineers
$SHL (+0,17%) from the leading German DAX index .

"The company is benefiting from the sharp rise in demand for AI-supported diagnostics and strict European regulation, which is boosting confidence in its solutions," says Jens Klatt, analyst at online broker XTB.

Analysts rate Siemens Healthineers positively

Siemens Healthineers, the global market leader for CT, MRI and X-ray systems, has access to billions of medical image and laboratory data every day. This anonymized data flows into the company's own AI system "Sherlock". The Erlangen-based company has already integrated more than 80 AI applications into its imaging systems.

Siemens Healthineers exceeded analysts' expectations in the past quarter with a 7.6 percent increase in revenue to 5.7 billion euros compared to the previous year. Net profit rose by 18 percent to 556 million euros.

The analysts' assessment is positive. With an average analyst price target of 62 euros for the next twelve months, there is still potential of around 33 percent. According to the financial data provider LSEG, 20 analysts recommend buying the share, two are neutral and one advises selling.

AI is also finding its way into surgery

This is what the US company Intuitive Surgical
$ISRG (+0,85%) . It is known for its Da Vinci platform. This is a robot-assisted surgical system that supports surgeons in their work. Intuitive Surgical has developed the system over decades and also uses AI.

Da Vinci can even compensate for minimal tremors in the human hand. "The system can process enormous amounts of data and gain insights that improve the training of surgeons, optimize surgical techniques and standardize results," says Tom Riley, Chief Equity Strategist at fund provider Axa Investment Managers.

The global market leader exceeded expectations in the second quarter. Turnover rose by 21 percent to 2.4 billion dollars. Earnings per share increased by 23 percent to 2.19 dollars. However, the share is valued extremely ambitiously with a price/earnings ratio of 58 based on the profits expected for 2025.

According to LSEG, 22 analysts recommend Intuitive Surgical as a buy, eleven recommend holding the stock and one advises selling. With an average target price of 594 US dollars, there is a potential upside of 25 percent.

Source text (excerpt) & graphics: Handelsblatt, 02.09.25

I have been focusing my portfolio for weeks now. So the question arose: what will be the result? Of course, the companies that overlap have to go first. Now the problem arises as to which share is better. With $GEHC (+0,98%) vs. $SHL (+0,17%) After much deliberation, I opted for $SHL (+0,17%) after much deliberation. Now only $GEV (+0,6%) vs. $ENR (+1,31%) . Here the decision is just as difficult for me. One is cheaper than the other, the other is fundamentally better and... Both have pros and cons, so I'm wondering if any of you have any ideas.

.

Today there were fresh figures from Siemens $SIE (-1,02%) 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 (+0,17%) (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 (+0,91%) , NVIDIA
$NVDA (+0,59%) and Accenture
$ACN (+0,69%) 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 (+1,31%): 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.

Until recently, close business relations with China were considered a blemish - investors punished such shares with discounts. But now the narrative has changed abruptly: Following the agreement in the trade dispute with the USA, China is suddenly being seen as an opportunity again.

"Welt" has analyzed data from the US investment bank Goldman Sachs analyzed. Goldman has compiled several indices that are heavily influenced by the China issue and which show how much of a discount the values still have.

Some European tech stocks with high China business are also identified as potential winners.

Some examples:

$ASM (+0,7%) - ASM International | Potential +27%

$ASML (+0,31%) - ASML +16%

$SHL (+0,17%) - Siemens Healthineers +26%

$MC (-1,54%) - LVMH +15%

$ADS (-1,22%) - Adidas +19%

Source: Welt, 13.05.25 (excerpt)