Hello everyone,

Since many of you have shown your depots recently, I thought I'd follow suit and present mine too.

Briefly about myself:

I have just completed my training as a bank clerk and now work in an auditing firm.

I am also unable to insure certain risks such as incapacity for work or similar due to pre-existing conditions (nothing serious).

I have also just moved into a great apartment with my boyfriend.

Investment goal:

I am building up the portfolio with savings plans as well as individual purchases. The ultimate goal is for all positions to be self-financing with €25.00 per month. With the dividends that accrue by chance, I would like to cover part of my monthly fixed costs. This is quite possible as I have an extra account for my custody account (free of charge at my house bank).

The following items are still missing: $META (-0,65%)
$JNJ (+1,28%)
$MA (+0,04%)
$MSFT (+0,27%)
$NVDA (+0,4%)
$PEP (+0,31%)

For 2025, I would like to get as close as possible to the €100.00 mark.

It's a bold target, and many might object because of the savings plan / individual purchase combination, but this is the best way for me. The role model for this is @Simpson.

I would also like to replicate the portfolio step by step at Trade Republic for vacations etc.

In my current circumstances I have enough reserves to be able to focus on dividends.

As of yesterday, I beat the MSCI World with 0.71%, which I think is pretty good.

Do you have any ideas for changes to the positions? And please don't liquidate all positions and then into the $VWRL.

The $VWRL (+0,84%) only came later that some positions overlap, but this is not a problem for me because of the dividend idea.

Have a nice weekend!

Today there were fresh figures from Siemens $SIE (-0,96%) 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 (+1,16%) (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 (+0,27%) , NVIDIA
$NVDA (+0,4%) and Accenture
$ACN (+0,03%) 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 (-0,15%): 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.

With today's third investment $UNH (+4,71%) has now $MSFT (+0,27%) as the largest single share in my portfolio. The average buy-in is now just under €270. If the share falls below €200, I will make a further, final investment. Otherwise, however, I am already satisfied with the purchase price. 👌🏼

US tech giants in focus

In the current season, all eyes are on the balance sheets of the big US tech giants such as NVIDIA $NVDA (+0,4%)Microsoft $MSFT (+0,27%)Amazon $AMZN (+0,1%) and Tesla $TSLA (+2,05%). These companies are at the center of stock market attention because their latest results and upcoming release dates are of enormous importance. They give us an insight into the economic situation and the future development of the industry. The quarterly figures are expected to be published in the next few weeks, which could lead to significant price movements on the stock market. Investors should be prepared for exciting developments, as these tech giants play a key role in the global economy and influence the markets far beyond their home turf.

China's economy battles deflation

In China, the economy is facing increasing challenges as consumer prices continue to fall in the wake of the trade dispute with the US. The consumer price index fell by 0.1 points year-on-year in April, falling short of expectations. This deflation could be detrimental to the economy in the long term, as it reduces companies' revenues and potentially jeopardizes jobs. The Chinese government has set itself an inflation target of around two percent, but weak demand and high unemployment among young people are weighing on economic stability. In order to stimulate the economy, the central bank has announced interest rate cuts. Although these measures are a step in the right direction, the trade conflict with the USA could continue to influence price trends in China, which means both opportunities and challenges for the domestic economy.

Sources:

https://www.finanzen.net/nachricht/aktien/giganten-im-ueberblick-bilanzen-tesla-nvidia-apple-amazon-co-termine-und-ergebnisse-der-tech-riesen-in-der-aktuellen-saison-14362387

https://www.finanzen.net/nachricht/aktien/wirtschaftlicher-gegenwind-handelskonflikt-und-deflation-belasten-chinas-konjunktur-14471455

First of all, thank you for taking the time to read this post🙄 it's getting a bit long😅

As you know, the market has only gone in one direction in recent weeks and months📉, but now the wind seems to have changed 📈

since my portfolio presentation last year, I have now used the correction to some changes in the portfolio, which I would like to share with you 🙃 "Unfortunately" there was no reduction in the portfolio for the time being because there were too many attractive opportunities🥹

At the beginning of April in particular, I massively reduced my cash reserves and expanded or even doubled my positions. I also made a a few new additions in my portfolio begrüßen✌️(I actually had a few stocks inspired by the dear @Aktienhauptmeister 👀) Greetings go out 😆

In my portfolio introduction post, I mentioned that I would like to $DHR (+3,09%) against $SYK (+1,22%) would exchange. Now it has actually been implemented ✅ necessity is the mother of invention, which is why I have also parted with $OR (-0,8%) I also parted with

I didn't want to share all my purchases now, that would be too much, so I'll list what I bought here 🙂

I tried as best I could to increase "every" position in the portfolio a bit🧐

First of all, I'll mention the positions that were further expanded

$VWCE (+0,41%) + ~10k

$GRAB (+1,5%) + ~1k to (3.38)

$BLK (-0,34%) + ~ 1.3k (678)

$ASML (-1,43%) + ~2.7k (555,45)

$GOOGL (+1,27%) + ~ 1.5k (124,66)

$MPWR (+0,66%) + ~ 1.6k (409,21)

$SOFI (+2,03%) + ~ 0.7k (7,78)

$LIN (+0,84%) + ~ 1.1k (388,20)

$QCOM (-0,23%) + ~ 1.5k (113,62)

$CRWD (+1,73%) + ~ 0.9k (289,75)

$MSCI (-0,31%) + ~1.3k (451)

$V (+0,74%) + ~ 1.4K (274)

$AMZN (+0,1%) + ~ 1.4K (159,74/159,34)

$MSFT (+0,27%) + ~ 1.7k (335/337,75)

$MC (+0,4%) + ~ 1.9k (482,31)

$NOVO B (-2,62%) + ~ 2.5k (51,68)

$ABBV (+1,05%) +~ 1.5k (152)

$NVDA (+0,4%) +~ 2k (85,04)

$UNH (+4,71%) +~ 1.7k (336,30)

$PEP (+0,31%) +~ 1.1k (114,97)

$MRK (+1,8%) +~ 1k (67,70)

------------------

now to the new arrivals 🤩 the ones now mentioned below I opened the positions for the first time 😇

$SYK (+1,22%) ~ 2.1k (305,72)

$META (-0,65%) ~ 1.4k (467,30)

$AVGO (-2,17%) ~ 1.1k (156,76)

$ISRG (+0,41%) ~ 1.6k (398,30)

$SPGI (+0,81%) ~ 1.2k (403,22)

$ANET (-0,2%) ~ 1.8k (70,50/58,65)

$UNP (-0,66%) ~ 0.9k (187,56)

$CAT (+0,96%) ~ 1.5k (246,50)

(I hope I have not forgotten anything)

I have invested a total of about 45k and am absolutely satisfied with my investment case. Now I have no more buffer to add 🥲 in the next few months I will build up cash again 😬

Now I'm curious to see what you've bought, my dear investors?

Like for example @Aktienhauptmeister
@Max095
@Tenbagger2024
@Simpson 🫣

thanks again for reading 🥸

in that sense

have a nice weekend ✌️

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 (-0,96%) or $MSFT (+0,27%) 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 (+0,41%) 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 (+0,51%) and $AEJ (+0,07%) in the end.

Over the next few months, I will be saving in both with a higher savings rate than the $VWCE (+0,41%) 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.

🎉Good evening everyone. Today, with this fantastic market session, after a little more than three years since the 'beginning of my journey in the investment world I finally reached the small (but for me big) threshold of 10k.

🧮At this point I would like to make a recap and ask you, if my strategy, based on my goals, is suitable and feasible.

🧒🏻Innanzitutto I am 28 years old, my dream (financially speaking) is to become financially independent by the age of 40 and then be able to stop working and live off my income. I am an investor with an excellent appetite for risk.

📊📈 My monthly investment plan included only two assets until the end of 2024: $KCVBHW (+0,14%) e $BTC (-0,62%) . I started in 2022 an accumulation plan through my bank of €100 monthly with a duration of 10 years in the Morgan Stanley Global Opportunity Fund AH, to which I add additional deposits from time to time in the months when I have more funds to invest. In mid-2023 I began adding Bitcoin to my portfolio, with investments of only €20 per month, which became something more whenever I had additional funds to invest.

Since early 2025 my monthly investments have steadily, and at a minimum, reached €350, broken down as follows:

- €100 in Morgan Stanley Global Opportunity Fund AH

- €50 in Bitcoin

- €200 divided into two stocks $LDO (+2,35%) Leonardo, a share in $VHYL (+0,54%) and the remainder in $FGEQ (-0,16%) .

From this month I aim to restructure the €200 into 6 small accumulation plans:

- €100 in $LDO (+2,35%)

- €20 in $FGEQ (-0,16%)

- €20 in $VHYL (+0,54%)

- €20 in $MSFT (+0,27%)

- €20 in $1211 (+4,51%)

- €20 in $HIMS (+8,65%)

❔🤷🏻‍♂️ I know that the fundamental problem in achieving my goal is to considerably increase the monthly amount of invested capital, but based on these premises, is this a right strategy in your opinion?