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Siemens AG (SIEB) Q4 2026 Earnings Report

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DE:SIEB Q4 2026 EPS Results

Actual EPS
EUR 1.40
Consensus EPS
EUR 1.43
Beat/Miss
Missed by -EUR 0.03
One Year Ago EPS
EUR 1.09

DE:SIEB Q4 2026 Revenue Results

Actual Revenue
―
Expected Revenue
EUR 23.54B
Beat/Miss
―
YoY Revenue Growth
―

Earnings Announcement Details

Quarter
Q4 2026
Date
11/12/2026
Time
Before Open
Conference Call
Thursday, November 12, 2026
DE:SIEB Upcoming Earnings

Siemens AG's next earnings date is estimated for February 11, 2027, based on past reporting schedules.

Q4 2026 Earnings Call Audio

DE:SIEB Q4 2026 Earnings Call
0:00 / 0:00

Q4 2026 Earnings Slide Deck

Q4 2026 Earnings Call Summary

Q4 2026
Earnings Call Date:Nov 12, 2026|% Change Since:―|
Earnings Call Sentiment|Positive

The call was strongly positive, with record orders, revenue growth, expanding margins, robust free cash flow, strong digital and industrial AI momentum, raised medium-term targets, and constructive fiscal 2027 guidance. Management also highlighted several execution and phasing risks, including softer September automation orders in China, potential order volatility, Mobility transformation costs, long backlog conversion timelines, and Smart Infrastructure permitting considerations, but these were outweighed by the reported achievements and growth outlook.

Company Guidance

For fiscal year '27, Siemens expects comparable revenue growth of 9% to 11% and EPS pre-PPA in the range of EUR 10.20 to EUR 10.80, up 13% at the midpoint, and this excludes Siemens Healthineers; its midterm comparable revenue growth target is 7% to 11%, up from 6% to 9%, with growth targets for EPS to double digit. Digital Industries expects comparable revenue growth in the range of 8% to 12% and a profit margin in the range of 20% to 22%, with Q1 revenue growth in line with its full year guidance, software to grow moderately and Q1 margin to be around 20%; Smart Infrastructure expects comparable revenue growth of 11% to 13% and a margin in the range of 19.5% to 20.5%, with Buildings growing in the mid-single-digit range, electrical products and electrification growing in the mid and high teens respectively, Q1 revenue growth around the upper end for its fiscal year range and Q1 profit margin in the lower half of the fiscal year guidance range; Mobility expects comparable revenue growth in the range of 6% to 8%, a profit margin between 8% and 10%, Q1 revenue to increase mid-single-digit and profitability in line with its full year guidance.

  • Strong Fiscal 2026 Group PerformanceSiemens reported 8% revenue growth for fiscal 2026, EPS pre-PPA growth of 14%, and free cash flow growth of 12% to EUR 12.1 billion. The company delivered on its guidance.
  • Digital Business ExpansionDigital business revenue increased 16% to EUR 10.9 billion and now represents close to 20% of Siemens revenue excluding Siemens Healthineers. Siemens remains on track to double digital business revenue by fiscal 2030.
  • Software and AI MomentumDigital Industries software revenue exceeded EUR 7 billion, while annual recurring revenue increased 12% year-over-year. AI revenue was trending toward around 5% of DI software revenue in fiscal 2026.
  • Eigen Engineering Agent AdoptionSiemens expanded the Eigen engineering agent across the engineering value chain and into semiconductors, consumer packaged goods, and automotive manufacturing. At Andritz Metals, customers reported delivering the same engineering scope twice as fast using the agent.
  • Industrial AI Growth StrategySiemens identified industrial AI as its defining growth opportunity and is combining software, digital twins, industrial data, automation, and engineering expertise to support mission-critical industrial applications.
  • AI-Enabled GlobalFoundries PartnershipSiemens is partnering with GlobalFoundries on an AI-enabled control center in Singapore. Upon full global deployment, the center is expected to integrate more than 1 million critical data points for capabilities including AI-driven predictive maintenance.
  • Lauterbach Acquisition AgreementSiemens signed an agreement to acquire Lauterbach, a provider of debug and trace solutions for embedded software and complex system-on-chip architectures. The planned combination is intended to enable earlier development and verification of embedded software, before the physical chip is available.
  • Altair and Dotmatics ProgressIntegration of Altair and Dotmatics was described as fully on track. Siemens met its fiscal 2026 revenue targets for Altair and reported initial revenue synergies, while Dotmatics delivered strong commercial momentum, a robust synergy pipeline, on-track revenue, and profitability exceeding expectations.
  • Data Center Business GrowthSmart Infrastructure data center orders grew triple digits to more than EUR 8.5 billion in fiscal 2026, while revenue increased around 60% to approximately EUR 4.6 billion. Data centers became Smart Infrastructure's second-largest vertical at around 20% of revenue.
  • U.S. and China Regional MomentumThe U.S. remained a key growth market for automation, with automation orders up 61% in the fourth quarter. Siemens also reported fiscal 2026 revenue growth of more than 25% for its local-for-local portfolio in China and plans to take selected products global.
  • Record Fourth-Quarter OrdersFourth-quarter group orders reached an all-time high of EUR 34.8 billion, driven by strong momentum in Smart Infrastructure and Mobility.
  • Digital Industries Fourth-Quarter PerformanceDigital Industries revenue growth accelerated to 10% in the fourth quarter. Automation orders increased 16%, software orders increased 15%, software revenue and ARR each increased 12%, and DI software orders reached a quarterly record of EUR 2.9 billion.
  • Digital Industries Margin ImprovementDigital Industries' margin improved by 540 basis points year-over-year, or 200 basis points including severance, driven by higher automation volumes, a better business mix, a net positive economic equation, and currency tailwinds.
  • Digital Industries Fiscal 2027 OutlookSiemens expects Digital Industries comparable revenue growth of 8% to 12% and a fiscal 2027 profit margin between 20% and 22%. Double-digit software growth is expected to lead the increase, while automation is expected to show accelerated growth.
  • Smart Infrastructure Record Orders and GrowthSmart Infrastructure orders increased 39% to a record EUR 8.7 billion. Electrification orders rose 62%, electrical products orders rose 45%, and fourth-quarter revenue increased 15%.
  • Smart Infrastructure Profitability and BacklogSmart Infrastructure reported a fourth-quarter margin of 20.3%, including 50 basis points from U.S. tariff refunds. Its order backlog exceeded EUR 25 billion, and Siemens expects fiscal 2027 comparable revenue growth of 11% to 13% with a margin between 19.5% and 20.5%.
  • Data Center Backlog VisibilitySmart Infrastructure's data center backlog exceeded EUR 7 billion. Siemens expects around 70% of this backlog to convert into fiscal 2027 revenue and the remaining 30% in the following year, with data center revenue growth expected to exceed 40% if execution proceeds as planned.
  • Mobility Record Orders and Cash FlowMobility achieved record fourth-quarter orders exceeding EUR 10 billion, including more than EUR 4 billion of long-term service agreements. Revenue increased 9%, margin reached 9.5%, and fourth-quarter free cash flow was EUR 1.4 billion, resulting in full-year cash conversion of 1.03.
  • Mobility Backlog and MERMEC AcquisitionMobility's order backlog exceeded EUR 65 billion. The acquisition of key MERMEC businesses closed in early November and is expected to contribute around 3 percentage points to nominal revenue growth in fiscal 2027.
  • Record Free Cash Flow and Shareholder ReturnsGroup fiscal 2026 free cash flow margin reached 14.5%, with double-digit cash returns delivered for seven consecutive years. Siemens had repurchased EUR 1.7 billion of shares since the buyback began in July and proposed a fiscal 2026 dividend of EUR 5.50 per share, up EUR 0.15 year-over-year.
  • Raised Medium-Term TargetsSiemens raised its medium-term comparable revenue growth target to 7% to 11%, up from 6% to 9%, and raised its EPS growth target to double digit.
  • Fiscal 2027 Group GuidanceSiemens expects fiscal 2027 comparable revenue growth of 9% to 11% and EPS pre-PPA of EUR 10.20 to EUR 10.80, representing 13% growth at the midpoint and excluding Siemens Healthineers.
  • Growth Drivers and Productivity ProgramThe fiscal 2027 outlook is supported by a record backlog, structural demand for industrial AI and digital infrastructure, public investment programs, and a further pickup in industrial markets. Siemens also plans continued productivity efforts across its businesses and functions.
  • Capacity Expansion and InvestmentSiemens plans further investment in R&D, capital expenditures, and Smart Infrastructure capacity, including in the U.S. and other regions, to meet demand and execute its backlog. The company also expects to use technology productivity and supplier engagement alongside its own capacity investments.
  • Healthineers Spin-Off ProgressThe planned Siemens Healthineers spin-off remains on track. Siemens plans to transfer a 34.1% stake to Siemens AG shareholders at a ratio of one Siemens Healthineers share for every two Siemens shares, with the transaction expected to take effect in late spring after anticipated February shareholder approvals, subject to filing and registration.
  • Post-Spin-Off Capital AllocationSiemens expects to continue its share buyback at rapid speed after the Healthineers spin-off. The company also expects additional cash from the termination of intragroup loans and remains committed to its free cash flow targets.
  • AI and Software Monetization ModelSiemens plans to maintain its named-user subscription foundation, add AI subscription fees for human-led AI such as copilots, and introduce an agentic surcharge on the underlying software subscription as usage-based offerings develop. The Eigen engineering agent is currently license-fee based.
  • Selective M&A and Organic InvestmentSiemens said it has an active M&A pipeline but will remain selective, focusing on transactions that support strategic targets and profitable growth, particularly combinations of software, hardware, and connected data. The company also plans to increase R&D activities and embed AI into R&D processes.
  • China-to-Global Product ExpansionSiemens plans to selectively take China-developed, value-for-money products into global markets. Management said this approach could support customer service and provide benefits to both the top and bottom lines.

DE:SIEB Earnings History

DE:SIEB earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 11, 20272027 (Q1)1.58-1.38――
Nov 12, 20262026 (Q4)1.431.401.0928.74% (+0.31)
Aug 06, 20262026 (Q3)1.331.511.3412.89% (+0.17)
May 13, 20262026 (Q2)1.381.291.43-9.41% (-0.13)
Feb 12, 20262026 (Q1)1.131.380.9742.60% (+0.41)
Nov 13, 20252025 (Q4)1.321.091.17-6.92% (-0.08)
Aug 07, 20252025 (Q3)1.221.341.238.25% (+0.10)
May 15, 20252025 (Q2)1.221.431.1524.45% (+0.28)
Feb 13, 20252025 (Q1)1.430.971.44-32.73% (-0.47)
Nov 14, 20242024 (Q4)1.221.171.0511.29% (+0.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed