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Siemens Healthineers (SHL) investor relations material
Siemens Healthineers Pre-Close Call summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Pre-Close Call summary25 Sep, 2025
Trading performance and revenue trends
Continued currency volatility, with a 6% devaluation of the U.S. Dollar, is expected to create negative FX headwinds on revenue for the full quarter.
Growth excluding FX would be higher than nominal growth, but translational effects will negatively impact absolute revenue.
Q4 is expected to be the strongest quarter in absolute terms but less loaded than last year's Q4, with growth below the first nine months due to active resource management.
Segment revenue growth assumptions for Q4: mid-single digit for Imaging and Advanced Therapies, high-single digit for Varian, and low growth for Diagnostics.
Volume-based procurement in China for Diagnostics is more weighted toward the second half of the fiscal year.
Profitability and margins
Translational FX effects and tariffs are expected to negatively impact EBIT.
Imaging and Advanced Therapies are expected to see sequential margin expansion in Q4, but margins will be below the strong prior year quarter due to tariffs.
Q4 Imaging margins are likely to be closer to Q3 levels due to increasing tariff impact.
Varian and Diagnostics margins are expected to remain at Q3 levels, with Diagnostics at an operational margin of 8% excluding one-offs.
Guidance and outlook commentary
Full-year revenue growth guidance is 5.5% to 6%, with 6.8% growth already achieved in the first nine months.
Q4 growth is expected but will be below the first nine months, reflecting resource management rather than a business slowdown.
Tariff impact on pretax profit for 2025 is estimated at €200–250 million, reducing EPS by about €0.15.
For 2026, tariff headwinds are expected to increase to €400–500 million, with an additional €0.10 EPS headwind from a weaker U.S. Dollar and €0.05 from non-repeatable financial income, totaling €0.30 EPS headwinds.
Quantify total FY26 EPS headwinds
Q4 Imaging margin outlook vs. Q3?
Why is Q4 growth below first 9 months?
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Next Siemens Healthineers earnings date
Q4 20255 Nov, 2025
Next Siemens Healthineers earnings date
Q4 20255 Nov, 2025
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Frequently asked questions
Siemens Healthineers offers an extensive portfolio of products and solutions for the improvement of patient care. Products include Magnetic Resonance Imaging systems, computed tomography systems, integrated PET-CT scanners, magnetic resonance angiography systems, MR probes, MR signal analyzers and other hardware products for imaging. Siemens Healthineers also provides its products with integrated workflow solutions ranging from advanced imaging software to comprehensive workflow management solutions in a seamless integrated platform. The company is headquartered in Erlangen, Germany.
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