Siemens (SIE) Q1 2026 (Media) earnings summary

Executive summary

• Q1 fiscal 2026 began with strong momentum, record order backlog of €120 billion, and a book-to-bill ratio of 1.12, driven by robust demand in Smart Infrastructure and Digital Industries.

• Orders grew 10% to €21.4 billion, revenue increased 8% to €19.1 billion, with all business segments and regions contributing.

• Profit for the Industrial Business rose to €2.9 billion, with a margin of 15.6%, exceeding expectations despite negative currency effects.

• Free cash flow for Q1 was €0.7 billion, reflecting seasonal patterns and impacted by working capital build-up and nuclear waste settlement.

• Outlook for group EPS pre PPA was raised to €10.70–€11.10, with continued focus on digitalization, AI, and strategic partnerships.

Financial highlights

• Orders increased 10% year-over-year to €21.4 billion, led by Smart Infrastructure; revenue up 8% to €19.1 billion.

• Smart Infrastructure electrification business up 22%; Digital Industries software up 11%, automation up 9%.

• Profit for Industrial Business totaled €2.9 billion; profit margin at 15.6%.

• Free cash flow at €0.7 billion; industrial net debt/EBITDA at 0.9x.

• Dividend of €5.35 and accelerated share buyback program, with nearly €4.4 billion repurchased and 18 million shares to be cancelled.

Outlook and guidance

• Group revenue growth guidance raised to upper half of 6%–8% range for FY 2026; book-to-bill expected above 1.

• EPS pre PPA guidance increased to €10.70–€11.10.

• Digital Industries revenue growth expected at 5%–10%, profit margin toward upper half of 15%–19% range.

• Smart Infrastructure revenue growth in upper half of 6%–9% range, profit margin in upper half of 18%–19%.

• Mobility revenue growth confirmed at 8%–10%, profit margin within 8%–10% range.