Siemens (SIE) Q2 2025 earnings summary

Executive summary

• Orders grew up to 10% year-over-year, reaching €21.6 billion, with a book-to-bill ratio of 1.10 and backlog at €117 billion; revenue increased up to 7% to €19.8 billion, led by Mobility and Smart Infrastructure.

• Net income rose up to 33% year-over-year to €6.3 billion, with EPS pre PPA up to €3.00 for the quarter and €7.86 for the year.

• Major acquisitions included Altair Engineering for €9.5 billion and a signed agreement to acquire Dotmatics for $5.1 billion, expanding AI and Life Sciences portfolios.

• Free cash flow in the industrial business was up to €2.1 billion; cash and cash equivalents increased to €12.7 billion.

• Portfolio reshaped by divestments, including the sale of Innomotics and stakes in Siemens Energy and Healthineers.

Financial highlights

• Group orders reached up to €21.6 billion, up 9% year-over-year; revenue growth up to 7% year-over-year.

• Industrial Business profit margin up to 16.9%, with profit of €3.2 billion; operational margin 15.3%–16.9% (excluding divestment gains).

• EPS pre PPA at €3.00 for the quarter; free cash flow for IB up to €2.1 billion.

• Net debt/EBITDA at 1.1x post-Altair acquisition; pension deficit at historic low of €0.8 billion.

• Dividend payment of €4.1 billion in February; share buyback program ongoing.

Outlook and guidance

• FY2025 outlook confirmed: comparable revenue growth of 3%–7%, book-to-bill above one, EPS pre PPA €10.40–€11.00, excluding Innomotics gain and Altair effects.

• Digital Industries: revenue change (6)% to 1%, margin 15%–19%.

• Smart Infrastructure: revenue growth 6%–9%, margin 17%–18%.

• Mobility: revenue growth to approach mid-teens in Q3; margin guidance 8%–10%.

• Siemens Healthineers expects 5%–6% revenue growth and adj. EPS €2.20–2.50 for FY2025.