Siemens (SIE) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 FY 2026 results with 18% comparable order growth and 6% comparable revenue growth, led by Digital Industries and Smart Infrastructure, despite geopolitical and currency headwinds.

• Orders reached €24.1 billion, with a record order backlog of €124 billion and a book-to-bill ratio of 1.22.

• Net income was €2.2 billion, with EPS pre PPA at €2.81, supported by a gain from the divestment of the airport logistics business.

• Free cash flow improved to €1.7 billion in Q2, supporting accelerated share buybacks and a robust capital structure.

• Mobility segment faced margin pressure and revenue decline due to U.S. tariffs and project delays.

Financial highlights

• Orders increased 18% year-over-year to €24.1 billion; revenue up 6% year-over-year to €19.8 billion.

• Industrial Business profit was €3.0 billion, margin 15.4%.

• EPS pre PPA: €2.81; free cash flow: €1.7 billion.

• Divestment gain from airport logistics business contributed €0.17 per share to earnings.

• Currency headwinds impacted results by 80 basis points.

Outlook and guidance

• Full-year 2026 guidance confirmed: comparable revenue growth of 6–8%, book-to-bill ratio above 1, and EPS pre PPA expected at €10.70–€11.10.

• Digital Industries revenue growth guidance raised to 7–10%, profit margin to 17–19%.

• Smart Infrastructure revenue growth guidance raised to 8–10%, profit margin expected in the upper half of 18–19%.

• Mobility revenue growth outlook lowered to 5–7%, margin expected at the lower end of 8–10%.

• FX headwinds expected to continue, with modest impact on revenue and margins in H2.