Siemens (SIE) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 closed with record EPS and profit, excellent free cash flow, and strong topline growth, driven by robust performance in Smart Infrastructure and Mobility, while Digital Industries faced headwinds in automation.

• Revenue grew 3% year-over-year to €84.1 billion, with orders at €84.1 billion and a book-to-bill ratio of 1.11.

• Free cash flow for the industrial business reached €11 billion, with group free cash flow at €9.5 billion.

• EPS pre-PPA and excluding Siemens Energy/Innomotics was up 6% to €11.45, within guidance.

• Shareholder returns were enhanced through a proposed dividend increase to €5.20 and ongoing share buyback program.

Financial highlights

• Orders reached €89.4 billion (-4% year-over-year), revenue grew to €84.1 billion (+3%), and book-to-bill was 1.11.

• Industrial business profit was €11.4 billion (+1%), with a margin of 15.5%.

• Digital business revenue up 22% to €9 billion, now 12% of total revenue.

• Dividend proposal of €5.20 per share, yielding 2.9%.

• Cash conversion rates remained high across all segments.

Outlook and guidance

• Fiscal 2025 group revenue expected to grow 3%-7% with book-to-bill above one.

• Basic EPS (pre-PPA, excluding Innomotics gain) guided at €10.40–11.00.

• Digital Industries revenue guidance: -6% to +1% for 2025, with margin expected at 15%-19%.

• Smart Infrastructure revenue growth guided at 6%-9%, margin 17%-18%.

• Mobility revenue and margin both guided at 8%-10%.