Siemens Healthineers (SHL) Pre-close call summary

Trading performance and revenue trends

• Q4 FY26 FX translation expected to add ~1 percentage point to nominal revenue growth, with stronger USD and CNY versus the prior-year quarter.

• Synergetic core revenue growth expected to accelerate in Q4: imaging in the higher single digits, supported by revenue shifts and strong CT momentum; precision therapy in the higher single digits, below 9%.

• Diagnostics revenue expected to continue declining at a mid-single-digit rate in Q4.

Profitability and margins

• Q4 imaging margin expected to expand sequentially versus Q3 ex refunds; precision therapy expected to improve sequentially to 14% ex tariff refunds, while YoY expansion faces a 17% prior-year comparison.

• Diagnostics expected to have a significant YoY margin decline in Q4, but remain at least sequentially flat versus Q3 ex refunds; Q3 margins benefited from tariff refunds across all segments.

• Q3 adjusted EBIT margins ex refunds: imaging 21.6%, precision therapy 14.1%, diagnostics 2.9%, and group 15.4%.

• H2 FY26 additional supply-chain inflation expected to weigh ~€0.05 on EPS; ~€0.01 materialized in Q3, implying ~€0.04 YoY headwind in Q4 and a mid-double-digit-million-euro EBIT impact.

Guidance and outlook commentary

• FY26 assumptions remain unchanged: FX and tariffs each expected to create ~€0.15 incremental EPS headwind versus FY25; FX headwind remains in Q4, while Q4 tariff YoY impact is expected to be immaterial.

• FY26 central items expected at -€250m to -€200m EBIT and net financial income at ~-€330m; Q4 financial income expected more negative than Q3, partly due to Q3 tariff-refund interest income.

• FY26 full-year tax rate expected closer to 23%; with a 22.6% average through Q3, Q4 is indicated within the original 24%–26% assumption.

• FY27 underlying double-digit EPS growth uses FY26 ex-refund EPS of €2.20–€2.30 as its base; FY27 EPS was discussed as mid-230-ish and broadly reflected in sell-side models.