Siemens Healthineers (SHL) Pre-Close Call summary

Executive summary

• Pre-close catch-up summarizes key topics and expectations for Q2 fiscal 2025, aiming to align stakeholders before the silent period.

• Fundamentals are considered intact, with continued growth expected in Q2.

Trading performance and revenue trends

• Q2 group growth is expected at the lower end of the 5-6% range, approximately 5%.

• Imaging segment growth projected at mid-single digits, aligning with full-year assumptions after a strong Q1.

• Varian segment anticipated to achieve higher single-digit growth in Q2, recovering from a slower Q1.

• Diagnostics segment expected to maintain Q1 dynamics in both growth and margin expansion.

• Advanced Therapies segment targets mid-single digit growth for the full year.

Profitability and margins

• Imaging segment expected to see low to mid-double-digit basis points margin expansion in Q2.

• Varian segment margin expansion forecasted between 50 and 150 basis points.

• Diagnostics segment maintains comparable margin expansion to Q1, which saw a 270 basis point increase year-over-year.

• Advanced Therapies aims for low to mid-double-digit basis points margin expansion for the year.