Siemens Healthineers (SHL) Status update summary

Q3 2025 financial highlights

• Achieved 7.6% revenue growth with strong performance across all regions and segments, notably Imaging at 11.7% growth and 21% margin despite tariff headwinds.

• EPS reached €0.64, driven by 160 basis points margin expansion; free cash flow doubled in the first nine months, and leverage fell below three since the Varian acquisition.

• Raised outlook midpoints: growth to 5.5%-6% and adjusted EPS to €2.30-€2.45; equipment book-to-bill at 1.09.

Drivers and sustainability of growth

• Growth fueled by long-term programs, especially photon-counting CT, molecular imaging (notably PETNET), and solid MR performance.

• Innovation strength and market position in photon-counting CT, theranostics, and MR support confidence in mid- to high-single-digit midterm growth targets.

Q4 and 2026 outlook considerations

• Q4 growth expected to decelerate due to tough comps from a strong prior-year Q4 and efforts to linearize quarterly performance.

• 2026 faces exogenous headwinds: tariffs (15% EU-US), expected to cost €400-€500 million, and FX impact from a weaker USD, partially offset by hedging.

• Margin support expected, but some 2025 net income positives (~€0.05) are not repeatable in 2026.