Siemens Healthineers (SHL) Status update summary

Q4 and fiscal 2025 performance

• Achieved nearly 4% Q4 growth on strong prior-year comparables, with a book-to-bill ratio of 1.12.

• Fiscal year book-to-bill ratio reached 1.14, and revenue growth hit the upper end of guidance at 5.9%.

• Growth was realized in all regions except China; adjusted EPS landed in the upper half of the guided range.

• Cash generation was strong, reducing net debt/EBITDA to 2.8.

Segment performance and Q4 drivers

• Imaging saw 6% growth in Q4, but margins were impacted by tariffs and an unfavorable mix compared to the prior year.

• Q4 was affected by timing of Chinese subsidies and provisions for field inspections.

• Varian margins were strong (excluding tariffs), but revenue growth was muted due to tough comps and a contract revenue shift to the next fiscal year.

Outlook for 2026 and Q1

• Group Q1 revenue expected below 5-6% outlook range; Varian to deliver high single-digit growth, Imaging mid-single-digit, Diagnostics negative due to volume-based procurement in China.

• Advanced Therapies expected to have a softer start; Q1 margins to be below prior year due to tariffs and FX headwinds.