Siemens (SIE) Q2 2026 (Media) earnings summary

Executive summary

• Achieved strong Q2 FY 2026 results with 18% comparable order growth and 6% comparable revenue growth, led by Digital Industries and Smart Infrastructure, despite geopolitical tensions and currency headwinds.

• Order backlog reached a record €124 billion, with group orders up 18% year-over-year to €24.1 billion.

• Net income was €2.2 billion, with basic EPS at €2.60 and EPS pre PPA at €2.81; net income declined 8% year-over-year due to prior-year divestment gains.

• Free cash flow increased to €1.7 billion, up 71% year-over-year, with Smart Infrastructure making the highest contribution.

• Announced a new share buyback program, continuing disciplined capital allocation.

Financial highlights

• Book-to-bill ratio at 1.22, supporting a record order backlog.

• Profit in the industrial business was €3 billion, with a margin of 15.4%.

• Basic EPS pre-PPA was €2.81, including a gain from the U.S. airport logistics business divestment.

• Americas revenue up 10%, EMEA up 2%, Asia/Australia up 8% (India +21%).

• Currency headwinds and tariffs reduced profit margin and impacted results, especially in Mobility.

Outlook and guidance

• Full-year guidance confirmed: comparable revenue growth of 6–8% and book-to-bill ratio above 1.

• EPS pre PPA expected in the range of €10.70–€11.10 for FY 2026.

• Digital Industries revenue growth guidance raised to 7–10%, margin 17–19%.

• Smart Infrastructure revenue growth guidance raised to 8–10%, margin in upper half of 18–19%.

• Mobility revenue growth outlook lowered to 5–7%, margin expected at lower end of 8–10%.