Siemens Healthineers (SHL) Status update summary

Q3 2025 financial highlights

• Achieved 7.6% revenue growth across all regions, with EPS at €0.64 and margin expansion of 160 basis points year-over-year.

• Raised growth outlook to 5.5%-6% and adjusted EPS to €2.30-€2.45.

• Imaging segment posted 11.7% growth and 21% margin, while Varian grew 8.7% with nearly 19% margin.

• Doubled free cash flow in the first nine months; leverage fell below three since Varian acquisition.

Drivers and sustainability of growth

• Growth driven by long-term programs, notably photon-counting CT, molecular imaging, and PETNET.

• Innovations and strong market positions in photon-counting CT, theranostics, and MR support mid- to high-single-digit growth targets.

Q4 and 2026 outlook

• Q4 growth expected to decelerate due to tough comps and efforts to linearize quarterly performance.

• New sales process implemented to smooth revenue recognition and reduce Q4 concentration.

• 2026 faces exogenous headwinds from tariffs (€0.15 EPS impact) and FX (€0.10 EPS impact), with hedging effects rolling off.

• Tariff charges expected to double to €400-€500 million in 2026, with mitigation measures from 2025 drying out.