Siemens continued its growth trajectory in the second quarter of fiscal year 2026 and confirmed its outlook for the year as a whole despite geopolitical uncertainties. Order intake rose by 18% to €24.1 billion on a comparable basis, while revenue increased by 6% to €19.8 billion on a comparable basis. The book-to-bill ratio reached 1.22 and the order backlog rose to a record EUR 124 billion. The Group continues to expect comparable sales growth of 6 to 8% and EPS pre PPA of EUR 10.70 to 11.10 for the year as a whole.

The result from Industrial Business amounted to EUR 3.0 billion after EUR 3.2 billion in the previous year, with the comparative figure benefiting from a one-off effect of EUR 0.3 billion. The profit margin fell from 16.9% to 15.4%. Profit after tax fell by 8% to EUR 2.2 billion, while free cash flow at Group level increased significantly from EUR 1.0 billion to EUR 1.7 billion.

Share buyback announced

Siemens also announced a new share buyback program of up to €6 billion with a term of up to five years. The Group is thus continuing its capital allocation strategy and wants shareholders to participate directly in the company's success. The program follows on from previous buybacks and is also intended to ensure financial flexibility in an uncertain economic environment and, according to the company, underlines management's confidence in its own financial strength and long-term business development.

Mixed picture in the divisions

Digital Industries increased incoming orders by 12% to 4.8 billion euros and sales by 8% to 4.6 billion euros. The software business in particular grew strongly. Earnings climbed by 35% to 857 million euros and the margin improved from 14.8% to 18.5%. Siemens has raised its growth forecast for the division to between 7% and 10% for the year as a whole.

Smart Infrastructure set a new record for incoming orders with an increase of 35% to EUR 7.5 billion. Turnover increased by 10% to 5.9 billion euros. Earnings amounted to 1.1 billion euros, with a margin of 18.6%. However, the previous year was boosted by a special gain from the sale of the Wiring Accessories business. Siemens has also raised its outlook for the year and now expects sales growth of 8 to 10 %.

Mobility also achieved strong growth with a 41% increase in orders to EUR 5.3 billion, driven by major orders. However, sales fell slightly by 2% to 3.0 billion euros. Earnings fell by 28% to EUR 208 million, burdened by US tariffs and delayed project call-offs. The forecast for sales growth was therefore lowered to between 5% and 7%.

Siemens Healthineers recorded a 2% decline in order intake on a comparable basis, while sales increased by 3%. Currency effects, higher customs duties and a weaker diagnostics business in China had a particularly negative impact.

Siemens Financial Services achieved a profit contribution of €95 million in the second quarter and thus remained significantly below the previous year's figure. In the same period of the previous year, Siemens Financial Services had benefited from a profit of €201 million from the sale of a shareholding in India. In addition, the result in the debt financing business was lower, as higher expenses for credit risk provisions had a negative impact.