The industrial business reported an operating profit of €2.5 billion, down from €2.7 billion in the previous year. The profit margin in the industrial business decreased from 15.8% in Q1 2024 to 14.1%.

A particularly strong increase was seen in free cash flow at the group level, which rose to €1.6 billion (Q1 2024: €1.0 billion). This increase was primarily driven by the strong performance of the industrial business, which contributed €1.7 billion in free cash flow (Q1 2024: €1.3 billion).

Boosted by a net gain of €2.1 billion from the sale of Innomotics, Siemens' net income surged by 52% to €3.9 billion (Q1 2024: €2.5 billion). This exceptionally strong performance was largely driven by the Innomotics transaction.

The outlook for fiscal year 2025 has been confirmed. Additionally, the virtual Annual General Meeting will vote on a proposed dividend of €5.20 per share for fiscal year 2024, an increase from the previous year’s dividend of €4.70 per share (FY 2023).

»Our strong start to fiscal year 2025 creates clear momentum for continuous value creation for our stakeholders. Our technologies enable customers to connect the real and digital worlds, enhancing their competitiveness, resilience, and sustainability. Through our leadership in industrial AI, we are making tangible contributions in practice. We see strong momentum in this area,« said CEO Dr. Roland Busch, commenting on the results.

Digital Industries: Factory Automation remains weak

The Digital Industries division recorded a significant increase in order intake, driven by growth in both the software and automation businesses. Geographically, order intake increased across all reporting regions, with the Americas seeing the strongest growth. In Asia and Australia, growth was primarily driven by the automation business. For the first time in two years, the book-to-bill ratio exceeded 1 again.

Revenue performance was mixed: While the software business showed solid growth, this was offset by a substantial decline in automation revenue. In particular, continued inventory reductions by customers led to a significant drop in revenue in the factory automation business. Geographically, revenue developed unevenly—while the Americas recorded growth, revenue declined in all other reporting regions.

The weak performance in automation negatively impacted profitability. Lower capacity utilization amid declining revenue weighed on margins. Additionally, higher personnel restructuring costs further reduced earnings.

Smart Infrastructure: 'Electrification' and 'Electrical Products' drive growth

The Smart Infrastructure division saw order intake grow across all business areas. The biggest contribution came from the ‘Electrification’ business, which secured several large orders from data centers as well as energy and industrial customers.

Revenue also increased across all areas, with the strongest growth in ‘Electrification’ and ‘Electrical Products.’ These businesses benefited from the efficient execution of their large order backlogs, particularly from data centers and energy sector clients.

Geographically, growth in both order intake and revenue was primarily driven by strong developments in the U.S. and Europe.

Earnings even exceeded the first quarter of fiscal year 2024, which had benefited from a one-time gain of €94 million from previous portfolio activities. The strong profit development was mainly due to higher revenue, increased capacity utilization, and ongoing productivity improvements.

Mobility: Customer Service and Rail Vehicle Business drive growth

The Mobility division's order intake included two major contracts: a €0.5 billion order for rail infrastructure and maintenance in the United Kingdom, as well as a €0.3 billion order from an existing framework agreement for train deliveries in Austria. However, the total volume of large orders was lower than in the first quarter of fiscal year 2024, which had included a significantly higher share of such contracts.

All business areas recorded higher revenue, with the strongest contributions coming from the customer service and rail vehicle businesses.

In terms of profitability, the increase in the customer service business had a positive impact, but this was more than offset by a decline in the rail vehicle segment. The decline was primarily due to a less favorable business mix.

Healthineers: Growth across all Business Areas

All business areas at Siemens Healthineers reported increasing volume, with the Imaging business achieving the highest growth. Several large orders also significantly contributed to the growth in order intake.

Earnings improved in almost all business areas. The Diagnostics business saw a particularly strong increase, benefiting from cost reductions as part of its transformation program. The Imaging business also recorded a substantial earnings rise, primarily driven by higher revenue.

Financial Services with solid Earnings Contribution

Siemens Financial Services once again delivered a solid earnings contribution, though it fell short of the exceptionally strong prior-year quarter, which had benefited from a €131 million gain from the sale of a stake in an investment.

Positive currency translation effects led to an increase in total assets compared to the end of fiscal year 2024.

Profit from Share Transfer

In the previous year, the »Financing, Consolidation, and Other Positions« category included a gain of €0.5 billion from the transfer of a stake in Siemens Energy AG to Siemens Pension-Trust e.V. and the resulting discontinuation of equity accounting. In the past quarter, however, earnings included €53 million from revised estimates related to provisions for a legacy project.

Increased expenditures in the Innovation category were linked to recently announced initiatives under the ‘ONE Tech Company’ program.

Starting in the first quarter of fiscal year 2025, the former positions Siemens Energy Investment, Siemens Real Estate, and centrally managed pension expenses were reclassified under »Financing, Consolidation, and Other Positions«. Additionally, reallocations were made between the "Innovation" and »Financing, Consolidation, and Other Positions« categories.