Siemens continued its growth trajectory in the fourth quarter of 2025. Sales increased by 6% on a comparable basis, while order intake remained almost stable overall and was only 1% below the previous year's figure despite a decline in the Mobility segment following an exceptionally strong previous year. Nominally, sales increased by 3% to EUR 21.4 billion, while incoming orders fell slightly to EUR 21.9 billion. The book-to-bill ratio amounted to 1.02.

The result of the industrial business increased by 2% to 3.2 billion euros; the profit margin amounted to 15.3%. Profit after tax fell by 13% to 1.8 billion euros. Basic earnings per share (EPS) amounted to EUR 2.07, EPS before PPA effects (purchase price allocation) to EUR 2.30; this was burdened by effects from Altair and Dotmatics amounting to EUR 0.21. Free cash flow from continuing and discontinued operations reached a new quarterly record of EUR 5.3 billion.

Record figures for 2025 as a whole

Siemens was also able to meet and in many cases exceed its forecasts for the year as a whole. On a comparable basis, new orders rose by 6% and sales increased by 5%. In nominal terms, they amounted to €88.4 billion and €78.9 billion respectively. The book-to-bill ratio remained at a high level of 1.12.

The result of the industrial business increased by 3% to a new record of 11.8 billion euros. Profit after tax rose by 16% to EUR 10.4 billion, marking a historic record for the third time in a row. EPS before PPA amounted to EUR 12.95; adjusted for extraordinary gains from the sale of Innomotics and the effects of Altair and Dotmatics, it was EUR 10.71, exactly in line with the forecast for the year. Free cash flow increased significantly to EUR 10.8 billion. The Executive Board and Supervisory Board are proposing a dividend increase from EUR 5.20 to EUR 5.35 per share.

"Siemens is now stronger than ever - with a record fiscal year 2025. Our strategy is working. We are growing by connecting the real and digital worlds. With our One Tech Company program, we are entering the next phase of growth and raising our medium-term ambition for revenue growth to a range of 6% to 9%," said CEO Roland Busch. "With a highly synergistic portfolio, we plan to double our sales in the digital business, expand our position in growth regions and verticals and scale our AI offerings with investments of 1 billion euros over the next three years."

One Tech Company: Siemens enters the next phase of growth

With the 'One Tech Company' program, Siemens is setting the course for the next strategic development phase. The company wants to bundle its technological strengths in software, hardware and services even more strongly and create an end-to-end networked portfolio. The aim is to further merge the real and digital worlds and thus secure profitable growth in the long term.

Siemens is raising its medium-term ambition for sales growth to between 6% and 9%. Earnings per share before PPA are expected to increase in the high single-digit range. At the same time, the company reaffirms its progressive dividend policy, which will continue even after the planned deconsolidation of Siemens Healthineers.

A key goal is to double its digital business by 2030, with Siemens planning to invest €1 billion in artificial intelligence over the next three years. Following the deconsolidation of Healthineers, Siemens intends to focus its portfolio on areas with long-term growth drivers - including automation, digitalization, electrification, sustainability and AI.

The accelerated growth is based on four strategic levers:

• Grow Digital: Since 2021, the digital business has grown by an average of 12% annually to EUR 9.4 billion. With the expansion of the digital business, the Group now expects 15% annual growth in the future and thus plans to double this by 2030. The software business of Digital Industries increased its annual recurring revenue (ARR) by an average of 13% per year to currently EUR 5.3 billion. Since then, Siemens has gained 24,000 SaaS (Software as a Service) customers.
• Grow Regions: A stronger presence and investments are planned in the key markets of the USA, China and India. This diversified geographic presence should increase Siemens' resilience to tariffs and trade restrictions and create a competitive advantage that enables faster growth than the market.
• Grow Verticals: Activities in dynamic industries are to be further expanded. The Group has identified rail transport with an average annual growth rate of 5 %, aerospace & defense (9 %), life sciences (9 %), semiconductors (10 %) and data centers and AI factories (11 %) as highly attractive vertical growth markets.
• Grow AI: The further development of industrial AI applications is to be driven by targeted investments and around 1,500 specialists worldwide. The company uses AI in three fundamental ways: to increase innovation and productivity, to improve its products and to develop new AI offerings. Over the next three years, Siemens will invest more than 1 billion euros.

Outlook for the 2026 financial year

For 2026, Siemens expects comparable revenue growth of 6 to 8% and a book-to-bill ratio above 1. Basic EPS before PPA is expected to be in a range of EUR 10.40 to 11.00. However, currency effects are likely to have a noticeable impact on earnings.

Despite a persistently challenging environment, Siemens believes it is well positioned to generate further profitable growth from its technological strength, disciplined portfolio management and the consistent implementation of the ONE Tech strategy.

The business divisions in detail

Digital Industries

Digital Industries recorded a significant increase in incoming orders across almost all business areas. Starting from a low basis for comparison, the automation business in particular grew, driven primarily by the short-cycle factory automation business. The software business also continued to grow and once again benefited from several major orders in the areas of electronic design automation and product lifecycle management (PLM).

Sales revenue increased across the board, driven by the factory automation business. In the software area, growth was mainly attributable to the PLM business. Regionally, incoming orders and sales revenue increased in all reporting regions, with particularly strong growth impetus coming from China.

Digital Industries' earnings increased despite significantly higher personnel restructuring costs, which were primarily related to capacity adjustments in the automation business. Charges from the acquisitions of Altair and Dotmatics amounted to a minus of EUR 68 million (including personnel expenses) and reduced the earnings margin by 2.0 percentage points. For the 2026 financial year, Digital Industries expects comparable revenue growth of 5 to 10% and an earnings margin of between 15 and 19%.

Smart Infrastructure

Smart Infrastructure achieved significant volume growth across all businesses and regions despite negative currency effects. Incoming orders exceeded the already high figure for the fourth quarter of 2024, supported by several major orders from the data center and energy sectors. Growth was driven primarily by the USA.

Sales rose, led by a double-digit percentage increase in the Electrification division, which continued to work off its high order backlog. In regional terms, the largest contribution came from the Europe, CIS, Africa, Near and Middle East (Europe/GANO) region.

Boosted by higher sales, better capacity utilization and continued productivity gains, earnings and profitability increased once again. For the 2026 financial year, Smart Infrastructure anticipates comparable sales growth of 6% to 9% and an earnings margin of between 18% and 19%.

Mobility

In the Mobility segment, incoming orders declined as the fourth quarter of 2024 saw an exceptionally high volume of major orders. The sales trend was held back by negative currency effects. While the rail infrastructure business increased, sales in the rail vehicle and customer service business fell moderately compared to the strong figures from the previous year.

Earnings remained solid, but were down on the previous year, mainly due to a less favorable sales mix. For the 2026 financial year, Mobility is planning comparable sales growth of 8% to 10% and an earnings margin of between 8% and 10%.

Siemens Healthineers

Siemens Healthineers recorded a volume development dampened by currency effects, but achieved sales growth on a comparable basis in most business areas. The largest contribution came from the Imaging business.

Earnings were down on the strong prior-year quarter, burdened by higher trade tariffs. On the other hand, rising sales and cost savings in the Diagnostics segment as part of the ongoing transformation program had a positive effect.

Siemens Financial Services (SFS)

Siemens Financial Services made a solid contribution to earnings in the quarter under review. The debt financing business benefited from lower expenses for loan loss provisions and increased accordingly. The investment business included gains from the sale of shares in the same quarter of the previous year.

The moderate growth of SFS led to an increase in total assets, but this was largely offset by negative currency effects.

Reconciliation consolidated financial statements

Expenses for innovation increased as planned, primarily in connection with activities under the 'One Tech Company' program. Amortization of intangible assets increased as a result of the acquisitions of Altair and Dotmatics.

In the area of financing, consolidations and other items, charges amounting to EUR 235 million were incurred, which were mainly attributable to central financing activities.

For the Siemens Group, the company expects comparable revenue growth of 6 to 8% and a book-to-bill ratio above 1 in fiscal year 2026. Based on the forecast profitable growth of the industrial businesses and taking into account negative currency effects, basic earnings per share before the effects of purchase price allocation (EPS pre PPA) are expected to be between €10.40 and €11.00. Burdens from legal or regulatory issues are not included in this forecast.