The growth in order intake is attributable to the airport logistics business of Siemens Logistics, which has a higher volume of large orders compared to Q2/22. The increase in revenue is largely due to the strong processing of the order backlog in Large Drives Applications.
Mainly the sale of Siemens Logistics' mail and parcel handling business in Q4/22 held back growth in order intake and revenue by portfolio effects of 15 and 13 percentage points respectively, according to the Group.
In the prior-year quarter, Siemens benefited from a revaluation gain of €292 million in connection with the sale of Siemens' stake in Valeo Siemens eAutomotive. The result in the second quarter of 2023 included strong improvements, first and foremost in Large Drives Applications