Quarterly figures Q2/2022Russian sanctions depress Siemens' profits
Siemens is discontinuing its business in Russia after around 170 years. The sanctions against the country reduce profits in the second quarter by around 600 million euros.
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Incoming orders in the Smart Infrastructure sector rose by 22% to EUR 5.0 billion. This strong growth is attributable to the US market, including major orders for data centers and digital building services. On a comparable basis, sales grew by 8% to EUR 4.0 billion across all businesses, with the Electrical Products business making the largest contribution. Earnings rose by 15% to EUR 445 million compared to EUR 386 million in the same quarter of the previous year. The earnings margin rose to 11.1% compared to 10.8% in the second quarter of 2021.