Siemens increased its order intake on a comparable basis, i.e. excluding currency translation and portfolio effects, by 10% to €21.4 billion in the first quarter of fiscal 2026 (Q1/2025: €20.1 billion). Growth was led by Smart Infrastructure with a record order intake and was also supported by a considerable increase in Digital Industries and a significant increase in Mobility. Currency translation effects reduced growth in order intake and sales revenue by 5% each; portfolio transactions contributed one percentage point each.

Sales revenue grew on a broad basis across all industrial businesses by 8% on a comparable basis to EUR 19.1 billion (Q1/2025: EUR 18.4 billion). The ratio of incoming orders to sales (book-to-bill ratio) reached a strong level of 1.12. The order backlog was at a record high and amounted to 120 billion euros at the end of the first quarter of the financial year.

Industrial Business earnings rose by 15% to 2.9 billion euros (Q1/2025: 2.5 billion euros), the margin improved to 15.6%, but was impacted by negative currency effects, particularly in Digital Industries. The increase in earnings there was primarily due to the automation business. Smart Infrastructure increased earnings significantly in all businesses.

Profit after tax amounted to 2.2 billion euros (Q1/2025: 3.9 billion euros). The prior-year quarter had benefited from a positive effect of EUR 2.1 billion from the sale of Innomotics. Return on capital employed (ROCE) declined as a result of the lower after-tax result and a significant increase in average capital employed, which rose primarily due to the acquisitions of Altair and Dotmatics.

Free cash flow in the Industrial Business fell to €1.0 billion (Q1/2025: €1.7 billion), mainly due to an increase in working capital, partly as a result of payments due for Mobility projects. Outside the Industrial Business, Siemens recorded a cash outflow of €0.4 billion in connection with the settlement of a disposal obligation for radioactive waste. Provisions for pensions and similar obligations remained low at €0.7 billion as at December 31, 2025.

"Our strong performance in the first quarter shows that we are successfully implementing our strategy. Siemens is very well positioned in its growth markets. Artificial intelligence is a strong growth driver for our business. We are scaling industrial AI in our core industries together with world-class partners. By deeply integrating AI into design, development, products and operations, we are creating measurable added value for our customers," said CEO Roland Busch.

Strong performance in all industrial businesses

Digital Industries achieved double-digit growth rates in incoming orders and sales revenue with strong growth contributions from both the software business, which won a number of major orders, and the automation business, which was largely driven by the short-cycle business. From a geographical perspective, incoming orders and sales increased in all reporting regions, with strong comparable growth in the USA and China. Order intake grew by 13% on a comparable basis to EUR 4.8 billion (Q1/2025: EUR 4.2 billion), while sales revenue increased by 10% on a comparable basis to EUR 4.5 billion (Q1/2025: EUR 4.1 billion). Earnings increased by 37% to 804 million euros (Q1/2025: 588 million euros). The profit margin was thus 17.8% (Q1/2025: 14.5%). The strong increases in earnings and profitability were largely attributable to the automation business.

At Smart Infrastructure, incoming orders rose by 22% on a comparable basis to a record figure of EUR 7.2 billion (Q1/2025: EUR 6.2 billion). Order intake and sales revenue increased on a comparable basis in all businesses and reporting regions. Sales revenue grew to a total of EUR 5.5 billion (Q1/2025: EUR 5.3 billion), driven primarily by the Electrification business, which continued to consistently process its large order backlog. In geographical terms, the growth in sales revenue came mainly from Europe and the USA. Earnings amounted to EUR 1.1 billion (Q1/2025: EUR 891 million) and the earnings margin to 19.0% (Q1/2025: 16.9%). Smart Infrastructure was able to increase earnings and profitability in all businesses due to higher revenue, economies of scale and continuous productivity improvements. Profitability was also boosted by positive effects from commodity hedging, which outweighed negative currency effects.

Mobility increased its order intake on a comparable basis by 10% to EUR 2.9 billion (Q1/2025: EUR 2.7 billion). Order intake increased due to a higher volume of major orders, including an order worth EUR 0.6 billion for the delivery of battery-powered regional trains in Germany and the extension of an existing contract by EUR 0.4 billion for the delivery of automated metro trains in France. The comparable growth in sales of 9% to EUR 3.2 billion was largely determined by the rail vehicle and customer service business. Earnings grew by 15% to EUR 286 million (Q1/2025: EUR 249 million), while the earnings margin increased to 9.0% (Q1/2025: 8.4%).

Siemens Healthineers recorded a decline in incoming orders compared to the same quarter of the previous year, which was characterized by large orders. Precision Therapy and Imaging achieved comparable sales growth, while Diagnostics declined - in particular due to structural market changes in China. Earnings were negatively impacted by higher trade tariffs, negative currency effects and an unfavorable business mix.

Siemens Financial Services significantly increased its contribution to earnings, primarily as a result of lower expenses for loan loss provisions in the debt financing business.

In the consolidated financial statements, higher license fees for brand rights combined with lower governance costs had a positive effect on earnings. Amortization of intangible assets acquired as part of business combinations increased, primarily due to Altair and Dotmatics. In addition, a gain of €0.2 billion was recognized from the transfer of shares in Fluence Energy to Siemens Pension Trust. The sale of the airport logistics business in the USA was completed in February 2026.

Outlook for 2026

For fiscal year 2026, Siemens is raising its forecast for basic earnings per share before purchase price allocation (EPS pre PPA) to between €10.70 and €11.10. Comparable revenue growth of 6 to 8% is expected with a book-to-bill ratio of over 1. In addition, the company confirms the other expectations for fiscal 2026 set out in the Q4/2025 earnings release: It assumes that the global economic environment will stabilize and that global GDP growth will remain at around the previous year's level. Negative currency effects will weigh heavily on both nominal volume growth rates and earnings from industrial operations as well as earnings per share (EPS) in the 2026 financial year.

Digital Industries expects comparable growth (adjusted for currency translation and portfolio effects) in revenue of 5% to 10% and an earnings margin of between 15% and 19% for the 2026 financial year. For the 2026 financial year, Smart Infrastructure anticipates comparable sales growth of 6% to 9% and an earnings margin of 18% to 19%. Mobility plans to achieve comparable revenue growth of 8% to 10% and an earnings margin of between 8% and 10% in the 2026 financial year.

For the Siemens Group, comparable revenue growth of 6% to 8% and a ratio of incoming orders to revenue (book-to-bill ratio) of over 1 is assumed for fiscal year 2026.