Earnings release
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Siemens Healthineers starts fiscal year with strong margin despite tariff and currency pressure February 5, 2026 – Siemens Healthineers AG today announces its results for the first quarter of fiscal year 2026 ended December 31, 2025. Q1 Fiscal Year 2026 • Very good equipment book-to-bill ratio of 1.12 • Imaging comparable revenue growth of 5.7%; adjusted EBIT margin of 21.6% • Precision Therapy comparable revenue growth of 5.9%; adjusted EBIT margin of 14.9% • Diagnostics comparable revenue decline of 3.1% mainly due to a structural change in the China region market environment; adjusted EBIT margin of 2.1% • Overall comparable revenue growth of 3.8% • Adjusted EBIT margin of 15.0%, on prior-year level • Adjusted basic earnings per share of €0.49, almost at prior-year level despite tariff and currency effects • Free cash flow of €330 million Outlook for Fiscal Year 2026 We confirm our expectation of comparable revenue growth of between 5% to 6% compared with fiscal year 2025 and adjusted basic earnings per share to be between €2.20 and €2.40. Bernd Montag, CEO of Siemens Healthineers AG: ”We had a very good start, with higher profit and profitability in our Imaging and Precision Therapy core despite significant headwinds from foreign-exchange rates and tariffs. Diagnostics continues to feel the effects of a transition phase in the Chinese market.“
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 2 Business Development Q1 Siemens Healthineers Q1 Q1 % Change (in millions of €) 2026 2025 Act. Comp.¹ Revenue 5,402 5,482 −1.5% 3.8% Adjusted EBIT² 809 822 −1.5% Adjusted EBIT margin 15.0% 15.0% Net income 456 478 −4.7% Adjusted basic earnings per share³ 0.49 0.51 −3.4% Basic earnings per share 0.40 0.42 −5.0% Free cash flow⁴ 330 810 −59.2% 1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects as well as effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations. 2 Adjusted EBIT is defined as income before income taxes, interest income and expenses and other financial income, net, adjusted for expenses for portfolio-related measures, severance charges, other expenses in connection with restructuring measures within the meaning of IAS 37 and centrally carried pension service and administration expenses (only excluded from adjusted EBIT of the segments). 3 Adjusted basic earnings per share are defined as basic earnings per share, adjusted for expenses for portfolio-related measures, severance charges, and other expenses in connection with restructuring measures within the meaning of IAS 37, net of tax. 4 Free cash flow comprises the cash flows from operating activities and additions to intangible assets and property, plant and equipment included in cash flows from investing activities. Revenue rose by 3.8% on a comparable basis to around €5.4 billion in the first quarter of fiscal year 2026. This growth was attributable to strong revenue development in the Precision Therapy and Imaging segments. From a geographical perspective, the Americas region showed very strong comparable revenue growth. While revenue grew moderately in the Asia Pacific Japan region and slightly in the EMEA region, the China region showed a mid-single- digit percentage decline in revenue, mainly due to a structural change in the market environment in the Diagnostics segment. Equipment order intake in the first quarter clearly exceeded equipment revenue. The equipment book-to-bill ratio was again very good at 1.12. In the first quarter, adjusted EBIT of €809 million was slightly below the prior-year period. This resulted in an adjusted EBIT margin of 15.0%, on the level of the prior-year quarter. Contributions from revenue growth had a positive effect, whereas higher tariffs and adverse currency effects had a counteracting impact. Net income was €456 million, down 4.7% from the prior-year period. The tax rate was 24.4%, above the tax rate of the prior-year quarter. Adjusted basic earnings per share of €0.49 were almost on par with the prior-year quarter level. Higher earnings from the operating business nearly offset currency effects, higher tariffs and the higher tax rate. Free cash flow of €330 million was below the very strong prior-year quarter.
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 3 Imaging Q1 Q1 % Change (in millions of €) 2026 2025¹ Act. Comp.² Total adjusted revenue³ 2,796 2,779 0.6% 5.7% Adjusted EBIT 605 609 −0.8% Adjusted EBIT margin 21.6% 21.9% 1 Prior-year figures comparable based on the segment structure effective October 1, 2025. 2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects. 3 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations. Revenue in the Imaging segment rose 5.7% on a comparable basis in the first quarter to just almost €2.8 billion. Molecular Imaging achieved sharp revenue growth. From a geographical perspective, Imaging showed very strong growth in the Americas region and moderate growth in the EMEA region. Revenue in both the Asia Pacific Japan and China regions grew slightly. The segment’s adjusted EBIT margin of 21.6% was slightly below the level of the prior-year quarter. Contributions from strong revenue development were offset by higher tariffs. Precision Therapy Q1 Q1 % Change (in millions of €) 2026 2025¹ Act. Comp.² Total adjusted revenue³ 1,604 1,608 −0.2% 5.9% Therein: Varian 1,001 974 2.8% 9.2% Adjusted EBIT 240 219 9.4% Therein: Varian 194 166 16.8% Adjusted EBIT margin 14.9% 13.6% Therein: Varian 19.4% 17.1% 1 Prior-year figures comparable based on the segment structure effective October 1, 2025. 2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects. 3 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations. Revenue in the Precision Therapy segment in the first quarter rose by 5.9% on a comparable basis to around €1.6 billion. This growth was particularly due to the revenue development at Varian. Precision Therapy showed significant growth in the Americas region and very strong growth in the Asia Pacific Japan region. The China region showed strong revenue development against the sharp revenue decline in the prior-year period. In the EMEA region, revenue declined slightly against a strong prior-year quarter. The segment's adjusted EBIT margin of 14.9% was above the level of the prior-year quarter. This positive development was mainly driven by Varian. Earnings contributions from the segment’s strong revenue development, a favorable business mix, as well as positive special effects more than compensated for higher tariffs and negative currency effects.
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 4 Diagnostics Q1 Q1 % Change (in millions of €) 2026 2025 Act. Comp.¹ Total adjusted revenue² 985 1,068 −7.8% −3.1% Adjusted EBIT 21 83 −75.3% Adjusted EBIT margin 2.1% 7.8% 1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects. 2 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations. In the Diagnostics segment, revenue in the first quarter declined 3.1% on a comparable basis to just under €1.0 billion. While Diagnostics revenue grew moderately in the Americas region, the EMEA region showed a slight decline and the Asia Pacific Japan region a moderate decline. In the China region revenue fell sharply, mainly due to a structural change in the market environment. The segment’s adjusted EBIT margin of 2.1% was clearly below the prior-year quarter level. Lower earnings contributions from declining revenue, an unfavorable business mix and higher tariffs could only partially be offset by positive currency effects and cost reductions related to the transformation program.
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 5 Reconciliation to consolidated financial statements Adjusted EBIT Q1 Q1 (in millions of €) 2026 2025 Total Segments¹ 865 911 Corporate items, eliminations, other items¹ −55 −89 Adjusted EBIT 809 822 Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments −85 −91 Transaction, integration, retention and carve-out costs −2 −4 Gains and losses from divestments ‐ ‐ Severance charges −18 −15 Expenses for other portfolio-related measures ‐ ‐ Other restructuring expenses −29 −14 Total adjustments −133 −124 EBIT 677 698 Financial income, net −74 −81 Income before income taxes 603 617 Income tax expenses −147 −138 Net income 456 478 1 Prior-year figures comparable based on the segment structure effective October 1, 2025. Basic earnings per share Q1 Q1 (in €) 2026 2025 Basic earnings per share 0.40 0.42 Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments 0.08 0.08 Transaction, integration, retention and carve-out costs 0.00 0.00 Gains and losses from divestments ‐ ‐ Severance charges 0.02 0.01 Expenses for other portfolio-related measures ‐ ‐ Other restructuring expenses 0.03 0.01 Financial income due to portfolio related measures ‐ ‐ Tax effects on adjustments¹ −0.03 −0.02 Adjusted basic earnings per share 0.49 0.51 1 Calculated based on the income tax rate of the respective reporting period. Other restructuring expenses rose by €15 million to €29 million. In particular, this included higher expenses in connection with the transformation of the Diagnostics business. Financial income, net increased by €8 million to -€74 million. Net income declined by 4.7% from the prior-year period to €456 million. The tax rate was 24.4%, above the 22.4% tax rate of the prior-year quarter. Adjusted basic earnings per share of €0.49 were almost on par with the €0.51 of the prior-year quarter. Increased earnings contributions from the operating business almost offset opposing effects of currency, higher tariffs and the higher tax rate. Adjustments were on the level of the previous year.
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 6 Outlook For fiscal year 2026, we continue to expect comparable revenue growth of between 5% to 6% over fiscal year 2025. The expectation for adjusted basic earnings per share remains unchanged in the range of €2.20 and €2.40. The outlook is based on several assumptions. This includes assumptions about exchange rate developments, which currently lead to a significant negative currency effect on the expected adjusted basic earnings per share for fiscal year 2026 compared with fiscal year 2025. Furthermore, this outlook excludes potential portfolio measures. In addition, the outlook is based on the assumption that developments related to wars and conflicts will not have a material impact on our business activities. The outlook is based on the number of shares outstanding at the end of fiscal year 2025. This outlook is based on the assumption that the current macroeconomic environment, including the interest rate level, will remain largely unchanged. Further charges from legal, tax and regulatory issues and framework conditions, for example changes in the level of tariffs and the resilience of our supply chains, are excluded.
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 7 Notes and forward-looking statements The conference call for journalists with Siemens Healthineers CEO Dr. Bernd Montag and CFO Dr. Jochen Schmitz on the financial figures of the first quarter will be broadcast live on the Internet starting today at 07:30 a.m. CET: siemens-healthineers.com/press-room Starting today at 08:30 a.m. CET, the conference call for analysts and investors with Dr. Bernd Montag and Dr. Jochen Schmitz can be followed live at: siemens-healthineers.com/investor-relations Recordings of both conferences will be made available afterwards. Financial publications are available for download at: siemens-healthineers.com/investor-relations/presentations-financial-publications Contact for journalists: Georgina Prodhan – Phone: +44 7808 828799; Email: georgina.prodhan@siemens-healthineers.com Ulrich Kuenzel – Phone: +49 162 2433492; Email: ulrich.kuenzel@siemens-healthineers.com This document contains statements related to our future business and financial performance and future events or developments involving Siemens Healthineers that may constitute forward-looking statements. These statements may be identified by words such as “expect”, “forecast”, “anticipate”, “intend”, “plan”, “believe”, “seek”, “estimate”, “will”, “target” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward- looking statements. Such statements are based on the current expectations, plans and certain assumptions of Siemens Healthineers’ management, of which many are beyond Siemens Healthineers’ control. As they relate to future events or developments, these statements are subject to a number of risks, uncertainties and factors, including, but not limited to those possibly described in the respective disclosures. Should one or more of these or other risks, uncertainties or factors (e.g. events of force majeure, including but not limited to unrest, acts of war, pandemics or acts of God) materialize, plans change or should underlying expectations not occur or assumptions prove incorrect, Siemens Healthineers’ management actions, actual results, performance or achievements of Siemens Healthineers may (negatively or positively) vary materially from those described explicitly or implicitly in the forward-looking statement. This document includes supplemental financial measures that are or may be alternative performance measures not precisely defined in the applicable financial reporting framework. These supplemental financial measures may have limitations as analytical tools and should not be viewed in isolation or as alternatives to measures of Siemens Healthineers’ net assets, financial position and results of operations as presented in accordance with the applicable financial reporting framework. Other companies that report or describe similarly titled alternative performance measures may calculate them differently, and therefore they may not be comparable to those included in this document. For further explanations of our (supplemental) financial measures, please see chapter “A.2 Financial performance system” of the Combined management report and the Notes to consolidated financial statements, Note 29 “Segment information” of the Annual Report 2025 of Siemens Healthineers. This document is available under the following internet link www.siemens-healthineers.com/investor-relations/presentations-financial-publications. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures to which they refer. For technical reasons, there may be differences in formatting between the accounting records appearing in this document and those published pursuant to legal requirements. This document is an English language translation of the German document. In case of discrepancies, the German language document is the sole authoritative and universally valid version. The information contained in this document is provided as of the date of its publication and is subject to change without notice. In the event that the male form is used in this document, the information nevertheless refers to all persons.
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 8 Siemens Healthineers AG Siemensstr. 3 91301 Forchheim, Germany siemens-healthineers.com Investor Relations Telefon: +49 (9131) 84-3385 Email: ir.team@siemens-healthineers.com siemens-healthineers.com/investor-relations Press Email: press.team@siemens-healthineers.com siemens-healthineers.com/press © Siemens Healthineers AG, 2026
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Financial Results First quarter of fiscal year 2026
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 10 Additional information Revenue by region (location of customer) Q1 Q1 % Change (in millions of €) 2026 2025 Act. Comp.¹ Europe, C.I.S., Africa, Middle East (EMEA) 1,812 1,793 1.0% 0.6% Therein: Germany 274 282 −2.7% −3.3% Americas 2,387 2,368 0.8% 8.8% Therein: United States 2,067 2,024 2.1% 11.1% Asia Pacific Japan² 653 703 −7.1% 3.1% China 550 618 −11.0% −4.8% Siemens Healthineers 5,402 5,482 −1.5% 3.8% 1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects as well as effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations. 2 Including India. Employees Dec 31, Sept 30, (in thousands) 2025 2025 Number of employees 73.8 73.8 Germany 16.5 16.4 Outside Germany 57.3 57.4
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 11 Consolidated statements of income Q1 Q1 (in millions of €, earnings per share in €) 2026 2025 Revenue 5,402 5,482 Cost of sales −3,326 −3,330 Gross profit 2,075 2,152 Research and development expenses −476 −481 Selling and general administrative expenses −925 −973 Other operating income 9 4 Other operating expenses −6 −5 Income from investments accounted for using the equity method, net 1 1 Earnings before interest and taxes 677 698 Interest income 24 31 Interest expenses −96 −108 Other financial income, net −2 −4 Income before income taxes 603 617 Income tax expenses −147 −138 Net income 456 478 Thereof attributable to: Non-controlling interests 6 4 Shareholders of Siemens Healthineers AG 449 474 Basic earnings per share 0.40 0.42 Diluted earnings per share 0.40 0.42
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 12 Consolidated statements of comprehensive income Q1 Q1 (in millions of €) 2026 2025 Net income 456 478 Remeasurements of defined benefit plans 2 16 Therein: Income tax effects −3 −7 Other comprehensive income that will not be reclassified to profit or loss 2 16 Currency translation differences −56 1,264 Cash flow hedges −21 −2 Therein: Income tax effects 9 −1 Cost/Income from hedging 7 −211 Therein: Income tax effects −3 89 Other comprehensive income that may be reclassified subsequently to profit or loss −71 1,051 Other comprehensive income, net of taxes −69 1,067 Comprehensive income 387 1,545 Thereof attributable to: Non-controlling interests 6 8 Shareholders of Siemens Healthineers AG 380 1,537
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 13 Consolidated statements of financial position Dec 31, Sept 30, (in millions of €) 2025 2025 Cash and cash equivalents 2,143 2,175 Trade and other receivables 4,478 4,681 Other current financial assets 465 344 Current receivables from the Siemens Group 13 9 Contract assets 1,782 1,869 Inventories 4,416 4,135 Current income tax assets 135 126 Other current assets 749 760 Assets classified as held for sale 13 ‐ Total current assets 14,194 14,098 Goodwill 17,115 17,124 Other intangible assets 6,407 6,505 Property, plant and equipment 4,743 4,713 Investments accounted for using the equity method 20 19 Other non-current financial assets 858 956 Deferred tax assets 404 410 Other non-current assets 525 543 Total non-current assets 30,072 30,272 Total assets 44,266 44,370 Short-term financial debt and current maturities of long-term financial debt 272 268 Trade payables 2,139 2,296 Other current financial liabilities 244 245 Current liabilities to the Siemens Group 4,547 3,192 Contract liabilities 3,710 3,641 Current provisions 392 411 Current income tax liabilities 686 675 Other current liabilities 1,662 1,916 Total current liabilities 13,652 12,644 Long-term financial debt 492 487 Provisions for pensions and similar obligations 459 488 Deferred tax liabilities 1,164 1,150 Non-current provisions 150 151 Other non-current financial liabilities 22 22 Other non-current liabilities 488 483 Non-current liabilities to the Siemens Group 9,360 10,855 Total non-current liabilities 12,135 13,635 Total liabilities 25,787 26,279 Issued capital 1,128 1,128 Capital reserve 15,852 15,888 Retained earnings 3,684 3,240 Other components of equity −1,747 −1,676 Treasury shares −489 −539 Total equity attributable to shareholders of Siemens Healthineers AG 18,429 18,040 Non-controlling interests 51 51 Total equity 18,480 18,091 Total liabilities and equity 44,266 44,370
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 14 Consolidated statements of cash flows Q1 Q1 (in millions of €) 2026 2025 Net income 456 478 Adjustments to reconcile net income to cash flows from operating activities: Amortization, depreciation and impairments 298 305 Income tax expenses 147 138 Interest income/expenses, net 72 78 Income/loss related to investing activities −1 −4 Other non-cash income/expenses, net 32 62 Change in operating net working capital Contract assets 86 206 Inventories −271 −257 Trade and other receivables 200 158 Receivables from and payables to the Siemens Group from operating activities −1 −3 Trade payables −158 15 Contract liabilities 60 36 Change in other assets and liabilities −273 −230 Additions to equipment leased to others in operating leases −51 −88 Income taxes paid −119 69 Interest received 16 17 Cash flows from operating activities 492 980 Additions to intangible assets and property, plant and equipment −161 −170 Acquisitions of businesses, net of cash acquired −42 −204 Disposal of investments, intangible assets and property, plant and equipment 2 2 Cash flows from investing activities −201 −372 Purchase of treasury shares −42 ‐ Other transactions with owners −2 ‐ Repayment of long-term debt (including current maturities of long-term debt) −52 −49 Change in short-term financial debt and other financing activities 6 18 Interest paid −9 −14 Dividends paid to non-controlling interests −6 −4 Interest paid to the Siemens Group −18 −32 Other transactions/financing with the Siemens Group Change in short-term financial debt and other financing activities −204 −459 Cash flows from financing activities −327 −540 Effect of changes in exchange rates on cash and cash equivalents 4 23 Change in cash and cash equivalents −32 91 Cash and cash equivalents at beginning of period 2,175 2,683 Cash and cash equivalents at end of period 2,143 2,774
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 15 Overview of segment figures Adjusted external revenue¹ Intersegment revenue Total adjusted revenue¹ Adjusted EBIT² Assets³ Free cash flow Additions to other intangible assets and property, plant and equipment⁴ Amortization, depreciation and impairments Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Dec 31, Sept 30, Q1 Q1 Q1 Q1 Q1 Q1 (in millions of €) 2026 2025 2026 2025 2026 2025 2026 2025 2025 2025 2026 2025 2026 2025 2026 2025 Imaging⁵ 2,770 2,754 26 25 2,796 2,779 605 609 8,649 8,493 496 602 51 194 37 37 Precision Therapy⁵ 1,603 1,606 1 1 1,604 1,608 240 219 14,905 14,974 186 305 13 56 19 20 Diagnostics 984 1,068 0 0 985 1,068 21 83 5,683 5,601 −107 −33 89 116 76 79 Total Segments 5,357 5,428 27 27 5,384 5,454 865 911 29,237 29,068 574 874 153 367 132 136 Reconciliation to Consolidated Financial Statements⁵, ⁶ 44 55 −27 −27 17 28 −262 −295 15,029 15,302 −244 −65 128 62 166 169 Siemens Healthineers 5,402 5,482 ‐ ‐ 5,402 5,482 603 617 44,266 44,370 330 810 280 429 298 305 1 Siemens Healthineers: IFRS revenue. 2 Siemens Healthineers: Income before income taxes. 3 On segment level: net capital employed. 4 Including additions through business combinations, excluding goodwill. 5 Prior-year figures comparable based on the segment structure effective October 1, 2025. 6 Including effects from amortization, depreciation and other effects from IFRS 3 purchase price allocations.
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Quarterly Statement Q1 Fiscal Year 2026 | Siemens Healthineers 16 EBITDA reconciliation Adjusted EBIT Therein adjusted for amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments Therein adjusted for transaction, integration, retention and carve-out costs Therein adjusted for gains and losses from divestments Therein adjusted for severance charges Therein adjusted for other portfolio- related measures Therein adjusted for other restructuring expenses Amortization, depreciation & impairments EBITDA¹ Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 (in millions of €) 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Imaging² 605 609 ‐ ‐ −2 −1 ‐ ‐ −6 −4 ‐ ‐ ‐ ‐ 37 37 633 641 Precision Therapy² 240 219 −1 −2 ‐ −0 ‐ ‐ −2 −3 ‐ ‐ ‐ −1 19 20 256 233 Diagnostics 21 83 ‐ ‐ ‐ ‐ ‐ ‐ −7 −5 ‐ ‐ −19 −13 76 79 70 145 Total Segments 865 911 −1 −2 −2 −1 ‐ ‐ −15 −12 ‐ ‐ −19 −14 132 136 959 1,019 Reconciliation to consolidated financial statements² −55 −89 −83 −90 ‐ −2 ‐ ‐ −3 −3 ‐ ‐ −10 ‐ 166 169 15 −16 Siemens Healthineers 809 822 −85 −91 −2 −4 ‐ ‐ −18 −15 ‐ ‐ −29 −14 298 305 974 1,003 1 Income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation & impairments. 2 Prior-year figures comparable based on the segment structure effective October 1, 2025.