SIEMENS HEALTHINEERS AG

Recommendation history

• Q1 2026HoldHold: Siemens Healthineers delivered a solid Q1 operationally, with group revenue up 3.8%, Imaging and Precision Therapy growth around 6%, and underlying EPS growth of roughly 17% excluding EUR0.10 of tariff and FX headwinds. However, Diagnostics revenue fell 3% as China deteriorated, Q2 revenue growth is expected below the 5%-6% outlook range, and management acknowledged its Diagnostics assumptions may need revision; strong core execution offsets but does not eliminate the risk of estimate cuts.
• Q2 2026HoldHold: Siemens Healthineers’ synergetic core remains strong, with Imaging and Precision Therapy growing 6% and operational margin expansion offsetting roughly 200 bps of FX and tariff pressure, but Diagnostics fell 6% in Q2 and forced FY2026 guidance down to 4.5%-5% revenue growth and €2.20-€2.30 adjusted EPS. The recovery and Diagnostics carve-out offer upside, yet China’s structural rebasing, local competition, and limited visibility behind the 16% FY2027 EPS consensus make this a wait-for-proof story rather than a clean buy.
• Q3 2026HoldHold: Siemens Healthineers delivered a strong 1.27 equipment book-to-bill and 5% Synergetic Core growth, but FY2026 revenue guidance was cut to 3.5%-4% as Diagnostics deteriorated more than expected. Adjusted EPS guidance rose to EUR2.35-EUR2.45, entirely reflecting roughly EUR0.15 of tariff refunds; underlying earnings remain on track, but Q4 acceleration and a Diagnostics recovery are not yet proven.