Earnings Release • Aug 11, 2025
Earnings Release
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July 30, 2025 – Siemens Healthineers AG today announces its results for the third quarter of fiscal year 2025 ended June 30, 2025.
As a result of the latest geopolitical developments, in particular the agreements on trade tariffs, we narrow the ranges for comparable revenue growth and adjusted basic earnings per share in our outlook for fiscal year 2025. We also raise the midpoints of the ranges, mainly due to our performance year to date.
We now expect comparable revenue growth of between 5.5% and 6% over fiscal year 2024 (previously between 5% and 6%) and adjusted basic earnings per share of between €2.30 and €2.45 (previously between €2.20 and €2.50).
"We had a very good quarter with high revenue growth, another increase in profitability and strong free cash flow. Therefore we are raising the midpoints of our outlook. While volatility in the geopolitical environment remains high, our performance shows the value of our healthcare innovations for more and more patients around the world."
| Q3 | Q3 | % Change | ||
|---|---|---|---|---|
| (in millions of €) | 2025 | 2024 | Act. | Comp.¹ |
| Revenue | 5,662 | 5,423 | 4.4% | 7.6% |
| Adjusted EBIT² | 953 | 825 | 15% | |
| Adjusted EBIT margin | 16.8% | 15.2% | ||
| Net income | 556 | 472 | 18% | |
| Adjusted basic earnings per share³ | 0.64 | 0.52 | 23% | |
| Basic earnings per share | 0.49 | 0.42 | 18% | |
| Free cash flow⁴ | 844 | 546 | 54% |
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 7.6% on a comparable basis in the third quarter of fiscal year 2025 to just under €5.7 billion. The Imaging and Varian segments, in particular, contributed to this very strong revenue development. From a geographical perspective, comparable revenue growth was significant in the Americas and very strong in the Asia Pacific Japan region. Against the backdrop of a significant revenue decline in the prior-year quarter, the China region achieved strong growth. The EMEA region posted a slight increase in revenue, after strong growth in the prior-year quarter.
Equipment order intake in the third quarter clearly exceeded equipment revenue. The equipment book-to-bill ratio was good, at 1.09.
Adjusted EBIT rose by 15% to €953 million in the third quarter from the prior-year period. This resulted in an adjusted EBIT margin of 16.8%, also clearly higher than in the prior-year quarter. The negative effects from higher trade tariffs, which had an impact on all segments, were more than offset by contributions from very strong revenue development, cost reductions in connection with the transformation program of the Diagnostics business, and a more favorable business mix than in the previous year.
Net income was €556 million, up 18% year-over-year. The tax rate was 24%, higher than the tax rate in the prior-year quarter.
Adjusted basic earnings per share of €0.64 were clearly higher than the prior-year figure of €0.52. The increase was attributable to higher earnings contributions from the operating business, as well as higher financial income, in particular due to the positive change in the fair market valuation of an investment.
Free cash flow of €844 million was more than 50% higher than in the prior-year quarter.
| Imaging | ||||
|---|---|---|---|---|
| Q3 | Q3 | % Change | ||
| (in millions of €) | 2025 | 2024 | Act. | Comp.² |
| Total adjusted revenue¹ | 3,240 | 2,977 | 8.9% | 11.7% |
| Adjusted EBIT | 680 | 594 | 15% | |
| Adjusted EBIT margin | 21.0% | 20.0% |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Revenue in the Imaging segment rose by 11.7% on a comparable basis to around €3.2 billion in the third quarter. Molecular Imaging and Computed Tomography achieved sharp revenue growth.
From a geographical perspective, Imaging showed sharp growth in the Americas region. The China region achieved significant growth against the backdrop of a revenue decline in the prior-year quarter. Revenue rose strongly in the Asia Pacific Japan region, and moderately in the EMEA region.
The adjusted EBIT margin of 21.0% was higher year-over-year due to excellent revenue growth as well as a more favorable business mix than in the prior-year quarter.
| Diagnostics | ||||
|---|---|---|---|---|
| Q3 | Q3 | % Change | ||
| (in millions of €) | 2025 | 2024 | Act. | Comp.² |
| Total adjusted revenue¹ | 1,059 | 1,107 | −4.4% | −0.6% |
| Adjusted EBIT | 97 | 82 | 18% | |
| Adjusted EBIT margin | 9.2% | 7.4% |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
In the Diagnostics segment, revenue in the third quarter declined by 0.6% on a comparable basis to just under €1.1 billion.
While Diagnostics revenue increased strongly in the EMEA region and slightly in the Americas region, the segment's revenue in the Asia Pacific Japan region declined by a mid-single-digit percentage range. In the China region, the decline in revenue was in the low double-digit percentage range, mainly due to centralized volume-based public procurement.
The segment's adjusted EBIT margin of 9.2% was clearly higher than in the prior-year quarter, driven, in particular, by cost reductions in connection with the transformation program.
| Varian | ||||
|---|---|---|---|---|
| Q3 | Q3 | % Change | ||
| (in millions of €) | 2025 | 2024 | Act. | Comp.² |
| Total adjusted revenue¹ | 978 | 927 | 5.4% | 8.7% |
| Adjusted EBIT | 184 | 154 | 20% | |
| Adjusted EBIT margin | 18.8% | 16.6% |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Revenue in the Varian segment rose by 8.7% on a comparable basis to just under €1.0 billion in the third quarter. The regions China and Asia Pacific Japan both achieved sharp growth, and the Americas region achieved very strong growth. Against the backdrop of very strong growth in the prior-year quarter, the segment recorded a slight revenue decline in the EMEA region.
The segment's adjusted EBIT margin of 18.8% was clearly higher than in the prior-year quarter due to very strong revenue development, positive currency effects, and a more favorable business mix than in the prior year.
| Advanced Therapies | ||||
|---|---|---|---|---|
| Q3 | Q3 | % Change | ||
| (in millions of €) | 2025 | 2024 | Act. | Comp.² |
| Total adjusted revenue¹ | 484 | 480 | 0.9% | 4.5% |
| Adjusted EBIT | 51 | 66 | −24% | |
| Adjusted EBIT margin | 10.5% | 13.9% |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Revenue in the Advanced Therapies segment rose by 4.5% on a comparable basis to €484 million in the third quarter . The segment achieved sharp growth in the Asia Pacific Japan region, significant growth in the China region, and strong growth in the Americas region, while revenue in the EMEA region declined by a high single-digit percentage range.
The segment's adjusted EBIT margin of 10.5% was below the level of the prior-year quarter. Earnings contributions from revenue development could only partially offset higher tariffs and negative currency effects.
| Adjusted EBIT | ||
|---|---|---|
| (in millions of €) | Q3 2025 |
Q3 2024 |
| Total Segments | 1,012 | 897 |
| Corporate items, eliminations, other items | −59 | −71 |
| Adjusted EBIT | 953 | 825 |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | −88 | −95 |
| Transaction, integration, retention and carve-out costs | −13 | −5 |
| Gains and losses from divestments | ‐ | −0 |
| Severance charges | −31 | −27 |
| Expenses for other portfolio-related measures | ‐ | ‐ |
| Other restructuring expenses | −87 | −17 |
| Total adjustments | −220 | −145 |
| EBIT | 733 | 680 |
| Financial income, net | 3 | −85 |
| Income before income taxes | 736 | 595 |
| Income tax expenses | −180 | −122 |
| Net income | 556 | 472 |
| Q3 | Q3 | |
|---|---|---|
| (in €) | 2025 | 2024 |
| Basic earnings per share | 0.49 | 0.42 |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | 0.08 | 0.09 |
| Transaction, integration, retention and carve-out costs | 0.01 | 0.00 |
| Gains and losses from divestments | ‐ | 0.00 |
| Severance charges | 0.03 | 0.02 |
| Expenses for other portfolio-related measures | ‐ | ‐ |
| Other restructuring expenses | 0.08 | 0.02 |
| Financial income due to portfolio related measures | ‐ | ‐ |
| Tax effects on adjustments¹ | −0.05 | −0.03 |
| Adjusted basic earnings per share | 0.64 | 0.52 |
1 Calculated based on the income tax rate of the respective reporting period.
The €4 million increase in severance charges to €31 million was mainly related to the transformation of the Diagnostics business.
Other restructuring expenses rose by €70 million to €87 million. This included, in particular, higher expenses in connection with the transformation of the Diagnostics business.
Financial income, net rose by €88 million to €3 million. The main reason for this was the positive change in the fair market valuation of an investment.
Net income rose by 18% over the prior-year period to €556 million. The tax rate was 24%, higher than the 21% tax rate in the prior-year quarter.
Adjusted basic earnings per share of €0.64 were clearly above the prior-year figure of €0.52. Higher earnings contributions from the operating business, despite the negative effects of tariffs, and higher financial income, net more than compensated for the higher tax rate compared to the same quarter of the prior year. Adjustments increased yearover-year, in particular due to higher other restructuring expenses related to the transformation of the Diagnostics business.
As a result of the latest geopolitical developments, in particular the agreements on trade tariffs, we narrow the ranges for comparable revenue growth and adjusted basic earnings per share in our outlook for fiscal year 2025. We also raise the midpoints of the ranges, mainly due to our performance year to date.
We now expect comparable revenue growth of between 5.5% and 6% over fiscal year 2024 (previously between 5% and 6%).
For adjusted basic earnings per share, we now assume a range of between €2.30 and €2.45 (previously between €2.20 and €2.50).
The outlook is based on several assumptions. This includes the expectation that the current macroeconomic environment, including the regulations with regards to trade tariffs currently in force and planned for implementation as well as the interest rate level, will remain largely unchanged.
In addition, the outlook is based on assumptions about exchange rate developments, which currently lead to a slightly negative currency effect on the expected adjusted basic earnings per share for fiscal year 2025 compared with fiscal year 2024.
Furthermore, this outlook excludes potential portfolio measures. The outlook is based on the number of shares outstanding at the end of fiscal year 2024. This outlook also excludes additional charges from legal, tax and regulatory issues and framework conditions.
The conference call for journalists with CEO Dr. Bernd Montag and CFO Dr. Jochen Schmitz on the financial figures of the third quarter will be broadcast live on the Internet starting today at 07:30 a.m. CEST: siemens-healthineers.com/press-room
Starting today at 08:30 a.m. CEST, 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: [email protected] Ulrich Kuenzel – Phone: +49 162 2433492; Email: [email protected]
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 forwardlooking 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 various 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. All forward-looking statements only speak as of the date when they were made and Siemens Healthineers neither intends, nor assumes any obligation, unless required by law, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
This document includes supplemental financial measures that are or may be alternative performance measures not precisely defined in the applicable financial reporting framework (non-GAAP-measures). 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 and financial positions or 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.
Please find further explanations regarding our (supplemental) financial measures in chapter "A.2 Financial performance system" and in the Notes to consolidated financial statements, Note 29 "Segment information" of the Annual Report 2024 of Siemens Healthineers. Additional information is also included in the Half-Year Financial Report 2025. These documents are available under the following internet link www.siemens-healthineers.com/investor-relations/presentations-financial-publications.
Due to rounding, individual 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.
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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Email: [email protected] siemens-healthineers.com/press
© Siemens Healthineers AG, 2025
Third quarter of fiscal year 2025
Revenue by region (location of customer)
| Q3 | Q3 | % Change | ||
|---|---|---|---|---|
| (in millions of €) | 2025 | 2024 | Act. | Comp.¹ |
| Europe, C.I.S., Africa, Middle East (EMEA) | 1,816 | 1,768 | 3% | 1% |
| Therein: Germany | 292 | 283 | 3% | 3% |
| Americas | 2,542 | 2,396 | 6% | 12% |
| Therein: United States | 2,225 | 2,057 | 8% | 14% |
| Asia Pacific Japan² | 684 | 649 | 5% | 9% |
| China | 620 | 611 | 2% | 6% |
| Siemens Healthineers | 5,662 | 5,423 | 4% | 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.
| Q1-Q3 | Q1-Q3 | %-Change | ||
|---|---|---|---|---|
| (in millions of €) | 2025 | 2024 | Act. | Comp.¹ |
| Europe, C.I.S., Africa, Middle East (EMEA) | 5,435 | 5,372 | 1% | 0% |
| Therein: Germany | 855 | 815 | 5% | 4% |
| Americas | 7,538 | 6,722 | 12% | 13% |
| Therein: United States | 6,535 | 5,710 | 14% | 15% |
| Asia Pacific Japan² | 2,228 | 2,078 | 7% | 8% |
| China | 1,853 | 1,863 | −1% | 0% |
| Siemens Healthineers | 17,053 | 16,034 | 6% | 7% |
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.
2 Including India.
| (in thousands) | Jun 30, 2025 |
Sept 30, 2024 |
|---|---|---|
| Number of employees | 73.5 | 72.3 |
| Germany | 16.3 | 16.3 |
| Outside Germany | 57.1 | 56.0 |
| (in millions of €, earnings per share in €) | Q3 2025 |
Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
|---|---|---|---|---|
| Revenue | 5,662 | 5,423 | 17,053 | 16,034 |
| Cost of sales | −3,481 | −3,333 | −10,397 | −9,974 |
| Gross profit | 2,181 | 2,090 | 6,656 | 6,061 |
| Research and development expenses | −493 | −484 | −1,459 | −1,422 |
| Selling and general administrative expenses | −947 | −918 | −2,912 | −2,719 |
| Other operating income | 1 | 5 | 9 | 15 |
| Other operating expenses | −10 | −14 | −22 | −71 |
| Income from investments accounted for using the equity method, net | ‐ | ‐ | ‐ | −1 |
| Earnings before interest and taxes | 733 | 680 | 2,272 | 1,862 |
| Interest income | 25 | 27 | 81 | 90 |
| Interest expenses | −104 | −116 | −317 | −334 |
| Other financial income, net | 83 | 5 | 47 | 60 |
| Income before income taxes | 736 | 595 | 2,083 | 1,679 |
| Income tax expenses | −180 | −122 | −512 | −343 |
| Net income | 556 | 472 | 1,571 | 1,335 |
| Thereof attributable to: | ||||
| Non-controlling interests | 4 | 4 | 15 | 10 |
| Shareholders of Siemens Healthineers AG | 552 | 469 | 1,556 | 1,326 |
| Basic earnings per share | 0.49 | 0.42 | 1.39 | 1.19 |
| Diluted earnings per share | 0.49 | 0.42 | 1.38 | 1.18 |
| (in millions of €) | Q3 2025 |
Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
|---|---|---|---|---|
| Net income | 556 | 472 | 1,571 | 1,335 |
| Remeasurements of defined benefit plans | 3 | 7 | 46 | −31 |
| Therein: Income tax effects | 1 | −8 | −19 | 29 |
| Remeasurements of equity instruments | 6 | −2 | 6 | −2 |
| Therein: Income tax effects | −1 | ‐ | −1 | ‐ |
| Other comprehensive income that will not be reclassified to profit or loss | 9 | 5 | 51 | −32 |
| Currency translation differences | −1,537 | 134 | −1,046 | −270 |
| Cash flow hedges | 11 | 5 | 25 | −1 |
| Therein: Income tax effects | −2 | −1 | −10 | 1 |
| Cost/Income from hedging | 72 | 10 | −10 | 34 |
| Therein: Income tax effects | −30 | −5 | 4 | −15 |
| Other comprehensive income that may be reclassified subsequently to profit or loss |
−1,454 | 149 | −1,032 | −237 |
| Other comprehensive income, net of taxes | −1,445 | 154 | −981 | −269 |
| Comprehensive income | −889 | 627 | 590 | 1,067 |
| Thereof attributable to: | ||||
| Non-controlling interests | 1 | 4 | 13 | 9 |
| Shareholders of Siemens Healthineers AG | −890 | 622 | 577 | 1,058 |
| (in millions of €) | Jun 30, 2025 |
Sept 30, 2024 |
|---|---|---|
| Cash and cash equivalents | 2,374 | 2,683 |
| Trade and other receivables | 4,358 | 4,478 |
| Other current financial assets | 399 | 229 |
| Current receivables from the Siemens Group | 12 | 38 |
| Contract assets | 1,734 | 1,891 |
| Inventories | 4,398 | 4,179 |
| Current income tax assets | 147 | 260 |
| Other current assets | 713 | 684 |
| Total current assets | 14,134 | 14,443 |
| Goodwill | 17,191 | 17,662 |
| Other intangible assets | 6,605 | 7,062 |
| Property, plant and equipment | 4,619 | 4,476 |
| Investments accounted for using the equity method | 29 | 30 |
| Other non-current financial assets | 1,035 | 1,375 |
| Deferred tax assets | 442 | 476 |
| Other non-current assets | 546 | 530 |
| Total non-current assets | 30,466 | 31,612 |
| Total assets | 44,600 | 46,055 |
| Short-term financial debt and current maturities of long-term financial debt | 256 | 268 |
| Trade payables | 2,138 | 2,126 |
| Other current financial liabilities | 253 | 242 |
| Current liabilities to the Siemens Group | 3,792 | 2,510 |
| Contract liabilities | 3,649 | 3,628 |
| Current provisions | 361 | 413 |
| Current income tax liabilities | 420 | 391 |
| Other current liabilities | 1,771 | 1,995 |
| Total current liabilities | 12,639 | 11,573 |
| Long-term financial debt | 479 | 514 |
| Provisions for pensions and similar obligations | 507 | 592 |
| Deferred tax liabilities | 1,426 | 1,510 |
| Non-current provisions | 165 | 176 |
| Other non-current financial liabilities | 25 | 34 |
| Other non-current liabilities | 468 | 469 |
| Non-current liabilities to the Siemens Group | 11,171 | 12,941 |
| Total non-current liabilities | 14,241 | 16,234 |
| Total liabilities | 26,880 | 27,806 |
| Issued capital | 1,128 | 1,128 |
| Capital reserve | 15,862 | 15,872 |
| Retained earnings | 2,701 | 2,154 |
| Other components of equity | −1,546 | −521 |
| Treasury shares | −468 | −433 |
| Total equity attributable to shareholders of Siemens Healthineers AG | 17,677 | 18,199 |
| Non-controlling interests | 43 | 49 |
| Total equity | 17,721 | 18,248 |
| Total liabilities and equity | 44,600 | 46,055 |
| (in millions of €) | Q3 2025 |
Q3 2024 |
|---|---|---|
| Net income | 556 | 472 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Amortization, depreciation and impairments | 370 | 294 |
| Income tax expenses | 180 | 122 |
| Interest income/expenses, net | 80 | 90 |
| Income/loss related to investing activities | −86 | ‐ |
| Other non-cash income/expenses, net | 50 | 59 |
| Change in operating net working capital | ||
| Contract assets | −71 | −102 |
| Inventories | −96 | −58 |
| Trade and other receivables | 32 | 69 |
| Receivables from and payables to the Siemens Group from operating activities | −3 | 1 |
| Trade payables | 40 | −46 |
| Contract liabilities | −7 | 4 |
| Change in other assets and liabilities | 221 | 177 |
| Additions to equipment leased to others in operating leases | −77 | −79 |
| Income taxes paid | −168 | −288 |
| Interest received | 13 | 16 |
| Cash flows from operating activities | 1,035 | 731 |
| Additions to intangible assets and property, plant and equipment | −191 | −185 |
| Acquisitions of businesses, net of cash acquired | ‐ | −5 |
| Disposal of investments, intangible assets and property, plant and equipment | ‐ | 68 |
| Cash flows from investing activities | −191 | −123 |
| Purchase of treasury shares | −170 | ‐ |
| Repayment of long-term debt (including current maturities of long-term debt) | −48 | −48 |
| Change in short-term financial debt and other financing activities | −18 | 5 |
| Interest paid | −10 | −12 |
| Dividends paid to shareholders of Siemens Healthineers AG | ‐ | −1,063 |
| Interest paid to the Siemens Group | −67 | −32 |
| Other transactions/financing with the Siemens Group | ||
| Issuance of long-term debt | 13 | ‐ |
| Change in short-term financial debt and other financing activities | −499 | 282 |
| Cash flows from financing activities | −800 | −867 |
| Effect of changes in exchange rates on cash and cash equivalents | −74 | 10 |
| Change in cash and cash equivalents | −30 | −249 |
| Cash and cash equivalents at beginning of period | 2,404 | 2,305 |
| Cash and cash equivalents at end of period | 2,374 | 2,056 |
| (in millions of €) | Q1-Q3 2025 |
Q1-Q3 2024 |
|---|---|---|
| Net income | 1,571 | 1,335 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Amortization, depreciation and impairments | 988 | 914 |
| Income tax expenses | 512 | 343 |
| Interest income/expenses, net | 236 | 244 |
| Income/loss related to investing activities | −66 | −25 |
| Other non-cash income/expenses, net | 141 | 160 |
| Change in operating net working capital | ||
| Contract assets | 101 | −153 |
| Inventories | −342 | −433 |
| Trade and other receivables | −42 | 221 |
| Receivables from and payables to the Siemens Group from operating activities | 6 | 8 |
| Trade payables | 32 | −198 |
| Contract liabilities | 157 | 144 |
| Change in other assets and liabilities | −274 | −246 |
| Additions to equipment leased to others in operating leases | −231 | −174 |
| Income taxes paid | −427 | −800 |
| Dividends received | ‐ | 1 |
| Interest received | 46 | 46 |
| Cash flows from operating activities | 2,407 | 1,387 |
| Additions to intangible assets and property, plant and equipment | −557 | −483 |
| Purchase of investments and financial assets for investment purposes | −2 | −3 |
| Acquisitions of businesses, net of cash acquired | −204 | −46 |
| Disposal of investments, intangible assets and property, plant and equipment | 9 | 78 |
| Cash flows from investing activities | −753 | −454 |
| Purchase of treasury shares | −212 | ‐ |
| Other transactions with owners | −13 | −9 |
| Repayment of long-term debt (including current maturities of long-term debt) | −145 | −145 |
| Change in short-term financial debt and other financing activities | −4 | 20 |
| Interest paid | −37 | −29 |
| Dividends paid to shareholders of Siemens Healthineers AG | −1,066 | −1,063 |
| Dividends paid to non-controlling interests | −13 | −16 |
| Interest paid to the Siemens Group | −217 | −128 |
| Other transactions/financing with the Siemens Group | ||
| Issuance of long-term debt | 61 | ‐ |
| Repayment of long-term debt (including current maturities of long-term debt) | −5 | −20 |
| Change in short-term financial debt and other financing activities | −238 | 291 |
| Cash flows from financing activities | −1,889 | −1,098 |
| Effect of changes in exchange rates on cash and cash equivalents | −74 | −26 |
| Change in cash and cash equivalents | −309 | −190 |
| Cash and cash equivalents at beginning of period | 2,683 | 2,247 |
| Cash and cash equivalents at end of period | 2,374 | 2,056 |
| 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 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions of €) | Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Jun 30, 2025 |
Sept 30, 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
| Imaging | 3,110 | 2,866 | 130 | 111 | 3,240 | 2,977 | 680 | 594 | 9,218 | 8,962 | 637 | 553 | 84 | 71 | 52 | 48 |
| Diagnostics | 1,059 | 1,108 | 0 | ‐ | 1,059 | 1,107 | 97 | 82 | 5,635 | 5,742 | 61 | 32 | 134 | 125 | 143 | 76 |
| Varian | 978 | 927 | ‐ | ‐ | 978 | 927 | 184 | 154 | 13,085 | 13,768 | 226 | 174 | 17 | 17 | 12 | 12 |
| Advanced Therapies | 484 | 479 | 1 | 1 | 484 | 480 | 51 | 66 | 1,867 | 1,884 | 84 | 75 | 6 | 6 | 5 | 4 |
| Total Segments | 5,630 | 5,380 | 131 | 111 | 5,761 | 5,491 | 1,012 | 897 | 29,805 | 30,356 | 1,008 | 834 | 241 | 220 | 212 | 139 |
| Reconciliation to Consolidated Financial Statements⁵ |
32 | 44 | −131 | −111 | −99 | −68 | −276 | −302 | 14,795 | 15,699 | −165 | −288 | 90 | 129 | 159 | 155 |
| Siemens Healthineers | 5,662 | 5,423 | ‐ | ‐ | 5,662 | 5,423 | 736 | 595 | 44,600 | 46,055 | 844 | 546 | 331 | 349 | 370 | 294 |
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 Including effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
| (in millions of €) | 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-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Jun 30, 2025 |
Sept 30, 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
|
| Imaging | 9,165 | 8,402 | 370 | 322 | 9,535 | 8,724 | 1,981 | 1,725 | 9,218 | 8,962 | 1,658 | 1,412 | 402 | 187 | 150 | 133 |
| Diagnostics | 3,248 | 3,269 | 1 | ‐ | 3,249 | 3,269 | 251 | 181 | 5,635 | 5,742 | 49 | −48 | 373 | 306 | 306 | 260 |
| Varian | 2,993 | 2,747 | 0 | 1 | 2,993 | 2,748 | 488 | 449 | 13,085 | 13,768 | 568 | 332 | 71 | 68 | 36 | 31 |
| Advanced Therapies | 1,534 | 1,478 | 2 | 2 | 1,536 | 1,481 | 223 | 219 | 1,867 | 1,884 | 185 | 158 | 30 | 14 | 16 | 12 |
| Total Segments | 16,939 | 15,897 | 374 | 326 | 17,313 | 16,223 | 2,944 | 2,574 | 29,805 | 30,356 | 2,460 | 1,855 | 876 | 574 | 507 | 437 |
| Reconciliation to Consolidated Financial Statements⁵ |
114 | 137 | −374 | −326 | −260 | −189 | −861 | −896 | 14,795 | 15,699 | −609 | −950 | 242 | 344 | 480 | 477 |
| Siemens Healthineers | 17,053 | 16,034 | ‐ | ‐ | 17,053 | 16,034 | 2,083 | 1,679 | 44,600 | 46,055 | 1,851 | 904 | 1,118 | 919 | 988 | 914 |
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 Including effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
| Adjusted EBIT | and other effects from IFRS 3 | Therein adjusted for amortization, depreciation 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions of €) | Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
Q3 2025 |
Q3 2024 |
| Imaging | 680 | 594 | ‐ | −7 | −1 | −1 | ‐ | ‐ | −9 | −13 | ‐ | ‐ | −2 | −3 | 52 | 48 | 720 | 618 |
| Diagnostics | 97 | 82 | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | −17 | −9 | ‐ | ‐ | −86 | −14 | 143 | 76 | 138 | 135 |
| Varian | 184 | 154 | −2 | −2 | −7 | ‐ | ‐ | ‐ | −2 | −1 | ‐ | ‐ | ‐ | ‐ | 12 | 12 | 185 | 162 |
| Advanced Therapies | 51 | 66 | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | −1 | −2 | ‐ | ‐ | ‐ | ‐ | 5 | 4 | 55 | 68 |
| Total Segments | 1,012 | 897 | −2 | −9 | −8 | −1 | ‐ | ‐ | −29 | −25 | ‐ | ‐ | −87 | −18 | 212 | 139 | 1,098 | 982 |
| Reconciliation to consolidated financial statements |
−59 | −71 | −87 | −86 | −5 | −4 | ‐ | ‐ | −2 | −2 | ‐ | ‐ | ‐ | ‐ | 159 | 155 | 6 | −8 |
| Siemens Healthineers | 953 | 825 | −88 | −95 | −13 | −5 | ‐ | ‐ | −31 | −27 | ‐ | ‐ | −87 | −17 | 370 | 294 | 1,103 | 974 |
1 Income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation & impairments.
| 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions of €) | Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
Q1-Q3 2025 |
Q1-Q3 2024 |
| Imaging | 1,981 | 1,725 | ‐ | −9 | −5 | −2 | ‐ | ‐ | −27 | −33 | ‐ | ‐ | −6 | −22 | 150 | 133 | 2,094 | 1,793 |
| Diagnostics | 251 | 181 | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | −22 | −35 | ‐ | ‐ | −122 | −109 | 306 | 260 | 414 | 297 |
| Varian | 488 | 449 | −5 | −8 | −7 | −2 | ‐ | ‐ | −3 | −1 | ‐ | ‐ | ‐ | ‐ | 36 | 31 | 509 | 469 |
| Advanced Therapies | 223 | 219 | ‐ | ‐ | ‐ | ‐ | 0 | −1 | −6 | −6 | ‐ | ‐ | ‐ | ‐ | 16 | 12 | 233 | 225 |
| Total Segments | 2,944 | 2,574 | −5 | −16 | −12 | −4 | 0 | −1 | −57 | −75 | ‐ | ‐ | −128 | −131 | 507 | 437 | 3,249 | 2,783 |
| Reconciliation to consolidated financial statements |
−187 | −185 | −266 | −269 | −10 | −12 | ‐ | ‐ | −6 | −6 | ‐ | ‐ | ‐ | −12 | 480 | 477 | 11 | −7 |
| Siemens Healthineers | 2,757 | 2,389 | −271 | −286 | −22 | −16 | 0 | −1 | −64 | −81 | ‐ | ‐ | −128 | −143 | 988 | 914 | 3,260 | 2,776 |
1 Income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation & impairments.
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