Siemens Q2 profit misses forecasts, orders surge (updated)

Siemens AG

13/05/2026 06:24

Recasts, adding CEO comment, share price

Second-quarter industrial earnings miss expectations

Orders rise 11%, factory automation and buildings surge

CEO says no sign yet Iran has affected consumer behaviour

Confirms full year outlook, announces 6 billion euro buyback

By John Revill

ZURICH, May 13 (Reuters) - Siemens' SIEGn.DE orders rose more than expected in the first three months of the year, although its sales and profits slipped behind forecast and the Iran war has created what the CEO termed a "very tense geopolitical environment".

Orders, a metric of future performance for one of Germany's biggest engineering companies, rose 11% in the January-to-March period, driven by strong demand, particularly from the United States, as well as from data centres, power utilities and defence manufacturers.

Chief Executive Roland Busch told reporters "customer buying behaviour" had not yet been noticeably affected by the disruption caused by the Middle Eastern war that began at the end of February.

But he said Siemens was monitoring developments and the possible impact on inflation, supply chains and sentiment.

"If we look at all the markets, we actually see a slight recovery in certain areas in the China region, in the U.S. with respect to investing behaviour, aerospace, defence and to a certain degree life sciences," Busch said.

The company's shares were down 1.7% in early trading. They had risen by more than 10% so far in 2026 as the market has viewed the company as one of the best artificial intelligence plays in Germany.

FLAT SALES AND LOWER PROFIT

Siemens said its sales during its second quarter were flat at 19.76 billion euros, below forecasts for 20.14 billion euros ($23.63 billion) in a company-gathered consensus.

Industrial profit fell 8% to 2.97 billion euros, missing forecasts for 3.05 billion euros, after the company booked a 300 million euro gain from selling its wiring business last year, which also caused a decline in profit margins.

The fall of the U.S. dollar compared to the euro also weighed on margins. Siemens suffered an 80 basis point foreign exchange hit during the quarter.

Net profit fell to 2.24 billion euros, but was ahead of forecasts for 2.13 billion euros. It also announced a share buyback of up to 6 billion euros over the next five years.

Siemens said its order backlog stands at a record 124 billion euros, driven by its three main businesses of factory automation, building infrastructure and mobility.

It said it still expects comparable revenue growth in the range of 6% to 8% and to take in more orders than it delivers, with a book-to-bill ratio, implying future revenue momentum, above 1 for its 2026 fiscal year, which runs to the end of September.

It also kept its profit guidance for full-year earnings per share in the range of 10.70 to 11.10 euros for the fiscal year 2026.

($1 = 0.8523 euros)

(Reporting by John Revill, Editing by Linda Pasquini and Barbara Lewis)

((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net/))