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Company and investment case
Siemens je vodeća tehnološka tvrtka pozicionirana uz pet glavni svjetovni pokretači rasta automatizacije, digitalizacije, elektrifikacije, održivosti i umjetne inteligencije — UI za stvarni svijet. Obraćamo se se visoko atraktivnim tržištima rasta i ubrzavamo naš rast na brzorastućim digitalnim tržištima, regijama, vertikalama i kroz industrijsku umjetnu inteligenciju.
Naša tehnologija ubrzava transformacije kupaca s industrijskom umjetnom inteligencijom, povećavajući učinkovitost u tvornicama, poboljšavajući sposobnost života u gradu i promicanjem održivih prometnih rješenja. Kombinacijom stvarnog i digitalnog svijeta, možemo pomoći ubrzati i digitalizaciju i održivost - tako da naši kupci diljem svijeta mogu postati konkurentniji, otporniji i održiviji.
Kao ONE Tech tvrtka, ubrzavamo izvršenje naše strategije. Program ONE Tech Company transformira način na koji djelujemo tako da možemo postići jači fokus na kupca, brže inovacije i veći profitabilan rast.Okupljamo naše pune mogućnosti kako bismo pružili veću vrijednost za kupce i dioničare. Stoga gradimo novu tkaninu za Siemens:
- visoko sinergistički portfelj savršeno pozicioniran u industrijskom softveru, konvencionalnim i digitalnim uslugama, kao i konvencionalnim i povezanim hardverima — spreman za skaliranje.
- Novi operativni model za brzinu i opseg za inovacije, učinkovitiju podršku našim poslovima i bolje služenje našim kupcima kao JEDNO.
Djelujući kao JEDNA tehnološka tvrtka, stvaramo temelje za veći, profitabilan rast.
*** Naša Siemens Equity priča pružit će vam dodatne informacije.
*** Za cjelokupni pregled tvrtke kliknite ovdje.
Posljednjih godina stavili smo poseban fokus na izoštravanje našeg portfelja, kako kroz rasprodaje (primjerice Siemens Energy spin-off 2020) i akvizicije visokog rasta u softveru i povezanom hardveru.
Sljedeći veliki korak u transformaciji našeg portfelja: planiramo dekonsolidirati Siemens Healthineers¹ . Očekuje se da će to otključati dugoročnu vrijednost za dioničare Siemensa, jer dodatno pojednostavljuje portfelj i pozicionira Siemens kao fokusiraniju tehnološku tvrtku s visoko sinergističkim portfeljem.
Sve ovo možemo izvršiti iz položaja snage, kao što je još jednom dokazano u 25. fiskalnoj godini s još jednom rekordnom godinom za Siemens: rekordni maksimum dobiti industrijskih poduzeća, neto prihoda i slobodnog novčanog toka.
1 Podružnica Siemensa koja kotira na javnosti; Siemensov udio u Siemens Healthineersu: 67% (od 12. studenog 2025.)
***Naši Siemensova priča o kapitalu pružit će vam dodatne informacije.
Naša Siemensova industrijska poduzeća (bez Siemens Healthineers¹) su digitalna industrija, pametna infrastruktura i mobilnost.
Digitalne industrije nudi sveobuhvatan portfelj proizvoda, kao i sustave i rješenja za automatizaciju koji se koriste u izravnoj i procesnoj industriji; ove ponude uključuju ugrađeni softver. Nadalje, ponuda obuhvaća softver za upravljanje životnim ciklusom proizvoda (PLM) i elektroničku automatizaciju dizajna (EDA).
Pametna infrastruktura nudi proizvode, sustave, rješenja, usluge i softver koji podržavaju globalni prijelaz s fosilnih na obnovljive izvore energije i povezani prijelaz na pametnije, održivije zgrade i zajednice. Svestrani portfelj pametne infrastrukture sastoji se od tvrtki zgrada, elektrifikacije i električnih proizvoda.
Mobilnost kombinira sve Siemensove tvrtke u području željezničkog prijevoza putnika i željezničkog prijevoza tereta. Njegova ponuda uključuje željeznička vozila za gradski i regionalni prijevoz, vlakove i putničke vagone za međugradske i dugoročne usluge, lokomotive, proizvode i rješenja za automatizaciju i elektrifikaciju željeznica, održavanje i digitalne usluge, kao i digitalna rješenja i softver.
1 Podružnica Siemensa koja kotira na javnosti; Siemensov udio u Siemens Healthineersu: 67% (od 12. studenog 2025.)
*** Otkrijte ključne pojedinosti i financijske rezultate naših Siemensovih industrijskih tvrtki uz naš sažeti list sa poslovnim podacima tvrtke Siemens
Siemens has a well-balanced geographical footprint and a diversified supply chain.
***Please find more details on Siemens' geographical footprint Siemens Business Fact Sheets.
Siemens Financial Services (SFS) provides financing solutions for Siemens’ customers as well as for other companies particularly within the Siemens markets in the form of debt and equity investments. Based on its comprehensive financing know-how and specialist technology expertise in the areas of Siemens businesses, SFS supports its customers’ investments with leasing, lending, working capital and structured financing solutions and offers a broad range of equipment and project financing.
In addition, SFS supports Siemens’ industrial businesses with financial advisory services and via a joint go-to-market that includes SFS’ risk management expertise, for instance to assess the risk profiles of projects or business models.
Furthermore, SFS collaborates with Siemens’ industrial businesses to co-develop new digital business models, and supports its customers through targeted financing of sustainable technologies and projects.
Our businesses compete with a number of peers in their respective markets.
***Our Siemens Business Fact Sheets will provide you with the main competitors for the respective businesses.
The Siemens Xcelerator Marketplace is a platform to innovative technology from Siemens and esteemed partners, sellers, and developers – driving our customers digital transformation with a curated portfolio of services, software, and IoT enabled hardware.
***Please find further information on Siemens Xcelerator here.
As a leading technology company, Siemens strives to be at the cutting edge of several important technology and innovation fields: the Siemens Company Core Technologies. These core research topics have been determined to be critical for our customers’ success. Siemens’ researchers work closely with customers and partners to achieve the best results in an open exchange.
We utilize our Company Core Technologies in all businesses to maintain and expand our technology leadership and innovation strength. An overview of our Company Core Technologies can be found here.
***Please find further information on our Siemens Company Core Technologies here.
Financial target setting
Početkom fiskalne 2026. najavili smo ažuriranje Financijski okvir skupine Siemens (isključujući Siemens Healthineers¹). Detaljne informacije o financijskom okviru skupine Siemens raspoložive su u našem Godišnjem izvješću.
1 Podružnica Siemensa koja kotira na javnosti; Siemensov udio u Siemens Healthineersu: 67% (od 12. studenog 2025.)
We are usually providing guidance for the respective fiscal year on group level and for each of our Industrial Businesses which are not separately listed.
***Please find the current guidance for the fiscal year in the latest earnings release on our financial results page.
Capital allocation and financing
Siemens je vrlo pažljiv u pogledu stroge raspodjele kapitala i posvećen snažnom i održivom ukupnom povratu dioničara (TSR). Cilj nam je ubrzati stvaranje vrijednosti postizanjem prave ravnoteže između ciljanih ulaganja i povrata dioničara.
Više informacija o našem okviru za raspodjelu kapitala možete pronaći ovdje.
U U 25. fiskalnu godinu uložili smo 8,3% prihoda u istraživanje i razvoj i očekujemo intenzitet istraživanja i razvoja u 26e na razini FY25, što podrazumijeva daljnji rast istraživanja i razvoja u apsolutnim iznosima. Održavamo visok intenzitet istraživanja i razvoja kako bismo dodatno potaknuli tehnološko vodstvo i potaknuli budući profitabilni rast.
Naš geografski otisak dobro je uravnotežen i nastavit ćemo ga optimizirati ciljano Capex.
Osim toga, selektivno ćemo ulagati u akvizicije koje stvaraju vrijednost. Sve investicijske odluke temeljit će se na našim jasno definiranim strateškim imperativima i financijskim preprekama. Naši šest strateških imperativa su:
- Područja rasta?
- Potencijalni fond profita?
- Zašto Siemens?
- Sinergetska vrijednost?
- Promjena paradigme?
- Utjecaj održivosti?
We intend to continue providing an attractive return to our shareholders. We follow a progressive dividend policy. In the Siemens Financial Framework, we strive for a dividend per share that exceeds the amount for the preceding year, or at least matches it.
As in the past, we intend to fund the dividend payout from Free cash flow. Our primary measure to assess our ability to generate cash, and ultimately to pay dividends, is the cash conversion rate for the Siemens Group, defined as the ratio of Free cash flow (continuing and discontinued operations) to net income. Over a mid-term cycle, we aim to achieve a cash conversion rate of 1 minus the annual comparable revenue growth rate.
***We provide detailed dividend information on our Siemens Investor Relations website.
Trenutni program otkupa dionica najavljen 16. studenog 2023. u iznosu do 6 milijardi eura do pet godina započeo je 12. veljače 2024.
Prethodni otkup dionica koji je započeo 15. studenog 2021. s volumenom do 3 milijarde eura završen je početkom 25. siječnja 2024. s volumenom od 3 milijarde eura.
***Molimo Vas da pronađete dodatne informacije na našem trenutačno i prošlost programe otkupa dionica na našoj internet stranici Siemens Investor Relations.
Bonds are the traditional way to obtain long-term financing via the capital market. Siemens reserves the right to continue to make regular appearances on the world's capital markets and diversify its investor base.
Credit ratings are opinions of future creditworthiness, derived by fundamental credit analysis and expressed through a symbol system. Fundamental credit analysis incorporates an evaluation of market position, competition, management assessment and financial statement assessment.
Siemens has a strong investment grade credit rating as provided by Moody's Investors Service and Standard & Poor's:
- Moody’s Investors Service: Aa3 rating (long term) with stable outlook
- S&P Global Ratings: AA- rating (long term) with stable outlook
***Please find latest information on bonds and rating on our Siemens Investor Relations website.
Financials and accounting
Our primary measure for managing and controlling our revenue growth is comparable growth. It shows the development in our business net of currency translation effects, which arise from the external environment outside of our control, and portfolio effects, which involve business activities which are either new to or no longer a part of the respective business.
***We provide detailed information in our annual report.
Industrial Businesses: Profit margin is defined as profit of the respective business divided by its revenue. For our industrial businesses, profit represents EBITA adjusted for amortization of intangible assets not acquired in business combinations. In our profit definition, we do not adjust for topics such as restructuring or share-based compensation. When comparing our profit metric with those of our peers, it is important to note that their definitions may vary.
Siemens Financial Services (SFS): In line with common practice in the financial services business, our financial indicator for measuring capital efficiency at SFS is return on equity after taxes, or ROE after taxes. ROE is defined as SFS’ profit after taxes, divided by its average allocated equity.
***We provide detailed information in our annual report.
Primary measure for managing and controlling profit and profitability at Group level: Net income is the primary driver of basic earnings per share from net income (EPS) as well as of EPS before purchase price allocation accounting (EPS pre PPA) which is used for our capital market communication. EPS pre PPA is defined as basic earnings per share from net income adjusted for amortization of intangible assets acquired in business combinations and related income taxes. As with EPS, EPS pre PPA includes the amounts attributable to shareholders of Siemens AG. We aim to achieve high-single-digit annual growth in EPS pre PPA over a mid-term cycle (excluding Siemens Healthineers).
***We provide detailed information in our annual report.
Free cash flow of the segments constitutes cash flows from operating activities less additions to intangible assets and property, plant and equipment.
***We provide detailed information in our annual report.
Capital efficiency: We seek to work profitably and as efficiently as possible with the capital provided by our shareholders and lenders. For purposes of managing and controlling our capital efficiency, we use return on capital employed, or ROCE, as our primary measure in our Siemens Financial Framework. Our goal is to achieve a ROCE within a range of 15% to 20% over a mid-term cycle.
Capital structure: Sustainable revenue and profit development is supported by a healthy capital structure. Accordingly, a key consideration within the Siemens Financial Framework is to maintain ready access to the capital markets through various debt products and preserve our ability to repay and service our debt obligations over time. Our primary measure for managing and controlling our capital structure is the ratio of Industrial net debt to EBITDA (continuing operations). This financial measure indicates the approximate amount of time in years that would be needed to cover Industrial net debt through income from continuing operations, without taking into account interest, taxes, depreciation and amortization. We aim to achieve a ratio of up to 1.5.
***We provide detailed information in our annual report.
Digital Industries’ software business (DI SW) equals ~1/3 of DI total revenue, therein ~2/3 PLM (Product Lifecycle Management) and ~1/3 EDA (Electronic Design Automation) software business. As per our Siemens ONE Tech – Strategy & Results event in November 2025, DI SW had ~80% recurring business (subscriptions, SaaS, maintenance) and ~20% non-recurring business (perpetual licenses, services, and other).
PLM and a minor part of EDA are currently transitioning to Software as a Service (SaaS). The transition triggers a shift from largely upfront to ratable revenue recognition - from perpetual & on-site subscription to SaaS & cloud-based subscription. During such a transition, there is a negative impact on reported revenue and profit. After the SaaS transition, DI SW will have a bigger profit pool from (i) higher growth rate & incremental revenue, (ii) higher margin conversion and scalability and (iii) less investment.
As we deliberately don’t force our customers to switch to the SaaS model and as a large part of our EDA business is not subject to the SaaS transition, for the time being a certain portion of the DI SW business will remain with largely up-front revenue recognition.
Aside from the reported revenue of our Software business in DI, we provide in our quarterly disclosure the Annual Recurring Revenue (ARR) and its growth rate, which is the best indicator of the underlying development of the software business during the SaaS transition and beyond.
There is no market standard in reporting revenue splits (recurring/non-recurring/subscription/cloud) within our peer group.
***Please refer to the detailed information on DI SW’s SaaS transition at our CMD 2021 (IR Events and Conference Presentations), our Software deep dive session at the Siemens ONE Tech – Strategy & Results event 2025 and our quarterly presentations (Financial Results).
Siemens share
Siemens shares are listed on the following stock exchanges: Frankfurt am Main, Xetra.
You can purchase Siemens shares through a broker or a depository bank.
As of March 03, 2026, the common stock of Siemens AG is divided into 782,000,000 shares of no-par value.
Last share splits were conducted by Siemens in 1996 and 2001.
In 1996 one Siemens share was exchanged for ten new Siemens shares.
During the second share split in 2001 two Siemens shares were exchanged for three new Siemens shares. The share split was approved by the Annual Shareholders’ Meeting on April 30, 2001.
Please refer to the dividend overview on our website.
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