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Company and investment case
Siemens er et ledende teknologiselskap som er posisjonert langs fem sentrale langsiktige vekstdrivere Automatisering, digitalisering, Electrification, Sustainability og kunstig intelligens - KI for den virkelige verden. Vi opererer i svært attraktive vekstmarkeder og akselererer veksten vår i raskt voksende digitale markeder, regioner og bransjer, blant annet gjennom industrial AI.
VTeknologien vår akselererer kundens transformasjon med industrial AI. Den øker effektiviteten i fabrikker, gjør byer mer attraktive å leve i og fremmer bærekraftige transportløsninger. Ved å kombinere den fysiske og den digitale verdenen kan vi bidra til å akselerere både digitalisering og Sustainability — slik at kundene våre over hele verden kan bli mer konkurransedyktige, motstandsdyktige og bærekraftige.
Som et samlet teknologiselskap, øker vi tempoet i gjennomføringen av strategien vår. ONE Tech Company-programmet endrer måten vi opererer slik at vi kan oppnå sterkere kundefokus, raskere innovasjon, og mer lønnsom vekst.Vi samler hele vår kompetanse for å levere større verdi for kunder og aksjonærer. Derfor bygger vi et nytt fundament for Siemens:
- En svært synergistisk portefølje perfekt plassert på tvers av industriell Software, konvensjonelle og digitale tjenester så vel som konvensjonell og tilkoblet maskinvare — klar til skalering.
- En ny driftsmodell for fart og skalerbarhet for å innovere, støtte virksomhetene våre mer effektivt og bedre betjene kundene våre som en enhet.
Ved å operere som ETT teknologiselskap, skaper vi grunnlaget for høyere og mer lønnsom vekst.
*** Vår Vår Siemens Equity Story vil gi deg ytterligere informasjon.
*** For en samlet oversikt over selskapet, vennligst klikk her.
De siste årene har vi hatt særlig fokus på å spisse porteføljen vår, både gjennom salg (f.eks. Siemens Energy spin-off 2020) og gjennom oppkjøp innen Software og tilkoblet maskinvare med høy vekst.
Det neste viktige trinnet i porteføljetransformasjonen: Vi planlegger å dekonsolidere Siemens Healthineers¹ . Dette forventes å frigjøre langsiktig verdi for Siemens-aksjonærene, ettersom det forenkler porteføljen ytterligere og posisjonerer Siemens som et mer fokusert teknologiselskap med en svært synergistisk portefølje.
Vi kan gjennomføre alt dette fra en posisjon av styrke, som nok en gang bevist i regnskapsåret 2025 med enda et rekordår for Siemens: rekordhøye overskudd i industrivirksomheter, nettoinntekt og fri kontantstrøm.
1 Børsnotert datterselskap av Siemens; Siemens' andel i Siemens Healthineers: 67% (per 12. november 2025)
*** Vår Siemens aksjehistorie vil gi deg ytterligere informasjon.
Våre Siemens industrivirksomheter (uten Siemens Healthineers¹) er digital industri, smart infrastruktur og mobilitet.
Digitale industrier tilbyr en omfattende produktportefølje, samt systemer og løsninger for automatisering brukt innen diskret‑ og prosessindustri. Tilbudet omfatter også innebygd programvare. I tillegg inkluderer porteføljen programvare for produktlivssyklusstyring (PLM) og elektronisk designautomatisering (EDA).
Smart infrastruktur tilbyr produkter, systemer, løsninger, tjenester og programvare som støtter den globale overgangen fra fossile til fornybare energikilder, samt den tilhørende transformasjonen mot smartere og mer bærekraftige bygninger og lokalsamfunn. Den brede porteføljen til Smart Infrastructure består av virksomhetsområdene bygg, elektrifisering og elektriske produkter.
Mobilitet samler alle Siemens‑virksomheter innen person‑ og godstransport på jernbane. Tilbudet omfatter skinnegående kjøretøy for by‑ og regionaltransport, tog og passasjervogner for intercity‑ og langdistansetransport, lokomotiver samt produkter og løsninger for jernbaneautomatisering og elektrifisering. I tillegg inkluderer porteføljen vedlikeholdstjenester, digitale tjenester samt digitale løsninger og programvare.
1 Børsnotert datterselskap av Siemens; Siemens' andel i Siemens Healthineers: 67% (per 12. november 2025)
*** Utforsk viktige detaljer og økonomiske resultater for våre Siemens industrielle virksomheter med vår konsise Siemens forretningsfaktaark
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
I begynnelsen av regnskapsåret 2026 kunngjorde vi en oppdatering av Siemens-konsernets økonomiske rammeverk (unntatt Siemens Healthineers¹). Detaljert informasjon om Siemens Groups finansielle rammeverk er tilgjengelig i vår årsrapport.
1 Børsnotert datterselskap av Siemens; Siemens' andel i Siemens Healthineers: 67% (per 12. november 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 legger stor vekt på en streng og disiplinert kapitalallokering og er forpliktet til å levere en sterk og bærekraftig, samlet avkastningen til aksjonærene. Vi har som mål å akselerere verdiskapingen ved å finne den rette balansen mellom målrettede investeringer og avkastning til aksjonærene.
Mer informasjon om vårt rammeverk for kapitalallokering finner du her.
I FY25 investerte vi 8,3% av inntektene i R&D og vi forventer at R&D‑intensiteten i regnskapsåret 2026 (estimat) vil ligge på samme nivå som i 2025. Dette innebærer ytterligere vekst i R&D i absolutte Terms. Vi opprettholder en høy R&D‑intensitet for å videreutvikle vårt teknologiske lederskap og legge til rette for fremtidig lønnsom vekst.
Vårt geografiske fotavtrykk er godt balansert, og vi vil fortsette å optimalisere det gjennom målrettede kapitalinvesteringer .
I tillegg vil vi investere selektivt i verdiskapende oppkjøp. Alle investeringsbeslutninger vil være basert på våre klart definerte strategiske imperativer og finansielle terskler. Våre seks strategiske prioriteringer er:
- Vekstområder?
- Potensiell gevinstpool?
- Hvorfor Siemens?
- Synergetisk verdi?
- Paradigmeskifte?
- Effekt på Sustainability?
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.
Det nåværende tilbakekjøpsprogrammet for aksjer kunngjort 16. november 2023 på opptil 6 milliarder euro i opptil fem år startet 12. februar 2024.
Det forrige tilbakekjøpet av aksjer som startet 15. november 2021 med et volum på opptil 3 milliarder euro, ble fullført tidlig 25. januar 2024 med et volum på 3 milliarder eurao.
*** Finn mer informasjon om vårE nåværende og tidligere aksjetilbakekjøpsprogrammer på Siemens Investor Relations-nettstedet.
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.