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Company and investment case
Siemens 是一家領先的科技公司，專注於自動化、數位化、電氣化、永續發展以及實境人工智慧這五大長期成長驅動領域。我們正積極拓展極具吸引力的成長市場，並透過工業 AI 技術，加速在快速崛起的數位市場、區域及垂直領域的擴張步伐。
我們的技術解決方案運用工業 AI 幫助客戶加速轉型，提高工廠效率、提升城市宜居性，並推動永續交通解決方案。透過現實世界與數位世界的融合，我們能同步加速數位化與永續發展進程 — 助力全球客戶提升競爭力、韌性與永續性。
作為一家 ONE Tech 公司，我們正全力加速戰略執行。ONE Tech Company 計劃正重塑我們的營運模式，以實現更強的客戶導向、更快的創新速度，以及更高的盈利增長。我們正整合全部能力，為客戶與股東創造更大價值。因此，我們正在為 Siemens 構築全新架構：
- 一個高度協同的產品組合，完美佈局於工業軟體、傳統與數位服務，以及傳統與聯網硬體領域 — 並可隨時進行擴充。
- 一種全新的營運模式，旨在加速創新規模、更高效地支援業務發展，並以「一體化」模式為客戶提供更優質的服務。
透過以單一科技公司的模式運作，我們正為更高、更具盈利能力的成長奠定基礎。
***我們的 Siemens Equity Story 將為您提供更多資訊。
***欲了解公司整體概況，請按一下此處。
近年來，我們特別著重於優化業務組合，具體措施包括透過資產剝離（例如 2020 年 Siemens Energy 分拆）以及在軟體與聯網硬體領域進行高成長性收購。
我們業務組合轉型中的下一個重大步驟：計劃將 Siemens Healthineers¹從集團中分拆。此舉預期將為 Siemens 股東釋放長期價值，不僅進一步簡化業務組合，更將使 Siemens 轉型為更專注的科技企業，打造出高度協同效應的業務組合。
我們能夠從實力地位出發，推動所有這些計劃，這點在 2025 會計年度再次獲得印證 — Siemens 再度創下歷史新高：工業業務利潤、淨收入及自由現金流均達歷史最高水平。
1 Siemens 旗下上市公司；Siemens 在 Siemens Healthineers 的持股比例：67%（截至 2025 年 11 月 12 日）
*** 我們的 Siemens Equity Story 將為您提供更多資訊。
Siemens 的工業業務（不含 Siemens Healthineers¹）包含數位工業、智慧基礎設施與交通三大事業部。
數位工業事業部提供全面的產品組合，以及應用於離散製造與流程製造產業的自動化系統與解決方案；這些產品涵蓋嵌入式軟體。此外，其產品線還包含產品生命週期管理（PLM）與電子設計自動化（EDA）軟體。
智慧基礎設施事業部提供產品、系統、解決方案、服務及軟體，以支援全球從化石能源向再生能源的轉型，以及相關建築與社區邁向更智慧、更永續的發展。該事業部多元化的業務組合涵蓋建築、電氣化及電氣產品三大領域。
交通事業部整合了 Siemens 在鐵路客運與貨運領域的所有業務，產品涵蓋城市及區域運輸的軌道車輛、城際與長途列車及客車、機車頭、鐵路自動化與電氣化產品及解決方案、維護保養與數位服務，以及數位解決方案與軟體。
1 Siemens 旗下上市公司；Siemens 在 Siemens Healthineers 的持股比例：67%（截至 2025 年 11 月 12 日）
***透過簡明扼要的 Siemens 業務概覽，深入了解 Siemens 工業業務的關鍵細節與財務表現。
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
在 2026 會計年度伊始，我們宣佈更新 Siemens 集團財務架構（不包括 Siemens Healthineers¹）。有關 Siemens Group 財務架構的詳細資訊，請查閱我們 年度報告。
1Siemens 旗下上市公司；Siemens 在 Siemens Healthineers 的持股比例：67%（截至 2025 年 11 月 12 日）
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 高度重視嚴謹的資本配置，並致力實現強勁且永續的股東總回報 (TSR)。我們期望在目標投資與股東回報之間取得適當平衡，從而加速價值創造。
有關我們的資本配置框架的更多資訊，請在此處查閱。
在 2025 會計年度，我們將 8.3% 的營收投入研發，預計 2026 會計年度的研發強度將維持在 2025 會計年度的水平，這意味著研發投入的絕對值將進一步增長。我們維持高研發強度，以進一步鞏固技術領先地位並促進未來盈利增長
我們的全球業務佈局相當均衡，並將透過有針對性的資本支出繼續優化。
此外，我們還將有選擇地投資於能創造價值的收購。所有投資決策都將基於我們明確定義的戰略要務與財務門檻。我們的六大戰略要務包括：
-增長領域？
-潛在利潤池？
-為什麼選擇 Siemens？
-協同價值？
-範式轉移？
-永續發展影響？
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.
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.