Siemens Healthineers AG · XETR:SHL
Siemens Healthineers — Q4 FY2026 Earnings Presentation
41 slides from Siemens Healthineers's earnings presentation, Nov 5, 2026
Slide 1: Analyst Call Earnings Release Q4 FY2026
Analyst Call Earnings Release Q4 FY2026 Bernd Montag, CEO | Jochen Schmitz, CFO November 5, 2026
Slide 2: Safe harbour statement
Safe harbour statement This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. By attending the meeting where this presentation is held or accessing this presentation, you agree to be
Slide 3: Key takeaways
Key takeaways • Synergetic core with very strong growth of 8.1% in Q4, 6.1% growth in FY2026 • Very strong equipment-book-to-bill of 1.15 in Q4, 1.14 in FY2026 • Diagnostics secures contract extension with Quest; revenue stabilizing • FY2026 group comp. growth of 4% – at upper end of guidance • FY20
Slide 4: Group: Very strong revenue growth in the synergetic core
Group: Very strong revenue growth in the synergetic core; adj. EPS stable y-o-y despite FX and inflation headwinds Revenue (€m) Adjusted basic earnings per share (€) Comparable Growth +5.9% +1.7% 6,322 6,784 0.68 0.69 Q4 FY2025 Q4 FY2026 Q4 FY2025 Q4 FY2026 Revenue growth of 5.9% (PYQ: 3.7%) Adj. EB
Slide 5: Imaging: Strong year end; margin held back by FX and one-offs
Imaging: Strong year end; margin held back by foreign exchange and one-offs Comparable Growth +10.0% Very strong growth contribution from MR1 Revenue (€m) 3,341 3,729 Photon-counting CT1 and radiopharmaceuticals businesses continue high growth momentum Q4 FY2025 Q4 FY2026 Margin -70 bps FX headwind
Slide 6: Precision Therapy: Strong growth quarter for Varian
Precision Therapy: Strong growth quarter for Varian, Ultrasound focusing on procedural imaging Comparable Growth +4.8% Growth softer due to preparation for focusing of Revenue (€m) Ultrasound portfolio 1,859 1,968 Strong Varian growth of 7.3% (PYQ: 1.4%) Q4 FY2025 Q4 FY2026 Margin -330 bps Y-o-y FX
Slide 7: Diagnostics: Continued sequential margin improvement, revenue stabilizing
Diagnostics: Continued sequential margin improvement, revenue stabilizing Comparable Growth -4.2% Absolute revenue stabilizing sequentially Revenue (€m) 1,098 Continuing structural market rebasing in China 1,067 Revenue dilution due to legacy platform decline Q4 FY2025 Q4 FY2026 Margin -210 bps Y-o-
Slide 8: CEO update
Analyst Call, Q4 FY2026 CEO update Bernd Montag, CEO November 5, 2026
Slide 9: We are shaping the next phase of Healthineers
We are shaping the next phase of Healthineers Enhancing corporate clarity Driving performance • Healthineers as brand for the future • ‘Elevating’ strategy on track • Evolving shareholder structure to be • Expanding innovation leadership reflected in new supervisory board setup • Optimizing portfoli
Slide 10: Future brand: Healthineers
Future brand: Healthineers Clinical images courtesy of Max Planck Institute, Leipzig, Germany, Ludwig-Maximilians- 10 University, Munich, Germany, and Radiologische Allianz, Hamburg, Germany Unrestricted © Siemens Healthineers
Slide 11: Evolving ownership structure to be reflected in Supervisory Board composition
Evolving ownership structure to be reflected in Supervisory Board composition of Healthineers Melanie Kreis Prof. Dr. Heyo Kroemer Prof. Jonathan Lewin, M.D. Pascale Witz Member of the Managing Board of DHL Chief Executive Officer at Charité – Professor at the Department of Member of the Supervisory
Slide 12: Elevating Health Globally
Elevating Health Globally — we have uniquely positioned ourselves to tackle the most threatening diseases Neuro- Cardio- vascular Stroke Cancer degenerative Patient Precision Twinning Therapy Healthcare AI 12 Unrestricted © Siemens Healthineers
Slide 13: Transforming coronary interventions
Transforming coronary interventions – with our unique capabilities Patient Twinning Precision Therapy Photon-counting CT depicts the entire coronary pathology Precise ACI1 strategy (e.g., exact stent sizing) Non-invasive plaque evaluation, avoiding Real-time procedural guidance and AI-based diagnost
Slide 14: Transforming radiation therapy
Transforming radiation therapy – with our unique capabilities Patient Twinning Precision Therapy Precision Therapy starts with Precision Imaging Making complex Radiation Therapy faster & scalable Advanced imaging (MRI, PCCT, PET/CT) provides the Accela1 powered by NeoArc, is designed to bring founda
Slide 15: Accela, a breakthrough in cancer care
Accela, a breakthrough in cancer care Changes treatment paradigms, making polymetastatic disease treatments scalable and broadening reirradiation options Improves efficiency and capacity through AI-enabled treatment planning and radically shorter delivery times Elevates the role of radiation therapy
Slide 16: Substantiating long-term growth with Value Partnerships
Substantiating long-term growth and increasing recurring revenue with Value Partnerships Deals signed in Q4 total > €400m Value Partnerships • Trusted long-term C-level partner • Deep clinical expertise and consulting capabilities to translate innovation into impact • Broadest and deepest portfolio
Slide 17: Diagnostics carve-out initiated – intention to separate
Diagnostics carve-out initiated – intention to separate • Carve-out process initiated – intention to separate • New company name: Olyrian Diagnostics • Jochen Schmitz (CFO) assumes responsibility in Healthineers board for Diagnostics • Diagnostics standalone by mid CY2028 – creating a market leading
Slide 18: Stepping up productivity and continued focus on pricing
Stepping up productivity and continued focus on pricing Productivity program Continued market Impact in 2028 - 2030 ‘Transform4Future’ adaptive pricing Cost program Market adaptive pricing Impact in 2026 - 2028 of €200m generating €200m 18 Unrestricted © Siemens Healthineers
Slide 19: Mid-term outlook
Mid-term outlook Imaging Precision Therapy Diagnostics ▪ Mid to high single-digit ▪ High single-digit ▪ Improving towards revenue growth (p.a.) ▪ Margin expansion 6 – 9% revenue growth (p.a.) ▪ Margin expansion by mid single-digit growth ▪ Margin expansion Revenue from scale (p.a.) ~100 bps (average
Slide 20: CFO update
Analyst Call, Q4 FY2026 CFO update Jochen Schmitz, CFO November 5, 2026
Slide 21: Reliable revenue, earnings and cash compounder
Reliable revenue, earnings and cash compounder with sound capital deployment Environmental, Social, Governance Reliable Dividend & share buyback revenue Profitable Reliable Balance-sheet strength Shareholder growth free cash Value Organic growth investment Disciplined M&A Capital Markets Day 2025 21
Slide 22: Reliable revenue funds innovations
Reliable revenue funds innovations to maintain price premiums, gain market shares, and expand markets Generating reliable free cash … … while funding breakthrough innovations • Reliable cash from reliable revenue and Platform breakthroughs: Leading Healthcare AI innovations earnings conversion • Acc
Slide 23: Optimizing capital allocation post deconsolidation from Siemens AG
Optimizing capital allocation post deconsolidation from Siemens AG Strengthening the balance sheet… … to optimize capital allocation Deleveraging from reliable cash generation Continuing stable to progressive dividend payout One-time impacts in FY27 on EBITDA and cash from deconsolidation from Sieme
Slide 24: Prepared to refinance post deconsolidation from Siemens AG
Prepared to refinance post deconsolidation from Siemens AG Market rates at arms-length from Siemens AG Moody’s A3 rating Current debt financing Targeted debt financing • Loan volume of €12.5bn1 • Bridge financing and operational liquidity (incl. backup) • Repayment volume after hedging instruments o
Slide 25: Diagnostics transformation continues
Diagnostics transformation continues – in order to achieve mid-teens margins over the mid-term Growing into a one-platform P&L in the core lab Transformation continues: Further rightsizing and focusing • Growth dilution from legacy to decrease after FY26 • Further rightsizing core lab R&D to one-pla
Slide 26: Carve-out preparation completed
Carve-out preparation completed Diagnostics standalone by mid 2028 Standalone by mid CY28 Execution FY27 – FY28 Preparation Legal carve-out into independent entities¹ FY26 Implementation of standalone operating model ✓ Verticalization of sales and service (FY23-25) Separate, own functional and IT se
Slide 27: Stepping up productivity to mitigate key headwinds
Stepping up productivity to mitigate key headwinds and to trim Healthineers setup for the future Key headwinds & future setup Our actions Headwind from tariffs FY26 - FY28: Cost program + market adaptive pricing €200m cost productivity and €200m pricing Headwind from inflation in the supply chain FY
Slide 28: Overview of key adjustment items in FY27
Overview of key adjustment items in FY27 Adjustment items in FY27 (in adjusted EBIT and EPS) Other adjustment items in FY27 • Deconsolidation from Siemens AG • Purchase Price Allocation mainly legal costs, brand transition, refinancing costs • Diagnostics transformation • Diagnostics carve-out • Sev
Slide 29: Outlook Fiscal Year 2027
Outlook Fiscal Year 2027 FY2027E Revenue growth 4.0-5.0% FY2026 includes ~0.7%-pts dilution from focusing Ultrasound Revenue growth 4.0% Adj. EPS €2.20-2.40 Adj. EPS €2.42 therein 12cts net impact from tariff refunds and one-offs1 29 1 Net effects on adj. EPS resulting from refunds in Q3 and Q4 for
Slide 30: Adj. EPS drivers in FY27
Adj. EPS drivers in FY27 as of CMD 2025 €2.20-2.40 €2.42 €2.20-2.40 Incl. 12cts net impacts1 ~€2.30 Operational improvement FY2026 FY2026 Mitigation Inflation Others FY2027E Initial EPS guidance Market-adaptive pricing in the Tax rate, financial income, and cost productivity supply chain separation
Slide 31: Assumptions FY2027
Assumptions FY2027 FY2027E Mid single-digit revenue growth Imaging Mid to high double-digits bps margin decline1 Precision Mid to high single-digit revenue growth Therapy Mid to high double-digits bps margin decline1 Flat revenue development Diagnostics Low to mid double-digits bps margin expansion1
Slide 32: IR program for H1 FY27
IR program for H1 FY27 RSNA Q1 results AGM Meet Healthineers - investor days - 1st Dec. 26 4th Feb. 27 18th Feb. 27 25th Feb. 27 (Forchheim, Germany) & 1st Mar. 27 (Charlotte, North Carolina) NAM Roadshow US conferences Post Q1 (virtual) Pre-spin roadshow 30th Nov. – 3rd Dec. 26 11th Jan. – 13th Jan
Slide 33: Appendix
Appendix 33 Unrestricted © Siemens Healthineers
Slide 34: EBIT to Free Cash Flow bridge and cash conversion rates
EBIT to Free Cash Flow bridge and cash conversion rates Q4 FY26 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 1.0 CCR2 PTH 0.8 Diagnostics >1 CCR1 1.04 1″302 1″173 -85′ 89′ 299′ 239′ -174′ 967′ 47′ 934′ 848′ 87′ -288′ -47′ 703′ -311′ Healthineers PPA EBIT excl. Depr. of PPE EBITDA Change
Slide 35: FY26 balance sheet and net debt bridge
FY26 balance sheet and net debt bridge Net debt overview Capital structure development in FY26 (in €bn) in €bn Sep 30, 2025 Sep 30, 2026 Leverage1 2.8x 2.7x Cash and cash equivalents 2.2 2.5 12.5 11.8 Receivables from the Siemens Pensions 0.0 0.0 0.5 Group from financing activities 0.3 Short-term an
Slide 36: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Sep 30, 2026 (in EUR m) Comments ▪ Total loan volume ~EUR 12.5 bn equivalent1 EUR ▪ Average interest rate ~2.2% p.a.3 USD hedged in EUR ▪ Total repayment volume ~EUR 11.4 bn equivalent4 USD Top 10 loans ranked in EUR volume Others Notional Notiona
Slide 37: Provisions for pensions
Provisions for pensions Q4 FY2026 Key financials – Pensions and similar obligations Q1 Q2 Q3 Q4 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2026 FY2026 FY2026 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.4) (3.4) (3.4) (3.4) (3.1) obligation (DBO) Fair va
Slide 38: Restatement: Procedural ultrasound in Precision Therapy
Restatement: Procedural ultrasound in Precision Therapy, General imaging ultrasound in recon. due to discontinuation Restated figures comparable to new structure (effective as of Oct 1st, 2026) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in €m FY2025 FY2026 FY2025 FY2025 FY2025 FY2025 FY2026 FY2026 FY2026 FY2026 Precis
Slide 39: Restatement: New regional split between Europe and AMEA
Restatement: New regional split between Europe and AMEA1, Americas and China unchanged Restated figures comparable to new structure (effective as of Oct 1st, 2026) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in €m FY2025 FY2026 FY2025 FY2025 FY2025 FY2025 FY2026 FY2026 FY2026 FY2026 Revenue by region (location of custo
Slide 40: Glossary
Glossary ‘Revenue’ in this presentation refers for segments to ‘Adjusted revenue‘ Adjusted revenue is defined as consolidated revenue reported in the company’s consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocatio
Slide 41: Unrestricted © Siemens Healthineers
41 Unrestricted © Siemens Healthineers
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