Siemens Reports “Flying Start” to Fiscal 2023

MUNICH, Germany — Siemens today reported financial results for Q1 FY 2023.

• Revenue for the first quarter climbed 10% year-over-year, to €18.1 billion [USD $19.4 billion]; orders came in very strong and well above revenue at €22.6 billion [USD $24.3 billion], 7% below Q1 FY 2022 which included extraordinarily high order intake at Digital Industries and Mobility; the book-to-bill ratio was robust at 1.25
• On a comparable basis, excluding currency translation and portfolio effects, revenue rose 8% and orders declined 8%
• Profit Industrial Business increased 9%, to €2.7 billion [USD $2.9 billion], with a profit margin of 15.6%, driven by sharp profit increase in Smart Infrastructure and substantially higher profit in Digital Industries
• Net income was €1.6 billion [USD $1.7 billion]; corresponding basic earnings per share (EPS) were €1.87 [USD $2.01] and EPS before purchase price allocation accounting (EPS pre PPA) were €2.08 [USD $2.23]

Outlook
Following the strong start in fiscal 2023, we raise our outlook for fiscal 2023.

For the Siemens Group we now expect comparable revenue growth, net of currency translation and portfolio effects, in the range of 7% to 10% (previously expected at 6% to 9%) and continue to expect a book-to-bill ratio above 1.

Digital Industries now expects for fiscal 2023 to achieve comparable revenue growth of 12% to 15% (previously expected at 10% to 13%). The profit margin is now expected to be 20% to 22% (previously expected at 19% to 22%).

Smart Infrastructure now expects for fiscal 2023 comparable revenue growth of 9% to 12% (previously expected at 8% to 11%). The profit margin is now expected to be 13.5% to 14.5% (previously expected at 13% to 14%).

Mobility continues to expect for fiscal 2023 comparable revenue growth of 6% to 9% and a profit margin in the range of 8% to 10%.

We now expect this profitable growth of our industrial businesses to drive an increase in basic EPS from net income before purchase price allocation accounting (EPS pre PPA) to a range of €8.90 to €9.40 (previously expected at €8.70 to €9.20) [USD $9.56 to $10.10 (previously expected at USD $9.34 to $9.88 )] in fiscal 2023.

This outlook excludes burdens from legal and regulatory matters and material impairments.