Report published September 23, 2026

Siemens: 15th German Corporate Conference Key Takeaways – Goldman Sachs Research

Goldman Sachs · September 23, 2026

Goldman Sachs reiterates a Buy rating and €319 price target for Siemens AG following meetings with senior management at the 15th German Corporate Conference. The company reports improving demand across semiconductors and data centres, nearing completion of DI Software's SaaS transition, and resilient positioning in China.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Short-term demand is experiencing slight improvements in Digital Industries (DI), propelled by semiconductors and aerospace & defence, while traditional German industrial sectors remain subdued.
2.DI Software's SaaS transition is nearly complete, and AI is seen as a defensible moat rooted in real-time industrial data as well as an internal efficiency driver.
3.Siemens maintains a strong €6bn backlog in data centres backed by 9 of the top 10 hyperscalers, with modular capacity expansion mitigating overcapacity risks.

Valuation and key risks

Report data

SIEGn.DE Rating and Price Target Summary — as of September 22, 2026.

Metric	Estimate	Context
12-month Price Target	319.00 EUR	Goldman Sachs price target for Siemens AG
Share Price	273.85 EUR	Closing share price as of 22 Sep 2026
Implied Upside	16.5%	Implied upside to 12-month price target
Data Centres Order Backlog	6 EUR bn	Current backlog in data centres business
Share Buyback Program	6 EUR bn	Siemens five-year share repurchase authorization, of which €1bn has been completed