Siemens 2Q26 Solid Orders and New Buyback

Siemens reported a 9% beat in 2Q26 industrial orders, particularly in Smart Infrastructure, while announcing a new €6bn buyback. Despite missing on margins and lowering Mobility guidance, the firm maintained its group EPS outlook.

Key Takeaways

• 1.Siemens 2Q26 industrial orders beat consensus by 9%, driven by Smart Infrastructure and Data Centers (>150% growth).
• 2.Despite strong orders, industrial sales and adjusted EBIT missed expectations by 1% and 2.5% respectively due to weaker margins.
• 3.Management raised organic guidance for Digital Industries and Smart Infrastructure, while lowering the Mobility outlook due to tariffs.

Table of Contents

• Multi-industry toolkit
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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