• Comparable orders declined 4 percent in fiscal 2024 to €84.1 billion (fiscal 2023: €89.4 billion)
• Comparable revenue grew 3 percent in fiscal 2024 to €75.9 billion (fiscal 2023: €74.9 billion)
• Profit Industrial Business increased slightly to €11.4 billion (fiscal 2023: €11.3 billion); at 15.5 percent, profit margin Industrial Business was at the very strong level of fiscal 2023
• Strong free cash flow of €9.5 billion at Group level (fiscal 2023: €10.0 billion)
• Net income at historic high of €9.0 billion (fiscal 2023: €8.5 billion)
• Increased dividend of €5.20 per share proposed (fiscal 2023: €4.70)
• “ONE Tech Company” program launched to drive the next level of performance and value creation
• Outlook for fiscal 2025: Siemens expects comparable revenue growth in the range of 3 percent to 7 percent and basic earnings per share before purchase price allocation accounting of €10.40 to €11.00, excluding the gain from the sale of Innomotics

In fiscal 2024 (ended September 30, 2024), Siemens successfully continued its profitable growth trajectory, made important strategic progress and achieved record highs as a leading technology company.

“In another successful fiscal year, we delivered record profit and stringently executed our strategy. In particular, we benefited from continuing strong demand for electrification, transportation and our industrial software offerings while our automation business remained challenging,” said Roland Busch, President and CEO of Siemens AG. “Starting in fiscal 2025, we will take Siemens to the next level of value creation. We will continue to invest in R&D and M&A to secure faster growth based on our technological strengths and ability to scale across industries. Our planned acquisition of Altair reinforces our leadership in industrial software and AI. Our ability to combine the real and digital worlds is unmatched.”

“At €9.5 billion, we again achieved excellent free cash flow in fiscal 2024,” said Ralf P. Thomas, Chief Financial Officer of Siemens AG. “In addition, we are sticking to our path of stringent capital allocation by using our strong balance sheet as the basis for continuing our focused investments in profitable growth while generating attractive returns for the owners of our company. Our shareholders will benefit from the proposed increase of our dividend to €5.20 and from a corresponding dividend yield of 2.9 percent.”

Net income at historic high – Outstanding free cash flow

In fiscal 2024, Siemens increased revenue 3 percent on a comparable basis to €75.9 billion (fiscal 2023: €74.9 billion). Orders declined 4 percent on a comparable basis to €84.1 billion (fiscal 2023: €89.4 billion). At 1.11, the book-to-bill ratio was at a strong level (fiscal 2023: 1.19).

Profit Industrial Business rose 1 percent to €11.4 billion (fiscal 2023: €11.3 billion). At 15.5 percent, the profit margin of the Industrial Business reached the very strong level of fiscal 2023.

At €9.0 billion, net income reached a historic high (fiscal 2023: €8.5 billion). Corresponding basic earnings per share before purchase price allocation accounting (EPS pre PPA) rose to €11.15 (fiscal 2023: €10.77). Excluding Siemens Energy Investment, which contributed €0.61 to EPS pre PPA, EPS pre PPA totaled €10.54 and achieved the guidance (€10.40 to €11.00). At €9.5 billion, free cash flow all-in at Group level from continuing and discontinued operations was again at an outstanding level (fiscal 2023: €10.0 billion).

The sale of Innomotics, which was completed after the close of fiscal 2024, resulted in a preliminary gain after tax of €2.0 billion in fiscal 2025. This gain will be disclosed in income from discontinued operations, net of income taxes.

Strong finish in Q4

In Q4, orders rose 10 percent on a comparable basis to €22.9 billion (Q4 2023: €21.2 billion). This rise is to be attributed to very strong growth at Mobility and a considerable increase at Smart Infrastructure. Revenue also rose 2 percent on a comparable basis to €20.8 billion (Q4 2023: €20.6 billion) with growth at Smart Infrastructure, Mobility and Siemens Healthineers, which was mostly offset by a decline in the automation business at Digital Industries.

Profit Industrial Business decreased to €3.1 billion. This result is attributable to a sharp decline at Digital Industries due predominantly to the automation business. The other industrial businesses – led by Smart Infrastructure, which achieved its highest-ever quarterly result – increased their profit levels. The profit margin of the Industrial Business reached 15.5 percent.

Net income rose to €2.1 billion, a significant increase compared to Q4 2023, in which net income of €1.9 billion had been burdened by a loss of €0.2 billion in connection with Siemens Energy Investment and a higher tax rate.

At €5.0 billion, free cash flow all-in at Group level from continuing and discontinued operations reached an outstanding level.

“ONE Tech Company” program to drive next level value creation

Building on its position of strength as a leading technology company, Siemens has launched the ONE Tech Company program to achieve the next level of performance and value creation. The program aims to ensure that the company leverages the opportunities arising from the historic market shifts that mark a turning point and from technological disruptions. The goal is to achieve stronger customer focus, faster innovation and higher profitable growth. Siemens will implement the ONE Tech Company program to accelerate the execution of the existing strategy, which is summarized as “to combine the real and digital worlds.” Elements of the program include the planned inorganic investment in Altair Engineering to strengthen Siemens’ leadership position in industrial software and the creation of Foundational Technologies as the unit to scale core technologies across the company.

Outlook for fiscal 2025

This outlook for the Siemens Group is based on the assumption of moderate macroeconomic growth in fiscal 2025, due in part to continuing geopolitical uncertainty including trade conflicts, and also to ongoing challenges for the manufacturing sector due to overcapacity and weak consumer demand. At the same time, infrastructure markets, particularly in electrification and mobility, remain strong.

For the Siemens Group, comparable revenue growth (net of currency translation and portfolio effects) in the range of 3 percent to 7 percent and a book-to-bill ratio above 1 are expected.

Digital Industries expects for fiscal 2025 a change in comparable revenue, net of currency translation and portfolio effects, in a range of (6) percent to 1 percent and a profit margin of 15 percent to 19 percent.

Smart Infrastructure expects for fiscal 2025 comparable revenue growth of 6 percent to 9 percent and a profit margin of 17 percent to 18 percent.

Mobility expects for fiscal 2025 comparable revenue growth of 8 percent to 10 percent and a profit margin of 8 percent to 10 percent.

Siemens expects basic EPS from net income before purchase price allocation accounting (EPS pre PPA) for fiscal 2025 in a range of €10.40 to €11.00, excluding the gain from the sale of Innomotics; the preliminary gain of €2.0 billion after tax will be recorded in the first quarter of fiscal 2025. For comparison, EPS pre PPA in fiscal 2024 was €10.54 excluding a positive €0.61 per share from Siemens Energy Investment.

This outlook excludes burdens from legal and regulatory matters.