Earnings Release Q2 FY 2023: January 1 to March 31, 2023

“We have delivered what we promised: We converted our fantastic revenue growth into high profit and ultimately into strong free cash flow. That is execution at its best, giving us the confidence to raise our guidance,” said Ralf P. Thomas, Chief Financial Officer of Siemens AG.

– Revenue and orders for the second quarter each increased 15% on a comparable basis, excluding currency translation and portfolio effects
– On a nominal basis, revenue climbed 14% year-over-year, to €19.4 billion; orders rose 13%, to €23.6 billion, driven by substantially higher volume from large orders in Mobility; the book-to-bill ratio was 1.22
– Profit Industrial Business surged 47%, to €2.6 billion, with a profit margin of 14.2%; Digital Industries and Smart Infrastructure both delivered sharp increases and their highest-ever quarterly profit, while Mobility posted a profit compared to a loss in Q2 FY 2022 which included a €0.6 billion impact resulting from sanctions imposed on Russia
– As a result net income rose to €3.6 billion, also benefiting from reversal of an impairment of Siemens’ stake in Siemens Energy AG resulting in a tax-free gain of €1.6 billion; corresponding basic earnings per share (EPS) were €4.39 and EPS before purchase price allocation accounting (EPS pre PPA) were €4.57, each including €2.01 per share related to the impairment reversal
– Excellent Free cash flow from continuing and discontinued operations, reaching €2.3 billion for the quarter

The full text of the press release can be found in the attached PDF.

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