Published by Global Banking & Finance Review®
Posted on November 13, 2025
3 min readLast updated: January 21, 2026
Add as preferred source on GoogleSiemens shares fell nearly 6% due to earnings concerns, despite a hike in sales growth forecast. CEO Busch defends the growth targets.
By John Revill
ZURICH (Reuters) -Siemens' shares fell almost 6% on Thursday as a hike in its medium-term sales growth forecast failed to allay investors amid profit-taking and disappointment about next year's profit outlook.
The company, which on Wednesday said it plans to eventually cut its stake in Siemens Healthineers to 20%, said it expects its sales to rise by 6-8% next year and 6-9% in the mid term.
Both figures would mark an acceleration from the 5% revenue growth rate Siemens reported on Thursday for its financial year to the end of September.
But its stock was down 5.8% at 1235 GMT, with one trader pointing to profit taking after a recent strong run as well as disappointment about its earnings outlook for the next financial year.
SALES MEET FORECASTS, INDUSTRIAL PROFIT FALLS SHORT
In the fourth quarter of its 2025 fiscal year, Siemens sales rose 6% on a comparable basis to 21.43 billion euros ($24.99 billion), in line with forecasts.
Industrial profit rose 2% to 3.19 billion euros ($3.72 billion), short of forecasts for 3.32 billion euros in a company-gathered consensus.
Net profit of 1.84 billion euros was 342 million euros short of forecasts.
Deutsche Bank described the results as "mixed" adding Siemens' earnings guidance of 10.40 to 11.00 euros per share in the 2026 financial year was 7% below consensus expectations.
CEO REJECTS CONCERNS NEW TARGET IS TOO CONSERVATIVE
Siemens Chief Executive Roland Busch rejected analyst concerns that the mid-term 6-9% target, which excludes the impact of takeovers and Healthineers, was too conservative.
"I disagree that a 6-9% target rate going forward is a weak target. I would consider it to be a very strong target," he told reporters and analysts.
For Siemens, the growth would be driven by strong demand in rail, aerospace and defence, and data centres and artificial intelligence, he said. Semiconductors and life sciences would also likely increase sales over the next five years, he added.
Siemens would continue to look for acquisitions in software, companies with connected hardware devices, as well as artificial intelligence firms, Busch said, although takeovers were not included in the new target.
"We are in a good place because we are offering what the world needs more and more of," Busch said told reporters and analysts.
Busch said the reduction of Siemens holding in Healthineers, which makes medical imaging and diagnostics equipment, would allow the company to focus on its core areas of factory and building automation as well as its train manufacturing.
Siemens floated Healthineers in 2018, but kept an initial 85%.
($1 = 0.8575 euros)
(Reporting by John Revill, Editing by Mark Potter, Jane Merriman and Conor Humphries)
Profit-taking refers to the practice of selling an asset or investment to realize gains after a price increase, often leading to a decline in the asset's price.
Net profit is the amount of money that remains after all expenses, taxes, and costs have been deducted from total revenue. It is a key indicator of a company's profitability.
Industrial profit refers to the earnings generated by a company's core business operations, excluding non-operational income and expenses.
A financial outlook is a projection of a company's future financial performance, including expected revenue, expenses, and profitability.
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