Siemens Healthineers
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Siemens Healthineers (SHL) investor relations material

Siemens Healthineers Pre-close call summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Pre-close call summary23 Mar, 2026

Executive summary

  • Q2 pre-close call summarizes key topics and macro factors ahead of the silent period, with no actual Q2 results disclosed as the quarter ends March 31st.

Trading performance and revenue trends

  • Translational FX headwinds expected to exceed the 5% seen in Q1, driven by a weaker U.S. dollar compared to last year.

  • Group revenue growth in Q2 anticipated to be below the 5%-6% outlook range.

  • Imaging and Precision Therapy segments expected to grow at mid-single and mid- to high-single digits, respectively.

  • Diagnostics segment faces pronounced revenue decline in Q2 due to tough comps and ongoing market challenges in China.

Profitability and margins

  • FX and tariff headwinds projected to reduce adjusted EBIT by EUR 200-250 million and EUR 400 million, respectively, in fiscal 2026.

  • Margins in all segments expected to be below prior year quarter, with Imaging and Precision Therapy most affected.

  • Precision Therapy margin to decline year-over-year and quarter-over-quarter due to tariffs, FX, and absence of prior special items.

  • Diagnostics margin to improve sequentially but decline year-over-year due to revenue drop and tariff headwinds.

Drivers of steeper Q2 Diagnostics revenue decline
Quantify potential FY26 EBIT risk from Middle East
Precision Therapy margin drivers in Q2 vs Q1
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