Siemens Healthineers (SHL) Pre-close call summary

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.