Siemens maintained its strong growth trajectory in the third quarter of fiscal 2025, ending 30 June, delivering robust results across most key performance indicators. The company confirmed its fiscal 2025 outlook, excluding effects from the acquisitions of Altair and Dotmatics—both closed ahead of schedule—and the gain from the sale of Innomotics.
“Our third-quarter performance demonstrates that Siemens is delivering robust results despite the volatile global market. We’re posting sustained growth momentum in orders, revenue and net income. Digitalization and sustainability continue to be our growth drivers. In addition, with the closing of our acquisition of Dotmatics, we’re opening up new markets in life sciences and are combining scientific intelligence with our industrial AI technologies,” said Roland Busch, President and Chief Executive Officer of Siemens AG.
Ralf P. Thomas, Chief Financial Officer, added: “In the third quarter, we posted an excellent €2.9 billion in free cash flow, and we are again aiming to achieve a double-digit free-cash-flow return for the full fiscal year. Looking ahead, we remain highly confident that we will deliver sustainable and profitable growth. We confirm our outlook for fiscal 2025.”
Orders, Revenue and Cash Flow Show Strong Gains
In Q3 2025, orders increased 28% on a comparable basis to €24.7 billion, up from €19.8 billion in Q3 2024. Revenue rose 5% year-on-year to €19.4 billion. The book-to-bill ratio reached 1.28, with an order backlog of €117 billion.
Profit in the Industrial Business declined 7% to €2.8 billion, impacted by a drop at Digital Industries after an exceptionally strong prior-year software performance. All other industrial segments recorded higher profit and profitability. The Industrial Business profit margin was 14.9%, down from 16.5%.
Net income rose 5% to €2.2 billion, supported by a €0.2 billion gain from the partial sale of the airport logistics business. EPS pre-PPA reached €2.78, up from €2.66.
Free cash flow at Group level totalled €2.9 billion, compared to €2.1 billion a year earlier. In the Industrial Business, free cash flow increased from €2.5 billion to €3.0 billion, with improvements in all segments.
Segment Performance
Digital Industries
Orders decreased slightly to €4.4 billion. The automation business saw growth across all regions, particularly in China and the United States, but this was offset by a decline in the software business following exceptionally strong licensed software contracts in Q3 2024. Comparable revenue fell 10% to €4.4 billion.
Profit fell to €642 million, with a margin of 14.5%, due to lower software revenue and higher severance costs in automation.
Smart Infrastructure
Orders were €5.7 billion, close to the strong prior-year quarter, which had included several large contracts from data centres and energy customers. Revenue increased 9% to €5.7 billion, with gains across all businesses and regions.
Profit rose 16% to €1.1 billion, with the margin improving to 18.8%, driven by higher capacity utilisation, backlog execution and productivity gains.
Mobility
Orders more than tripled to €7.9 billion, boosted by large contracts, including a €3.5 billion turnkey rail system in Egypt and a €1.7 billion high-speed train and services order in the U.S. Revenue rose 19% to €3.1 billion, with strong growth from rolling stock and customer services.
Profit increased 26% to €286 million, and the margin improved to 9.3%.
Outlook for Fiscal 2025
Siemens expects to maintain profitable growth for the year, driven by digitalisation, sustainability and strategic acquisitions. The company is targeting a double-digit free cash flow return and sustained growth in orders and revenue.
The acquisitions of Altair and Dotmatics are expected to open new markets, particularly in life sciences, by integrating scientific intelligence with industrial AI capabilities.
With its strong order backlog, high-quality portfolio and focus on megatrends, Siemens is positioned to deliver on its 2025 targets despite ongoing macroeconomic volatility.
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