Siemens Aktiengesellschaft AGM: Record FY2025, Raised Outlook, AI Push and Healthineers Spin-Off Plan

Siemens Aktiengesellschaft (ETR:SIE) opened its 2026 Annual Shareholders’ Meeting in Munich with Supervisory Board Chairman Jim Hagemann Snabe describing a business environment marked by “profound change and increasing uncertainty,” driven by geopolitical tensions and rapid technological disruption. Snabe said Siemens is choosing an “offensive” stance—using innovation to shape the future—while positioning the company for what he called the “age of digital intelligence,” where artificial intelligence moves from screen-based applications into factories, buildings, power grids, hospitals, and transportation systems.

Supervisory Board chair highlights AI shift and strategic milestones

Snabe framed industrial AI as Siemens’ next major inflection point, arguing that leadership will require more than language models and instead depends on “the logic of physics and automation,” real-world data, and “large knowledge models” that can interact with physical systems in real time. He said AI for the real world can optimize processes, reduce emissions, increase reliability, and help identify problems early.

Snabe credited CEO Roland Busch and the managing board with achieving three “key milestones” over the past five years:

• Clarity and focus: transforming Siemens from a diversified conglomerate into a focused technology company, including the spin-off of Siemens Energy.
• A strong digital core: expanding software capabilities, including EUR 17 billion in software acquisitions from fiscal 2021 through fiscal 2025 and EUR 29 billion in internal R&D spending over the same period.
• One Tech Company: an operating model meant to combine speed with the scale of industrial big data needed for real-world AI, with steps announced in November intended to increase synergies and support industrial AI leadership.

Snabe said that despite a difficult macroeconomic backdrop in 2025, Siemens delivered “solid growth, high profitability, and a very strong free cash flow,” with Busch set to provide detail.

Acquisitions and a planned Siemens Healthineers stake reduction

Discussing the Supervisory Board’s work in fiscal 2025, Snabe said oversight focused on executing the company’s growth strategy, including technology and sustainability strategies and managing board personnel planning. He pointed to the One Tech Company program, progress at Siemens Xcelerator (described as the company’s open digital business platform), and artificial intelligence opportunities.

Snabe said the Supervisory Board approved two acquisitions: Altair Engineering Inc., described as a provider of industrial simulation and analysis software, and Dotmatics, described as a provider of R&D software in the life sciences. He also said the Supervisory Board supported the decision to deconsolidate Siemens Healthineers, arguing that One Tech Company depends on close operational and technological synergies that can be realized only to a limited extent with Healthineers. Siemens is working on implementation of the planned spin-off, he said, and is reviewing whether an extraordinary shareholders’ meeting will be held in 2026.

Leadership transitions and Supervisory Board changes

Snabe outlined several personnel decisions. The Supervisory Board approved early reappointments of Veronica Bienert and Peter Körtte for new five-year terms beginning April 1, 2026. Snabe said Bienert will become Chief Financial Officer on April 1, 2026, with the move intended to prepare an orderly transition in finance. He also said Körtte will assume responsibility for Smart Infrastructure on the managing board on July 1, 2026, succeeding Matthias Rebelius, who will leave the managing board at his own request when his contract expires.

Within the Supervisory Board, Snabe said Birgit Steinborn will retire and resign her position effective at the end of the shareholders’ meeting. He also said Tobias Bömler is succeeding as head of the Central Works Council and that Stefanie Langfeld is to be appointed to the Supervisory Board by court order. Snabe added that the Supervisory Board is preparing to select his successor as chairman, identifying Mark Schneider—elected to the Supervisory Board in fiscal 2025—as designated successor, with a final decision due “in due time” and by February 2027 at the latest. The board also changed committee structure, transforming the Innovation and Finance Committee into an Innovation and Technology Committee.

CEO Busch details record fiscal 2025 results and raises outlook

In his address, Busch said Siemens is “scaling” artificial intelligence in a way comparable to the company’s early role in electrification. He reported fiscal 2025 results on a like-for-like basis, including:

• Orders up 6% to EUR 88.4 billion (Digital Industries orders up 8%)
• Order backlog of EUR 117 billion, with Mobility cited as a standout at EUR 52 billion
• Revenue up 5% to EUR 78.9 billion; electrification revenue growth of 16%
• Industrial business profit of EUR 11.8 billion and a profit margin of 15.4%
• Net income up 16% to EUR 10.4 billion, which Busch called a third consecutive historic record
• Free cash flow of EUR 10.8 billion, described as an all-time high
• Basic EPS of EUR 10.71, excluding purchase price allocation and special effects tied to the Altair and Dotmatics acquisitions and the sale of Innomotics

Busch said Siemens raised its outlook at the meeting. He also said the company will propose a dividend increase of EUR 0.15 per share to EUR 5.35, marking the fifth consecutive increase.

Busch highlighted share performance, saying the Siemens share price climbed from EUR 181 to EUR 229 in fiscal 2025, a 26% increase. He said a share bought on September 30, 2020 would have generated a total return of 143% by the end of fiscal 2025, compared with 87% for the DAX over the same period.

One Tech Company: portfolio actions, growth levers, and industrial AI focus

Busch reiterated One Tech Company goals of stronger customer focus, faster innovation, and higher profitable growth. On the portfolio side, he said Siemens made two major acquisitions in fiscal 2025—Altair Engineering and Dotmatics—representing a total investment of $15 billion in software and AI. He also elaborated on the plan for Siemens Healthineers, stating Siemens intends to reduce its majority stake and transfer 30% of Siemens Healthineers shares to Siemens AG shareholders via a spin-off, then reduce the stake over the medium term to a “purely financial investment” level. Busch said the rationale is weakening synergies as markets, regulations, and digitization environments diverge; the move would increase Healthineers’ free float and make Siemens AG more focused. He said more information would be provided early in the second quarter of the calendar year.

Operationally, Busch described building “one integrated data fabric,” “one technology fabric,” and “one sales fabric.” He cited a data alliance launched with nine companies, and said Siemens is expanding software-as-a-service offerings, noting more than 24,000 customers use its SaaS model. He said Siemens Xcelerator includes around 700 software offerings plus connected hardware and digital services, and that Siemens is standardizing infrastructure for login, updates, and cybersecurity across software offerings.

Busch reaffirmed a medium-term ambition announced in November—revenue growth of 6% to 9% (already excluding Siemens Healthineers)—and described four growth levers: expanding digital business, investing in growth regions, focusing on growth industries, and strengthening leadership in industrial AI. He said Siemens’ digital business revenue totaled EUR 9.4 billion in 2025, with a goal to double it by 2030.

On industrial AI, Busch said Siemens is investing more than EUR 1 billion over the next three years. He said 175,000 employees use an internal AI tool daily; Siemens has launched nine “Industrial Copilots;” and the company is developing a universal AI model for industry. Busch also described an expanded partnership with NVIDIA covering chip design, simulation, and data centers, and said Siemens will apply digital twins and AI to “AI factories.”

Busch also addressed sustainability, stating Siemens has reduced its own CO₂ emissions by two-thirds since 2019 and that more than 90% of its business helps customers achieve positive sustainability impacts. He said Siemens doubled the number of EcoTech-labeled products in fiscal 2025 to more than 50,000.

About Siemens Aktiengesellschaft (ETR:SIE)

Siemens Aktiengesellschaft, a technology company, focuses in the areas of automation and digitalization in Europe, Commonwealth of Independent States, Africa, the Middle East, the Americas, Asia, and Australia. It operates through Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, and Siemens Financial Services (SFS) segments. The Digital Industries segment provides automation systems and software for factories, numerical control systems, servo motors, drives and inverters, and integrated automation systems for machine tools and production machines; process control systems, machine-to-machine communication products, sensors and radio frequency identification systems; software for production and product lifecycle management, and simulation and testing of mechatronic systems; and the Mendix cloud-native low-code application development platform.