Siemens Healthineers AG

Strong order momentum (surprising upside) but uneven execution by segment - Equipment book-to-bill: 1.27 in Q3, driven by product strength and two new “value partnerships” with U.S. leading health systems. - Even excluding value partnerships, equipment book-to-bill still strong at ~1.17, implying underlying demand strength. - Synergetic core (Imaging + Precision Therapy) grew +5% in Q3; growth was not uniform across modalities.

Imaging: temporary softness now expected to accelerate - Imaging grew softer in Q3 due to tough prior-year comps (+12% in Q3 last year) and some revenue shifting into Q4 (execution/site readiness lag vs high factory output, partly driven by DryCool demand). - Outlook for Q4: clear acceleration expected; Imaging targeted for decent mid-single-digit growth in FY26 (as guided previously). - Opportunity signals: CT momentum—photon-counting CTs ~30% of total CT equipment order volume and increasing CT share in the U.S.; MR innovation—DryCool ~half of MR units ordered and intended to expand further.

Diagnostics: the main drag and the reason guidance was cut - Diagnostics remains challenged by structural market rebasing in China plus revenue dilution from legacy platforms (notably North America). - Management says the expected slowdown of decline did not materialize in Q3—the decline was worse than expected sequentially. - FY26 Diagnostics decline expected to persist: group guidance updated assuming mid-single-digit decline in Q4 (sequentially stable-to-slightly higher absolute revenue level in Q4, but still down YoY).