Siemens AG

Record performance + strong demand signals (good/surprising): - Siemens delivered a record Q3 with book-to-bill of 1.34, lifting group order backlog to a record EUR 132bn. - Group orders hit an all-time high of EUR 27.9bn (+14% YoY); Smart Infrastructure (SI) crossed EUR 8bn order intake for the first time. - Data centers remained a key upside driver: SI data center vertical showed triple-digit order growth, again exceeding Q2—customer demand tied to cloud/AI build-out.

Segment momentum and profitability (good): - Digital Industries (DI): Q3 orders EUR 4.9bn (+9% YoY); DI book-to-bill 0.98. - DI revenue +10%; software +15% (EDA also >30% growth), automation +7% to EUR 3.1bn. - DI margin improved sharply to 18.7% (software mix + successful Altair/Dotmatics integration; integration costs ~70 bps in Q3). - Smart Infrastructure (SI): Orders EUR 8.0bn (+42% YoY); book-to-bill 1.25; revenue +13%. - Electrification orders +55%, electrical products +58% (strong data center wins in US and Europe). - SI profit margin up +120 bps YoY to 20%; impairment in e-mobility partly offset tariff-refund benefits.

Cash flow strength + capital position + shareholder return (good): - Free cash flow (group) EUR 4.1bn in Q3, up >40% YoY; cash conversion strong across industrial businesses. - Industrial net debt/EBITDA reduced to ~0.6x (more “financial flexibility”). - Share buyback restarted: up to EUR 6bn over up to 5 years, starting July with EUR 400m in first month.