Siemens Healthineers AG

Strong order momentum; market-facing opportunities via partnerships - Equipment book-to-bill: 1.27 in Q3 (and ~1.17 even excluding value partnerships), driven by product strength and new “value partnerships”. - Announced 2 new sizable U.S. value partnerships (together several hundred million euros equipment intake): - Cleveland Clinic: new 10-year strategic alliance; includes joint development of a state-of-the-art theranostics cancer program. - Vanderbilt Health: multiyear value partnership covering advanced imaging and radiation oncology, plus scalable AI use cases (radiology, personalized medicine, workflow automation). - Investment-relevant signal: management frames these deals as evidence of Healthineers’ ability to win as a holistic precision-therapy + imaging + AI platform partner.

Synergetic core (Imaging + Precision Therapy) performed well; Imaging softness is expected to reverse - Synergetic core grew 5% in Q3, with Precision Therapy +9% (strong) offset by Imaging softer growth. - Imaging growth was soft due to: - Tough YoY comps (+12% in the prior-year quarter) and - temporary revenue shifts into Q4 (site readiness not matching very high factory output, attributed to high demand for DryCool). - Outlook for Imaging: Q4 acceleration expected to reach decent mid-single-digit growth for FY 26 Imaging (as previously guided in November).

Diagnostics remains the key downside; China rebasing + legacy dilution persist - Diagnostics is still challenged structurally in China (market rebasing) and by revenue dilution from legacy platforms (notably North America installed base). - Despite expectations of slowing decline, Q3 decline was worse than expected; OEM volume relapse from China did not materialize, but: - China revenues down ~10% in Q3 and the synergetic core in China was also weak on very tough comps. - Guidance implication: continued mid-single-digit decline expected in Q4 and no recovery yet in the second half to the level the company hoped for.