Siemens reported a 28% increase in Q3 orders, driven by large Mobility segment deals, excluding currency and portfolio effects.

Revenue rose 5% on a comparable basis, with gains across most industrial businesses.

Nominally, orders reached €24.7 billion (US$28.8 billion), up 25%, and revenue was €19.4 billion (US$22.6 billion), up 3%, resulting in a book-to-bill ratio of 1.28.

Industrial business profit was €2.8 billion (US$3.2 billion) with a 14.9% margin, while net income rose to €2.2 billion (US$2.5 billion) and earnings per share reached €2.61 (US$3.05).

Free cash flow from continuing and discontinued operations totaled €2.9 billion (US$3.3 billion), up from €2.1 billion (US$2.4 billion) a year earlier.

Siemens reaffirmed its 2025 outlook, expecting 3% to 7% revenue growth and a book-to-bill ratio above 1, despite earnings per share pressure from recent acquisitions.

🔗 Source: Siemens

🧠 Food for thought

1️⃣ Strong book-to-bill ratios signal robust industrial demand pipeline

Siemens’ book-to-bill ratio of 1.28 demonstrates the company is securing more new orders than it’s fulfilling in current revenue, creating a healthy backlog for future growth.

This trend is consistent across Siemens’ broader ecosystem, with Siemens Energy reporting a strong book-to-bill ratio of 1.70 and a record order backlog of €136 billion 1.

For industrial companies, ratios above 1.0 typically indicate growing market demand and provide revenue visibility for upcoming quarters.

The 28% comparable growth in orders, driven particularly by large Mobility contracts, suggests infrastructure and transportation investments are accelerating despite broader economic uncertainty.

This order momentum is significant given Siemens operates in capital-intensive sectors where customers typically plan major purchases quarters or years in advance.

2️⃣ Siemens is reshaping its portfolio through strategic AI and software acquisitions

The company’s recent $15 billion acquisition spree—$10 billion for Altair and $5.1 billion for Dotmatics—represents a shift toward higher-margin software and AI capabilities 23.