Siemens Healthineers Q2 Revenue Jumps 6.8%, Outlook Trimmed Amid Tariff Headwinds

Siemens Healthineers (ETR:SHLG) reported a solid second-quarter performance, with revenue rising 6.8% year-over-year to €5.9 billion, driven by robust demand in its Imaging and Varian segments. The German medical technology company also posted a 25% surge in net income to €537 million and a 19% increase in adjusted EBIT to €982 million, achieving a margin of 16.6%. Basic adjusted earnings per share edged up slightly to €0.56 from €0.55.

Imaging remained the company’s growth engine, with revenue increasing 8.7% to nearly €3.3 billion, led by strong Molecular Imaging and Computed Tomography sales. The segment posted a high EBIT margin of 22.4%, with solid performance in the Americas balancing out softer demand in China and the EMEA region.

Varian revenue surged 12.5% to €1 billion, recovering across all markets. However, its EBIT margin slipped to 13.2% due to an increased share of equipment sales and adverse currency effects. Diagnostics revenue rose 1% to €1.1 billion, with a margin improvement to 6.3%, while Advanced Therapies grew 3.7% to €553 million, delivering an 18.5% margin.

Free cash flow reached €200 million, and the book-to-bill ratio came in at 1.14, signaling strong order intake. Despite this, Siemens Healthineers revised its full-year adjusted EPS guidance to €2.20–€2.50, down from €2.35–€2.50, citing increased geopolitical and trade uncertainties. The company reaffirmed its full-year revenue growth forecast of 5%–6%.

CEO Bernd Montag noted that while core growth drivers remain intact, global volatility could impact performance. Net financial income fell to -€111 million, and the effective tax rate rose to 27%, marginally weighing on earnings. Restructuring and severance costs declined, reflecting ongoing transformation efforts.