Siemens : Earnings Release and Financial Results Q3 FY 2021

Outlook

Following our excellent performance in the first nine months of fiscal 2021, we expect our businesses to again deliver a strong close for the full fiscal year. We assume that our businesses do not experience significant supply chain constraints during the remainder of the fiscal year. Given these assumptions, we again raise our outlook for the fiscal year and include in our outlook for net income effects in connection with Siemens Healthineers' acquisition of Varian Medical Systems, Inc.

We raise our expectation for comparable revenue, net of currency translation and portfolio effects, to growth of 11% to 12% (formerly 9% to 11%). We continue to expect a book-to-bill ratio above 1.

Digital Industries expects comparable revenue to grow in the range of 10% to 12% (formerly 9% to 11%) year-over-year. The expectation for Adjusted EBITA margin continues to be 20% to 21%.

Smart Infrastructure expects to achieve comparable revenue growth of 8% to 9% in fiscal 2021 (formerly 5% to 7%). The expectation for Adjusted EBITA margin continues to be 11% to 12%.

Mobility continues to anticipate mid-single-digit comparable revenue growth and an Adjusted EBITA margin of 9.5% to 10.5% in fiscal 2021.

Based on the results already achieved during the first nine months of fiscal 2021 and the expectations described above, we raise our outlook for net income to the range from €6.1 billion to €6.4 billion (formerly €5.7 billion to €6.2 billion).

This outlook excludes burdens from legal and regulatory issues.