Siemens revenue in the third quarter of fiscal 2023 increased by 10% on a comparable basis to €18.9 billion (third quarter of fiscal 2022: €17.9 billion).
New orders increased by 15% on a like-for-like basis to €24.2 billion (Q3 FY2022: €22 billion).
In the third quarter, Siemens’ physical business generated a profit of €2.8 billion (3QFY2022: €2.9 billion), with significant increases in both the Intelligent Infrastructure and Digital Industrial Group businesses (3QFY2022 profit included a €739 million gain from the sale of Yunex).
The physical business margin was 15.3% (Q3 FY2022:17.0%) and net income increased to €1.4 billion. In the third quarter of fiscal 2022, the physical business suffered a net loss of €1.5 billion due to the impairment of Siemens’ stake in Siemens Energy and the Russia-related impact.
In the third quarter of fiscal 2023, the company lost €600 million on its investment in Siemens Energy, mainly due to the after-tax loss of Siemens Energy. Basic earnings per share (net income before acquisition price allocation) was €1.78 (Q3 FY2022: negative €1.85). Excluding the loss on the Siemens Energy investment, basic earnings per share were €2.60.
At the Group level, free cash flow from continuing and non-continuing operations was €3.0 billion (Q3 FY2022: €2.3 billion). This significant improvement was mainly due to excellent free cash flow generated by the physical business of €3.1 billion (Q3 FY2022: €2.5 billion), as well as strong cash inflows from all physical businesses.
The Digital Industries Group and the Intelligent Infrastructure Group saw significant quarterly profit growth

Digital Industries Group revenue increased 11% on a comparable basis to €5.3 billion. Among them, the contribution of automation business is the most prominent, especially factory automation and process automation business. New orders fell 35% on a like-for-like basis to €4.1 billion, mainly due to orders from the automation business, which benefited from aggressive customer buying in the same period last year. New orders declined in all regional markets. The software business saw an increase in new orders due to a number of large order wins. The Digital Industries Group business increased its profit by 24% to 1.1 billion euros, with a profit margin of 21.1%. Growth in both indicators was driven by higher capacity utilization and a more competitive product mix, as well as a more abundant supply of components for higher-margin products.
New orders for the Smart Infrastructure Group reached €5.4 billion, close to the high recorded in the third quarter of fiscal 2022, driven by aggressive buying by customers, especially in the short-cycle business segment. The significant growth in the electrification business is driving the increase in new orders, especially from the data center sector and from battery manufacturers and customers in the power distribution sector. Revenue grew on a like-for-like basis across all business lines, up 15 per cent to €4.9 billion. Growth was particularly prominent in the electrical products and electrification business. Profits rose 37 per cent to €769m. Profit margin was 15.6%, compared to 12.9% in the third quarter of fiscal 2022.
New orders for Siemens Transportation reached a new record of 8.3 billion euros. The significant growth was due to the signing of major contracts, including the €2.5 billion project for Egypt’s first turnkey railway system and the €2.1 billion project for urban (suburban) trains in Germany. In the third quarter of fiscal 2023, Siemens transportation revenue increased by 12% on a comparable basis to 2.6 billion euros. All businesses contributed to this increase, which was driven by a better supply of parts, which in turn improved conversion rates on reserve orders. Profit and profitability improved across the business, but the overall business has not yet reached the high levels seen in the third quarter of fiscal 2022, when it was mainly driven by the €739 million gain from the sale of Yunex.
Confirm performance expectations at group level

Excluding the impact of currency movements and business mix, Siemens continues to expect group revenue to increase by 9% to 11% on a like-for-like basis, with a book-to-bill ratio of more than 1.
The Digital Industries Group expects fiscal year 2023 revenue to grow 13% to 15% on a like-for-like basis (previously forecast 17% to 20%), with margins expected to be in the range of 22% to 23% (previously forecast 22.5% to 23.5%).
The Smart Infrastructure Group expects fiscal 2023 revenue to grow by 14% to 16% on a like-for-like basis, with profit margins expected to be in the range of 14.5% to 15.5%.
Siemens Transportation expects revenue to grow by 10% to 12% on a like-for-like basis in fiscal year 2023, with profit margins expected to be in the range of 8% to 10%.
Siemens expects profitable growth in its physical businesses to drive basic earnings per share (net before acquisition price) in the 2023 fiscal year range of €9.60 to €9.90. This estimate excludes the impact of Siemens Energy investments, which contributed €902 million to net income in the first nine months of fiscal 2023, corresponding to basic earnings per share (net income before acquisition price allocation) of €1.14.