Siemens Healthineers AG (SMMNY) Pre-Close For Q4 FY2025 (Transcript)

Unknown Executive

Welcome to our pre-close catch-up for Q4 fiscal year 2025, which was recorded on September 25, 2025. In this podcast, we sum up and repeat relevant topics, which were communicated in public as potentially relevant for the upcoming quarter. With this Q4 episode of our pre-close catch-up, we are aiming at having everyone on the same page regarding our Q4 fiscal ’25 before we go into silent period. Obviously, we are before closing and therefore, have no indications on Q4 actuals.

And before we start with this episode, let me remind you of our safe harbor statement on our website for this recording. Let us begin, as usual, with a short statement on currencies. We have continued to see quite some volatility in currencies also throughout the quarter, particularly another roughly 6% devaluation of the U.S. dollar. Therefore, we expect negative translational headwinds from foreign exchange on the revenue line for the full quarter. What this means is growth ex FX would be above nominal growth. It also means irrespective of our existing rolling hedging, which we have put in place, there is a direct negative impact from this translation effect on absolute revenue and EBIT.

Our outlook last updated with Q3 reporting late July was for comparable revenue growth for a range between 5.5% and 6% and for adjusted EPS for a range between EUR 2.30 and EUR 2.45. With the first 9 months in the bag, quarter 4 is hence the residual. Nevertheless, we did provide some data points on what to expect and how to make implied dynamics possible. Hence, let me now quote our CFO, speaking in our Q3 analyst call about Q4. “Q4 remains in absolute terms, the strongest quarter in the year, but it will be less loaded compared to