Siemens (SIEGY)

Industrial + grid + automation conglomerate (Siemens) — automation, grid, digital software

AI exposure 10% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Power & Electrical Equipment · figures rebased to Q3 FY2026, reported 2026-08-06

Siemens is placed by its role in the AI build-out rather than by its largest line. Siemens Healthineers is 30% of revenue and the biggest single business, so placement rule 2 read literally would file Siemens under Healthcare AI & Medtech. Healthineers is a 73%-owned medical-imaging subsidiary that happens to be consolidated; Siemens matters here through Smart Infrastructure, its largest segment at 29%, whose electrification arm leads the medium-voltage switchgear and grid equipment that data centres need. Healthineers is carried at full weight as a secondary tag — see placementExceptions.json.

Also tagged: secondary in Frontier & Emerging Bets → Healthcare AI & Medtech; emerging in Physical Infrastructure → Industrial & Factory Automation; emerging in Physical Infrastructure → Grid Infrastructure Equipment; emerging in Software Stack → Industrial & Automation Software.

Reported segments

• Smart Infrastructure — 30.7% of revenue
• Siemens Healthineers (73%-owned, consolidated) — 27.7% of revenue
• Digital Industries — 23.7% of revenue
• Mobility (rail) — 15.6% of revenue
• Other / eliminations — 2.2% of revenue

Siemens AG (EUR 20,794M Q3 FY2026, +8% YoY, with orders +14% to EUR 27.9B and industrial business profit at a record EUR 3.5B on a 17.3% margin). From the Q3 earnings release: Smart Infrastructure 30.7% (EUR 6,387M, +12%, with electrification up 20% and electrical products up 18%) = primary B2 Power & Electrical Equipment; Siemens Healthineers 27.7% (EUR 5,764M, +2% — the spin-off timeline is now confirmed after binding tax rulings); Digital Industries 23.7% (EUR 4,932M, +12%, with the software business up 44% reported to EUR 923M); Mobility 15.6% (EUR 3,244M, +6%); other and eliminations…

How the 10% is built

• Smart Infrastructure — 30.7% of revenue × 20% AI-driven (disclosed). Electrification and electrical products supply the medium- and low-voltage equipment data centres need, and grew 20% and 18% respectively
• Siemens Healthineers (73%-owned, consolidated) — 27.7% of revenue × 3% AI-driven (disclosed). Medical imaging with AI-assisted reconstruction; a consolidated subsidiary being spun off
• Digital Industries — 23.7% of revenue × 12% AI-driven (disclosed). Industrial software and factory automation, where the software half grew 44% and reaches semiconductor and electronics manufacturing
• Mobility (rail) — 15.6% of revenue × 0% AI-driven (disclosed). Rail systems and signalling
• Other / eliminations — 2.2% of revenue × 0% AI-driven (disclosed). Portfolio companies and eliminations

Investment read

Moat. Diversified industrial scale (Digital Industries automation, Smart Infrastructure/grid, software) — a top global automation + grid franchise.

Bottleneck / pricing power. Strong pricing power where it counts: Smart Infrastructure ran a 20.0% profit margin on orders +42% to a record EUR 8.0B, with data-center orders up triple digits across nine months. The conglomerate dilutes the read — Healthineers is still consolidated and Mobility runs an 8.6% margin.

Role in the AI stack. The automation + grid + industrial-software conglomerate.

Connected companies

• Microsoft (MSFT) — SIEGY supplies: data-center electrification + switchgear (Smart Infrastructure DC vertical) — hyperscale customers not publicly named
• Equinix (EQIX) — SIEGY supplies: medium/low-voltage power + switchgear for colocation
• Digital Realty Trust (DLR) — SIEGY supplies: data-center electrical infrastructure
• Infineon Technologies (IFNNY) — SIEGY is supplied by: power semiconductors for drives/automation/electrification
• STMicroelectronics (STM) — SIEGY is supplied by: analog + power ICs for industrial automation systems
• Eaton Corporation (ETN) — SIEGY competes with: electrification + power distribution — Siemens vs Eaton (data-center power)
• Hitachi (HTHIY) — SIEGY competes with: grid-equipment overlap — Hitachi Energy vs Siemens; note high-voltage transmission largely sits with spun-off Siemens Energy
• GE Vernova (GEV) — SIEGY competes with: power/grid overlap — GE Vernova vs Siemens; core generation & transmission rivalry is with spun-off Siemens Energy
• Rockwell Automation (ROK) — SIEGY competes with: industrial automation leader — Siemens DI (~€22B) vs Rockwell
• Emerson Electric (EMR) — SIEGY competes with: automation/process control rivalry
• Mitsubishi Electric (MIELY) — SIEGY competes with: factory automation vs Mitsubishi Electric
• PTC Inc. (PTC) — SIEGY competes with: industrial/PLM software overlap
• Schneider Electric (SU) — SIEGY competes with: closest direct rival — Siemens vs Schneider in data-center power/electrification + automation
• GE HealthCare (GEHC) — SIEGY competes with: medical imaging + diagnostics — Siemens Healthineers vs GE HealthCare (the two field leaders)

Others in Power & Electrical Equipment

• Eaton Corporation (ETN)
• Powell Industries (POWL)
• Cummins (CMI)
• Caterpillar (CAT)
• GE Vernova (GEV)
• Siemens Energy (ENR)
• Schneider Electric (SU)
• Bel Fuse (BELFB)
• Bloom Energy (BE)

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