Siemens Healthineers Holds Dividend at €1.00 as It Builds a €300 Million Buffer for Its Breakup

Siemens Healthineers is keeping its annual payout where it was. On Thursday the company proposed a dividend of €1.00 per share for fiscal 2026, unchanged from the prior year, setting the distribution alongside adjusted unadjusted earnings per share of €2.42 and comparable revenue growth of 4.0% for the full year.

The payout decision arrived in the same announcement that introduced "Transform4 Future," a productivity program designed to offset more than €300 million in costs starting in 2028. Those burdens stem from the carve-out of the diagnostics business, the refocusing of the ultrasound unit and the planned deconsolidation from Siemens.

Diagnostics Unit Gets Its Own Savings Target

Within diagnostics itself, management has already set additional savings of €400 million in motion. Finance chief Jochen Schmitz has framed that figure as the means to reach margins in the mid-teens over the medium term, according to media reports.

The in-vitro diagnostics division is to be renamed Olyrian Diagnostics, though the carve-out initiated so far does not amount to a standalone setup. The business remains part of the group during the transition, and Siemens Healthineers names mid-2028 as the earliest possible point for independence. The rebranding to Healthineers and the planned spin-off from Siemens both require shareholder approval at the annual general meetings in February 2027; the brand migration is scheduled to begin in 2027 and run for three years.

A Lower Bar for 2027

Looking ahead, the company expects adjusted unadjusted earnings per share of between €2.20 and €2.40 for fiscal 2027 — a range that sits below the result of the year just closed. Comparable revenue is projected to grow between 4.0% and 5.0%.

The closing quarter offered some momentum: comparable revenue rose 5.9% in the fourth quarter of fiscal 2026, while the adjusted EBIT margin came in at 15.9%.

Board Refresh and Buyback in Motion

Four new shareholder representatives have been nominated for the 2027 AGM: Melanie Kreis, Heyo Kroemer, Jonathan Lewin and Pascale Witz. Roland Busch is stepping down from his mandate, and three further seats are expiring. Ralf Thomas and Peter Körte were proposed for re-election.

Elsewhere in the capital story, the share buyback continues. In its interim report published Monday, the company disclosed the purchase of 50,000 of its own shares, acquired between 26 October and 1 November 2026 inclusive.

Analysts remain on the sidelines for now. Deutsche Bank Research kept the stock at "Hold" following the annual figures, with a price target of €39, according to media reports. Siemens Healthineers is due to meet investors at a JP Morgan roadshow in London on 9 November 2026.