In this Research Note, we examine the Buildings business of Siemens, which operates within the Smart Infrastructure (SI) division, based on their Q4 earnings release and investor presentations of 13th November 2025 and the Capital Market Day presentation in December 2024. This article focuses on the latest financial results, divisional revenue mix and acquisitions, followed by an insight into their digital and service business. Siemens Smart Infrastructure Q4 & FY 2025 Financials SI revenue growth of 9% was led by strength in the Electrification business, which reported 17% growth and Electrical Products which was up 6%. The Buildings business revenue grew more modestly at 4%. SI again increased profit and profitability year-over-year on higher revenue, improved capacity utilization, and ongoing productivity improvements. Siemens Annual Press Conference Presentation, 13th November 2025 SI achieved FY 2025 revenues of €23.0 billion, a comparable revenue growth of 9% versus the prior year and a record 19.2% profit margin. For […]