In this Research Note, we examine the Buildings business of Siemens, which operates within the Smart Infrastructure (SI) division, based on their Q4 press conference, earnings release, investor presentations of 17th November 2022 and building technology-related activities throughout the year. SI revenue growth is being led by strength in the Electrical Products business, which reported a 24% growth in Q4. While the Buildings business increased more modestly at 7%, driven by the product business. Smart Infrastructure achieved €17,353m revenues, year ending 30th September, 2022, a comparable revenue growth of 10% versus prior year and a 12.8% profit margin. Their Buildings Business is the largest of 3 segments in the SI portfolio, accounting for 45% or €6.7 billion of FY 2021 revenues. The Buildings segment offers integrated building management systems and software, HVAC control products, fire safety/security products and systems and solutions and services, including energy and performance services. While Siemens does not report financials for […]