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 16th November 2023. This article focuses on the latest financial results, revenue mix, recent Building X software/Xcelerator platform announcements and the outlook for FY 2024. Siemens Q4 2023 Financials SI revenue growth of 12% was led by strength in the Electrification business, which reported a 25% growth in Q4. The Buildings business revenue grew more modestly at 7% driven by solutions and services, with orders up 6%. Siemens Q4 2023 Presentation, 16th November 2023, slide 21 Siemens FY 2023 Financials Smart Infrastructure (SI) achieved FY 2023 revenues of €19.9 billion revenues, a comparable revenue growth of 15% versus prior year and a 15.4% profit margin. While Siemens does not report financials for its Buildings business, Memoori estimates that FY 2023 Buildings revenues are in the region […]