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Do we like Siemens?

Industrial technology group (automation, digital industries, smart infrastructure, trains); based in Munich, Germany.

Our score: 6 out of 10. A big, mostly sensible industrial firm with a serious bribery past and a cleaner-looking present. We'd back it, but with some caution since our search turned up little recent conduct news.

Siemens is the Munich engineering giant behind factory automation, building technology and trains. Roland Busch is the CEO, and in 2026 he told shareholders the group is sharpening its focus on a tighter portfolio.

The big stain is the bribery scandal. A Munich court fined Siemens €201 million in 2007 over bribery at its old Communications group. In 2008 it also agreed to pay a €395 million fine in Germany, and reports put the US resolution at about $450 million in fines plus $350 million in profits handed over.

More recently, Siemens announced in November 2025 that it would give up control of Siemens Healthineers. It plans to spin off 30% of the shares directly to Siemens shareholders.

On climate, Busch said Siemens has cut its own CO₂ emissions by two-thirds since 2019, according to a MarketBeat summary. The score is a cautious 6: a good record to build on, a heavy past, and thin recent evidence in our searches.

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