Historical AI Consensus

This page preserves the research and market snapshot packaged for this batch. It is not updated with later prices or revised advisor outputs.

Symbol: SIE.XETRA
Batch: 6
Published: July 5, 2026
AI Advisors: 12

Historical AI Consensus Investment Thesis

Siemens Aktiengesellschaft (SIE) Stock Forecast and AI Rating

Deep analysis published Jul 05 2026Original pricing snapshot Jul 03 2026

Publisher

Russlan Ramdowar

12 min read

Published 1-Year and 5-Year Forecast Outlook

Forecast targets and rating

Published batch rating

BUY

Frozen consensus rating from this immutable batch publication.

2027

1-Year

NEUTRAL

€300

+5.7%+7.7% incl. dividends

2031

5-Year

BUY

€443

+55.9%+71.6% incl. dividends

Published batch insight

Why the Physical Bottlenecks of Artificial Intelligence Infrastructure Demand a Valuation Reset

High consensus across reports highlights a structural transition toward high-margin software and smart grid infrastructure, driven by artificial intelligence power demands. However, sharp divergence exists regarding near-term valuation multiples, as macroeconomic headwinds and European industrial deceleration threaten legacy hardware segments, risking multiple compression despite robust backlogs.

Deep Forecast Analysis by iPulse AI Engine

This analysis preserves the original published batch. Audit published forecasts in full transparency

Warren Buffett (Value Purist), Superintelligence (Anthropologist), Ray Dalio (Strategist), Machiavelli (Insider), Elon Musk (Visionary), Michael Burry (Vulture), J.P. Morgan (Titan), Sherlock Holmes (Whistleblower). Some archetypes run in multiple modes, resulting in 12 advisors total.

Computed on these frontier AI models

Gemini

Full published thesis

Executive Summary

If you invested $10,000 in Siemens Aktiengesellschaft at publication: $17,092 in five years versus $14,069 for S&P 500 benchmark.

Siemens Aktiengesellschaft · Averaged ConsensusS&P 500 benchmark

* Return is calculated incl. 1.9% net dividend yield for Siemens Aktiengesellschaft.

Figure: Five-year averaged consensus value path for Siemens Aktiengesellschaft compared with S&P 500 benchmark. The shaded band shows dispersion across advisor forecasts.

The asset operates as a premier global compounder positioned at the critical intersection of grid modernization, industrial software migration, and physical artificial intelligence infrastructure. The base-case narrative projects steady intrinsic value compounding as the business successfully transitions from legacy, capital-heavy hardware manufacturing to high-margin, recurring software ecosystems. However, near-term performance is highly sensitive to valuation compression. While secular tailwinds like near-shoring and data center electrification provide multi-year backlog visibility, the current premium multiple leaves little margin of safety against Eurozone stagflation, high interest rates, and cyclical hardware deceleration.

Key insights

Secular demand for power distribution, transformers, and grid-edge technologies provides robust, multi-year backlog visibility across global markets.
The transition to software-as-a-service models structurally expands operating margins, reducing historical cyclical earnings volatility and enhancing cash conversion.
High interest rates and European industrial deceleration present persistent headwinds for short-cycle factory automation and legacy manufacturing clients.
A massive, multi-year share buyback program supports earnings per share growth and limits downside volatility during market dislocations.
Stretched valuation multiples create compression risks if software integration or hardware delivery timelines experience unexpected operational delays.
Geopolitical fragmentation, trade tariffs, and critical material deficits, particularly in copper, represent key operational risks to monitor.
Sophisticated investors should closely monitor the software revenue mix and book-to-bill ratios to confirm structural margin expansion.

Deep Dive

The prevailing market narrative views the asset as a premier beneficiary of the artificial intelligence infrastructure boom and global electrification. The crowd and financial media largely believe the company has successfully transitioned from its legacy, low-margin industrial roots into an asset-light software and automation leader. This perspective treats the current premium valuation multiple as fully justified by secular growth in data centers and smart grids. There is a strong anchoring bias that the company's global footprint and massive order backlog completely insulate it from the severe macroeconomic slowdown and stagflation currently impacting the European manufacturing sector.

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Alpha Gap & Repricing Catalysts

Where the published AI consensus diverged from the market narrative

Market narrative

Alpha gap

The core information gap lies in the market's failure to distinguish between software scalability and physical execution constraints. While the crowd prices the asset at a premium multiple typical of a pure-play software company, the underlying business remains heavily tethered to physical engineering realities, including copper supply deficits, semiconductor availability, and logistics friction. Furthermore, the market overlooks the cyclical vulnerability of the legacy factory automation segment to European industrial deindustrialization. The variant perception reveals that while the asset is an exceptional long-term compounder, its near-term valuation is priced for perfection, leaving no margin of safety for supply chain bottlenecks or deferred capital expenditures by financially stressed industrial clients.

Repricing catalyst

The convergence catalyst will likely be triggered by upcoming quarterly earnings reports where robust smart infrastructure orders are overshadowed by a contraction in short-cycle factory automation sales. Additionally, public statements from major cloud providers identifying physical grid capacity and power distribution bottlenecks—rather than chip supply—as the primary limit to artificial intelligence expansion will force a re-rating. This shift will compel quantitative models to re-weight the asset from a traditional industrial conglomerate to a critical infrastructure platform, while normalizing the valuation multiple.

Published consensus context

Macro regime alignment

The macroeconomic regime presents a dual-edged setup. On one hand, the high-interest-rate environment and Eurozone stagflation act as valuation headwinds, increasing capital costs and compressing premium multiples. On the other hand, the structural crises driving this macro stress—including energy insecurity, geopolitical fragmentation, and labor shortages—serve as powerful operational tailwinds. These forces mandate corporate and sovereign capital expenditure on energy efficiency, grid modernization, and automated reshoring, making the asset's core solutions highly inelastic and structurally aligned with the current regime.

Published consensus context

Advisor disagreement

The primary disagreement across reports centers on the appropriate valuation multiple and the near-term trajectory of the stock price. Some perspectives argue that the current premium multiple is fully justified by the structural shift toward high-margin software and inelastic data center demand. Conversely, other views emphasize that the asset remains a cyclical industrial conglomerate vulnerable to European deindustrialization, predicting near-term multiple compression. These differences stem from varying assumptions regarding the speed of the software transition and the severity of macroeconomic headwinds.

Published scenario analysis

Base-case forces, risks, and opportunities

Top drivers and tailwinds

AI Physical Infrastructure and Grid Modernization: The expansion of artificial intelligence data centers is severely bottlenecked by physical power availability and grid capacity. The smart infrastructure division provides critical medium-voltage switchgear, transformers, and grid-edge technologies required to resolve these constraints. This represents a secular, price-insensitive demand wave that operates independently of broader economic stagnation, driving multi-year backlog visibility and strong pricing power. Expected impact: +28%.
Industrial Software and SaaS Transition: The transition from traditional hardware-heavy manufacturing to high-margin industrial software via the digital twin and simulation portfolio structurally expands operating margins. By locking customers into recurring software-as-a-service ecosystems, the company reduces cyclical earnings volatility, increases customer switching costs, and justifies a premium valuation multiple over legacy industrial peers. Expected impact: +18%.
Supply Chain Regionalization and Automation: Geopolitical fragmentation and tariff regimes force multi-national corporations to duplicate supply chains and onshore manufacturing closer to end markets. To offset higher domestic labor costs in Western economies, these firms must aggressively automate. The factory automation hardware and software segments serve as the primary enablers of this sovereign industrial capacity buildout. Expected impact: +13%.
Fortress Balance Sheet and Capital Returns: A pristine balance sheet with low leverage and robust free cash flow generation supports a multi-billion share buyback program. This disciplined capital allocation framework systematically reduces the share float, concentrates earnings per share, and provides a reliable valuation floor during periods of broader macroeconomic volatility and credit tightening. Expected impact: +9%.

Top frictions and headwinds

Valuation Multiple Compression Risk: Trading at an elevated trailing multiple, the asset is priced as a technology compounder rather than a cyclical industrial. In a higher-for-longer interest rate environment, this leaves zero margin of safety for execution missteps. If the software transition slows or hardware sales contract, the stock faces significant multiple compression toward historical industrial averages. Expected impact: -16%.
Eurozone Stagflation and Industrial Deceleration: High structural energy costs and tight monetary policy have created a severe stagflationary environment in Europe, damaging the traditional manufacturing base. While globally diversified, legacy exposure to European industrial clients poses a persistent drag on short-cycle automation orders, requiring outperformance in other regions to maintain growth targets. Expected impact: -12%.
Geopolitical Decoupling and Chinese Market Friction: Rising trade tensions and technology blockades expose the company to retaliatory policies in China, a critical market for factory automation. As domestic competitors capture market share through state support and aggressive pricing, the company faces potential market share erosion and long-term volume constraints in the region. Expected impact: -9%.
Critical Material and Supply Chain Bottlenecks: Smart infrastructure and automation hardware rely heavily on advanced semiconductors and critical minerals like copper, which face structural global deficits. Supply chain disruptions and logistics friction threaten to delay project execution, trap working capital, and compress margins on fixed-price contracts if input costs cannot be fully passed through. Expected impact: -6%.

Tail risks

AI Infrastructure Capex Collapse: If hyperscalers determine that enterprise artificial intelligence adoption is stalling and cannot justify massive capital expenditures, data center build-outs will contract. This would instantly evaporate the triple-digit order growth in smart infrastructure, removing a primary growth catalyst and forcing a multiple re-rating. Probability: +28%. Expected impact: -26%.
Kinetic Geopolitical Conflict and Supply Chain Paralysis: A severe escalation of geopolitical conflict in key maritime corridors or East Asia could halt the export of advanced semiconductors and critical components. Because hardware production is entirely dependent on these inputs, a prolonged disruption would paralyze manufacturing, halt deliveries, and severely impair cash flow. Probability: +21%. Expected impact: -24%.

Tail opportunities

Complete Portfolio Rationalization and Spin-offs: A strategic decision to fully spin off or monetize remaining non-core or capital-intensive divisions, such as the remaining healthcare stake, would eliminate the conglomerate discount. This structural realignment would convert the company into a pure-play industrial software and smart infrastructure business, forcing a rapid multiple expansion. Probability: +35%. Expected impact: +18%.
Sovereign AI and National Grid Mandates: Western governments, recognizing national security risks in power-constrained computing, could pass emergency legislation offering massive tax incentives for grid upgrades. This would trigger a non-competitive, highly lucrative wave of sovereign-backed infrastructure orders, pulling forward years of projected revenue. Probability: +28%. Expected impact: +15%.

Company Financial Analysis

Siemens Aktiengesellschaft Earnings and Financials Analysis by AI

Financial figures available as of Jul 05, 2026. Only filings and source records available by this analysis date are included.

Earnings and financials

AI Review

The financial assessments show strong agreement on the company's exceptional cash-generating power, with free cash flow consistently matching or exceeding net income. This high-quality cash conversion provides a robust safety net. Analysts agree that while overall revenue growth appears modest due to a slow European economy, the underlying earnings quality is improving. This improvement is driven by a deliberate shift away from heavy, low-margin machinery toward high-margin software and smart grid solutions. However, there is some disagreement regarding near-term earnings volatility. Some worry that a deeper manufacturing recession in Europe could temporarily hurt profits, while others believe that massive order backlogs in data centers and power grids will easily offset any local weakness. Overall, the financial foundation remains highly supportive of long-term growth.

Revenue, earnings, and cash flow

The table compares up to five fiscal years of revenue, net income, and free cash flow available to this analysis.

Revenue, net income, and free cash flow history
Fiscal year	Revenue	Net income	Free cash flow
2025	EUR 78.9B	EUR 9.6B	EUR 9.1B
2024	EUR 75.9B	EUR 8.3B	EUR 9.6B
2023	EUR 74.9B	EUR 7.9B	EUR 10.1B
2022	EUR 72B	EUR 3.7B	EUR 8.2B
2021	EUR 62.3B	EUR 5.3B	EUR 8.3B

Valuation context: historical P/E

The table compares up to five fiscal years of point-in-time valuation evidence available to this analysis.

Historical price-to-earnings ratios
Fiscal year	P/E	Earnings basis	Currency basis	Ticker / reporting
2025	18.7x	TTM	Native	EUR / EUR
2024	17.4x	TTM	Native	EUR / EUR
2023	13.6x	TTM	Native	EUR / EUR
2022	21.5x	Annual	Native	EUR / EUR
2021	21.9x	Annual	Native	EUR / EUR

P/E uses historical market capitalization and earnings known at each period. Cross-currency observations are normalized to USD using point-in-time FX rates.

Profitability and margins

AI Review

Profit margins are undergoing a permanent, structural expansion as the company sells more high-margin software and less low-margin heavy hardware. Gross margins are approaching forty percent, reflecting the pricing power of a technology leader rather than a traditional manufacturer. Analysts agree that this margin expansion is highly positive, but they clash on whether the current stock price already assumes perfect margin growth. Some caution that rising costs for raw materials like copper could temporarily squeeze hardware margins, while others believe that high demand from desperate data center customers will allow the company to easily pass on any inflation. Investors should watch the growth of software sales to confirm that margins continue their upward path.

The table compares up to five fiscal years of operating income and reported profitability margins.

Operating income and margin history
Fiscal year	Operating income	Operating margin	Net margin
2025	EUR 9.1B	11.5%	12.2%
2024	EUR 9.6B	12.6%	10.9%
2023	EUR 9.5B	12.6%	10.6%
2022	EUR 7.4B	10.3%	5.2%
2021	EUR 6.7B	10.7%	8.4%

Balance sheet and leverage

AI Review

The company's balance sheet is widely recognized as an exceptionally strong financial fortress. With low debt levels, high interest coverage, and abundant cash reserves, the business is built to easily survive severe economic downturns and high interest rates. Analysts agree that this financial strength removes any survival risk and gives the company a massive competitive advantage over highly leveraged rivals. This safety allows management to confidently return cash to shareholders through steady dividends and a massive share buyback program. There is virtually no disagreement on the safety of the balance sheet; it provides the ultimate protection for investors while giving the company the flexibility to acquire smaller, distressed software competitors during market panics.

The table compares up to five fiscal years of debt, liquidity, net cash or debt, and current-ratio evidence.

Balance sheet leverage and liquidity history
Fiscal year	Total debt	Cash + short-term investments	Net cash / (debt)	Current ratio
2025	EUR 56B	EUR 15.5B	EUR 41.5B net debt	1.37x
2024	EUR 47.9B	EUR 10.2B	EUR 38.8B net debt	1.40x
2023	EUR 46.6B	EUR 11.1B	EUR 36.5B net debt	1.35x
2022	EUR 50.6B	EUR 11.7B	EUR 40.2B net debt	1.38x
2021	EUR 48.7B	EUR 10.7B	EUR 39.2B net debt	1.31x

Net debt below zero is displayed as net cash. Current ratio is current assets divided by current liabilities.

Capex and investment intensity

AI Review

The company is successfully executing a shift toward a highly efficient, capital-light business model. Spending on physical factories and heavy equipment remains low, while investments in research and development are aggressive. This strategy is designed to build a strong software moat, particularly in industrial artificial intelligence and digital twin technologies. Analysts agree that this low capital intensity is a major advantage in a high-interest-rate environment, as it allows the company to fund its own innovation without taking on expensive debt. Opinions differ slightly on how quickly these research investments will translate into steady software profits, but there is broad consensus that the current spending plan strengthens the company's long-term competitive position and protects its free cash flow.

The table compares up to five fiscal years of capital expenditure and research-and-development investment.

Capital expenditure and research and development history
Fiscal year	Capital expenditure	R&D spend
2025	EUR 2.4B	EUR 6.6B
2024	EUR 2.1B	EUR 6.3B
2023	EUR 2.1B	EUR 6.1B
2022	EUR 2.1B	EUR 5.6B
2021	EUR 1.7B	EUR 4.9B

Immutable published data

Consensus horizons

The table preserves this publication's original rating, return, and advisor-agreement measurements by forecast horizon.

Horizon	Rating	Score incl. dividends	Compounded return incl. dividends	Direction agreement	Snapshot
1Y	NEUTRAL	44	+7.7%	Not available	ORIGINAL
5Y	BUY	189	+71.6%	Not available	ORIGINAL

Consensus forecast path

The table outlines the frozen bear, consensus, and bull price scenarios for each published forecast period.

Period	Date	Bear case	Consensus	Bull case	AI Advisors
+3M	October 3, 2026	267.05	286.47	295.46	12
+6M	January 3, 2027	256.37	289.26	304.33	12
+9M	April 3, 2027	243.55	298.12	322.59	12
+1Y	July 3, 2027	238.68	300.2	325.94	12
+15M	October 3, 2027	241.07	307.03	338.97	12
+18M	January 3, 2028	248.3	316.35	349.14	12
+21M	April 3, 2028	258.23	325.94	363.11	12
+2Y	July 3, 2028	265.98	330.08	355.85	12
+27M	October 3, 2028	273.96	339.17	373.64	12
+30M	January 3, 2029	284.92	349.9	387.61	12
+33M	April 3, 2029	293.47	363.19	403.62	12
+3Y	July 3, 2029	299.33	369.6	415.73	12
+39M	October 3, 2029	308.31	375.27	432.36	12
+42M	January 3, 2030	314.48	380.82	445.33	12
+45M	April 3, 2030	320.77	390.92	454.24	12
+4Y	July 3, 2030	327.19	401.57	472.41	12
+51M	October 3, 2030	333.73	407.76	486.58	12
+54M	January 3, 2031	340.4	416.91	506.04	12
+57M	April 3, 2031	343.81	431.08	521.22	12
+5Y	July 3, 2031	347.25	442.91	542.07	12

Frozen comparison context

SPDR S&P 500 ETF Trust forecast context

The benchmark definition and forecast path are frozen with this publication so future benchmark changes do not rewrite the historical comparison.

Benchmark snapshot: 744.78 on July 2, 2026

Period	Date	Bear case	Consensus	Bull case
+3M	October 2, 2026	714.9888	736.0909	759.6756
+6M	January 2, 2027	657.7897	724.1434	782.4659
+9M	April 2, 2027	592.0107	713.5711	790.2905
+1Y	July 2, 2027	562.4102	723.3821	821.9021
+15M	October 2, 2027	539.9138	716.6125	813.6831
+18M	January 2, 2028	550.7121	738.3442	869.6268
+21M	April 2, 2028	534.1907	746.9119	913.1081
+2Y	July 2, 2028	534.1907	771.9272	967.8946
+27M	October 2, 2028	566.2421	782.7251	938.8578
+30M	January 2, 2029	574.4406	807.3094	995.1893
+33M	April 2, 2029	597.4182	822.722	1,074.8044
+3Y	July 2, 2029	615.3408	846.0985	1,117.7966
+39M	October 2, 2029	624.1488	852.525	1,117.7966
+42M	January 2, 2030	649.1147	882.9093	1,173.6864
+45M	April 2, 2030	668.5882	900.4585	1,232.3707
+4Y	July 2, 2030	681.9599	922.6675	1,281.6656
+51M	October 2, 2030	695.5991	935.9097	1,320.1155
+54M	January 2, 2031	716.4671	952.2951	1,293.7132
+57M	April 2, 2031	730.7964	976.2817	1,345.4617
+5Y	July 2, 2031	738.1044	1,001.9601	1,385.8256

Frozen comparison context

EURUSD.FOREX forecast context

The batch's original direct_listing_to_usd path is preserved for transparent interpretation of USD-normalized returns.

FX snapshot: 1.14 on July 3, 2026

Period	Date	Bear case	Consensus	Bull case
+3M	October 3, 2026	1.1058	1.1229	1.1628
+6M	January 3, 2027	1.0837	1.1119	1.1744
+9M	April 3, 2027	1.0512	1.1011	1.1979
+1Y	July 3, 2027	1.0302	1.1013	1.2099
+15M	October 3, 2027	1.0095	1.1013	1.2099
+18M	January 3, 2028	0.9894	1.1016	1.2098
+21M	April 3, 2028	0.9894	1.1058	1.2219
+2Y	July 3, 2028	1.0091	1.1079	1.234
+27M	October 3, 2028	0.9891	1.1121	1.2587
+30M	January 3, 2029	0.9792	1.1138	1.2587
+33M	April 3, 2029	0.9694	1.1162	1.2711
+3Y	July 3, 2029	0.9985	1.122	1.271
+39M	October 3, 2029	0.9785	1.1263	1.2837
+42M	January 3, 2030	0.9687	1.1278	1.2837
+45M	April 3, 2030	0.959	1.1296	1.3094
+4Y	July 3, 2030	0.959	1.1291	1.2963
+51M	October 3, 2030	0.9494	1.132	1.3092
+54M	January 3, 2031	0.9494	1.1343	1.3094
+57M	April 3, 2031	0.9399	1.1349	1.3354
+5Y	July 3, 2031	0.9493	1.1376	1.3354

Research Provenance

References & Context

This Siemens Aktiengesellschaft consensus analysis combines structured market evidence with independent AI-agent forecasts. External references below are limited to sources recorded by the researcher agents for this forecast batch.

Primary analysis inputs

iPulse AI Multi-Agent Forecasts — independent analyst personas, model outputs, and consensus synthesis.
iPulse AI Global Events Context — macroeconomic, geopolitical, regulatory, and industry-event context.
Structured market history — prices, distributions, volatility, identifiers, and listing metadata.
Company earnings and financial statements — revenue, profitability, balance-sheet, cash-flow, and investment trends.

Context retained with this Consensus

The same public-safe market, global-event, and fundamental context supplied to the AI Advisor panel.

Global context snapshot

2025 Full-Year Global Market and World-Events Context

Download Archived Snapshot

Coverage 2025-01-01 to 2025-12-31 · Knowledge cutoff 2025-12-31

File size: 90.8K bytes
Words: 12.8K words
Characters: 90.8K characters

This full-year context package covers the principal geopolitical, economic, monetary-policy, technology, trade, energy, and institutional developments that shaped global markets during 2025. It gives the forecasting model a chronological account of major world events together with their likely transmission into growth, inflation, interest rates, supply chains, commodities, currencies, public markets, and sector-level investment conditions.

The package also includes monthly and quarterly macroeconomic and cross-asset reference tables spanning US and international growth, central-bank policy, sovereign yields, major equity indices, foreign exchange, energy, industrial and precious metals, and digital assets. Quarterly and full-year high-impact summaries are integrated; monthly quantitative series remain working values pending final audit, and that qualification is part of the preserved context.

Top 3 market shifts from 2025 Full-Year Global Market and World-Events Context
Top 3 Market Shifts From File	Date	Status
DeepSeek shock and AI economics reset	2025-01-27	OPEN ENDED TREND
US tariff regime escalation and trade-system rupture	2025-02-01	ACTIVE POLICY REGIME
Federal Reserve easing cycle after a prolonged hold	2025-09-17	ACTIVE POLICY REGIME

Representative Sources of the Context File

Federal Reserve US Bureau of Labor Statistics US Bureau of Economic Analysis US Treasury US Energy Information Administration Reuters World Associated Press World News BBC World

And more sources from the retained context package.

2026 Year-to-Date Global Market Context through 2026-05-31

Download Archived Snapshot

Coverage 2026-01-01 to 2026-05-31 · Knowledge cutoff 2026-05-31

File size: 78K bytes
Words: 10.9K words
Characters: 78K characters

This year-to-date package described the geopolitical, macroeconomic, monetary-policy, technology, trade, energy, and cross-asset developments available through the batch knowledge cutoff of 2026-05-31.

It supplied dated market and policy context, including rates, sovereign yields, equities, foreign exchange, energy, metals, and digital assets, for the forecast generation workflow.

Top 3 market shifts from 2026 Year-to-Date Global Market Context through 2026-05-31
Top 3 Market Shifts From File	Date	Status
The Iran and Strait of Hormuz conflict shocked energy markets	2026-02-28	STARTED AND ONGOING
U.S. monetary policy entered the Warsh transition	2026-01-30	STARTED AND ACTIVE POLICY TRANSITION
Agentic AI and infrastructure spending kept expanding	2026-01-01	OPEN ENDED

Representative Sources of the Context File

Federal Reserve U.S. Bureau of Labor Statistics U.S. Bureau of Economic Analysis U.S. Treasury U.S. Energy Information Administration Reuters Associated Press BBC News

And more sources from the retained context package.

Fundamental context

Income statement

34 fields

costOfRevenue · currency_symbol · date · depreciationAndAmortization · +30 more fields

Balance sheet

64 fields

accountsPayable · accumulatedAmortization · accumulatedDepreciation · accumulatedOtherComprehensiveIncome · +60 more fields

Cash flow

32 fields

beginPeriodCashFlow · capitalExpenditures · cashAndCashEquivalentsChanges · cashFlowsOtherOperating · +28 more fields

Outstanding shares

4 fields

date · dateFormatted · shares · sharesMln

annual: 2007-01-01–2026-01-01, 20 periods; quarterly: 2023-06-30–2026-03-31, 12 periods

Currencies cited: EUR, USD (quote EUR; primary reporting EUR; converted/valuation USD).

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