Siemens closed FY22 with a solid Q4, leading to a comprehensive consensus beat on the FY22 figures. The order intake and order backlog ended at high levels with revenues also growing strongly. Despite the impairment charge from Siemens Energy, profitability was better than expected. The highlights of the release were robust FCF generation and a positive FY23 outlook, which bodes well for the sector. Lastly, the group will propose a progressive dividend of €4.25, above our expectations.