On a digital drive, Siemens unveiled new targets on Thursday (June 24).
It wants to combine its core engineering business with digital expertise.
It is the first strategic blueprint under new Chief Executive Roland Busch.
He wants to win customers and deliver growth by expanding beyond its traditional industrial customers.
And boost the digital offering used to improve the performance of factories, trains and buildings.
Siemens raised its target for increasing its comparable annual revenue to 5%-7%.
Digital technology is expected to lead, with a faster growth rate of 10% per year.
Under the strategy, Siemens said it will develop digital applications for specific industries.
And launch products more quickly in areas such as automation, artificial intelligence and cyber security.
Accompanying the targets will be a new $3.6 billion share buyback, starting in October to run until 2026.
Siemens said it expects full year net income of up to 6.2 billion euros, or 7.4 billion dollars.